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Construction Is Booming Alongside Falling Prices And Excess Inventories

A report from Bloomberg on New York. “Manhattan’s priciest apartment contracts last week had one thing in common: The sellers lost money. Owners who bought at the peak of Manhattan’s luxury condo frenzy just a few years ago are seeing their asset values erode amid a glut of unsold units. Overseas investors, once a reliable source of purchases, have all but disappeared. ‘These particular sellers didn’t want to wait the market out,’ said Donna Olshan, president of the brokerage that bears her name. ‘They have no interest in keeping their money parked in New York if they’re not using the asset or if the asset isn’t giving a return.'”

The Sports Rush. “LeBron James has listed his Brentwood mansion in westside Los Angeles for sale at a listed price of $20 million, having bought it for $23 million. He had gotten the previous estate remodeled. Anthony Davis recently sold a mansion he’d bought a few years earlier for a loss of over $1 million. It’s just the nature of the luxury housing segment.”

The Bay Area Newsgroup in California. “A loan default has rattled a San Jose project proposed by bankrupt developer Sanjeev Acharya and his company Silicon Sage Builders, creating more financial challenges for Acharya, who is the focus of securities fraud allegations. A lender has filed a notice that a delinquent loan could trigger a foreclosure of Silicon Sage Builder properties at 2149 Alum Rock Ave. in east San Jose, according to documents filed with Santa Clara County officials.”

“Acharya and Silicon Sage Builders have fashioned a Bay Area real estate empire that appears to have crumbled beneath the pressure of multiple problems. The property facing foreclosure proceedings is part of a site where Silicon Sage Builders had proposed the development of 796 homes and 30,000 square feet of retail and restaurant space in a big mixed-use development. An estimated 250 people who paid about $119 million to invest in projects launched by Acharya and Silicon Sage Builders face the prospect that they were defrauded through a financial web woven by the real estate developer, according to the SEC’s complaint.”

“Acharya said he should have been more transparent with investors, the SEC’s fraud complaint stated. ‘I should have done it,’ Acharya said at an investment meeting. ‘Back then, maybe my thinking was that everybody’s returns will come. So … I really didn’t bother to get into details, but what I was not thinking, what my mistake was that I wasn’t thinking a downside scenario.'”

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

The Jersey Newsgroup in New Jersey. “Two weeks ago, Leslie Boamah came to a Guttenberg apartment building he once owned to find the locks changed and his belongings ― tools used for making building repairs — in the trash. If he were a tenant, such action would be illegal under the state’s eviction moratorium. But small landlords like Boamah, whose buildings were transferred to the possession of a rent receiver pending foreclosure, have few options for relief — even as rental income has dried up.”

“‘If we don’t get help right now, what is coming is very serious,’ Boamah, 43, said. ‘Because there’s many of my friends who are in the same boat that I am in. Their property is being taken away from them. They didn’t do nothing wrong.'”

“He has managed to keep two other small rental buildings in Guttenberg, he said, because tenants continue to pay rent. But the loss of revenue has hit hard. ‘This is my only source of income,’ he said. ‘It got to a point that I didn’t have any money even to buy gas.'”

“‘What happens if you’re the smaller guy, and 10 people move out? And another five don’t pay the rent? And now 15 out of your 40 units don’t have any revenue?’ said Ron Simoncini, the executive director of the Hudson County Property Rights Coalition. ‘You’re totally underwater. And there’s no program for you.'”

From Bisnow. “Two Dallas-area shopping centers exchanged hands last week in separate deals even though the state of brick-and-mortar retail remains in flux. Retail Plazas Inc. pointed to a steep discount and the 1031 exchange process, which requires buyers to quickly engage in a new transaction to enjoy tax benefits. ‘I’m assuming the sales price had something to do with it,’ Retail Plazas Vice President of Acquisitions and Development Trey Hodge said. ‘We sold it at a price less than what it would cost to build it, and the investor had a 1031 exchange that they needed to close.'”

The Calgary Herald in Canada. “The latest data from the Canada Mortgage and Housing Corp. found the vacancy rate for the secondary market in Calgary almost doubled in 2020 over 2019. ‘With the secondary rental market … people can pull their condo off the market, and even sell it,’ says CMHC market analyst Michael Mak. ‘With the primary rental market, those units are stuck essentially being rentals because it’s very rare for corporations to turn them into non-rental housing.'”

“Contributing to the high vacancy rate has been the addition of new purpose-built apartment units to the market during 2020. Condominiums have seen the greatest decline in resale prices since 2016 — down about 15 per cent, according to Calgary Real Estate Board data. Investors face significant competition from the new rental side. Mak notes supply grew by 3.2 per cent last year, driven by the addition of new units. Many projects coming to the market today were planned two or three years ago when developers foresaw an economic recovery in 2020.”

“‘If you look back to 2018, the general consensus was that there would be a recovery in the economy post-oil bust, and there would be more demand for rental in the city,’ he says.”

The Leicester Mercury in the UK. “City centre rooftop apartment living just got a whole lot cheaper. A flat which commands views across the Leicester city skyline has just dropped in price by a massive 24 per cent. In the heart of the city’s Cultural Quarter, the property is cheek by jowl with the dramatic Curve theatre and gazes out over the urban landscape and beyond. This two-bedroom top floor flat in Alexander House – a Grade II listed building – can be yours for an offer in the region of £224,000.”

From Yahoo Finance Australia. “Despite the nation-wide property boom, a handful of localised housing markets across the country are experiencing significant price declines, new data has revealed. Suburbs that have been hamstrung by lockdowns, have weaker rental markets, have an oversupply of units or are more reliant on tourism are most likely to have a weakened property market, according to realestate.com au chief economist Nerida Conisbee.”

“Property prices in Cairns North in Queensland and Western Sydney suburb Auburn have slid by 12 per cent in the last 12 months. Inner Sydney suburb Redfern has also seen double-digit falls, with dwelling values in this area falling 10 per cent. Meanwhile, property prices in Queensland’s Burpengary East, and ritzy Melbourne suburb Toorak have declined by 9 per cent. Six of the 10 suburbs suffering the biggest price drops have been concentrated in the unit market, the economist noted.”

“‘This is being driven by low levels of investor activity over the past year, which is starting to turn around, as well as poor performance of rental markets,’ Conisbee said.”

From NHK on China. “New housing construction aimed at the high end of the market has been gathering pace near Changchun in the northeastern province of Jilin. Some 650 condominiums and houses are being built. The price tags on the houses range between $920,000 and $1.8 million. Even the lower figure is over 180 times the average annual disposable income of urban residents of the province, which is around $5,000.”

“‘I bought it with my own money, without a loan, after looking at the house just once,’ says Sun Decai, the owner of a local construction-related business. He snapped up a three-story house, complete with two basement floors, its own elevator, a bar counter, wine storage and even a maid’s room. ‘It wasn’t a tough purchase,’ he says.”

“However, it’s not a nationwide picture of unfettered demand — an oversupply of residential units is raising concerns in some places. Construction of large condominiums is booming in central Harbin in northeastern Heilongjiang Province. But local real-estate firms told NHK it’s happening alongside falling prices and excess inventories. The situation prompted the local government to step in last November in an attempt to encourage condo sales. It called for price reductions in consideration of market conditions. Tax revenues from real-estate sales are important to local governments, so such a notice is unusual.”

“The same oversupply of residential units is thought to be occurring in other regional cities too. A survey by private think tank Shanghai E-House Real Estate Research Institute shows the number of unsold new housing units in the city has reached its highest level since fall 2016.”

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This Post Has 95 Comments

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

    Just one foreclosure was almost 800 units. But red-hotcakes. These REIC dogs have been lying for years.

  3. ‘between $920,000 and $1.8 million. Even the lower figure is over 180 times the average annual disposable income of urban residents of the province, which is around $5,000’

    DONG!

    ‘I bought it with my own money…It wasn’t a tough purchase’

    They saw you coming a mile away Sun.

  5. ‘Despite the nation-wide property boom, a handful of localised housing markets across the country are experiencing significant price declines’

    Oh yes, the latest greatest boom. They got one in Calgary too, doncha know? Even though a$$ poundings abound, like these stupid fooks in LA.

    ‘one thing in common: The sellers lost money. Owners who bought at the peak of Manhattan’s luxury condo frenzy just a few years ago are seeing their asset values erode amid a glut of unsold units’

    How many times do I read about a frenzy every morning? A couple hundred. There should never, ever, be a frenzy in housing. Somebody will get their a$$ kicked.

    ‘Overseas investors, once a reliable source of purchases, have all but disappeared’

    This happened at least 5 years ago Bloomberg.

    1. ‘Overseas investors, once a reliable source of purchases, have all but disappeared’

      This happened at least 5 years ago Bloomberg.

      Almost 10 years ago now, while playing golf at a course full of summer vacation homes, I saw a Chinese man lurking around, peaking into the windows of houses. I found it extremely odd at the time since he had no clubs and he was essentially out on the fairway. In hindsight, he was probably looking to launder some CCP money.

    1. The Financial Times
      Markets Briefing Equities
      European stock markets steady as bond market calms
      US equity futures and Asian bourses retreat after China regulator warns of ‘bubble’
      Buses pass through the City of London
      London’s FTSE 100 index is on the rise on Tuesday
      Hudson Lockett in Hong Kong and Leke Oso Alabi in London
      45 minutes ago

      European equities picked up from an early wobble on Tuesday, a day after the continent’s best stock performance in four months and a rally in the region’s bonds.

      The region-wide Stoxx Europe 600 built on its best day since early November, gaining 0.5 per cent by the afternoon, while London’s FTSE 100 index rose 0.6 per cent and Frankfurt’s Xetra Dax climbed 0.4 per cent.

      European bonds steadied after a week of turbulent trading in the debt markets. The yield on Germany’s 10-year Bund climbed 0.02 percentage points to minus 0.32 per cent, having fallen 0.07 percentage points on Monday.

      The pick-up in stocks followed a tougher session in Asia after China’s banking regulator voiced concern over bubbles in foreign markets. Hong Kong’s benchmark Hang Seng index closed down 1.2 per cent, while China’s CSI 300 index of Shanghai and Shenzhen-listed stocks shed 1.3 per cent.

      “I’m worried the bubble problem in foreign financial markets will one day pop,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told local media at a briefing in Beijing. He pointed to gains in US and European markets enabled by ultra-loose monetary policy, which he said had “seriously diverged” from the real economy.
      …

      5. nice set of articles P. Bear,
        but unfortunately i think you need to come in from the cold – as common sense and decent analytical methods dont matter any more.

        The governments and central banks will continue to bail out the institutional investors for a few more years.

        1. When I read a statement like the last one, I think one could make mucho bucks with such certain insight. Of course, you gotta stick yer neck out. Funny how no one seems to ever do that.

          How about the “institutional investors” taking an a$$ pounding on malls/CRE (even more on that tomorrow)? We’re talking 80% plus of a pounding, and we’re just getting started.

          1. ‘These particular sellers didn’t want to wait the market out…They have no interest in keeping their money parked in New York if they’re not using the asset or if the asset isn’t giving a return’

            But safe deposit boxes in the sky Donna? Remember the parking talk back then? No worries, we’re told the central banks will bail these idiots out. Even though they aren’t.

          2. ‘These particular sellers didn’t want to wait the market out…They have no interest in keeping their money parked in New York if they’re not using the asset or if the asset isn’t giving a return’

            This is precisely what’s going to happen to crytpo once it starts melting down.

          3. We’re talking 80% plus of a pounding, and we’re just getting started.

            Yeah, but the goobermint figures that’s “contained” to that ‘smallish’ pocket of the eCONomy. Cuz they’re all smart and stuff.

          4. Some of the “institutional investors” seem to have lined up their ducks pretty well.

            The Financial Times
            Private equity
            Private equity chiefs get bumper payouts on back of Fed stimulus
            Stephen Schwarzman and Leon Black take home nine-figure sums for 2020 — despite faltering economy
            Sujeet Indap and Mark Vandevelde in New York yesterday

            Private equity executives who rank among the richest men on Wall Street received hundreds of millions of dollars in payouts even as the US economy faltered last year, helped by central bank stimulus that wiped out the investment losses they recorded early in the pandemic.

            Blackstone founder Stephen Schwarzman received at least $615m, most of it in dividends. That is one-fifth more than he earned the previous year, as strong investment returns and inflows of fee-paying capital boosted earnings at the world’s biggest private equity firm.

            At Apollo Global Management, Leon Black took home at least $225m — slightly more than the amount he has pledged to donate to causes that “protect and empower women” following revelations of his professional ties to the late sex offender Jeffrey Epstein.

            Top executives at private equity firms typically receive salaries that are modest by the standards of public companies. But many of them are also entitled to receive “carried interest”, giving them a share of the profits on successful investments. And some are significant shareholders, meaning that they receive sizeable dividends.

            That arrangement has proved especially lucrative for the firms’ ageing founders, who retain outsize equity stakes even as a new generation of executives begin to take centre stage.

            The bumper payouts contrast with staggering paper losses that the private capital sector recorded early in the pandemic, as businesses were forced to close, unemployment hit record highs and credit markets seized up in anticipation of a wave of business failures.
            …

        2. It seems like an exercise in futility to wait out this market. May as well go all in on GameStonk and Bitcoin rather than try to contain your FOMO forever.

          1. I will never buy Bitcoin, no matter the price. And you can only have FOMO if you pay attention to something. Turn it all off and it goes away.

  10. How is the friggin’ Chinese regulator able to figure this out — while at the same time the masters of the universe at the Fed and ECB are completely oblivious.

    —
    “I’m worried the bubble problem in foreign financial markets will one day pop,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told local media at a briefing in Beijing. He pointed to gains in US and European markets enabled by ultra-loose monetary policy, which he said had “seriously diverged” from the real economy.

    1. Apparently bubbles are easier to spot from the distance than when they are inflating right under your nose.

    2. ‘the masters of the universe at the Fed and ECB are completely oblivious’
      They’re not oblivious. They’re just lying.

    3. “How is the friggin’ Chinese regulator able to figure this out — while at the same time the masters of the universe at the Fed and ECB are completely oblivious.”

      https://app.hedgeye.com/insights/95972-cartoon-of-the-day-living-in-a-bubble?type=macro%2Cmarket-insights
      Cartoon of the Day: Living In A Bubble
      02/24/21 04:33 PM EST

      “When it becomes serious, you have to lie”. – Jean-Claude Juncker, then President of the Eurogroup, April 20, 2011

      “The last duty of a central banker is to tell the public the truth.” – Alan Blinder, former Vice Chairman of the Federal Reserve, 1994 on the PBS Nightly Business Report

      “The establishment of a central bank is 90% of communizing a nation.” – Vladimir Ilyich Ulyanov Lenin

      “Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: ‘Account overdrawn.” – Ayn Rand, Atlas Shrugged

      – If Americans knew this, they would raze the Marriner S. Eccles Federal Reserve Board Building to the ground and run the nefarious Fed hoodlums out of town on a rail, or worse.

      1. Powell has essentially turned into Baghdad Bob. His press conferences are laughable. It takes a certain kind of immoral human to stand up and lie like that.

  11. ‘Because there’s many of my friends who are in the same boat that I am in. Their property is being taken away from them. They didn’t do nothing wrong.’

    Technically speaking, doesn’t this mean they did do something wrong?

    2. Leslie Boamah came to a Guttenberg apartment building he once owned to find the locks changed and his belongings ― tools used for making building repairs — in the trash.

      Here in my little burg, we had a small homeless camp forming at the entrance to a former county building that is being renovated by its new owner. During the day, while the homeless were away panhandling, the new owner put up a fence. Some of the homeless’s possessions were trapped behind the fence. The owner could have thrown them away, but did arrange to have the items returned. Anyway, nice move throwing the dude’s tools into the trash.

      But there is a lesson to be learned here: no one likes landlords, so don’t expect a bailout. And, if you can’t pay the mortgage, regardless of “fault”, you will be foreclosed and the property will be seized to cover your unpaid debt.

      1. I had so many hand tools I started throwing them away. How many hammers do you need? Most of em are Chinese junk. But it’s bad form to use the onsite containers in the foreclosure biz. One you’ll have people scavenging right in front of the property. The FB stopped paying for trash long ago, so it isn’t going to be picked up. I always put the trash container in the back because people will fill it up and you gotta mess the next time you return. Wet trash too. And the client isn’t paying you to basically leave debris.

        1. I had so many hand tools I started throwing them away. How many hammers do you need?

          Three. I’ve found I need three of pretty much every common hand tool, because they’ll never be handy and at my disposal if I don’t.

          1. and dont forget box cutters, i have 3 and for a while we couldnt even find 1 then out of nowhere they all showed up within a week .

  12. ‘Many projects coming to the market today were planned two or three years ago when developers foresaw an economic recovery in 2020…‘If you look back to 2018, the general consensus was that there would be a recovery in the economy post-oil bust, and there would be more demand for rental in the city’

    You know what they say about “assume” Mike. But what’s a few billion Canadian pesos down the drain, right? Let’s revisit free markets: if there wasn’t stupid phony money sloshing around, no one in their right mind would have built more condos in Calgary since 2014. That’s working on 7 years now.

    QE = deflation.

  13. ‘An estimated 250 people who paid about $119 million to invest in projects launched by Acharya and Silicon Sage Builders face the prospect that they were defrauded’

    Is that a lot?

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

    Yer other mistake was opening yer big pie hole and admitting the whole thing with the SEC sitting in the crowd, Sanjeev. Look at the bright side: they’ve got unlimited guberment money to chase you down, and yer already broke!

    Oh, wait…

  14. Broomfield, CO Housing Prices Crater 14% YOY As Double Digit Price Declines Blanket Denver Area

    https://www.movoto.com/broomfield-co/market-trends/

    As a noted economist said, “I can ask $50k for my run down 10 year old Chevy pickup but where is the buyer at that price? So it is with all depreciating assets like houses and cars.”

  15. Government cheese – would be very interested in seeing the equivalent US numbers.

    —
    “Canadian taxpayers more than made up for household income lost during the pandemic. A new study from Statistic Canada (Stat Can) shows the change of employment earnings in Q2 2020. On average, every demographic lost income. However, due to generous pandemic supports, some households received more than 3x the income lost.”

    The lowest quintile saw the largest replacement of income of any demographic. The average household lost $564 of income in Q2 2020, and received an average of $2,381 in pandemic benefits. This works out to a net-gain of $1,817, or 322% of the income lost over the period. Since the loss was small, it’s easy to see how pandemic support created the largest percentage increase.

    The third quintile, right in the middle, also more than doubled their losses. Income lost came in at $1,597 in Q2 2020, and they received $4,023 in pandemic support. This works out to a net-gain of $2,426, or an increase of 152% of the income lost. Much smaller, but taxpayers still covered more than double the losses.

    1. would be very interested in seeing the equivalent US numbers

      What kind of deficits did Ottawa take on to fund this largesse? Can the Canadian central bank buy Canadian government bonds directly from Ottawa? Or are they restricted to only buying “resale” bonds on the open market.

      It seems like every developed country has been handing out free money, so I’m guessing that they too are running record deficits.

      1. bad – but not horrible yet. It will be the interest charges that will really start to hit and will be no room in the future.
        —
        “Earlier this month, a Fraser Institute report said pandemic-related spending this year is expected to hike Canada’s combined federal and provincial debt to $2 trillion, double the $1 trillion combined debt in 2007-08.

    2. The lowest quintile saw the largest replacement of income of any demographic. The average household lost $564 of income in Q2 2020, and received an average of $2,381 in pandemic benefits. This works out to a net-gain of $1,817, or 322% of the income lost over the period.

      This stuff is disgusting. And I see the illegitimate puppet Pedo Joe has extended the extra $400 into August. On what grounds? I see “Help Wanted” signs everywhere, with no applicants. When you pay people $800 per week to stay home, they will NEVER go back to work.

      1. It’s going to be the UBI. People sitting home playing video games while the real work is done by illegal immigrants.

  16. Report from Tim and Julie Harris real estate coaches yesterday:

    Increase of short sales in various markets (South Florida). Most are owners in forebearance. Most are able to true up with the bank on. the sale. Expecting 600k defaults. Not expecting a market crash.

    1. I couldn’t tell from the article whether this house had been renovated or not. But really, for the money, it’s pretty darn meh.

    2. “…and a basketball hoop near the garage!”

      Can’t imagine that the upscale neighbors want to hear a basketball’s constant thud on the concrete after listening to the Latino gardener’s leaf blowers all morning.

    3. “LeBron James has listed his Brentwood mansion in westside Los Angeles for sale at a listed price of $20 million, having bought it for $23 million.”

      Not exactly a Slam Dunk is it?

  20. “‘If we don’t get help right now, what is coming is very serious,’ Boamah, 43, said. ‘Because there’s many of my friends who are in the same boat that I am in. Their property is being taken away from them. They didn’t do nothing wrong.’”

    Yer mistake was to buy shacks in Socialist sh*tholes that don’t value private property rights and love CCP Virus lockdowns.

    1. Yer mistake was to buy shacks in Socialist sh*tholes

      Well, those are the ones that were expected to appreciate the most. Too bad they were wrong.

  21. In the final analysis its all fake wealth creations by rigged markets and bubbles and Monopoly looting.
    I believe that regular regulated capitalism was the most effective and efficient economic system for production when it was operative in the US. The market makers didn’t like how much it limited their profit margins and game playing with rigged markets and Monopoly looting .
    They hijacked our stupid treasonous Politicians and Government institutions to get Commie BS and a one World Order of Monopoly control.
    So, Goverment has become the ongoing pawn of these looters of Society.
    Now these Monopolies want total control over the populations and the Great Reset by these creeps is actually a plan by these Monster control freaks.
    The more I look into Bill Gates the more I think this guy is a enemy of people .
    There is a good reason why people should govern and act in their own self interest, rather than a unelected Bill Gates, or Soros, or Klaus Schwab.
    Money buying off sanity as a weapon of mass destruction against the populations of people.
    Never forget how these sadist put you in prison for a year now, and obstructed you breathing by mask mandates that defy the Science. Like it logical you can go to Big Box stores, but not small business.
    A dead give away that this is a Medical Fraud is the Monopoly fake news has to censor facts and any dispute to this epic fraud Pandemic.
    People just can’t grasp that such rigged economic systems are playing havoc with their lives, as well as Medical Frauds of epic proportions. Oh no, Government agencies are protecting us from the profiteers. NOT.
    I don’t know how I knew this, but when Obamacare came on I felt it in my bones that Medical Tyranny would evolve.
    And if people don’t realize that the advertisers own the news, and they control the narratives, than you dont know who is trying to brainwash you, especially with fear mongering.

    1. Well it’s never too late. When Goebbels Gates started pitching a tent for gene therapying the whole world, might have been a clue he might not have our best interests in mind.

      1. And how they shield themselves from being busted, like having immunity from vaccine damage.
        Back in in the old times Companies were liable for damage and violating the rule of law. Than bail out their acts of public damage and lawlessness, just because they are to big to fail.If they are to big, than they are a monopoly.
        Now they are so big they want to rule the World, with their power partners.
        I’m a big beef eater and Bill Gates wanting me to eat bugs is abhorrent to me. And these freaks are always trying to mess with mother nature , but not in a good way. Unreal.

    2. “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

      Lord Acton

    1. “The gravel-hauling semitruck hit the left side of the SUV…”

      Not your typical day at the office for the first responders.

    2. Tucker Carlson had Stephen Miller (not a fan) on this evening discussing how to fit that many people in an SUV. It’s absolutely horrific but unsurprising to those of us who’ve lived near the border for decades. There’s nothing glamorous about illegal immigration.

    3. On Googlemaps, the intersection is a small dirt road turning on to a two-lane highway. It’s flat as a pancake without so much as a shrub. There is no way that SUV driver didn’t see that truck coming.

    1. Do they give awards out for canceling people?

      I just read that some of the late Dr. Seuss’s books have been cancelled and will no long be published. I noticed that the books that were black listed were not his most popular, so I’m guessing that the cancel mob went after the low hanging fruit first. The publisher probably thought “Let’s cancel those books to get them off our backs, it’s not like anyone is buying them anyway.”

      But now the mob has tasted blood, and they will be back for more. I’m sure that if I look hard enough I’ll realize that Fox With Socks has hidden white supremacist messages in it. The Fox is bright red, so it has to be a metaphor for MAGA.

      1. And Geisel (Seuss) was as liberal as they came in his day.

        The big library at UCSD is named after him. I wonder how long until that gets renamed?

        1. And Geisel (Seuss) was as liberal as they came in his day.

          Tucker Carlson had a good segment about this this evening. Modern liberals don’t like that Geisel supported judgment of character rather than appearance.

  24. I’m out here snowshoeing in the Pike National Forest at elevation 11,000 feet in beautiful weather and blissful solitude.

    Imagine someone with a mortgage thinking they could just take off to the mountains on a Tuesday. Oh wait, they can’t 🙁

    DEBT IS SLAVERY

  25. …game…stop…GameStop?

    Outside the Box
    Opinion: Think investing is a game? Stop.
    Last Updated: March 2, 2021 at 8:50 a.m. ET
    First Published: March 2, 2021 at 7:05 a.m. ET
    By David Booth
    A huge win on a stock today doesn’t mean much if you lose it tomorrow
    MarketWatch photo illustration/iStockphoto

    It’s easy to view the stories of market speculation that have dominated the news recently as cautionary tales for individual investors. But we can also look at the current moment as an opportunity to welcome a new group of investors to the market: those who have been drawn in by all the high-stakes action, yet want an investment approach that doesn’t keep them up at night.

    Some market enthusiasts may tell you otherwise, but you don’t have to find the next big stock to win in the stock market. Concentrating your entire investment on one or two companies can mean exposing yourself to unnecessary risk. Even if you manage to land a few big winners, good luck is unlikely to repeat throughout a lifetime of investing.

    One of the distinctions between long-term investing and short-term trading, or day trading, is the latter often involves trying to time short-term market moves. Just as with gambling, sometimes people hit it big, but there’s also a good chance they lose. For every individual who got into and out of a hot stock at the right time, there’s another who bought or sold at the wrong time. If you treat the market like a casino, not only do you have to pick the right stock, but also the right moment.
    …

  26. Oh, and how about the one size fits all scam to sell Pharma.meds.
    So they come up with some made up number at what every humans cholesterol should be at , say 150. So than they take the test and if your above that you gotta go on long term cholesterol medication. It doesn’t matter that if your cholesterol is to low your more prone to cancers, and those meds zap your coenzyme Q-10 supply from your heart. Known fact that people with cholesterol above 250 actually on average live longer. And some groups like Germans have a higher average count . But no, everyone has to get down to this made up figure of 150, meaning they can target lower and lower age groups to need the meds.
    Look, I’m not saying that super-duper high cholesterol isn’t evidence of a problem , but they make up the one size fits all numbers that they claim is the perfect number.
    And they just guess at many psychology disorders because they don’t have tests to determine it, so its based on symptoms.
    And, vaccines are based on one size fits all, and any side effect or damage to a certain percentage of the population is for the greater good.
    Recent long term study determined non vaccinated children were healthier than vaccinated children.
    But, that study didn’t get much attention and was suppressed quickly.

    1. many psychology disorders

      One thing this life has taught me is that we all have disorders. The real question is if you can hold on enough to make your life work. Some can, some need help, some get it, some don’t.

      1. No truer words are you saying BlueSkye.
        But, I was addressing the mass marketing of drugs on many levels , especially the one size fits all model.
        And, I just remembered how they rolled out the fake models that 2 million people were going to die of Covid so they could get this Pandemic going. That didn’t turn out to be true. It sure scared a lot of people .

        1. HW, how many times have you tried something and got it wrong, said “hmm, that didn’t work,” and tried something else until you got it right? Were you “lying?” Of course you were.

          1. Oxide ,
            Are you saying that the models were just a innocent mistake?
            You do have a tendency to give these people the benefit of the doubt, if I’m reading your post right.
            That’s OK, I appreciate your posts.
            But, when it comes to the kind of damage caused by this Pandemic, I’m not very forgiving of errors like I mentioned above. Inaccurate tests are totally unacceptable to me, but that’s just my requirement to have accuracy to shut down commerce , destroy people’s lives, lock people down, and make them wear masks.
            You seem to be suggesting that the errors by the health authorities were just part of the human process of dealing with a new flu. I on the other hand think it was a contrived fraud that wasn’t justified.

      2. Agreed. I gradually learned to live with mine over the years. And now I am trying to help my young adult children figure out adult coping skills.

    1. Is there a corresponding children’s book about two heteros dating? A is for ask, C is for condom, D is for dinner, G is for getting some, L is for love, M is for marriage, R is for ring, S is for Slot A, T is for Tab B. Or is that too white?

  28. California TV News Headline that ” California Needs More Good Jobs.”
    Oh, and how do they propose to do that since jobs go to places like China. Or flooding California with illegals just lower wages. And with the war against small business, where will any kind of job be.
    And, does this California Headline mean its not racism causing the problem but rather good old lack of good jobs for any race?

  29. “California Needs More Good Jobs”

    The rankings for good employment should take into account more than just compensation. For starters, what California really needs is a lower cost of living.

  30. Are your stonk investments becoming too predictably boring? How about spicing up your life a bit with some SPACs?

    Analysis: SPACs turn to ‘stonks’ as amateur traders take on more risk
    By Joshua Franklin, Krystal Hu
    5 Min Read

    (Reuters) – For Jonny Coreson, $4 billion is worth $5 billion.

    The 32-year-old test prep business owner from Denver invested $100,000 in shares of veteran hedge fund manager Bill Ackman’s special purpose acquisition company (SPAC), Pershing Square Tontine Holdings Ltd, after they soared 25% in December with no imminent deal in sight. This valued the blank-check acquisition firm at $5 billion, when on paper it was worth only the $4 billion it had raised in an initial public offering in July.

    “There weren’t very many options for retail investors to get into the stock before its IPO. If I’m paying a 25% premium on the opportunity to ride Ackman’s coattails, to me it’s worth it,” Coreson said. He said his other bets on SPACs had paid off and that he had doubled a $25,000 investment in CM Life Sciences, which agreed earlier this month to merge with digital healthcare company Sema4.

    A spokesman for Ackman declined to comment.

    An army of amateur traders that has fueled a rally in heavily shorted stocks, or “stonks,” such as GameStop Corp, has discovered the arcane world of SPACs. They are hearing about their obscure stock market tickers on social media, from TikTok to Twitter, and placing risky bets.

    Although all stock investments involve risk, many companies going public by merging with a SPAC take risk to another level because they often are years away from generating revenues when they go public.
    …

  32. Texas is opening up and repealing the mask mandate.

    Reading the rest of the cuck internets, there’s gonna be alot of bedsh*tting tonight. You’ve been breathing in your own sh*t in your cuck muzzle for months now and are addicted to the scent of whatever boot you last licked in your nasty, masked, unbrushed mouth.

    Masks are for cucks, men who like watching their wife / girlfriend get plowed by another man 😉

  33. Warren Buffett sees shades of 1980s crisis in today’s bond market
    By Charles Riley, CNN Business
    Updated 7:40 AM ET, Mon March 1, 2021

    London (CNN Business)
    Warren Buffett is warning that the “pathetic” returns available to bond investors may encourage risky behavior.

    “Bonds are not the place to be these days,” the legendary investor wrote in Berkshire Hathaway’s annual letter to shareholders, lamenting that the yield on 10-year Treasury bonds has fallen 94% since September 1981.

    The big picture: Interest rates have been set below zero by central banks in a handful of countries including Japan, and trillions of dollars have been printed. The idea is that doing so will encourage banks to lend and companies and governments to borrow, spurring recovery from the pandemic.

    But that has pushed yields on government bonds to very low levels, wiping out returns for investors such as pension funds and insurers like Berkshire.

    The latest: Yields on US government debt have risen sharply in recent weeks, reflecting expectations among investors that a robust economic recovery will take hold in the United States thanks to vaccinations and stimulus measures.

    But yields are still low by historical standards, and what happens next with the bond market is very much up for debate. In his letter, Buffett leans on decades of experience to point out that low yields also come with plenty of risk.

    “Some insurers, as well as other bond investors, may try to juice the pathetic returns now available by shifting their purchases to obligations backed by shaky borrowers,” said Buffett.

    “Risky loans, however, are not the answer to inadequate interest rates. Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim,” he added.
    …

    1. “Risky loans, however, are not the answer to inadequate interest rates. Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim,”

      Corollary: The fly-by-night subprime mortgage lending sector is once again putting themselves and our entire financial system at risk by ignoring that maxim.

  34. oxide,
    To continue my response to your post above.
    I remember when you weren’t very happy with how they were suppressing the use of effective therapeutic drugs against Covid19. I also was pissed off at that one. Was that just error , or is it that untested vaccines was the treatment of choice for the profiteers of vaccines giving to 70 % of the globe, as their goal.
    I’m just saying that a profit Motive , as well as relief funds paid by tax coffers, is evident here.

    1. Was that just error

      Everything 45 supported was BAD.

      Everything was used to ensure the Presidential Election outcome. Everything. Lies are good if they are useful.

      It is fun for the Commies to exert power and control over you. It’s no less fun if some of you die.

      And there’s money to be made.

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