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Many Balk At The Deep Discounts Would-Be Buyers Are Seeking

A report from the Wall Street Journal. “The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst. ‘It’s the hottest market I’ve ever seen,’ said Sean Chandler, president of the central Texas division at home builder Chesmar Homes. ‘The buyers that come in are like, ‘I just want a home. I don’t care at this point what it costs.’”

“In Phoenix, which boasts some of the fastest home-price appreciation in the country, Pearl and Andrew Kleinhans saved for two years to buy their first home. But even with $200,000 saved for a down payment, they kept losing out last fall in bidding wars with cash buyers. They started with a budget of $600,000, but ended up having to spend $850,000 in January for a four-bedroom home.”

“‘What can you do?’ Ms. Kleinhans said. ‘It was a bit out of our price range, or what I intended to spend. But that’s just what you have to do in order to get your foot in the door.'”

The Canadian Press. “Buyers and sellers in Ottawa are navigating a never-before-seen real estate market. Some people in the city have lucked out, but their stories are rare. Katie Hession – a social media content creator – and her husband, purchased a semi-detached home in Old Ottawa South for less than $500,000 seven years ago. They saw their neighbour get more than $700,000 for their home last fall and decided they would try to sell.”

“In what she calls a ‘complete unicorn situation’ they were the only offer on a property about 10 minutes from their current home and they got it. Their old home sold over asking. Ms. Hession says they have already completed a few renovations on their new home. Despite her agents telling her she could make some ‘serious cash’ if they flipped it, they would still have to try to find a place to live in a market that’s even hotter now than it was at the end of 2020.”

“She says if they had waited even a few months (they closed in September) they wouldn’t have decided to sell. ‘The market, the way it is right now,’ Ms. Hession says with a laugh, ‘scares me.'”

The Bay Area Newsgroup in California. “Bankrupt developer Sanjeev Acharya and his company Silicon Sage Builders have given up the battle to rescue their Bay Area real estate empire, court records show. Acharya had filed a Chap. 11 bankruptcy case in January to reorganize his shattered finances, but that quest has now failed.”

“Issues with Acharya’s Bay Area real estate business came to light in December when the Securities and Exchange Commission filed wide-ranging allegations of fraud against Acharya and Silicon Sage Builders, the company that Acharya heads. The receiver’s actions included Acharya’s termination as principal executive of Silicon Sage Builders.”

“‘The debtors are unemployed,’ Acharya, his wife Mina Acharya, and Silicon Sage stated in court papers in connection with the bankruptcy case conversion. ‘The debtors believe that they are not going to be able to propose a confirmable plan given the total debt in the case and uncertain outcome to the federal receivership overseeing all entities in which they are involved.'”

The Real Deal on New York. “Mountbatten Equities has sold 10 units at its Gramercy Park condominium, Rutherford Place, to an entity that identifies itself as its mezzanine lender. The buyer, a limited liability company called 305 Second Avenue Mezz Lender, bought the units for $18.64 million in early March, property records show. There’s been increasing interest in bulk condo buys among institutional investors, but completed transactions have been few and far between as many developers balk at the deep discounts would-be buyers are seeking.”

“The largest bulk deal to date is Elad Group’s $90 million sale of 70 units at its Hell’s Kitchen condo to Tishman Realty. Those units traded at a 40.5 percent discount compared to ones that are already in contract.”

The Real Deal on Florida. “A group of Miami-Dade County landlords, condo associations and others are pushing to end the moratorium on executing residential writs of possession filed during the pandemic. ‘There are a lot of mom and pop landlords on the brink of bankruptcy,’ said attorney Michael Farrar, who co-filed the suit. ‘and not being able to pay their own rents.'”

From WCAX in Vermont. “Steve Restelli rents out a 100-year-old home on Merchant Street in Barre. Even before the pandemic struck last spring, his tenants had stopped paying rent. Restelli tried to evict them for nonpayment but the eviction moratorium was enacted. Restelli was stuck with his tenants, and the house then became a drug hub.”

“‘When you have tenants that are dealing drugs, you have to prove there’s a crime before you can get them out,’ Restelli said.”

“The tenants were finally arrested on drug charges, and he’s now left on the hook for an estimated $50,000 in damage including a chunk out of the ceiling from a shotgun blast, a broken fence, rotting food, burst pipes that buckled the hardwood floors, broken windows and leftover needles in the bedroom. Restelli plans to clean up the house and keep it on the market, but until then, he wishes there was a way to better mediate landlord-renter issues.”

“‘Most people can solve problems by talking, but when you can’t talk, when there’s an eviction moratorium, when you can’t even present anything as a landlord, you have nothing. You have no rights. You have a house that gets destroyed and you’re helpless,’ Restelli said.”

This Post Has 94 Comments
  1. Despite her agents telling her she could make some ‘serious cash’ if they flipped it, they would still have to try to find a place to live in a market that’s even hotter now than it was at the end of 2020…She says if they had waited even a few months (they closed in September) they wouldn’t have decided to sell’

    Katie is a speculator. Had she the opportunity, she would have held out for that sweet equity on the old shack, and she’s doing the same thing with the latest shack.

    ‘In what she calls a ‘complete unicorn situation’ they were the only offer on a property about 10 minutes from their current home and they got it’

    The only offer, in Ottawa? Gosh Katie, that is a unicorn!

  2. ‘The buyers that come in are like, ‘I just want a home. I don’t care at this point what it costs’

    Where oh where is the supply and demand? You know, when a higher price decreases demand. When the prospect of even higher prices increases demand, you know what you have?

    I’ve done some writing. I understand how it generally work. It’s an assignment. I would set out to put together a story, develop it. I’m not sure that today’s globalist rags really do journalism, where they investigate and report what they find. But here the WSJ is moving a narrative. How much of that is true isn’t clear.

    1. ‘The debtors are unemployed…The debtors believe that they are not going to be able to propose a confirmable plan given the total debt in the case and uncertain outcome to the federal receivership’

      Exhibit A: so how does a debtor loaded to the gills with red-hotcakes lose his a$$ and all the people who “invested” take an a$$ pounding too? Jumpin’ Jehoshaphat, these are bay aryans fer jeebbus sake!

      BTW, I think previous articles have said these people lost money since 2016. Somebody is a lion.

    2. “When the prospect of even higher prices increases demand, you know what you have?”

      Rampant mortgage and appraisal fraud.

      With another 20 million unemployed people out there, I doubt any of them are signing up for a 30 year debt obligation to buy a house.

    3. ‘The buyers that come in are like, ‘I just want a home. I don’t care at this point what it costs’

      “Where oh where is the supply and demand? You know, when a higher price decreases demand. When the prospect of even higher prices increases demand, you know what you have?”

      – Another housing bubble courtesy of the Fed’s interventions and machinations in the markets.
      – While there’s euphoria on the way up, not so much on the way down.
      – Add in another $1.9T of stimmy $ on top of that, a lot of which will find it’s way into stocks from the Robinhood gang.
      – Apparently we haven’t blown the existing bubbles big enough yet.
      – No one wants to think about the consequences of said asset bubbles. They always pop. They do you know. No one seems to remember the crashes in 2000 or 2008.
      – It’s fine. Everything’s fine. No worries. Hakuna Matata.

      “Hotel California” – The Eagles

      Last thing I remember
      I was running for the door
      I had to find the passage back to the place I was before
      “Relax,” said the night man
      “We are programmed to receive
      You can check-out any time you like
      But you can never leave!”

      1. Since we never got a complete reversion to historic norm after the 2006 debacle, one could argue this bubble has been going on for over twenty years.

        I saw 2/3 of an acre in Santa Ysabel in the eastern hinterlands of San Diego county go pending at 175k, which is more than 200k an acre for land in a town consisting of three stores and a church at the intersection of 79 and 78 west of Julian.

        https://www.realtor.com/realestateandhomes-detail/2480460500-Cabrillo-St-Unit-11-14_Santa-Ysabel_CA_92070_M92263-14671

        With Bitcoin over 60k and galactic bubbles in stocks, bonds, and real estate and my grocery bill up 20-30% in the last year, I wonder if maybe we have reached an inflationary infection point of no return.

        There is nothing left to flip in San Diego so “investors” are leaving flyers on people’s doors in my hood offering to buy their houses for cash. This bubble has lasted so long there are people in their 40s who lived almost their entire adult lives inside it.

        1. I get a lot of realtor flyers in my area (DC burbs) too. Based on what I’ve seen on Zillow, the premium for a cheap reno has never been higher. They’d probably blow a load if they saw the inside of my house. The decor is ugly inside but has a truckload of potential.

        2. “This bubble has lasted so long there are people in their 40s who lived almost their entire adult lives inside it.”

          There are many young adults who have no idea of what a recession is other than another skit on the evening news.

  3. ‘The tenants were finally arrested on drug charges, and he’s now left on the hook for an estimated $50,000 in damage including a chunk out of the ceiling from a shotgun blast, a broken fence, rotting food, burst pipes that buckled the hardwood floors, broken windows and leftover needles in the bedroom’

    Here’s another contradiction: why isn’t Steve bragging about his sweet equity windfall? Could it be there isn’t any and he is simply out 50k pesos?

    ‘when you can’t even present anything as a landlord, you have nothing. You have no rights. You have a house that gets destroyed and you’re helpless’

    Yet another contradiction: how are we in this big boom when the very basic property rights are in question?

    ‘There are a lot of mom and pop landlords on the brink of bankruptcy…and not being able to pay their own rents’

    Sacré bleu!

  4. ‘What can you do? It was a bit out of our price range, or what I intended to spend. But that’s just what you have to do in order to get your foot in the door’

    I think Pearl here is a speculator too.

    1. Doing what you have to do to get your foot in the door involved a trip to the bank. So what if it was a bit out of your price range? You never had the money to begin with.

      Not having the money at a higher price does not make much of a difference from not having the money at a lower price so why not pay the higher price and reset the price at a higher price for the next guy who wants to buy? Oh, and reset the values of the comps while you are at it so as to “create wealth” for all of your new neighbors?

      1. If a puke can buy something using money he does not have then why should the price he has to pay matter all that much to him?

        This is stupid logic and the less than stupid would see the stupidity of the situation and not fall into such an obvious debt trap, but it is not necessarily the less-than-stupid that is doing the buying. Remember, in today’s world one does not need the money to pay the stupidly high prices, he only needs to have access to the money.

        Buffett said something about combining ignorance and borrowed money producing interesting results. Replace the word “ignorance” with the word “stupidity” and I think this may help explain the interesting results we are now enduring.

        1. Zillow says the value of my house increased $13,110 over the past thirty days. This is indeed a true miracle in that I did nothing to improve its value except pull up three dandilions out of the front yard. The chances are good that the rest of the houses in my street increased in value by similar amounts.

          This is considered to be “wealth creation”, something accomplished not by actually working to create something of value but just by sitting around and doing nothing.

          Amazing.

        2. “…If a puke can buy something using money he does not have…”

          Just wait until new loan owner gets his 1st property tax bill. That will be a hoot. “You mean I have to pay taxes?, I was told that this is all free money… Having to pay for everything is so unfair”

        3. When you combine ignorance and leverage, you get some pretty interesting results.” – Warren Buffett

    2. phoenix real estate might be just as or more expensive than northern arizona (flag/sedona) at this point. most of the time, that is not the case.
      how much does the california exodus have to do with this?
      No doubt the fed is the major factor, but the local impact in az is extreme.
      go to sedona. you will see more california license plates than you can believe on the weekends. who will be the canary in the coal mine this time – az or nv?

  5. “‘What can you do?’ Ms. Kleinhans said. ‘It was a bit out of our price range, or what I intended to spend. But that’s just what you have to do in order to get your foot in the door.’”

    I expect to see Ms. Kleinhans featured in a future “victim” sob story.

    1. In Phoenix, only two houses fit the description of 4-bed $850K sold in January, and neither is all that impressive. Meanwhile, in the DC area, you can buy an awful lot for $850K in the DC area. You won’t get a pool, but you can get a large McMansion on a third of an acre. Actually you might get something for $750K and have $100K play money for all the backyard fun you want.

  6. CPR — ‘People Want To Be Done With The Pandemic’: Colorado COVID Restriction Fatigue Is Setting In (3/15/2021):

    “Colorado is still weeks away from broad community protection from COVID-19, but with case counts, hospitalizations and infection rates now flat or down after a fall and winter surge, there is growing public pushback being directed at the remaining restrictions to protect against viral spread.”

    (Pearl clutching intensifies)

    “Some of Colorado’s neighboring states, including Wyoming, Montana, Texas and Utah have already dropped mask mandates or plan to do so soon. At the same time, counties in Colorado, including Custer and Douglas, are asserting their desire to eliminate state public health orders.”

    (Karen wets her bed)

    “Colorado should “keep the faith, hold the line for another 60 days,” as more people get shots, advised Robert Hecht, president of Pharos Global Health Advisors and a professor of clinical epidemiology from the Yale School of Public Health. He said to expect advice for mask-wearing to last months.”

    https://www.cpr.org/2021/03/15/pandemic-fatigue-stings-but-colorado-is-asking-restriction-weary-residents-wait-just-a-little-longer-and-please-get-vaccinated/

    Expect advice that I’ll be driving down to Douglas County to do all my shopping and my financial boycott of Denver will continue, indefinitely. NO SALES TAX DOLLARS FOR YOU!

  7. The Hill — Portland mayor: Community is ‘sick and tired’ of criminal destruction, violence (3/16/2021):

    “Officials in Portland, Oregon say residents are growing increasingly frustrated with ongoing political violence after a demonstration resulted in more property destruction and multiple arrests.

    “The community is sick and tired of people engaging in criminal destruction and violence and doing it under the guise of some noble cause,” Mayor Ted Wheeler, a Democrat, said during a news conference with other local leaders on Monday night, according to The Associated Press.

    Portland became a hotbed of civil unrest last summer during demonstrations protesting the police killing of George Floyd, an unarmed Black man [who died of a fentanyl overdose] in Minneapolis. Similar demonstrations in cities across the country were largely peaceful. But in Portland, some of the demonstrations have deteriorated into widespread arson, looting and assaults.”

    https://thehill.com/homenews/state-watch/543350-portland-mayor-community-is-sick-and-tired-of-criminal-destruction

    Largely peaceful?

    Real Journalists, nobody believes your lies.

    1. The community is sick and tired of people engaging in criminal destruction and violence and doing it under the guise of some noble cause

      Good luck getting the genie back into the bottle, Mr. Mayor. The only way to stop it will be to crush them, arrest their azzes, prosecute them and send them to the slammer. But we all know that isn’t going to happen.

      1. Quillette — Leaving Portland (3/14/2021):

        “Portland, Oregon, has been the most politically violent city in the United States since Donald Trump was elected in 2016. Just a few days after the result, a peaceful protest against the incoming president turned into a riot when anarchists broke off from the main group and rampaged through the Pearl District, a renovated SoHo-like neighborhood adjacent to downtown packed with art galleries, loft apartments, bookstores, and restaurants. Vandals used baseball bats and rocks to break cars, plate glass windows, bus shelters, electrical boxes, and anything else that looked smashable.

        The election-night mayhem was not an attack against Republican voters. Donald Trump received a paltry 7.5 percent of the vote in that precinct. It was an assault on the urban middle class and bourgeois society itself, and it was perceived as such by most people who lived there. (The protest organizers, not incidentally, raised tens of thousands of dollars on GoFundMe and disbursed checks to damaged businesses.)

        I was born and raised in Oregon, and it’s where I live now. I spent most of my adulthood in Portland and all of my childhood less than an hour away, and I instinctively knew that the violent postelection spasm was but an opening salvo. I was not proven wrong by events. Throughout Donald Trump’s presidency, left-wing extremists battled it out with right-wing extremists in and around downtown, turning the central business district into a Thunderdome and the city as a whole into a poster child for urban dysfunction.

        And that was before the perfect storm of 2020. First came the coronavirus pandemic, the evacuation of office workers from the towers downtown, and the terrifying economic freefall. Next, homeless camps mushroomed, not because anybody was freshly put onto the street (the governor issued a moratorium on evictions) but because the Centers for Disease Control recommended that local governments leave homeless tents in place until the pandemic subsides. And finally, protests following the death of George Floyd during his arrest in Minneapolis degenerated into riots that continued unabated for months. The urban core turned into a battle space every night as anarchists waged war against just about everyone: the police department, local elected officials, federal buildings, struggling businesses, the Oregon History Museum, statues of Abraham Lincoln and Theodore Roosevelt, and the local Democratic Party headquarters building.

        After more than two decades in the city, my wife and I left.”

        https://quillette.com/2021/03/14/leaving-portland/

        Could you imagine actually paying property taxes to live in that sh*thole?

      2. “The only way to stop it will be to crush them, arrest their azzes, prosecute them and send them to the slammer.”

        Like they did to the Trump supporters (not the ANTIFA plants) who were at the Capitol.

    2. The Hill — Portland mayor: “Community is ‘sick and tired’ of criminal destruction, violence” (3/16/2021):

      – “Mostly peaceful protests” fatigue. 🙂

    3. “The community is sick and tired of people engaging in criminal destruction and violence and doing it under the guise of some noble cause,” Mayor Ted Wheeler, a Democrat and the worthless and destructive do-nothing tactics of the city prosecutor’s office with their catch-and-release policy for rioters nabbed in doing the acts of rioting. FIFY. If only that were true.

  8. At the end of December, 2020 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $9.382 trillion. At the end of December, 2019 the total debt outstanding was $8.617 trillion. In the 1 year period from the end of December, 2019 to the end of December, 2020 it increased by $765 billion. This is an increase of 8.8%.

    Update on the total (household, business, and all levels of government) debt numbers in Canada and the size of the Bank of Canada’s balance sheet

    https://owecanada.blogspot.com/2021/03/update-on-total-household-business-and.html

    1. It is absolutely ridiculous on the ground. I am not sure how this can continue – but the industry betting is that it does for 2021 so hang onto your hats.

      My parents burg Oakville (Toronto suburb) led Canada – the average home price went up $225K in the last year (Feb stats).

      What we do know is that the central bank has been crowded out the market and is buying federal govt debt – from 15% of it in 2019 to 35% of it in 2020. Welcome to manipulation

      —-
      “A typical home in Canada, known as the benchmark, is rising much faster than incomes. The national benchmark reached $698,500 in February, up 3.35% ($22,641) from the month before. Compared to the same month a year before, prices are now 17.02% ($101,593) higher. Last month, banks warned home prices were beginning to rise faster than household incomes. Now they’ve cleared that barrier by a country mile.”

      1. I have a nephew who lives with his family in a tiny, cramped apartment where doesn’t even have a private kitchen, and it isn’t cheap to rent. He has no hope of ever owning his own place.

  9. “The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst. ‘It’s the hottest market I’ve ever seen,’ said Sean Chandler, president of the central Texas division at home builder Chesmar Homes. ‘The buyers that come in are like, ‘I just want a home. I don’t care at this point what it costs.’”

    IIRC, 2006 was the year that Alan Greenspan oversaw the slight interest rate increase that set the stage for a goodly amount of air to leak out of Housing Bubble 1.0.

    I wonder what Jerome Powell and friends are thinking as the mania once again has reached a fever pitch?

    1. Treasury Yields Rise As Uncertain Europe Outlook Pressures Sovereign Bonds
      Investing.com | Mar 16, 2021 04:31AM ET

      Yields on the benchmark 10-year Treasury note remained above 1.6% on Monday ahead of the Federal Reserve policy meeting Tuesday and Wednesday, as more analysts look for the pivotal yield to hit 2%.

      1. Fixed Income
        Ray Dalio blasts ‘stupid’ economics behind investing in bonds
        The hedge fund titan says the entire purpose of fixed income has been undermined by negative rates.
        Chris Sloley
        By Chris Sloley
        Posted 16 March, 2021 at 09:50
        Ray Dalio blasts ‘stupid’ economics behind investing in bonds

        The low, and even negative, yields offered by bonds highlight how the economics of fixed income has become ‘stupid’, and it no longer makes sense to have meaningful exposure here, Ray Dalio, founder of Bridgewater Associates, has claimed in a recent edition of his weekly LinkedIn newsletter, Principled Perspectives.

        In ‘Why in the world would you own bonds when…’, Dalio says the ultimate purpose of investing is to store wealth to convert into buying power later. However, the time it takes to achieve this in US, European, Japanese and Chinese bonds has extended further and further.

        ‘Because you are trying to store buying power you have to take into consideration inflation. In the US, you have to wait over 500 years, and you will never get your buying power back in Europe or Japan. In fact, if you buy bonds in these countries now you will be guaranteed to have a lot less buying power in the future,’ he says.

        ‘Rather than get paid less than inflation, why not instead buy stuff – any stuff – that will equal inflation or better? We see a lot of investments that we expect to do significantly better than inflation.’

        Dalio said the payback periods for holding cash and bonds in the US, in both nominal and real terms are the longest ever and ‘obviously a ridiculous amount of time’.

        Dalio said this is problematic because many global investors’ portfolios are heavily weighted to bonds. This is exacerbated by governments and central banks printing more debt to cover ongoing costs and shortfalls caused by the Covid-19 pandemic.

        Against this backdrop, the increased interest in Chinese bonds means there is a cycle away from the dominant market of US debt, which also provides challenges, Dalio said.

        ‘That whole set of supply-and-demand circumstances makes for a dangerous picture for bonds, cash, and currencies in the three major reserve currencies of the dollar, the euro, and the yen,’ he says.

        ‘If the new demand for these bonds falls significantly short of the new supply, which seems likely, either a) interest rates will rise and bond prices will fall or b) central banks will have to print substantial amounts of money to buy the debt assets that the free-market buyer won’t buy, which would be very reflationary (bearish for the dollar and the leading currencies who do this, relative to reflation assets).’

        1. Translation for those who don’t want to read the boring details of this article:
          1) U.S. Treasury yields are going up
          2) U.S. mortgage rates are going up
          3) The same income will support a lower home purchase budget constraint

          1. But what would you buy (other than speculative stuff) – Stocks at these PE levels, RE at this high rates, bitcoin at $60K, art, yachts … what

            In ‘Why in the world would you own bonds when…’, Dalio says the ultimate purpose of investing is to store wealth to convert into buying power later. However, the time it takes to achieve this in US, European, Japanese and Chinese bonds has extended further and further.

          2. “1) U.S. Treasury yields are going up
            2) U.S. mortgage rates are going up
            3) The same income will support a lower home purchase budget constraint”

            – All true, but the Fed has a nuclear option: YCC. It will be fine. Gold and silver are good options here, IMHO.
            – The Federal Open Market Committee (FOMC) meets tomorrow. We should know a bit more about the “when” as they bless us with their market wisdom then. I’d rather listen to fingernails on a chalkboard.

            https://www.forbes.com/sites/greatspeculations/2021/03/14/dysfunctional-credit-markets–still-waiting-on-the-fed/?sh=1351e23749e0
            Mar 14, 2021,03:34pm EST|383 views
            Dysfunctional Credit Markets – Still Waiting On The Fed
            Great Speculations
            Robert Barone Contributor
            Great Speculations Contributor Group
            Markets

          3. “But what would you buy (other than speculative stuff) – Stocks at these PE levels, RE at this high rates, bitcoin at $60K, art, yachts … what”

            Stuff that’s already expensive, because that bird has already flown.

          4. or b) central banks will have to print substantial amounts of money to buy the debt assets that the free-market buyer won’t buy, which would be very reflationary (bearish for the dollar and the leading currencies who do this, relative to reflation assets).’

        2. the increased interest in Chinese bonds

          daFUQ. The only thing I trust less than Chinese bonds is Bitcoin.

      1. UST can even be worse. The Canadian central bank went from purchasing 15% of them in 2019 to 35% in 2020 – it is creating a bad incentive for the government to keep spending without barriers.

        1. “UST can even be worse. The Canadian central bank went from purchasing 15% of them in 2019 to 35% in 2020 – it is creating a bad incentive for the government to keep spending without barriers.”

          – The Fed is also doing a bang-up job here soaking up the tidal wave of USTs as well. It’s a central bank thing. Someone has to buy it.
          – This is called “debt monetization.”
          – Think Argentina and you won’t be far wrong.

  10. What kind of debt cancellation do you expect the Democrats will provide?

    – mortgage?
    – student loan?
    – car loan?
    – credit card?
    – payroll advance?

    I’m wondering how they’ll decide who qualifies for free money?

    1. What kind of debt cancellation do you expect the Democrats will provide?

      At this point, nothing would surprise me.

      I’m wondering how they’ll decide who qualifies for free money?

      I suspect that race will be a major factor. I’d better dust off my Mexican Passport.

      1. “my Mexican Passport”

        *YOU* might be allowed to leave, but your assets won’t be 🙁

        And you *WILL* be paying reparations for all the slaves your ancestors never owned, and you will like it.

        1. You misunderstand me, gabacho. I’m not going to leave, I’m a member of a victim class, my passport is proof of that. I want my free stuff.

          1. The biggest victim class, too. And from what I’ve read, we’re running blacks out of California and the southwest in general.

        2. My ancestors lived in another country and only migrated to the U.S. after the Civil War and slavery ended. Will I qualify for an exemption to paying reparations? Or does the white color of my skin put me on the hook for making payments?

    2. “What kind of debt cancellation do you expect the Democrats will provide?”

      That all depends on the color of your skin.

      How $1.9 trillion COVID-19 relief bill aims to help Black and socially disadvantaged farmers

      Jeanine Santucci
      USA TODAY
      Mar 13, 2021

      WASHINGTON – Tucked into the massive $1.9 trillion COVID-19 relief bill signed into law by President Joe Biden on Thursday is a provision aimed at benefiting farmers of color who are socially disadvantaged, in a move to cover outstanding debt.

      The provision, which was drawn from the Emergency Relief for Farmers of Color Act, was inserted into the relief package and includes $5 billion that will go to socially disadvantaged farmers of color. These include Black, Hispanic, Native American or Asian American farmers. Four billion dollars would go toward covering up to 120% of outstanding debt, and $1 billion is designated for outreach, training, education, technical assistance and grants.

      Democrats hailed the inclusion of relief for farmers of color as vital to addressing historic inequalities, particularly for Black farmers, whose numbers have declined and who have faced discrimination.

      https://www.usatoday.com/story/news/politics/2021/03/13/how-covid-relief-bill-aims-to-help-socially-disadvantaged-farmers/4637103001/

        1. “You can be blond and with blue eyes and be “Hispanic”

          I’ve noticed that white and Hispanics are interchangeable by the description of criminals on our local news as recently as last week. The suspect is “white or Hispanic”. They stopped giving descriptions of black criminals, it must be racist to do that now, all you get is approximate height and weight although at this point when that’s all they give it’s easy enough to guess the rest.

          Deputies search for suspect in sexual assault at John Prince Park

          by Lena Salzbank
          Saturday, March 13th 2021

          According to deputies, the suspect is a white or Hispanic male, approximately 60-80 years old with brown eyes balding white hair, and bushy white eyebrows. The man is around 5’10” and has a thin build. He has a mole or a birthmark on his lower jaw.

          https://cbs12.com/news/local/deputies-search-for-suspect-in-sexual-assault-at-john-prince-park

          1. I was under the impression that the wokesters had given up on that, especially since Hispanics unanimously reject the label “Latinx”

          2. De-gender Romance languages. How’s that working out?!

            Las pendejadas que hacen los gringos.

  11. Given how the Fed’s policies since 2008 have been mainly about protecting the stock and housing prices of the wealthy while dashing the hopes of the younger generation to ever get on the property latter, it makes sense in the interest of fairness to hand something out to the younger generation.

  12. MarketWatch — Schumer: With relief bill, major argument against student debt cancellation ‘vanishes’ (3/16/2021):

    “Asked to speak to the fairness of the proposal — many have said that it would be unfair to provide cancellation to today’s borrowers when others may have already paid off their student loans or saved aggressively for college — Schumer responded that that argument “could be used against any form of progress.”

    “This is real progress, even though it won’t help rectify some of the injustices of the past, it does rectify injustices of the present and future”

    https://www.marketwatch.com/story/schumer-with-relief-bill-major-argument-against-student-debt-cancellation-vanishes-11615903993

      1. Can you imagine how much stonks and Bitcoin would go up if Millennial student loan debtors were suddenly freed from their bondage? Think of all the money that would free up to buy GameStonk and Roblox!

    1. 1. Did you ever notice how Democrats justify their discriminatory policies in favor of Democratic constituencies by speaking to principles of fairness?
      2. Debt donkeys are one of their favorite constituencies, and the deeper the hole they dig, the more favored they are.

      1. Did you ever notice how Democrats justify the same BS on a different day? Only for the last few decades. Schumer is a real tonguester and a master of Dem rhetoric.

    2. when others may have already paid off their student loans or saved aggressively for college”

      Just keep working hard your hard work will be rewarded .. 🤣🤣🤣

        1. Southwest below Tom’s place, the Telluride Regional Airport’s runway sits at 9,069-ft MSL, one of the highest elevation airports in the U.S., which require STOL capable aircraft.

  13. Just think of all the made for Teevee National trdgedy False Flags you can buy with $1.9 Trillion.

  14. EXCLUSIVE: NYC Judge Removes 6-Year-Old From Mother Because She Didn’t Wear a Mask While Dropping Her Off at School

    By Cassandra Fairbanks
    Published March 16, 2021 at 4:45pm
    966 Comments

    It was a normal day for Dr. Micheline Epstein, a family physician, when she went to drop her daughter off at the Birch Wathen Lenox School on the Upper East Side last week — until her entire life was turned upside down in an instant.

    The tearful mother explained in a phone call that her daughter was already inside the building and wearing a mask when the school nurse and school security attempted to force Dr. Epstein to wear a mask on the public street in front of the building where drop off takes place, Dr. Epstein refused.

    The mother explained that the school nurse had came out and was aggressively demanding that she put on a mask, but she was already leaving and did not accept it. “The next thing I know, my daughter is taken away from me,” she cried.

    Dr. Epstein is separated from her daughter’s father and they had a shared custody agreement where the child split times between the home equally. The divorce, however, has been bitter.

    Following the confrontation at the school, Dr. Epstein left, but would soon find a letter from the expensive college prep school sent to her, her estranged husband, and the attorneys for both parties. The school was demanding that Dr. Epstein was no longer permitted to drop off or pick up her child from the school.

    If that wasn’t already bad enough, the father used the notice about the mask situation to request an emergency hearing for full custody — which Justice Matthew F. Cooper granted after berating the already emotionally devastated mother.

    “She’s the love of my life,” Dr. Epstein told the Gateway Pundit while trying, and failing, to hold back her tears. “It’s horrible. Please help us.”

    On Tuesday, Dr. Epstein was not permitted to see, or even speak to, her daughter — even though it was her sixth birthday.

    To get two supervised visits with her daughter per week, she will need to wear a mask inside her own home.

    “The only thing I want is for people to stand up already and stop with this nonsense,” Dr. Epstein said, still attempting to mask that she has been crying, but unable to contain the complete heartbreak she is feeling.

    https://www.thegatewaypundit.com/2021/03/exclusive-nyc-judge-removes-6-year-old-mother-didnt-wear-mask-dropping-off-school/

    1. EXCLUSIVE: NYC Judge Removes 6-Year-Old From Mother Because She Didn’t Wear a Mask While Dropping Her Off at School

      The Left is going to weaponize seizing children from their parents into a coercion tool to force people to obey.

    1. Newsom accused of suggesting he’d replace Feinstein with a Black person to save face amid recall threat

      I’m sure that Hispanics are thrilled about that.

  15. Are you enjoying the higher bond and mortgage yields that come with turbocharged stonk market activity?

    1. The Financial Times
      Markets Briefing
      Sovereign bonds
      US 10-year yield hits fresh 13-month high ahead of Fed decision
      Nasdaq futures under pressure as higher borrowing cost dents shares in tech stocks
      The Federal Reserve building
      Investors are waiting to find out how the Federal Reserve will deal with a surge in economic growth
      Naomi Rovnick 12 minutes ago

      A key US government bond yield rose to its highest level since February 2020 as markets turned jittery ahead of the conclusion of the Federal Reserve’s latest policy meeting.

      The yield on the benchmark 10-year Treasury note, which moves inversely to its price, gained as much as 0.04 percentage points to 1.67 per cent in early Wall Street trading on Wednesday as investors sold the debt.

      The rise in yields is notable since trading in the $21tn market is typically tame ahead of the central bank’s policy decisions. Investors expect the Fed will upgrade its economic growth forecasts to reflect a turbocharged recovery for the US economy from the pandemic.

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