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As Long As These Units Remain Unsold, Their Cash Is Stuck In The Ground

A report from the Real Deal on New York. “The Financial District’s condo supply has surged. And there are still few buyers in sight. The downtown district now holds the most unsold inventory of any New York City neighborhood, with 1,433 new condos available, many of them yet to be listed, according to data by Marketproof. As a result, condo units in the area are selling at hefty discounts. According to Bloomberg, Trinity Place Holdings, which developed Jolie at 77 Greenwich Street, slashed prices and is offering up to $175,000 in closing credits to buyers who work at downtown firms, although a spokesperson for Serhant, which is marketing the apartments, denied that.”

“The most expensive sales in the area — penthouses in Silverstein Properties’ 30 Park Place — sold at million-dollar discounts, Bloomberg found.”

From Mansion Global. “‘People do not want to buy a depreciating asset,’ said Lawrence Yun, chief economist at the National Association of Realtors, who expects U.S. house prices will rise 7% to 9% this year, and 3% to 5% next year. ‘Given, at least in Manhattan, prices have softened a bit, it may provide a chance. Maybe in the past people thought, ‘Oh it’s way too expensive.’ It’s a second-chance opportunity.'”

“Zoltan Szelyes, chief executive officer of Switzerland-based Macro Real Estate AG, said some luxury condos in New York City are trading at a 25% to 30% discount. Liam Bailey, global head of Knight Frank’s research department, noted that New York prices have been soft the past two to three years, since even before the pandemic sent citydwellers running for the suburbs. He said inventory levels are ‘relatively high’ at the moment, so there are deals to be done. He also flagged Miami prices as being off their peak levels from a few years ago.”

The San Francisco Chronicle in California. “It has taken more than five years and millions in price cuts, but 2820 Scott Street finally sold for $17.5 million. When we wrote about the mansion last spring, listing agent Olivia Hsu Decker was optimistic that a $6.5-million price cut plus the home’s ample space would make it newly appealing to pandemic buyers. But it took almost a year after that price cut for the home to sell, though Hsu Decker said there were many close calls, and higher offers. ‘I had higher offers at $25 million, $22 million and $20 million, but buyers backed out of escrow when they got remodel estimates from their designers,’ she said.”

The Los Angeles Times in California. “Katy Perry’s guesthouse is pricier than most people’s dream house. After listing the home for $7.95 million last year, the pop star just sold it for $7.475 million — a profit of $25,000 compared to what she paid for the Beverly Hills Post Office property in 2018.”

“The singer still has a few other places to stay in Southern California, including a larger house right down the street that she bought for $18 million in 2017. Last year, Perry and her fiancée shelled out $14.2 million for a mansion in Montecito.”

From D Magazine in Texas. “Are These Dallas Office Properties Functionally Obsolete? One thing that doesn’t get talked about in Dallas-Fort Worth is how much space we have available. Yes, the record amount of sublease space (9.5 million as of April 2021) is not exactly a secret, but what about the other 60 million and change of direct space, most of which is older second-generation space.”

From CNBC. “The average rent a one-bedroom apartment in notoriously expensive cities like San Francisco, Manhattan and Seattle is decreasing. Cities where average one-bedroom rents are decreasing: 1. San Francisco. Rents have decreased 45%. 2. Chesapeake, Virginia. Rents have decreased 29.4%. 3. Manhattan. Rent have decreased 27.3%. 4. Long Beach, California. Rents have decreased 27%. 5. Colorado Springs, Colorado. Rents have decreased 24.6%. 6. Seattle. Rents have decreased 18.9%. 7. San Jose, California. Rents have decreased 16.2%. 8. Los Angeles. Rents have decreased 16.0%. 9. Jersey City, New Jersey. Rents have decreased 15.5%. 10. San Antonio, Texas. Rents have decreased 15.4%.”

From KITV. “Hawaii landlords say a proposal by lawmakers to essentially create a payment plan for past-due renters shifts the burden onto private owners who are also suffering financially. ‘It does nothing to protect people like me as far as giving me income to pay my mortgage, to pay my property taxes,’ said landlord Becky Gustafson. ‘It’s a bandaid on the real problem, which is tenants were given a carte blanche to not pay rent.'”

From CBC News in Canada. “You may have heard it’s a seller’s market when it comes to Winnipeg real estate right now. But owners of some rental properties are offering incentives just to get potential tenants into their apartment buildings, due to a high rental vacancy rate in the city. Winnipeg has seen a lot of new construction in the last decade, equalling about 1,500 new apartments each year. But this year, fewer people were moving within the city or moving to Winnipeg, said Avrom Charach, a Winnipeg property manager. ‘When you construct an extra 1,500 to 2,000 apartment units and there’s … less people moving, you don’t have people moving into those new units,’ he said.”

“Charach says he thinks the reason for the gap is because most of the new construction in the city has been focused on building what some would call ‘luxury apartments,’ while there’s been little to no new construction of units affordable to those with lower incomes. ‘There really is no new construction aimed at that dollar value, simply because someone building an apartment building for profit can’t even cover their costs at the $625 [per month] rents we’re looking at,’ he said.”

The Globe and Mail in Canada. “House prices have been on a decade-long tear, led by big cities such as Vancouver and Toronto, making owners of even modest homes paper millionaires. For a surprising number of Canadians, ballooning property values have made the family home not only their biggest asset but the main source of retirement income.”

“A 2017 Ontario Securities Commission survey found that almost half of Ontarians aged 45 and up are counting on rising home prices to fund their retirement. The research also showed nearly 60 per cent of those preretirees surveyed have little or no retirement savings. The other warning is that people shouldn’t have all of their retirement eggs in one basket.”

“‘It’s not only one asset class; it’s on one street. It’s hard to be more concentrated than that,’ says Scott Plaskett, chief executive officer of Ironshield Financial Planning in Toronto.”

“Ultralow interest rates have fuelled the current real estate boom across much of the country – a phenomenon likely lengthened by the economic downturn caused by the pandemic – but it may have reached its limit. ‘There is another shoe that has got to fall,’ Mr. Plaskett says. ‘The governments can’t print this much money without creating an inflationary environment. Eventually, that’s going to catch up to us and the only way to curb inflation is to slowly raise interest rates.'”

From Chosun Media on Korea. “Seoul’s downtown shopping district of Myeong-dong is on a sharp decline. Gone are the days when the glitzy storefronts and bustling stalls in the prime shopping area attracted people of all ages. Store owners who have been doing business there for 30 to 40 years say the coronavirus pandemic is not the only reason that the area is turning into a ghost town.”

“Just two years ago, Myeong-dong was dotted with posters and signs welcoming Chinese tourists, while hawkers learned Chinese and Japanese to attract customers. But now two out of three stores are empty and ‘for rent’ signs have replaced the banners welcoming tourists. The high rents became another problem, soaring to W1 billion per 3.3 sq.m. Hwang at the merchants’ association said, ‘Building owners have slashed the rent by up to 70 percent, but there are still no takers. The appraised value of the property has doubled, while landlords are practically begging tenants to stay. But even if rent has declined sharply, who in their right mind would think about investing their money to open a shop here now?'”

From Free Malaysia Today. “Thinking of buying a property? After having decided on location, price and the type of property – terrace versus high-rise – the final decision awaits: buy off-plan or an existing property? The answer used to be pretty straightforward years ago. One either bought from the developer (in property parlance the primary market) or directly from owners, in the secondary market.”

“However, it has become more tricky now. Buyers now have a third choice, because of the large number of completed unsold units, known as the overhang. As at the end of December 2020, Malaysia had 29,565 completed but unsold housing units built on residential land, with a value amounting to RM18.92 billion, according to the National Property Information Centre’s latest Property Market Report 2020.”

“There are an additional 23,606 units of unsold serviced apartments, built on commercial land, valued at RM20.76 billion. That’s more than 53,000 housing units yet to be waiting to be off-loaded by developers. Let’s call the overhang units ‘old new’ properties. They may have been completed three to four years ago, maybe even longer, but they have never had an owner. Developers now have all these uncompleted projects which they have to sell. As long as these units remain unsold, their cash is stuck in the ground.”

The Australian Financial Review. “Andrew Wilson, chief economist with Archistar, said some first-home buyers have also started getting into the inner-city apartment markets as they have become more affordable after prices fell sharply over the past 12 months. ‘I think we’re seeing a shift in the dynamics of the past year, and now seeing more buyers in the inner-city apartment markets. But it is still a buyer’s market,’ he said.”

“Louis Christopher, managing director of SQM Research, said looming oversupply remained a challenge for the sector’s recovery. ‘There’s a huge stock surplus coming,’ he said. ‘When we consider the amount of building commencements which are due to be completed, there are about 180,000 dwellings, with zero international migration. And the border is most likely going to be closed for most of the year, if not all next year, so, we’re going to have another year of significant surplus of rolling stock relative to the population’s current requirements.'”

From Stuff New Zealand. “David Faulkner just bought a commercial property to run his business out of. Faulkner trains residential property managers for a living, and he owns a residential renter himself. But he is one of many eyeing alternative places to put his money now the Government has declared a low-level war on residential landlords. ‘It wasn’t a case of, ‘OK, my god, let’s go commercial – but it was a good investment,’ Faulkner says.”

“Part of his reason was commercial property isn’t subject to the policy changes that have convinced landlords that they’re the current Government’s least favourite block of voters. Residential landlords have been sent a clear message that the days of massive capital gains are over. Investors buying residential rentals will have to pay tax on capital gains if they sell within 10 years, and investors are to progressively lose their ability to offset interest paid on home loans against rental income, a move Westpac economist Michael Gordon called the ‘most meaningful intervention into the housing market in decades.'”

“But Nick Goodall, head of research at CoreLogic, which tracks the property market, says there’s no evidence yet that landlords are dumping rentals. Goodall says houses have something other investments, other than bank deposits, do not have: An implicit guarantee that the Government would intervene to stop house prices falling too far, and that is appealing to households.

This Post Has 102 Comments
  1. ‘People do not want to buy a depreciating asset’

    That’s all you have to sell Larry.

    I realize this is way too long, but I’m trying to catch up with the crater.

  2. ‘Goodall says houses have something other investments, other than bank deposits, do not have: An implicit guarantee that the Government would intervene to stop house prices falling too far’

    He he. So what happened to the guberment guarantee in NYC, Miami, California, etc etc? There’s no wealth production in shacks. If you are expecting to retire an entire country on the backs of the last round of greater fools, you get what you deserve, right Canadia?

    If this worked, there would be no poor people anywhere on the planet. That’s clearly not the case.

  3. Greater fool gonna pay for my retirement? Canadians have done little for the world outside of their bacon.

    “A 2017 Ontario Securities Commission survey found that almost half of Ontarians aged 45 and up are counting on rising home prices to fund their retirement. The research also showed nearly 60 per cent of those preretirees surveyed have little or no retirement savings. The other warning is that people shouldn’t have all of their retirement eggs in one basket.”

    1. anadians have done little for the world outside of their bacon.

      There is that robotic arm on the ISS.

  4. ‘After listing the home for $7.95 million last year, the pop star just sold it for $7.475 million — a profit of $25,000 compared to what she paid for the Beverly Hills Post Office property in 2018’

    So a loss after UHS costs, etc. On a 2018 buy. That’s some red hotcakes right there…

    ‘The singer still has a few other places to stay in Southern California, including a larger house right down the street that she bought for $18 million in 2017. Last year, Perry and her fiancée shelled out $14.2 million for a mansion in Montecito’

    The Times whines endlessly on inequality, bums, other issues they really don’t care about but won’t shut up about, but says nary a discouraging word about serial shack flippers.

    1. Perry and her fiancée

      It’s pretty funny that they don’t even bother to mention the name of said fiancée.

    2. “…So a loss after UHS costs, etc. On a 2018 buy. That’s some red hotcakes right there…”

      Yet another example of a show biz type who just can’t get pass 3rd grade math.

      But I’m sure they had some great parties.

      1. Yet another example of a show biz type who just can’t get pass 3rd grade math.

        And who don’t understand that someday their “careers” will abruptly end, along with the cashflow they generate. Then they reduced to doing nostalgia tours, playing in mostly empty venues in podunkville.

        1. along with the cashflow

          Nope. They enter the fashion and beauty industries for added cashflow. For the beauty industry, they’re using beauty accelerators and incubators. For Katy Perry, specifically, see https://www.katyperrycollections.com. Lots of Egyptian symbols: logo and The Geli collection. 🤔

          1. In that case, she can lose money on shacks every year and laugh all the way to the bank.

    1. Timmmmmberrrrrrr

      “The so-called stumpage fee, or what lumber companies pay to land owners for trees, for Louisiana pine sawtimber on March 31 was $22.75 per short ton, according to the latest data from price provider TimberMart-South. That’s the lowest since 2011.”

      We’re paying less for dim lumber and ply today than we did 10 years ago.

      1. Marvin Gaye knew what was going on. Before daddy blew him away at the dinner table. Much like Lumber shorts

    2. What are you besides a troll? I never saw you “predicting” anything, you’re just a shill who’s cheerleading a speculative bubble and chiding other people who see it for what it is. You haven’t made any sort of technical analysis or brought anything constructive to the table whatsoever. In fact, is that you, Eddie?

      1. 23 and Me. I just report on what has happened. It is you sir who predicted it to fall flat on its face. I am a housing bear. Lumber Matters. Take a walk. Fresh air for you.

  5. ‘Trinity Place Holdings, which developed Jolie at 77 Greenwich Street, slashed prices and is offering up to $175,000 in closing credits to buyers who work at downtown firms, although a spokesperson for Serhant, which is marketing the apartments, denied that’

    UHS is a lion.

    1. closing credits

      I made a mistake once. I put an offer on a house and the seller countered a couple of grand higher. I said OK, but only if you include these specific furnishings. Agreed and done. Then I realized I was paying real estate taxes on the furnishings.

      1. And mortgage interest (if you had a mortgage). Remember in 2006(?) when luxury sellers were advertising a sports car in the driveway along with the house? Like I would pay double for a sports car over 30 years.

        1. I remember that! The good old days. I had that offer a couple of times when looking at condos between ‘05-10 (from apt owners, not developers). I should have taken them up on it. The very same condos cost at least double what they were then, and a used (albeit newer) sports car costs double too. If I knew then what I know now…

  6. “‘People do not want to buy a depreciating asset,’

    Oh my word…. From the Housing Crime Syndicate leader himself. Thanks for confirming what we already knew all too well.

    “But….. but…. Houses don’t depreciate!” 😂😂😂

  7. “The Financial District’s condo supply has surged. And there are still few buyers in sight.

    Come for the vibrant enrichment, stay for the soaring taxes. No thanks.

      1. ARKegos: Cathie Wood Admits Bill Hwang Seeded Her ETFs, As Questions Swirl About Trade Similarities

        https://twitter.com/INArteCarloDoss/status/1390923223953465344: She got seeded (in ‘13) by a convicted felon who pleaded guilty to wire fraud (in ‘12) and was blacklisted by banks like GS for being too dodgy to deal with at tte time and
        @CNBCClosingBell didn’t think it’s a worthwhile a follow-up question?

        GS = Goldman Sachs

        https://twitter.com/AlderLaneeggs/status/1391079287344664577: Something tells me the “Love Triangle” between Wood,Musk,Hwang,Chamath,Softbank (Nasdaq Gamma Squeeze) and GME deserve a very very Hard Regulatory look.. I dont think this is a coincidence by any means. @EpsilonTheory @ttmygh @fleckcap @zerohedge @mtaibbi

        Wood,Musk,Hwang,Chamath,Softbank = Cathie Wood, Elon Musk, Bill Hwang, Chamath Palihapitiya (dubbed “SPAC Jesus”), Softbank (WeWork investor)

        GME = GameStop

        Financial news is no different than the MSM.

        1. HaHa, I was there when that happened, and at one time, owned the records of those trades. She didn’t do anything, and probably wasn’t involved at all. The boys at Refco threw Bill some trades, through an account in her name.

      1. This is what makes no sense about crypto. Its fans claim that only so many Bitcoins can be created. But what’s to stop everyone from creating their own crypto-currency?

        How is Bitcoin different from Dogecoin? Why is it worth more? Is there some kind of fundamental that makes Bitcoin more valuable?

        It’s pure speculation. At least PM’s have real world uses.

        1. Enormous amounts of cheap easy credit erode a people’s moral and cognitive strength, together. We’ve had many years of erosion.

  8. “…are counting on rising home prices to fund their retirement. The research also showed nearly 60 per cent of those preretirees surveyed have little or no retirement savings.”

    Better get used to standing around a hobo trash can fire, Canada. Shack materials like linoleum, PVC pipe, plywood, and 2x4s make good fuel from what I’ve heard.

  9. But…hotcakes?

    The Wall Street Journal
    Finance
    The Mortgage Boom Is Fading
    A decline in demand is fueling price wars across the mortgage industry, pushing down profits
    By Orla McCaffrey
    May 9, 2021 5:33 am ET

    The housing market is as hot as ever. The mortgage market, though, is losing steam.

    Homes are selling at a blistering pace unseen since before the financial crisis, pushing up home values in nearly every U.S. ZIP Code. Yet lenders are preparing for mortgage demand to cool in the coming months, the result of rising interest rates that make refinancing less attractive for a huge chunk of borrowers.

    The anticipated decline in mortgage volume is setting off price wars across the industry. That is driving down profit margins and spooking the shareholders of mortgage firms that went public closer to the height of the lending boom.

    Rocket Cos., the parent of Quicken Loans, said last week that it expects its gain-on-sale margin, a measure of how much lenders earn when they sell loans, to decline in the second quarter. The profit margin would be the company’s narrowest since before the mortgage boom. The forecast drove shares of several nonbank lenders to double-digit losses last week, analysts said.

  10. I’m looking forward to hiring a down on his luck but upper crust butler from the hobo camps during the coming depression, like that noble & forthright chap My Man Godfrey

  11. Portland, OR Housing Prices Crater 10% As Industry Scrambles To Conceal Collapsing Demand And Plunging Prices Across The US

    https://www.movoto.com/or/97203/market-trends/

    As one Portland broker stated, “Homeowners should slam their fingers in the door to detract from the eternal financial pain they’re about to experience as prices continue to plummet.”

  12. Of course if you don’t have to pay b/c of Wu Flu why wouldn’t they decline

    The Mortgage Bankers Association (MBA) reports that the percentage of non-current mortgages dropped by 35 basis points (bps) in the first quarter of 2021. According to MBA vice president Marina Walsh, it was the largest quarterly decline in delinquencies in the history of the Association’s National Delinquency Survey.

      1. Redpilled redhead, have you used your womb recently? After the vax its the new Sahara. The vaxx need not kill you.

          1. And for those who haven’t figured it out by now, no one in my household is getting a COVID jab.

        1. Is your attention span so short or time so constrained that you can’t watch 32 minutes with the doctor who has the most citations in the National Library of Medicine on these topics and developed a highly successful COVID treatment protocol?

          1. If you’re overcome by cognitive dissonance when confronted with findings resulting from the use of the scientific method, can you really science, bro?

          2. overcome by cognitive dissonance

            You don’t need to entertain conspiracy theories to show why these jabs are problematic. That label is used to shut down any discussion that doesn’t fit The Narrative while conflating wacky ideas with legitimate arguments.

    1. The Doctor had a 85 % success rate treating Covid patients early on in the Pandemic, with a cocktail of drugs, which should of disqualified the emergency use of experimental vaccines.
      Instead thousands were deprived of a viable therapy, and hospitals were given incentives of something like 50 k a patient to use ventilators that had a 90 % failure rate. All this while the MSN bad mouthed any drugs talked about in favor of killing people, lock downs and useless masks waiting for the roll out of untested vaccines.
      And these were cheap medications that could keep people from even having a long hospital stay, and no doubt spreading the infection more.

      Instead fake PCR tests were used to assert the asymptomatic Covid patient , as well as any death being labeled Covid. And Doctors and nurses being in fear of job loss if they didn’t comply with the bogus narratives .
      So I’m outraged at the information this Doctor gave, along with the fear mongering and false narratives , so a vaccinate 70% of the Globe agenda could be forced on a new technology that got approved by bribes and suppression of viable med alternatives. Big Pharmacy owns the Fake news, and Government Agencies acted on behalf of this pre planned medical fraud and tyranny.

      Many Doctors are saying that this virus had all the earmarks of a bio weapon , not knowing if it was accidental or deliberate. But, the timing was interesting that resulted in marshal law and a shut down that benefited the Monopolies and destroyed small business and turned the world up side down .
      These are monsters that did this and nothing short of trials for crimes against humanity is appropriate.

    2. +1 for posting a Rumble link.

      YouTube is owned by Google, let’s not give unnecessary clicks and revenue to globalists.

      1. Pretty sure YouTube wouldn’t allow it. People are posting to Rumble for a reason.

    1. “Is there any reason the DOW has gone straight up over 5,000 points in two months?”

      https://twitter.com/Schuldensuehner/status/1388982558889857027
      Holger Zschaepitz @Schuldensuehner
      S&P500 continues to trade in tandem w/global liquidity. Just saying!
      [see chart]
      Image
      4:23 PM · May 2, 2021·Twitter for iPhone

      – I know that your (rhetorical) question is pure sarcasm, but I’ll take a stab at it anyway…
      – Stonks have been highly correlated with QE/Fed balance sheet since 2008-2009 when the wheels fell off the bus.
      – These aren’t markets anymore, and any reflection of the real economy is purely coincidental; these are just indices to let everyone know that the economy is fine. Note that stonks in Venezuela are doing fine also. Banana republic stuff. Socialism (i.e. the State controls the means of production, or “markets”, or whatever) never ends well, but here we are, since the Wile E. Coyote, Super Geniuses at the Fed are firmly in control.
      – May you live in interesting times…
      “The establishment of a central bank is 90% of communizing a nation.” – Vladimir Ilyich Ulyanov Lenin

  13. CDC underreports this on purpose. No shit

    https://www.bloomberg.com/news/articles/2021-05-09/cdc-limits-reviews-of-vaccinated-but-infected-spurring-concerns

    Those who experience breakthroughs also feel like they must tread carefully even when talking about their experiences.

    Muldoon posted about her situation on Facebook because she wanted to hear from others with similar symptoms. But she said, “I felt conflicted talking about it because I don’t want it to seem like I’m encouraging people not to get vaccinated.”

    Peyton Azar felt similarly about her breakthrough experience. The 21-year-old is on immunosuppressants for a kidney transplant and has had to go to the emergency room for the common cold before, she said. Yet when she got Covid after vaccination in early April, she felt only mild cold-like symptoms.

    She’s always appreciated vaccines in general, she said. “I think getting Covid with the vaccine and seeing how mild it was, I appreciate it even more.”

    Even then, “I’ve been scared that someone will take this information and be like, ‘oh well I heard of a girl who got Covid even after she got vaccinated, so the vaccines don’t work.’ ”

  14. The Globe and Mail in Canada. House prices have been on a decade-long tear, led by big cities such as Vancouver and Toronto, making owners of even modest homes paper millionaires. For a surprising number of Canadians, ballooning property values have made the family home not only their biggest asset but the main source of retirement income.”

    “A 2017 Ontario Securities Commission survey found that almost half of Ontarians aged 45 and up are counting on rising home prices to fund their retirement. The research also showed nearly 60 per cent of those pre-retirees surveyed have little or no retirement savings. The other warning is that people shouldn’t have all of their retirement eggs in one basket.”

    “‘It’s not only one asset class; it’s on one street. It’s hard to be more concentrated than that,’ says Scott Plaskett, chief executive officer of Ironshield Financial Planning in Toronto.”

    Ultralow interest rates have fuelled the current real estate boom across much of the country – a phenomenon likely lengthened by the economic downturn caused by the pandemic – but it may have reached its limit. ‘There is another shoe that has got to fall,’ Mr. Plaskett says. ‘The governments can’t print this much money without creating an inflationary environment. Eventually, that’s going to catch up to us and the only way to curb inflation is to slowly raise interest rates.’”

    – The Fed and other Central Banks (e.g. Bank of Canada) have a conundrum on their hands. If they raise rates, option A, the Everything Bubble will burst, taking the global economy with it, from stonks to shacks. If they don’t raise rates, option B, or worse yet, actually cut rates further, the bubble continues to inflate, creating an even bigger crash a little further down the road. I think they’re going to try to keep asset prices elevated until something breaks, which from the look of things, isn’t far off. What choice do they have, since they’ve painted themselves into a corner? They’ll never admit to the inflation that they’ve caused, since that would lead to option (A). At some point the social unrest from the lower classes will be the determining factor, but we’re not there yet, since “stimmys” and extended UE benefits are paying more than working, for now. Interesting times indeed!

    1. I can’t wrap my head around what the effect [of a crash] would be on crypto.

      One could argue that a crash would wipe the fake money eco-system clean and take down crypto with it.

      On could also argue that a crash would elevate crypto to save haven status.

      Comments anyone?

      1. fake money eco-system

        It’s actually not an “ecosystem”. Calling something completely imaginary and manic by natural names (like Gold) doesn’t make it real.

      2. Cryptos are booming because money has been made available to finance the boom. A crash will erase a huge chunk of this available money which will bring down the price of cryptos.

        1. Cryptos are booming because indescribably stupid people are fleeing one doomed currency, the dollar, for the illusory safe haven of cryptos.

  15. These are the tools who lecture us about our carbon footprints and berate us for running the A/C when it gets hot.

    Jeff Bezos’ superyacht is so big it needs its own yacht

    I’ll bet his yacht uses more energy than a third world town.

    1. They want you and I holed up in a 200 square foot box in the city, living hand to mouth, while they live in the lap of luxury.

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