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Leveraging Works Both Ways, Mate

A report from the Times of San Diego in California. “Jason Elliott, Newsom’s top advisor on housing and homelessness, was joined on the virtual panel, by Jennifer Svec, legislative advocate for the California Association of Realtors, Assemblymember Buffy Wicks, a Democrat from the East Bay; and Adam Fowler, research director at Beacon Economics, all of whom agreed that a supply shortage was largely responsible for ballooning home prices. On home prices, Svec refrained from calling California’s housing market a ‘bubble.’ She expects the housing market will remain much more stable this time around than after the 2008 foreclosure crisis, and doesn’t expect prices to drop anytime soon.”

The SFist in California. “Housing inventory, or the number of homes on sale, within the city of San Francisco proper has skyrocketed by 96% since February. This, according to Zillow, is largely due to many of residents trying to sell their houses without a commensurate increase in buyers. Quite a shift for someone who has lived San Francisco since 2013 where sellers held onto their homes like their property was the Holy Grail.”

From NPR. “This time last year, amid the pandemic lockdown, Marissa Lovell’s landlord offered to sell Lovell her current rental house in Boise, Idaho, for $256,000. Lovell and her fiancé are first-time homebuyers — she’s a freelance writer and publicist for a local music festival, and he’s an arborist. So it took them until July to get all their paperwork together and loan secured. By then, her landlord had raised the asking price to $300,000. Today, one year later, it’s for sale for almost $400,000.”

“The house isn’t exactly palatial either: 730 square feet, two bedrooms, only one bathroom and no space for laundry or even a dishwasher. But if they tried to buy this place now, they’d go way into debt, with their mortgage payment possibly double what they’re currently paying in rent. ‘There’s kind of just a feeling of panic-buying almost, which I don’t want to do. It’s hard to know whether we should be buying now or wait, or if we wait, are we going to be completely priced out,’ Lovell says.”

“Will it only get worse for Lovell, or should she ride it out and wait for some sort of correction or even crash? That’s a question real estate economists like Vivek Sah are getting a lot right now. ‘The boom is sustainable. The growth in prices is not,’ says Sah, director of the Lied Center for Real Estate at the University of Nevada, Las Vegas.”

The Sun Journal. “A developer has pulled out of a proposed condominium project near Central Maine Medical Center, but could return in the future with revised plans. Planning Board Chairman Pauline Gudas said she walks the neighborhood often. ‘The roads are terrible,’ she said. ‘If you have false teeth you’re probably going to lose them. The holes on Whipple Street in the road are absolutely insane. If I lived there I would be banging on my city councilor’s door every day. It just seems that economic development and our City Council is fixated on one section of the city.'”

The Orlando Sentinel. “The pandemic didn’t only displace low-income Floridians. Alexiss Green, 45, had worked for 20 years as a corporate accountant, earning over $50,000 a year. In 2019 she wanted to reinvent herself, so she quit her job, moved her two teenagers into a rental home in Clermont and used her savings to buy a fixer-upper, the first investment in her new house-flipping business.”

“Three months after buying the property, COVID hit and she couldn’t safely send out crews to work on it. She fell behind on the loan payments and is now working with the lender to relinquish the property. She lost entirely a second investment she made in a joint property. Without any income, paying the rent — $1,850 for a four-bedroom house — became impossible. In September, she found an eviction notice taped to the front door. She hadn’t paid rent since April 2020.”

“‘I’m not a deadbeat person who doesn’t pay her bills, I’m just a person in a hard situation,’ Green said. She said she understands her landlord has bills, too, ‘but I don’t have control over what’s going on in the world right now.'”

From Domain News in Australia. “You’ve just lost your dream home to a wealthier bidder at auction. The bank refused to lend you the little extra you needed to buy the apartment you’d set your heart on. The house you knew would suit you perfectly sold for $500,000 more than the agent said it would. Suddenly, you’re overwhelmed by something that feels a lot like grief.”

“But, surely, that’s silly? An outpouring of grief is something that comes as the result of a family member dying, a lost job, a relationship break-up, an illness or an accident; not from something as prosaic as the housing market.”

“Psychotherapist Brandon Srot begs to differ. ‘It’s really important to acknowledge the grief that comes from the loss of that home you’d been hoping to buy and imagining yourself in,’ he said. ‘That’s very real and you shouldn’t dismiss it as a first-world problem or inconsequential.'”

“‘There are multiple strands of loss here. There’s the actual missing out on the home, but there’s also the crushing of your anticipation of your hopes and dreams being fulfilled by the purchase. Maybe you’d pictured your family living there, or considered how you’d decorate a room, or planned where to put your furniture or seen yourself growing old in that space. To some people, a home is not just a place to live. It’s about security, stability, family, community and belonging. So that loss can be very traumatic.'”

“It’s a sad fact in today’s housing market that housing loss grief, or the FOMO variant, GOMO – Grief Over Missing Out – is afflicting many people.”

From Interest New Zealand. “There’s a glimmer of hope on the horizon for prospective first home buyers with the national lower quartile selling price declining in April, according to’s Home Loan Affordability Report.”

A comment: “If one is looking at negative returns, then 2% house price DEcrease is a 10% tax free loss on one’s 20% equity, and 20% loss on a 10% equity. Leveraging works both ways, mate. By the way, using your example (which is flawed anyway, as you are comparing a one-off gain with an ongoing income), to match an 2% decrease on a $800k home is $16,000 pa – that’s you need a $16k increase on after tax income to compensate for this loss.”

“By the way, margin lending has nothing to do with the inherent risks associated with what your partially borrowed funds are invested in. This post is an example of financial illiteracy, and financial illiteracy of many kiwis is the reason why they are stuck with a 19th century mentality whereby the best investment is in housing. This is why we have a stagnant productivity and an economy over-reliant on parasitic residential housing speculation, rather than on real productive investment and innovation.”

The Aspen Times in Colorado. “The other day at the office, I was wrapping up a call behind my closed door when I heard something odd and unfamiliar: collective laughter and a chorus of voices. Unlike others during the pandemic, I’ve been lucky to be able to work away from home since lockdown was lifted — temp check and facial covering required, of course. It’s been a godsend for me as like a house-trained dog, I must be let out at least once a day to bark, allowed to sniff around and make a mark or two on the local hydrants. And that day, boy did I dig up a big tasty bone! A good old-fashioned bull session right outside my door!”

“Six agents and our support staff — more people assembled inside at work than I’ve seen in the last year — were standing around, sharing stories, jawing about the biz, as well as the recent news about masks. I was enjoying the impromptu conversation so much, I didn’t immediately realize no one was wearing one! I could see everyone’s faces, expressions and inflections. We were all relaxed and enjoying the full facial. For a few fleeting moments, we were free.”

“After a year of challenges and changes, there’s no doubt the announcement should have been handled better rather than giving us all another unwelcome shock to the system. Without getting into a useless debate about masks, their efficacy, the vaccine and COVID itself, I’ll simply say our leaders in Washington have way too much faith in the honor system. After all, this is the country where we push our way to the front of the line and do everything we can to game the system.”

“And that’s exactly what’s been going on in the real estate market. For sellers it means getting what they want just by asking for it, even if it doesn’t make any sense. And if they’re really lucky, there might even be a nice little tug-of-war and toddler-like temper tantrum as two or more buyers fight for what only one will be allowed to keep.”

“As a real estate CEO said recently, ‘It is becoming more difficult to convey, through anecdotes or data, how bizarre the housing market has become.’ He then tweeted a story about a buyer that offered to name her firstborn child after the seller if they chose her offer. She lost.”

“But here’s where it gets really absurd and childish. National media is now tracking a new trend: buyer’s remorse. Number one regret as reported by recent buyers? Paying too much. Others decide once the battle has been won, the cost of ownership is too high. And my personal favorite, after going all in, buyers realize they don’t really like the house or its location.”

“So as we ditch the masks as declare COVID in America a thing of the past, it’s clear to me we’re still not acting like normal people.”

This Post Has 158 Comments
  1. From the last link:

    ‘Around the world and here in the valley, we remain in an incredible period of change. Yes, that’s exciting and creates lots of opportunity. But as we search to find normalcy and our better angels, mask or no mask, it’s OK to admit not everything around us makes sense.’

    Scott Bayens (GRI, ABR, CNE) is a Realtor with Aspen Snowmass Sotheby’s International Realty

    Scott (GRI, ABR, CNE) is an a$$hat UHS who works under a urine soaked mattress.

  2. ‘for $256,000. Lovell and her fiancé are first-time homebuyers — she’s a freelance writer and publicist for a local music festival, and he’s an arborist’

    That’s some rock solid lending right there.

  3. ‘I’m not a deadbeat person who doesn’t pay her bills’

    That’s exactly what you are Alexiss. Which is why no one in their right mind would lend you a sh$t load of money if there wasn’t a guberment guarantee.

      1. she wanted to reinvent herself, so she quit her job, moved her two teenagers
        An accountant none the less.
        I wonder what assumptions she used to make the “business” look profitable in her proforma. Assuming she did a business analysis be fore “reinventing” herself.

        1. Sounds like she got snookered at some real estate seminar. Tarek and Christina, Chip and Joanna, and that Hometown couple in Mississippi (or was it Alabama).

          1. Plus she probably knew a few people who were, at the time, making money hand over fist flipping houses.

          2. It seems to me that once people start talking about how lucrative a particular investment is, the time to make money in it is likely to have passed.

          3. “It seems to me that once people start talking about how lucrative a particular investment is, the time to make money in it is likely to have passed.”

            Is that true for investment classes like housing, where the Fed is actively underpinning prices?

          4. Neuromance: “It seems to me that once people start talking about how lucrative a particular investment is, the time to make money in it is likely to have passed.”

            Professor Bear: Is that true for investment classes like housing, where the Fed is actively underpinning prices?

            Who makes money on housing and how?
            * Someone who bought pre-2000/2003 and has seen his/her house appreciate 3-4 times (not uncommon for central Maryland)

            * The transaction infrastructure – the FIRE sector. Realtors, loan originators, bond traders, insurers.

            Someone who has a massively appreciated house, the only way they can monetize those gains is to sell and… move into a lower priced locale (Oil City) or consolidate with family or some such. Selling and trying to buy something nicer locally – everything has appreciated. Even Oil City is probably well appreciated, unless coming out of a place like California.

            The net result of an appreciated house is to take out a large loan against the equity (which has to be paid back, unless one can declare some kind of bankruptcy and hide the largesse), and higher taxes.

            It’s not like stonk or crypto – you buy high, sell higher, rinse, repeat. Houses are illiquid, with condos I guess being the most liquid. If one can create a company to quickly buy and sell houses, I suppose that’s one way to monetize.

            Coming back around to your question: Houses have been an exception to this heuristic. They’ve been consistently going up for 50 years over the long run, with plateaus based on house and market (I remember seeing a 10 year period on one house in the 90s, in a desirable area but over 10 years, its sales price did not increase. Obviously not the same now).

            What will the future bring? My crystal ball is cloudy.

          5. Who makes money on housing and how?

            I bought lots of houses, with lots of mortgages, between numerous jobs and assignments. 15 years ago I got off the hamster wheel and lived unconventionally, though comfortably. As a result, I saved enough to buy a pretty nice place (still unconventional) without a mortgage. I’m still adding to my savings.

            Financially, I was only healthy after I ran away from “houses”.

  4. ‘‘The boom is sustainable. The growth in prices is not’

    Which is why Vivek makes the big bucks. He goes on to say:

    “This whole bubble thing will slow down to become a more normal market where prices increase probably between 5 and 10 percent”

    Talk about financial illiteracy. Remember the UHS in Canadia who recently said shacks would go to 1 billion? If you accept this 5 or 10% thing, he’s right. At the same time, who has a billion Canadian pesos? Something just isn’t going to work here.

    There was that Dallas article saying “shacks are up 50% in some parts of”… What part? One street? One shack? On this topic I’ll mention the Florida UHS who said a few years ago a 18% increase was “sustainable.” We all had a good laugh. But the REIC media isn’t saying boo when these dogs talk about 50% like it’s normal.

    It’s either just not true, or there’s massive loan and appraisal fraud. Which brings up this:

    March 26, 2020

    “As America heads into a deep recession, the $11 trillion residential-mortgage market is in crisis. Investors who buy home loans packaged into bonds are dumping even those with federal backing because of panic that millions might not make their payments. Yet one risky sector had started to show cracks long before the coronavirus pandemic sparked the worst financial meltdown in 12 years: the federal government’s largest affordable-housing program, whose lenient terms are geared toward marginal borrowers.”

    “As real estate prices soared in recent years, working-class adults everywhere have increasingly relied on mortgages backed by the Federal Housing Administration — and U.S. taxpayers. Since 2007, the FHA’s portfolio has tripled in value to more than $1.2 trillion, almost 11% of the market. While private lenders make these loans, they are packaged into Ginnie Mae bonds, common in mutual funds and pensions.”

    “Before Covid-19 started roiling China, a November FHA report found that 27% of borrowers last year spent more than half their incomes on debt, a level it describes as ‘unprecedented.’ The share of FHA loans souring in their first six months has doubled over the last three years to almost 1%.”

    “Not long ago, Alex Castillo drove his shiny black Infiniti SUV through an office park north of the San Antonio airport, along a busy seven-mile stretch of highway that loan officers call ‘Mortgage Row’ because of its abundance of small independent mortgage companies that dominate FHA lending. Castillo, who has the words ‘The Dream Starts Here’ stitched into his jacket, works for Pennsylvania-based American Residential Lending. Oddly, amid the pandemic, his business is booming. His customers locked in FHA mortgages after interest rates plunged this month — adding to federally backed mortgage debt.”

    “‘If the government tells me you’re good enough to get a loan, I have to trust and believe in the government,’ Castillo said. ‘Then we just hope and pray that the client doesn’t get foreclosed on.’”

    “In downtown San Antonio, scores of investors stood on a parched lawn beside the city’s historic granite-and-red-sandstone courthouse. It was the first Tuesday of February, the day of the foreclosure auction. Matt Badders, a San Antonio lawyer who represents lenders, auctioned off two houses. The failed mortgages remind him of the run-up to the financial crisis 12 years ago, when lending to customers with spotty credit nearly brought down the world’s financial system. ‘We’re almost back to 2007, when mortgage originators are waking people up on park benches, saying sign here,’ Badders said.”

    “At the auction, the crowd bid on 338 homes, a third with FHA mortgages, according to Roddy’s Foreclosure Listing Service. One house had dual master bedrooms, a game room and granite kitchen counters. It sold for $202,000 — $52,000 less than the homeowner borrowed only two years ago. The taxpayer-backed FHA insurance fund will take a loss.”

    “Dave Stevens, FHA commissioner under President Barack Obama and former chief executive officer of the Mortgage Bankers Association, said a recession will expose hidden risks in home lending. ‘This should be an alarm bell to policymakers,’ Stevens said. ‘Sometimes you get blinded by a good economy and suddenly look at it and see a bubble of defaults coming.’”

    “The federal government has decided it doesn’t want to pursue — and has asked a judge to dismiss — a lawsuit against Utah-based Academy Mortgage Corp. The judge refused. The suit claims the company’s staff would repeatedly feed information into an automated federal underwriting system, manipulating it until the computer gave the green light. ‘Decline is a curse word,’ Plaintiff Gwen Thrower, a former underwriter, quoted a manager as saying. ‘We don’t use it.’”

    1. Vivek makes the big bucks

      “…director of the Lied Center for Real Estate…”

      Apparently, he Lied.

    2. “There was that Dallas article saying “shacks are up 50% in some parts of”… What part? One street? One shack?”

      And here’s where you’ll find the truth…. and how this is happening…. because it’s actually not happening the way the REIC is saying.

      Got fraud?

    3. Remember the UHS in Canadia who recently said shacks would go to 1 billion?

      I mean, sure, if a loaf of bread is $10,000. But then we’re talking about hyperinflation and currency destruction, not house prices. These guys are idiots.

  5. Colorado Sun — Colorado renters and landlords are in a race with the eviction ban. Should the state intervene? (5/30/2021):

    “Renters and landlords face new questions as the pandemic appears to be winding down. After a year of pandemic rules and guardrails, everything’s changing again. The federal ban on evictions may end in the next few months, depending on what the president and legal system decide.

    At least 80,000 Colorado renters are estimated to be behind on their rent, according to recent U.S. Census survey data. And the CDC ban on evictions is set to expire on June 30, if President Joe Biden does not extend it. The ban could also end sooner, if struck down by the courts.

    The beginning of the pandemic brought panic and warnings of a “tsunami” of evictions. Instead, government restrictions ensured that the eviction rate dropped sharply. It’s unclear what will happen when those protections end. Courts could see a delayed surge in filings.”

    80,000 is that a lot?

    1. Yes 80,000 is A LOT. Gotta wonder how many loanowners are behind mortgage in Colorado…I bet it’s higher than 80,000.

    2. At least 80,000 Colorado renters are estimated to be behind on their rent, according to recent U.S. Census survey data. And the CDC ban on evictions is set to expire on June 30, if President Joe Biden does not extend it. The ban could also end sooner, if struck down by the courts.

      The ban was by the CDC under the guise that if people were evicted en masse, they would double and triple up and therefore spread the virus and endanger public health. The virus is gone. So, wtf are they talking about extending the ban for?

    3. Yes it is a lot. And we all know not one of those 80k will have to pay a cent in back rent. The gubmt will bail them out. Cuz equity and fairness and other reAsONs.

  6. “I love those barrettes in your hair, man. I tell you what, look at her. She looks like she is 19 years old sitting there like a little lady with her legs crossed.” — Pedo Joe’s comments about a 9 year old, May 28th

    Clown World gonna clown.

    1. It’s PedoJoe’s attempt to take pedophilia mainstream. Once is a gaff…PedoJoe is virtue signaling the Biden family history and penchant for pedophilia.

      1. A proclivity for pedophilia runs deep in the Democratic Party and among its donors. Look how the media-entertainment complex is trying to treat it as just another “appetite” or choice.

  7. Kurt Schlichter on Real Journalists (5/31/2021):

    “Thank goodness we have licensed regime-approved journalists to tell us what is true and debunk what is not. Leveraging their extensive life experience as first college students, then grad students, then Vox interns, and finally NYT scribblers at age 27, these special, special people are uniquely suited to defining – for us – objective reality. And we miserable peasants are so ungrateful.

    Reporters are generally garbage and we should devote ourselves to destroying the mainstream media, just as we should commit ourselves to undermining and collapsing every other woke institution that dedicates itself to our enslavement on behalf of the ruling caste. It’s just that the media is such a pompous, inept target that one can’t resist mocking it.

    It’s hard to tell which is the media’s most appalling characteristic. Maybe it’s its slavish, slobbering, sucking-up to a liberal elite that is neither “liberal” in the classical sense or “elite” in any meaningful sense, except that its members possess the nearly useless credentials presented by Ivy League conformity factories.

    Or maybe it’s just how bad they all are at their not-that-difficult job – these aren’t ink-stained muckrakers digging out the hidden truth.

    They don’t report the news – they transcribe Democrat press releases.”

    Devote ourselves to destroying the mainstream media?

    I’m already there. This is why you should use the archive website when sharing links to the NYT or WaCompost. Deny them clicks, deny them even a fractional cent of revenue for a page loading with ads.

    LOL@ I haven’t subscribed to Cable TeeVee since 2008.


        1. So state medical licensing boards in all 50 states simultaneously intimidated independent MD’s by threatening to pull their license for treating the flu.

          All this while state election boards in swing states were frantically and illegally changing their election laws months before before a national election.

          There’s a big problem.

          1. I will have to continue watching at 29 minutes, but pretty much everything that could be done to make things worse was done. And the myriad of practical, tested drugs and therapeutics were not proscribed. This was mass murder done by the guberment, medical industry, everybody. It’s all gonna come out.

          2. Don’t forget: US government bureaucrats surreptitiously funded the creation of SARS-CoV-2 with and in China, our biggest adversary.

          3. At 40 minutes: The Lancet publishes a false report on hydroxychloroquine being dangerous, just as it was proven to be a huge benefit.

          4. hydroxychloroquine being dangerous

            Dangerous? My dad and millions of others took this since WWII to treat malaria. It’s definitely not dangerous.

          5. He says he uses it for his staff and it’s as effective for preventing the disease as the vaccine. Over 90%.

          6. I seem to recall banging the HCQ drum rather early on, only to be lectured that I needed lessons in clarity. FWIW, a couple of provinces in India, lacking vaccines, basically had no choice but to give everyone, infected and not infected, IVM. They are having pretty good success.

          7. banging the HCQ drum

            There was no need to bang. Some of us already knew from personal experience that it was safe and effective. IIRC, I also posted the scientific paper detailing the mechanism of action.

          8. I needed lessons in clarity

            You were going off the deep end last year on a number of topics (e.g., aerosol physics, inoculation theory).

        2. people in hospitals

          And the hospitals were getting paid a bounty for each one. We are considered vermin.

          1. oxide, I remember saying to you that it was outrageous the suppression of these med treatments that worked.
            The interview Ben posted is like a behind the curtain exposure of the stakeholders malfeasance and deliberate harm.

        3. Ben,
          The interview you posted was so revealing , and it deserves a listen from beginning to end.
          How does everyone like Government Agencies , CDC, WHO, Dr Fauci, and the Democrats Fake News now. And the deliberate censorship and suppression of meds that worked so a vaccine could be pumped by the stakeholders , while no doubt thousands could of been saved and even avoided a hospital stay.

  8. “It’s a sad fact in today’s housing market that housing loss grief, or the FOMO variant, GOMO – Grief Over Missing Out – is afflicting many people.”

    I love it. This is how debt slaves are minted. These GOMO pukes will willingly sign any document I decide to present to them.

  9. Had a small party last night and a friend brought his wife who is a real estate agent. After a bit I asked her when the bubble was going to pop/slow down. She said its not a bubble “this time” and its not going to slow down. She said the bidding wars are happening 50-90k over asking price. Then she goes on about two deals that fell through because the price increase on new construction. I just mention that I had heard of three people that week who just took money out on refi and buying toys. Man maybe I was in a time machine last night to 2007.

      1. Judging by all the fancy remodels and new Benzes/BMWs/Teslas/etc. I’m seeing on my street more than a few are tapping into their sweet equity.

    1. Most real estate agents can’t see beyond their noses and believe the propaganda they’re fed.

    2. ‘ I just mention that I had heard of three people that week who just took money out on refi and buying toys. ‘

      Decided to watch TV last night to veg out. Saw the Rocket commercial with a husband looking for the money hidden in the house. So he wacks holes in the drywall looking for money. As bad as the push button, get mortgage cringe.

    3. “Had a small party last night and a friend brought his wife who is a real estate agent.”

      You should’ve put a $20 in your teeth and lay flat on your back.

      1. “Had a small party last night and a friend brought his wife who is a real estate agent.”

        Nice cans?

  10. Although this is from our local NBC station, I saw this story today on the local ABC News station with a few tweaks that included an African American organizer who stated they had not received one dime and reparations must be paid.

    President Biden heading Oklahoma to commemorate 100 years since Tulsa Race Massacre

    By: Newsy Staff
    Posted at 10:05 PM, May 25, 2021 and last updated 10:38 PM, May 25, 2021

    President Biden will travel to Tulsa, Oklahoma next Tuesday to commemorate the 100th anniversary of the Tulsa Race Massacre.

    In 1921, a White mob attacked the city’s affluent Black community of Greenwood – also known as “Black Wall Street.”

    Viola Fletcher survived the horrors. And the 107-year-old testified before Congress last week.

    She’s seeking justice and wants people to acknowledge what happened.

    “We lost everything that day,” Fletcher said.

  11. This Memorial Day trip to Arlington National Cemetery they are making Kamala Harris take today must really be putting a crimp in her “long weekend”.

    VP Kamala Harris Bashed for Her ‘Enjoy the Long Weekend’ Memorial Day Tweet

    BY SCOTT MCDONALD ON 5/30/21 AT 12:19 AM EDT

    Vice President Kamala Harris on Saturday tweeted a photo of herself and told all of her followers to have a long, enjoyable holiday weekend. She didn’t tell Americans to have a thoughtful Memorial Day weekend, nor did she remind them to take pause on the final weekend preceding the last Monday in May.

    In her first Memorial Day weekend as vice president of the United States, she simply posted a smiling photo of herself and said “Enjoy the long weekend.”

    1. This is the only thing I can remember that cackling witch ever saying that was worth paying attention to.

      The Hill — Harris: ‘I believe’ Biden accusers (4/3/2019):

      “Sen. Kamala Harris (D-Calif.) said Tuesday that she believes women who say they felt uncomfortable after receiving unwanted touching from former Vice President Joe Biden.

      “I believe them and I respect them being able to tell their story and having the courage to do it,” Harris said at a presidential campaign event in Nevada.

      The California senator added that Biden will need to decide for himself whether to run for president.

      “He’s going to have to make that decision for himself. I wouldn’t tell him what to do”

      We know you don’t tell him what to do, that’s Susan Rice’s job.

    2. That explains the meme that I saw of a widow with her car-seated infant laying before her husband’s grave in Arlington National Cemetery.

  12. “Jason Elliott, Newsom’s top advisor on housing and homelessness, was joined on the virtual panel, by Jennifer Svec, legislative advocate for the California Association of Realtors, Assemblymember Buffy Wicks, a Democrat from the East Bay; and Adam Fowler, research director at Beacon Economics, all of whom agreed that a supply shortage was largely responsible for ballooning home prices.

    A panel of liars from the organizations that are part of the problem. Ballooning home prices are caused by the Fed’s deranged money printing, ultra-loose lending, and runaway speculative excesses enabled by QE-to-Infinity. But of course none of these grifters will bring up those inconvenient truths.

  13. On home prices, Svec refrained from calling California’s housing market a ‘bubble.’ She expects the housing market will remain much more stable this time around than after the 2008 foreclosure crisis, and doesn’t expect prices to drop anytime soon.”

    Realtors are liars.

  14. ‘There’s kind of just a feeling of panic-buying almost, which I don’t want to do. It’s hard to know whether we should be buying now or wait, or if we wait, are we going to be completely priced out,’ Lovell says.”

    The stupid, it burns. After what happened to Housing Bubble 1.0, would-be buyers have no excuses for not seeing what an insane speculative bubble housing has become, and steering clear until the bubble bursts (again).

  15. “‘I’m not a deadbeat person who doesn’t pay her bills, I’m just a person in a hard situation,’ Green said. She said she understands her landlord has bills, too, ‘but I don’t have control over what’s going on in the world right now.’”

    You deadbeats always have excuses for shirking your financial obligations and casting yourselves in the role of victim, Alexiss. And why’d your stupid parents add a superfluous “s” to your name, anyway?

  16. The house you knew would suit you perfectly sold for $500,000 more than the agent said it would. Suddenly, you’re overwhelmed by something that feels a lot like grief.”

    Uh, that’s not grief. That’s abject stupidity.

  17. “Psychotherapist Brandon Srot begs to differ. ‘It’s really important to acknowledge the grief that comes from the loss of that home you’d been hoping to buy and imagining yourself in,’ he said. ‘That’s very real and you shouldn’t dismiss it as a first-world problem or inconsequential.’”

    Unscrupulous shrinks have been monetizing neurotic females since the fraudulent “repressed memory” scams of the 1980s. It’s a racket, but a lucrative one.

  18. “But here’s where it gets really absurd and childish. National media is now tracking a new trend: buyer’s remorse. Number one regret as reported by recent buyers? Paying too much.

    You ain’t seen nothing yet, FBs. The implosion of the Fed’s Everything Bubble, when true price discovery can no longer be deferred with a tsunami of fake Yellen Bux, is going to be one for the books. Nothing is more expensive than regret, future cardboard box dwellers.

    1. Millennial shack buyers deserve everything they’ve got coming, and worse. Foreclosure, bankruptcy, homelessness, divorce, suicide, you’re on a one way road to ruin.

      1. I dunno, brah…sitting around a trash can fire eating squirrel on a stick, while passing the bag that holds the 40-oz, could be quite the bonding experience for FBs and insolvent realtors.

      2. I recall that last time that people could get loans just a couple of years after a foreclosure or BK.

    1. Maybe the mistaken numbers and facts come from the 1619 project curriculum being taught in public school systems all over the country.

      “Also claims 3000 people died during the Tulsa riots (Only 39 are confirmed to have died, with about 30% of them being White)”

      1. You think any of these Sons Of Obama have ever read a history book, or any book for that matter?

        “They’re not sending their best”

        1. The average inmate reads at a 6th grade level, yet where are the Ohbahmahs teaching kids in Chicago to read, write and speak fluent English, and stay off the school to prison pipeline?

        2. This is fake news. It is well established that the perps in the indiscriminate attack on a crowd attending a rap concert in Miami were Amish rumspringa celebrants Mervin, Elwood, and Abner, and their conveyance was a highly modified Amish attack buggy. Amish elders have been notified and pledged to crack down on such disreputable behavior by their “youths”.

          Moment three gunmen pull up at Miami rapper’s birthday party armed with assault rifles and indiscriminately unload into crowd – killing two and wounding 22

      2. Why 1914

        Because the guy doesn’t even know the details. No matter, hate doesn’t need details.

      3. “Why 1914, in particular?”

        I’m really not sure what the gentleman was referring to in 1914 or if he was trying to reference the Tulsa, Oklahoma incident in 1921 or the 1619 Project.

        I did however go back and listen to the twitter video where I found and copied the quote below. It is a misquote, the gentleman did say 1914 but he did not say… “your ending time has been up since1914 no good cracker boy”

        He actually said…

        “your ending time has been up since1914 no good peckerwood”

        which was then clearly repeated by someone in the crowd.

        “[White] has beginning, and an ending. And your ending time has been up since 1914 no good cracker boy”

    2. “When that time has come for ratatattat, cracker we will kill everything white in sight”

      I’m beginning to think that my plan to inform the cracker-killers that I now self-identify as a Yemeni lesbian, while appealing to the better angels of their natures now that my guns & ammo have been lost in a recent tragic boating accident, might be flawed.

      1. You’ve been talking about this boating accident for a year now since I resumed lurking here after my long hiatus. What is the story behind this accident?

        1. At the risk of being condescending, I’ll explain. The boating accident is a meme/joke that conservatives use. They have gold and ammo stocked up. But if the authorities ever come to confiscate that gold and ammo, you simply use the excuse: Sorry, I don’t have any. I “lost” it all (😥) in a large body of water.

          Of course, you didn’t lose your stock of valuables. But since you can spend gold and shoot ammo without leaving any paper trail, the authorities have no way of knowing whether you lost it, spent it, or still have it. (Unlike digital dollars or crypto.)

    3. So I assume this guy be allowed to stay on Twitter despite threats like this. I guess that’s a form of reparations.

      1. “allowed to stay on Twitter”

        Jack Dorsey needs a one way helicopter ride out over San Francisco Bay.

        1. That’s too kind. A miserably cold ride in an old outboard skiff before being dumped in the water with some bloody chum is what he deserves. This guy is evil.

          1. He’s not evil, he’s just an a-hole egomanic. The worst he’s done is ban people from his stupid app. Don’t worry though his day will come, and he won’t be master of the world. The conquistadors no longer sway civilizations and the robber Barrons are mostly forgotten. Dorsey soon enough will be the master of his own demise.

          2. Most likely, but how many will he take down with him? And he’s already swaying large parts of America.

      2. Globalist oligarchs are fanning the fire, by design. The only ones banned from Twitter & YouTube are truth-tellers. “Black Nationalists” can spew all the venom and threats they want, as long as it’s directed exclusively at whites.

  19. Today we remember those who gave their lives so that we can be free.

    Buy, sell, hold, or fold?

    Evergreen article –
    Ten Reasons It’s A Terrible Time To Buy An Expensive House
    By Patrick | Sat, 11 Jul 2015, 12:58pm PDT

    1) Because house prices are in expensive areas still dangerously high compared
to incomes and rents. Banks say a safe mortgage is a maximum of 3 times
the buyer’s annual income with a 20% down payment. Landlords say a safe price is
set by the rental market; annual rent should be at least 9% of the purchase
price, or else the price is just too high.

    2) Because it’s usually still much cheaper to rent than to own the same size
and quality house, in the same school district. In rich neighborhoods, annual rents are
typically only 3% of purchase price while mortgage rates are 4% with fees, so it costs more
to borrow the money as it does to borrow the house [i.e. rent]. Renters win and
owners lose! Worse, total owner costs including taxes, maintenance, and
insurance come to about 8% of purchase price, which is more than twice the cost of
renting and wipes out any income tax benefit.

    The only true sign of a bottom is a price low enough so that you could rent out
the house and make a profit. Then you’ll know it’s pretty safe to buy for
yourself because then rent could cover the mortgage and ownership expenses if
necessary, eliminating most of your risk. The basic buying safety rule is to
divide annual rent by the purchase price for the house [capitalization rate, or “cap rate”]:

    3) Because it’s a terrible time to buy when interest rates are low, like now.
House prices rose as interest rates fell, and house prices will fall if interest rates rise
without a strong increase in jobs, because a fixed monthly payment covers a
smaller mortgage at a higher interest rate. Since interest rates have nowhere to
go but up, prices have nowhere to go but down. When housing falls, you lose your
equity, but not your debt.

    4) Because buyers already borrowed too much money and cannot pay it back. They
spent it on houses that are now worth less than the loans. This means most banks
are still actually bankrupt. But since the banks have friends in Washington, they get
special treatment that you do not. The Federal Reserve prints up bales of new
money to buy worthless mortgages from irresponsible banks, slowing
down the buyer-friendly deflation in housing prices and socializing bank losses.

    5) The Fed exists to protect big banks from the free market, at your expense.
Banks get to keep any profits they make, but bank losses just get passed on to
you as extra cost added on to the price of a house, when the Fed prints up money
and buys their bad mortgages. If the Fed did not prevent the free market from
working, you would be able to buy a house much more cheaply.

    As if that were not enough corruption, Congress authorized vast amounts of TARP
bailout cash taken from taxpayers to be loaned directly to the worst-run
banks, those that already gambled on mortgages and lost. The Fed and Congress
are letting the banks “extend and pretend” that their mortgage loans will get
paid back.

    And of course the banks can simply sell millions of bad loans
to Fannie and Freddie at full price, putting taxpayers on the hook for
the banks’ gambling losses. Heads they win, tails you lose.

    It is necessary that YOU be forced deeply into debt, and therefore forced into
slavery, for the banks to make a profit. If you pay a low price for a house and
manage to avoid debt, the banks lose control over you. Unacceptable to them.
It’s all a filthy battle for control over your labor.

    Followed by 6) – 10). Most of these still apply.

    1. “It is necessary that YOU be forced deeply into debt, and therefore forced into
slavery, for the banks to make a profit.”

      “Forced”? Wrong word. Try the word “enticed”.

      Here, try this …

      “It is necessary that YOU be enticed deeply into debt, and therefore enticed into
slavery, for the banks to make a profit.”

      There. More better.

      1. deeply into debt

        You can only catch the volunteers, of which this fish is not. You only get to make change for me. Oh, thanks for the coffee.

  20. A small snippet of sanity in an otherwise insane housing market –
    May 28, 2021,11:00am EDT | 1,495 views

    Realtors Will Hate Me For This. But Here Are Five Reasons Why You Absolutely Shouldn’t Buy A Home Right Now
    Peter Lane Taylor | Contributor

    [1] Don’t Overpay
    This one might seem so obvious that it’s not worth mentioning but it’s actually more complicated than it seems. Sometimes buying super expensive, seemingly over-inflated assets is still a money-making enterprise. Millions of people bought Apple and Amazon stock “high” years ago, the press mocked them for over-paying, and they still made truckloads of money anyways.
    When it comes to the current real estate market, the juries are still out on whether current buyers are setting themselves up for disappointment. While most experts agree that the current housing boom bares little resemblance to the frenzy preceding the Great Recession in 2008, prices across the country are unequivocally overheated—up 16% – 20% overall Y-O-Y according to most indices, the highest rate of appreciation in decades.
    Yet, that doesn’t necessarily mean that housing prices are going to crash, or even fall at all. What they’re not going to do according to most economists is keep appreciating at their current rate. That means anyone who’s buying now is getting into the game at the top of the curve with less room for making money over the long-term.

    [2] Don’t Settle
    With so few homes available on the market right now and prices sky high, most homebuyers are finding themselves forced to settle—looking in neighborhoods they never wanted to live in or over-extending themselves to buy smaller houses for more money that don’t suit their lifestyles.
    Settling might seem like a good decision now while real estate’s current equity is hot. But the other thing about homes is that we also tend to live in them for longer than we expect and circumstances, life choices, and things like babies usually happen when we’re least prepared.
    Homes in their best-case scenarios are (or become) direct extensions of ourselves, where and how we want to live, and the communities that we want to create for our children. Since the pandemic began, however, people have been buying houses faster in more unknown places with less information than ever before. That means millions of homebuyers already have bought properties that they never had the proper opportunity to test drive before they decided to upend their lives and move in the first place.

    [3] Don’t Lock Up Your Money
    In retrospect, the whole concept of a NINJA mortgage (no income, no docs, no assets) pre-Great Recession should have looked disastrous from a mile away to anyone who was paying attention. For buyers (and speculators and investors), however, it was free money with minimal risk and no skin in the game.  
    This boom time around the entire real estate buying landscape has been inverted. Buyers in many markets are being forced to put up to 40% – 50% down which in the case of many first-time homebuyers can wipe out most if not all of their savings with the stroke of a Docusign. In markets like Miami and Austin, buyers who can’t compete with all cash, no contingency offers often don’t even get invited to the table.
    If all of this real estate forth [froth] seems financially illogical, it is. Stock market indices have been breaking all-time highs for years now through two Presidential Administrations and private equity firms and hedge funds have been posting 25% returns for a decade so there are better ways to invest one’s savings than tying it all up in a house.
    Additionally, particularly for first-time homebuyers, throwing everything down on a mortgage can leave many owners without an emergency fund and depleted of the money needed to pay down other debts, prepare for unexpected repairs and maintenance, take advantage of other investment opportunities, or absorb sudden unappealable property tax increases (which happened to us twice in Philadelphia in two years adding more than $600 to our monthly mortgage payment).

    [4] Don’t Feed The Bull
    Markets and stocks don’t “get” frothy or overheated on their own. People, including frequently investors, make them that way (hello GameStop). At the same time, the longer people froth over something they think they have to have the more sustained, and often irrational, bull markets become.
    Real estate is no different, except that it’s an investment in which we actually live. Right now there are real issues of scarcity in the housing market, and prices are increasing in part because more people want to buy homes right now than there are properties currently available available for sale.

    [5] Don’t Panic
    This is probably the most important but also the hardest not to do. Just as markets don’t plummet and stay down forever nor do they stay high. Any wealth advisor will tell you that time and patience always have been volatility’s counterbalance in both directions.
    For prospective homebuyers and sellers right now, the same advice generally applies. Homeowners considering putting their houses on the market to cash in on their newfound equity shouldn’t be in a rush to do so. The housing market is unlikely to plummet to where it was pre-pandemic so the gains will still be there six months from now and likely far longer.

  21. It’s a global housing virus pandemic. Central banks are the vector. Do the math and save yourself some pain. –
    The wrong plan
    May 30th, 2021
    By Guest Blogger Sinan Terzioglu

    A survey by the Ontario Securities Commission found 45% of Ontarians 45 and older are relying on their home to fund their retirement. It also revealed close to 60% have little or no retirement savings.  As real estate values have been in a upward trend supported by the tailwinds of declining and now historically low interest rates, this sort of thinking has become more common and increasingly risky.

    Many rationalize real estate is always a good buy as the population continually grows, land is scarce and because property has been a good hedge against inflation.  As many increasingly over-leverage themselves to purchase real estate, however, they’re making dangerous assumptions and paying too much. Gains of the last several years are not sustainable, so planning a retirement based on a continuation of these increases over the coming decades is very risky.

    It’s all about cycles

    The cycle in real estate has a lot in common with other cycles.  Positive events lead to greater optimism and increased activity. Inevitably this causes many to think the cycle is unstoppable, so more and more risk is taken on with little thought about what can go wrong. This is very dangerous particularly for those that are borrowing wildly and relying on a one asset strategy to fund their retirement.  Real estate in Canada has never been more expensive from any valuation metric you look at.  As prices have increased buyers have become more and more comfortable with the risks because they extrapolate the gains into the future, but the reality is there has never been a riskier time to purchase property in many parts of the country.

    Since the onset of COVID-19 governments and central banks globally have spent some $20 trillion to backstop credit markets and stimulate economies.  This is more than three times the amount spent during the financial crisis of 2008-2009.  Economic theory suggests all this increased money supply could lead to higher inflation, already in evidence.  Some will argue that supply chain disruptions of the last year have been a big contributor to the price increases and as the world economy normalizes so too will inflationary pressures. But higher inflation would lead to increasing interest rates and this could impact real estate much more than many realize.

    Never forget real estate is rate-dependent

    If interest rates were to rise as described in this scenario real estate values could very easily drop 15-25%.  A property purchased for $1.25M could fall in value to $1M yet the debt would remain.  As a result this couple would have seen their initial equity of $250K go to $0, however the lost opportunity cost over the following 25 years would be significantly more.  Had the couple avoided the emotional decision of chasing overvalued real estate, stayed the course with their $300K invested while only adding annual TFSA contributions earning an average 7% per year this portfolio would be worth over $2.4M by the time they hit 60.  This pot of liquid financial assets would comfortably provide an income of over $10K a month without depleting the capital.

    The point of this example is not to suggest one should not purchase real estate.  As Garth says, if you can afford real estate go ahead and buy but do not make the mistake of assuming it is the only financial plan you need or that it is a good investment.  If you are a first time buyer or wanting to trade up I recommend being patient and not putting all of your eggs in one basket.

    Renting is significantly cheaper so saving and investing the difference over the next few years would make a huge difference to your long term finances.  It is more important than ever to avoid falling into the common thinking that real estate is the only financial plan you need as most Canadians will not have employer pension plans and are not saving nearly enough.

    1. “As prices have increased …”

      The closer to the top they have gotten?

      Oh, wait …

      “… buyers have become more and more comfortable with the risks because they extrapolate the gains into the future, …”

      People are stupid.

  22. Filed under the category of “The Fed never sees asset bubbles until after they’ve burst.” –
    House Prices Surpass Housing-Bubble Peak on One Key Measure of Value
    The St. Louis Fed On the Economy blog | Monday, May 24, 2021
    By William R. Emmons, Lead Economist in Supervision

    The nationwide house price-to-rent ratio, a widely used measure of housing valuation that is analogous to the price-to-dividend ratio for the stock market, is at its highest level since at least 1975, as shown in the figure below. Rapid house price appreciation since last May, combined with a slowdown in rent growth, resulted in a surge in this ratio. By February 2021, the national house price-to-rent ratio had surpassed the previous peak reached in January 2006; in March 2021, the ratio was 1% higher than its level at the peak of the housing bubble. This suggests the average house now sells for quite a bit more than its “fair value,” as explained below.”

    – Hundreds, or even thousands of PhD economists, and yet, no one could or can see “what happens next.” Wile E. Coyote, super genius.

    1. Engineered boom/bust cycles are the most efficient means of transferring the property and assets of the proles to the Fed’s oligarch accomplices. The Fed knows exactly what it’s doing by blowing these insane bubbles, then bursting them. Speaking of which, we’re overdue for another Great Muppet Reaping a la 2008.

  23. Globalist Monopolies, entities that have become more powerful than the Governments they corrupted, are trying to take over. They have installed their Puppet Biden ,by a rigged election, who will do everything to advance their agendas.

    So, just because Monopolies aren’t a Country that invades in the normal sense by military warfare, their method is corruption of governments and working with Foreign Governments, like China for instance.
    Its all about a consolidation of power for monopolized control, and destroy the competition. Its all about rigged looting systems and fake markets and bubbles, which isn’t capitalism.

    So, bailing out the fraudulent lenders in 2009 in the trillions, plus bringing on Communist Obama Care , that looted the middle and upper middle class, by IRS enforced you have to purchase health care based on income, should of been proof of a obvious Oligarchy Government taking over.

    So now the Globalist Monopoly Oligarchy wants to take over the US, and many other Countries.

    So, I think the entire Covid Panademic was fake , by a collusion of Monopolies, corrupted government, and the CCP.
    The Covid was a invisible enemy , launched at the exact right time to rig a election, bring on control by medical tyranny, destroy the Trump economy, mostly small business, while filtering even more money to the Monopolies. Total censorship of the news by the media monopoly to advance the Covid Scam. Also unjustified lockdowns, masks , and mass vaccination of the globe by experimental vaccines based on God knows what gene sequence they used. No proof of isolation of Covid 19 , or the countless variants claimed., and proof of Covid being a known inaccurate test.

    Evidence that China got back in operation fast, and didn’t have a Panademic in their Major Cities, which would be odd considering they were ground zero for this virus. No evidence of mass vaccination going on in China either.
    And if you believe the fake footage from China of people falling ill in the Streets, and people being locked in their homes, it was absurd. And than the so called whistle blower Chinese Dr, trying to leak out that a bunch of his patients were dying of something new , than shortly after they claimed this Dr died.
    In other words, there was a big effort to make it look like China was trying to cover up a virus that hit them that was new.

    In 2016 Gates and Fauci predicted a Panademic will hit soon . So what better way to get plausible, by making a leak from a foreign Country, trying to make it look like they were trying to cover it up.

    Than make up that oh no, it spread to a nursing home in Washington State. Oh no, we got a virus we got to stop because the models show that 2 million people will die. We just need to lock down and flatten the curve. But you can go to grocery stores wearing a mask , but don’t worry we are shutting down small business, schools , restaurants, churches, beaches, etc but shop all you want in big Grocery chains. .

    Pay big bucks for Hospitals to lable almost any death Covid, again using inaccurate testing. Claim that non sick people are Covid cases, again using the inaccurate test.
    Use ventilators on Covid patients, that has a 90% death rate, while you suppress med therapy that was having a high success rate of combating respiratory problems.
    Never follow the science, but set it up whereby mass vaccination is the only solution. But watch out for those variants whereby you need another shot, lockdowns and masks.

    Covid 19 has got to be one of the biggest destructive and murderous frauds every attempted on a global population . Climate Change is the other weapon of mass destruction.
    A couple of months ago I heard a Dr. say something like bio weapons don’t work so good because they dissipate so fast. Toxins dissipate fast also and the range is limited.

    Countries can’t use nuclear because of retialation, or possible destruction of the entire planet.
    So, how do you take over , without using military warfare.?
    Covid is one big fraud . Its was a hoax, just like all the other frauds they are using to divide and conquer and get all power by these criminal acts.

    I predict that this opening up and a looking like a return to normal will be short lived. Expect many contrived hoaxes and false flags to come.

    And there is no security in any investment as long as we are under attack by a evil that knows no bounds.

    1. They have installed their Puppet Biden ,by a rigged election, who will do everything to advance their agendas.

      The Mexican government has asked the Biden Regime to stop funding “non profits” that are meddling with the upcoming June 6th election. The money continues to flow.

      1. funding … meddling

        Isn’t that the high crime the Regime accuses other countries of doing with the US elections? Well, when they lose.

        1. The current Mexican government is leftist, but populist. AMLO’s party, MORENA, controls congress via a coalition and the non profits are backing leftist, globalist candidates.

          And to add some more fun to the mix, the drug lords have killing candidates they don’t like.

          1. Imagine if the globalist oligarchs who are using “pass-through” organizations like Thousand Currents to funnel huge sums of money to Communist insurrectionists and termites in the foundation like BLM and Antifa, were held criminally and financially liable for the crimes committed by their operatives.

    2. “I predict that this opening up and a looking like a return to normal will be short lived. Expect many contrived hoaxes and false flags to come.”

      Yep, just using what works.

      Easy peasy.

  24. Also, if you look at the crazy Great reset and 4 th big industrial Revolution talk by these psychopaths like Klaus Schwab , Gates and Soros, they have Nazi written on their for heads.

    I really wonder why these goons haven’t been declared terrorists or Innsurrectionist planning a takeover of the globe. And their talk about some high tech means of altering humans is just something out of the movie Terminator.

    And its hard to decern what they mean by the Great Reset, and Build Back Better, but their cult , including Biden keeps mouthing this phrase in unison.

    They imply that they are going to control the World, and all its resources, and they will determine what populations get and they will destroy US prosperity, and you will eat bugs if they say so. They act like they are saving the earth from those deplorable useless humans , that they want to take all freedoms from.

    I say they are nuts and demented , arrogant beyond belief, greedy criminal control freaks , no different than any force in history that tried to take over a Country or the World. They have been working on their schemes for years apparently, while they slowly were corrupting the Swamp in DC, and indoctrinating children in school .

    They want open borders and no sovereignty of Nations. They hate the US Constitution , and any freedoms that goes with that. They are outright creepy and spooky, if you examine their mentally.
    But they are out in the open now and they speeded up their takeover because of the Trump pushback.
    I have no doubt that they rigged the 2020 election, which is a criminal takeover of a Country through government.

    So I’m just saying the people of the World actually have to combat this sinister agenda that is the greatest existential threat to humanity, not Covid not climate change.
    Funny how these goons , in all their insanity ,constantly project what they are on to others.

    So I’m just saying they can crash any market destroy any commerce, twist the law, cancel and destroy any person , lable over half the Country domestic terrorist , etc. etc etc. The power of the States have to combat them as well as the people.

    While Thomas Sowell said words to the effect that Biden is Americas point of no return, I’m more optimistic than that .

    1. I really wonder why these goons haven’t been declared terrorists or Innsurrectionist planning a takeover of the globe.

      By who? They control the media, academia and have an established deep state in the countries that matter.

      1. “By who?”

        This is what is going to be the hard part, Restoring the USA to its former glory as a sovereign Nation with borders. Restoring its manufacturing and job base, and capitalism . Restoring the Constitutional Republic and rule of law with all rights including the amendments. Shrinking the corrupted Government and putting the Deep State in its place. Dealing with the mess the Money Changers and rigged Casinos created.
        All is possible if integrity of elections are restored , and corrupt politicians are purged, and the Majority is behind this. Globalist Monopolies and fake news has to be put in their place and the money rules factor in politics has to be altered. The Founding fathers didn’t allow Corporations to put money into elections. Somehow that got changed.
        I guess the People have to restore this Republic . But the people have a great blueprint to go by to defeat this Innsurrection of the US.

        1. I guess the People have to restore this Republic

          Help those who have been working on this already. Support your legislators who are fighting for honesty and reform.

          1. I might add, that in light of Ben Jones post above by the revealing Dr about the Covid crisis, it confirms the worse suspicions about the Covid 19 crisis .

            Pursuant to the Drs interview, its considered a” act of bravery” to treat a Covid patient. Your going to need to listen to the whole interview to find out what that means.

  25. Anecdotal: I finally got around to fixing some things in my newly renovated (decorated in millennial grey) rental today.

    A dead switch in the living room, connected to what is supposed to be a half-hot receptacle, the tab between the two outlets was never removed. The double switch in the bathroom had the fan switch closest to the door, and the light switch away from the door. When you walk into a dark room, the first thing you turn on is the light, not the fan. This is failure at a first year apprentice electrician level.

    No final walk through quality control, it’s about what I would expect from what our blog host posted about on another thread: “Guatemalans stapling together particle board.”

    1. Can you envision an angry mod about to storm a US Embassy or Consulate, suddenly backing off when they see the BLM and rainbow flags proudly waving.

      Neither can I.

  26. Yahoo Finance
    Bitcoin’s in a slump — here’s why Warren Buffett has hated it all along
    Ethan Rotberg
    Sun, May 30, 2021, 10:00 AM·5 min read

    The past month and a half has been bumpy for Bitcoin.

    After a bully first quarter of 2021 that led to an all-time peak of $63,000 per unit in mid-April, the world’s leading digital currency has since lost more than 40% of its value, settling at just over $35,000 on Friday, May 28.

    Holdout investors who only a couple of months ago may have thought they’d missed an opportunity of a lifetime are now sighing with relief; meanwhile, those who bought in at the peak are trying not to think about their losses.

    And what about Warren Buffett? What would world’s most famous investor say to those who might be thinking of firing up their investment apps and buying Bitcoin at a bargain price.

    It’s “probably rat poison squared,” Buffett once said.

    ‘Contrary to the interests of civilization’

  27. I just now ran across this, from May 19 …

    COVID and the Noble Lie – The Daily Reckoning

    (snip snip snip snip)

    “Unethical”… “dystopian”… “totalitarian”…

    These are the words of the British government’s primary scientific advisory bunch — the Scientific Pandemic Influenza Group on Behaviour, by title.

    These scientific advisors presently droop their heads in shame. For these are the very words they employ to describe their own conduct.

    They concede: Last March their wicked counsel encouraged government officials to wildly inflate the true viral threat.

    Only a pitiless torturing of facts — argued these men and women of science — could terrify the public into locking themselves in, locking themselves up, locking themselves down.

    The London Telegraph:

    In March [2020] the Government was very worried about compliance and they thought people wouldn’t want to be locked down. There were discussions about fear being needed to encourage compliance, and decisions were made about how to ramp up the fear.

    Fear came ladling out by the ton.

    Millions and millions would perish in agonies scarcely describable, they howled. The hospitals would overflow into the streets, they screeched.

    Only the near-cessation of all public life could cage the menace.

    The halfway men, the men counseling a measured response… were drummed out of court.

    “Using Fear Smacks of Totalitarianism”
    Group psychologist Gavin Morgan, confessing his atrocities:

    Clearly, using fear as a means of control is not ethical. Using fear smacks of totalitarianism. It’s not an ethical stance for any modern government. By nature I am an optimistic person, but all this has given me a more pessimistic view of people.

    A pity, it is, that this fellow is not a Daily Reckoning reader.

    We would have squeezed the optimism from him long ago… and pumped in an implacable pessimism.

    It would have spared him an awful letting-down, a massacre of his innocent delusions.

    Here another (unnamed) scientific advisor enters the confession booth:

    The way we have used fear is dystopian. The use of fear has definitely been ethically questionable. It’s been like a weird experiment. Ultimately, it backfired because people became too scared.

    Another member was “stunned by the weaponisation of behavioural psychology.”

    Yet another head-shrinker likens his witchcraft to mind control:

    “You could call psychology ‘mind control.’ That’s what we do…”

    Might we suggest another term for what they do? Might that term be… ‘propaganda?’

    (click on the link to read more. but you guys already knew you needed to do that)

    1. Agora Financial is the Parent company of Daily Reckoning

      In October 2019 the Federal Trade Commission sued Agora Financial for promising a “100 percent success rate” cure for Type 2 diabetes within 28 days, without any changes to diet or exercise, if customers would buy Agora’s books, newsletters, and other products. The suit also addressed a bogus “Congressional Checks” or “Republican Checks” scheme where customers who were Republicans could receive government backed checks ranging from $900 to over tens of thousands of dollars and to get the information on the checks customers would need to pay $4.95 for shipping for a book, Congress’ Secret $1.17 Trillion Giveaway, and subscribe to Agora’s Lifetime Income Report newsletter, which costs $99 a year. The book however contained only information on dividend investing and nothing about free Congressional checks.[45]

      In February 2021 Agora Financial and some of its affiliates agreed to pay more than $2 million to settle the FTC charges. The FTC reported Agora tricked seniors into buying materials that falsely promised a cure for type 2 diabetes or promoted a phony plan to help them cash in on a government-affiliated check program.[46][47]

    2. Ok Mr Banker , I read the whole article.

      Remember when FDR said words to the effect,

      “So, first of all, let me assert my firm belief that the only thing we have to fear is…..fear itself -shameless, unreasoning , unjustified terror which paralyzes needed efforts to convert retreat into advance.”
      I believe this was a quote from a speech to the Nation addressing the Great Depression that had devastated the Nation.

      Modern Day fake news, fraud and fear mongering, while censoring real needed facts, is the tool of con artists , thieves, and power mongers. Fraud to get the response you want is the tool of psychopaths.
      Any rationale that its acceptable is bogus.

  28. I think they should send this to Congress and ask them to reconsider allowing biological males to compete in girl’s and women’s sports.

    One of Pelosi’s valedictorians who must have flunked out of college tries to open a can of undocumented homeless whoop@ss on one of San Francisco’s female finest.

    Video and comments are worth a look.

    Watch: Vagrant Attacks Female Cop in San Francisco

    Suspect had reportedly yelled ‘racist comments’ at Asians and damaged scooters

    By Dan Lyman Monday, May 31, 2021

    A female police officer was attacked by a much larger man during a harrowing incident in San Francisco this past weekend.

    The brutal assault, which unfolded near Portsmouth Square at around 7 p.m. on Friday evening, was captured on surveillance camera.

    In the footage, which was posted on social media, a female San Francisco Police Department officer can be seen approaching a disheveled man who had reportedly been causing problems in the neighborhood.

      1. “…a recipe for disaster.”

        Indeed, for the perp who gets shot right away whereas a male officer might attempt to engage physically. Anyway, she should have carried her taser in hand just in case.

  29. From the Colorado Sun:

    Here are some of the radical ideas to help alleviate Colorado’s high-country housing crisis.

    In Crested Butte, workers ponder a midsummer strike while Frisco leaders weigh a first-ever emergency declaration as the lack of affordable housing in Colorado communities threatens communities.

    Note to the little people: The elites in charge, who are very worried about the welfare of illegal aliens and gang bangers, WANT you to be homeless. And no silly little “strike” will change that.

  30. Say it ain’t so.

    Collapse of the fake consensus on Covid-19 origins | Climate Etc.

    (snip snip snip)

    The concerning saga of the creation, enforcement and collapse of a ‘consensus’ on Covid-19 origins.

    The Covid-19 virus first appeared in Wuhan, China, where there is a laboratory that conducts research on bat coronaviruses. However from the beginning, the possibility that this virus accidentally escaped from the lab was dismissed quite forcefully by prominent virologists.

    The ‘consensus’ that Covid-19 had an entirely natural origin was established by two op-eds in early 2020 – The Lancet in February and Nature Medicine in March. The Lancet op-ed stated, “We stand together to strongly condemn conspiracy theories suggesting that Covid-19 does not have a natural origin.”

    In May 2021, science reporter Nicholas Wade published a lengthy article in the Bulletin of Atomic Scientists stating that the Lancet letter had been organized and drafted by Peter Daszak, president of the EcoHealth Alliance of New York. Daszak’s organization funded coronavirus research at the Wuhan Institute of Virology. If the Covid-19 virus had escaped from research that he funded, Daszak would be potentially culpable. Daszak had corralled other scientists with similar professional interests into making a declaration to the effect that anyone who mentions the obvious possibility that the pandemic might have a connection to the research in the Wuhan Lab could only be doing so with bad intentions.

    The enormous gap between the actual state of knowledge in early 2020 and the confidence displayed in the two op-eds should have been obvious to anyone in the field of virology, or for that matter anyone with critical faculties. There were scientists from adjacent fields who said as much.

    However, the pronouncements in these op-eds effectively shut down inquiry. The pre-emptive declaration of scientific consensus was highly successful in garnering media enforcement of public opinion. The so-called ‘fact checkers’ of PolitiFact used these op-eds to shut down any discussion of the lab leak hypothesis. Articles in the mainstream press repeatedly stated that a consensus of experts had ruled lab escape out of the question or extremely unlikely.

    Invocation of ‘conspiracy theory’ has become a reflex for arresting criticism. Analysis by Matthew Crawford shows how the political environment caused the magic words ‘conspiracy theory’ to trigger a wider epistemic immune reaction in high-prestige opinion. Crawford provides the following political frame for these events. Since Donald Trump publicly floated the idea that Covid-19 may have had its origin in a Chinese lab, it became a point of conviction for all those who believe in science that such a hypothesis could only be a conspiracy theory, probably rooted in ‘Sinophobia’. The ‘conspiracy theory’ of the lab leak hypothesis has been juxtaposed with reporting on anti-Asian hate crimes, thereby subsuming an urgent scientific question to a Trump-era morality play.

    Publication of Nicholas Wade’s story on May 2 triggered a cascade of defections. Crawford describes the defections as “not simply from a consensus that no longer holds, but from a fake consensus that is no longer enforceable.” On 14 May, 18 scientists signed a letter in the journal Science with the title “Investigate the origins of COVID-19”. In an interview with the New York Times, an organizer of the letter stated, “Anybody who’s making statements with a high level of certainty about this is just outstripping what’s possible to do with the available evidence.”

    Politifact has just withdrawn its Wuhan-Lab theory ‘fact check.’ [link]

    What is concerning about this episode is not so much that a consensus has been overturned, but that a fake consensus was so easily enforced for year. This occurred during a key period when understanding the origins of the virus had implications for how it could best be fought. Scientists who understood that there was a great deal of uncertainty surrounding the origins of the virus did not speak up. Probity came from knowledgeable individuals that were outside of the field of virology.

    Matthew Crawford states, ” Regardless of how the question of the virus’s origins is ultimately decided, we need to understand how the political drama surrounding the science played out if we are to learn anything from this pandemic and reduce the likelihood of future ones.”

    Research cartels and consensus enforcement

    Crawford argues that the scientists who were signatories to the two letters may have been acting as a classic research cartel.

    (there is more but I am not going to post any more ’cause I don’t want to clog up Ben Jones’ blog any more than I already have)

    1. “classic research cartel”. This term perked my interest so I decided to look around the Net and thus I came up with this:

      Science has become a cartel – UnHerd

      (snip snip snip)

      Wade notes that “in today’s universities speech can be very costly. Careers can be destroyed for stepping out of line. Any virologist who challenges the community’s declared view risks having his next grant application turned down by the panel of fellow virologists that advises the government grant distribution agency.”

      This is consistent with everything we know from the sociology of science. With the centralisation and bureaucratisation of scientific funding, defection from a well-institutionalised consensus is even more costly now than it was when Thomas Kuhn wrote The Structure of Scientific Revolutions. He showed that it is almost always from outside a research community that challenges arise. Progress happens when a prevailing scientific consensus is revealed to rest on the loyalties and intellectual affinities of an established research milieu, and not simply on correspondence with reality.

      1. “classic research cartel”

        Would the Fed possibly be an example of this in the sphere of macroeconomic research?

    2. Chris Martenson was shut down by some of these virologists. A year ago, he asked the key question: “How did that naturally untraceable12-basepair furrin(?) cleavage site get into the middle of the SARS-CoV-2 DNA backbone?” (I forget the exact spelling.) The “experts” shut him down with the usual answer: “Shut up, we’re right because we’re the experts and you’re not.”

      The Lancet is already on thin ice. Regarding HCQ, their Trump-hating editor expressed his TDS directly in an editorial — unheard of for a supposedly neutral scientist. And then that same editor, over-eager to express his hatred again, got bamboozled by those fake researchers who pretended to have data showing HCQ caused heart attacks. Lancet had to retract that article. That’s twice now that the Lancet has gotten political and gotten it wrong. This might be enough to sink the Lancet — and good riddance.

      Really, I’m not all that worried about Biden and Pelosi playing politics with investigating this lab leak theory. Why does the US have to do everything these days? Every country on earth has been affected by this Chinese cover-up. Let them join together and decide what to do.

  31. The Financial Times
    Opinion Markets Insight
    The real bond kings and queens sit on the Federal Reserve throne
    Cash has been trash for years but soon it may be the only haven for investors
    Bill Gross
    Current Fed chair Jay Powell, top row, centre, with, clockwise from left, former chairs Janet Yellen, Ben Bernanke, G William Miller, Paul Volcker and Alan Greenspan
    Current Fed chair Jay Powell, top row, centre, with, clockwise from left, former chairs Janet Yellen, Ben Bernanke, G William Miller, Paul Volcker and Alan Greenspan
    Bill Gross yesterday
    The writer is a philanthropist and co-founder of Pimco. He was also fund manager at Janus Henderson Investors from 2014 until his retirement in 2019

    Let me be honest. The only bond kings and queens over the past half-century since credit was unleashed from its gold standard in the early 1970s have been the US Federal Reserve chairs.

    Sure, there were lauded economists Henry Kaufman and Albert Wojnilower during the frantic end days of double-digit inflation in the early 1980s but they were consiglieres egging on clients to avoid long bonds and then somewhat belatedly issuing an all-clear.

    There never has been an investor that could move bond markets with a large enough wallet to make a difference. The Fed chair with the ammunition of the global currency has been sitting on the monetary throne for the past 50 years.

    And now it is Jay Powell — well meaning I’m sure, but bombarded with unique pandemic-related circumstances that make me wonder whether he has changed his conservative clothes and unleashed the potential for chaotic future economic and market outcomes.

    Granted, he is conjoined now more than ever with the Treasury and forced to accommodate peacetime deficits of unimaginable size. That these fiscal and monetary monarchs have logical intentions is not in doubt — a return to a pre-coronavirus economy of 3 per cent real growth and 2 per cent inflation is their goal. Still, how does Powell (and Washington) get there, and for how long do they keep their “pedal to the metal”?

    I suspect that $5tn spending programmes and the Fed’s current package of near zero per cent short-term rates and $120bn of monthly bond buying will move growth, inflation and financial markets far beyond reasonable targets that ultimately will jeopardise post-Covid-19 normals.

    Even enthusiasts of the Fed’s policy must wonder whether hundreds of cryptocurrencies or a boom in special purpose acquisition vehicles are the result of continuing financial innovation or the product of cheap and plentiful credit demanded by deficit spending and an accommodating Fed chair.

    Powell will not even acknowledge asking the question about asking the question until Covid is more under control and employment returns to historical norms. Yet unemployment may never return to 4 per cent, given the radical changes in working from home and Zoom-like technological shifts.

  32. LOL. Does anyone here remember the happenings at Evergreen College a few years back? Here is an update:

    All Three Finalists to Be President of The Evergreen State College Withdraw From Process | The Daily Chronicle,265136


    A year-long process to find the next president of The Evergreen State College came to a shocking conclusion Wednesday when the college’s Board of Trustees emerged from a three-hour meeting and announced that the three finalists for the job had withdrawn their names from consideration.

    Board of Trustees Chairwoman Karen Fraser said all three finalists — Michael Dumont, Catherine Kodat and Lee Lambert — withdrew following recent interviews with faculty, students, staff and alumni.

    “We’re still in a state of surprise and disappointment,” she said. “This is where we are at the moment.”


    Trustee David Nicandri said the common conceit about the college is that its biggest challenge is in recruitment and retention, but he also cited a “deeper set of problems” facing the college, which he did not identify.

    (here is one of the comments associated with the article)

    I graduated from TESC in 1989 and returned “for fun” in 2015. What a difference 30-years makes! The place is a disaster!!!! There is NO learning taking place. NO teaching taking place. There is only elitism and justification for what we now call cancel culture. I’ve got stories that would shock even the most liberal of alumni. Truly the inmates are being allowed to run the asylum, and the teachers are afraid of them – afraid of what might be said in their evaluations. It’s more than just exploration – it’s perversion and dystopian with no connection to decorum, societal etiquette, and the reality that the time spent at TESC is supposed to prepare you for a career or job. I spent a lot of time in the 4-years that I attended classes talking to students about their next steps, where they saw themselves after TESC. I didn’t fine one – not one who had a clue what they could do to earn a living. Some were scared to death; knowing they were $53,000 in debt and had no training or preparation for a living job. How sad is that! I even talked to one of the deans who expressed to me her concern that TESC no longer provides any sort of curriculum – it’s just about taking classes, random arrangement of what looks interesting at the moment when you register. How stupid is that? Again – the inmates are running the place into the ground. And in terms of the community….one friend of mine that lives near TESC said that TESC going remote has been the best thing that’s happened for them – their fence is no longer getting tagged every weekend!!!!! I say defund TESC – it’s the best thing we can do for them as a community and the best thing that can happen for students interested in learning!!!

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