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Let Me Get Out Of This Before It’s Too Late

A report from King 5 in Washington. “A group of Seattle landlords are speaking out against extending the eviction moratorium and other policies designed at protecting renters. Charlotte Thistle, who owns one rental property, argues these policies don’t protect small landlords who only own a few properties. ‘When you have something like the eviction moratorium and you have one tenant who’s not paying rent; Well, if you have one property that’s one hundred percent of your income,’ Thistle said. ‘You still have to pay property tax, mortgage, utilities. Nobody is giving us a free pass on those expenses.'”

From CBS 8 in California. “Tenants in San Diego are still able to keep a roof over their heads during the pandemic. ‘I think there’s a misconception that property owners or apartment owners want rich … that is very much not the case,’ said Bob Weinberger, owner of RJW properties. ‘I know many organizations and businesses have been hurt during the pandemic for sure. But property management really kind of feels picked on, as you’re taking money out of the mouth of owners who have saved for 20 years to buy a 12 unit apartment building for retirement.'”

The Silicone Valley Business Journal in California. “The Tracy factory that until recently belonged to construction startup Katerra Inc. is now for available for lease. The company, formerly based in Menlo Park but which since relocated to Houston, reportedly told employees Tuesday it plans to cease operations, laying off thousands of employees nationwide — including 117 in Seattle — and likely leaving behind projects both finished and unfinished.”

“The five-year-old company was one of the very early stage companies that quickly hit lofty valuations, thanks to an infusion of huge amounts of money from SoftBank. At its peak, it was valued at about $4 billion. Katerra had been struggling for much of the last year, at least. Katerra is the second big SoftBank-backed company to shut down this year, following the collapse in March of Greensill Capital, a London-based financial technology startup.”

The Dayton Beach News Journal in Florida. “A Sarasota company has one more chance to line up tax credits for an affordable apartment project before city officials withdraw their vitally important support for the venture. Two years ago, city commissioners chose to endorse Beneficial Communities Partners over a rival in the very competitive tax credit application process. But with the land in the Midtown neighborhood targeted for the new apartments still sitting vacant and in limbo, city commissioners said at their meeting Wednesday night there won’t be a third chance for Beneficial Communities.”

“The plan was to build an upscale six-story apartment building with at least 500 beds where rent would have been about $1,700 per month. It would have been called the MLK Lofts, and it was designed to be a moneymaker for both the university and Heron. ‘We did about as much as we could humanly do to get a project done, and if it doesn’t work out we need to move on,’ said Mayor Derrick Henry.”

The Hartford Courant in Connecticut. “The owners of hundreds of apartments in New Haven have purchased their first two properties in downtown Hartford, and they have plans to convert one of them — a vacant, office building on Asylum Street — into residential rentals. Investment partnerships have acquired the buildings at 201 Ann Uccello St. and 275 Asylum St. for $7.1 million from Yisroel Rabinowitz, of Brooklyn, N.Y.”

“Leasing got off to a strong start, but Rabinowitz said as larger conversions came online, he said couldn’t compete with their amenities or parking options. The bars on Ann Uccello also were a turn-off for some prospective tenants, Rabinowtiz said. Occupancy plunged after COVID-19 hit in 2020, as a chunk of out-of-state tenants broke leases to return home. A bar on street level also was shutdown as a result of state government-imposed pandemic restrictions. The property fell into foreclosure in January.”

“Rabinowitz said he decided to sell the two properties, worried about rising apartment vacancies in Hartford and elsewhere as the pandemic deepened. A partner in the four Spectra apartment properties downtown, including three at the corner of Pearl and Trumbull streets and one on Constitution Plaza, had similar concerns, selling stakes in those projects. ‘In my mind, I said, ‘Let me get out of this before it’s too late,’ Rabinowitz said.”

The New York Post. “For many Manhattanites edging to make a play in Brooklyn’s real estate boom, those numbers beg the question: is it better to rent or to buy? Of course, it depends, said Corcoran agent Vicki Negron, who works with both rentals and sales properties in Brooklyn. For those looking for a sweet deal, renting is the way to go, she added, noting that there is a ‘hyper-supply of rentals’ on the market pushing down rents.”

“‘The power has really swung in favor of the tenants’ side of the market, which means it can be a good time to rent right now,’ confirmed Jim Kerby, a broker at Douglas Elliman who specializes in Brooklyn. ‘Landlords have had to lower their rents, and many have gotten rid of the various transaction fees, too, like the first month’s security deposit.'”

From Bisnow Washington DC. “The competition between D.C. office landlords vying for tenants has become more aggressive than ever, with record-high vacancy rates forcing owners to offer increasingly generous deals to those willing to sign leases. In Q1, the D.C. Metro area recorded 4.2M SF of negative net absorption, according to JLL, and the region’s office vacancy rate rose from 18.7% to 20.3%.”

“‘I’m not sure we’re ever getting out of double-digit vacancy,’ JLL Vice Chairman Elizabeth Cooper said. ‘When people say, ‘When is it going to get back?’ It depends what you mean back to. If we really want it to be a more landlord-favorable market, I don’t see it.'”

“The market dynamics differ based on building classes, and brokers agreed that the trophy class is the strongest segment, with Class-A and Class-B buildings experiencing more pain. CBRE Vice Chairman Lou Christopher said that the abundance of obsolete office space on the market makes it difficult to envision D.C. getting back to a landlord-favorable market. ‘Unless old Class-B product is taken out of the market, whether it’s demolished or made into residential, I don’t think we’re getting back,’ Christopher said.”

From Bizwest on Colorado. “Loveland-based McWhinney Real Estate Services Inc. closed on the Foothills Mall in Fort Collins Wednesday after pursuing the foreclosed shopping center for months. In February, a state judge approved McWhinney to begin negotiations to buy the ailing 620,000-square-foot property on Foothills Parkway, months after its owners placed it for sale and after it was placed in foreclosure when it fell behind on what remains of a $150 million construction loan.”

From Business Daily Africa. “A growing number of property developers have frozen investments in the construction of residential houses and commercial spaces amid struggles with low occupancy rates and low returns. In the latest shift, insurance group Britam said it will stop new property developments as part of its five-year strategy to 2025, and instead focus on property m”anagement to reduce its exposure to financial risks and improve its performance.”

“‘In the last few years, the performance of the commercial and residential housing property in Kenya has been negatively affected by excess supply amid depressed demand. The impact has been low occupancy levels, low rental yields, and consequently revaluation losses depressing profitability,’ Britam said in the 2020 Annual Report.”

“This comes after the firm recorded a record net loss of Sh9.1 billion last year from a net profit of Sh3.5 billion in the previous year due to underperformance of the asset management class, valuation loss from property investments, and listed equities. The property market has been struggling in the past few years due to difficulties in disposing of new units amid an oversupply of both commercial and residential spaces.”

“The depressed property market was worsened last year by job losses witnessed across many sectors due to the Covid-19 pandemic, which led to declined demand and increased auctions of homes linked to loan defaults. Despite the oversupply and the low demand, the market has been characterised by high prices on the tag.”

From Free Malaysia Today. “The Covid-19 pandemic and the resulting economic fallout is aggravating a downward spiral on the Klang Valley commercial property market which started several years ago affecting malls and office space and the situation is unlikely to end well, industry sources said. ‘New owners will have a tough time. More facilities, cheaper rent,’ a source said.”

“But what is unique in the Klang Valley is that developers keep churning out office space like oodles of noodles, authorities keep approving development orders and banks keep dishing out financing, even as vacancy creeps up, despite real estate associations calling for a building halt years ago, although several property consultants said there was nothing to be concerned with even if office occupancy dropped to 75%. Well, that day has come.”

The Australian Financial Review. “A two-speed residential rental economy has emerged post-COVID-19 with apartment owners in the eastern mainland states the biggest losers as a growing number of tenants opt for the space and security of houses. In December 2019 the average time between apartment tenancies was four weeks, but it is now more than six weeks.”

“Apartment owners in Melbourne, Sydney and Brisbane have been hardest hit. Melbourne’s apartment rents have steadily declined in the past 18 months, falling 17 per cent from an average of $493 pre-COVID-19 to $412 in early June. Apartment rents fell by 8 per cent in Sydney and 4 per cent in Brisbane. apartment rents fell 7 per cent on a national basis over the same period due to border closures, few domestic tourists, a lack of business travel, no foreign students and stock oversupply in certain CBDs.”

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This Post Has 119 Comments

  1. ‘But what is unique in the Klang Valley is that developers keep churning out office space like oodles of noodles, authorities keep approving development orders and banks keep dishing out financing, even as vacancy creeps up, despite real estate associations calling for a building halt years ago’

    QE is deflationary.

    1. QE is deflationary.

      Which is why I believe the FED is intentionally loading up on MBS. If they can withhold all of that from the marketplace when the inevitable defaults happen, they can prevent price discovery.

      1. if the fed is holding,the defaults can be modified to delayed payments /deferments. Can this be accomplished and we bypass a nasty crash?

        1. The fed was neck deep the last time housing prices fell 45%+ during the last minor correction.

          Plymouth Meeting, PA Housing Prices Crater 26% YOY As Mortgage Defaults Ravage Philadelphia Suburbs

          https://www.movoto.com/plymouth-meeting-pa/market-trends/

          As one Philadelphia are broker explained, “The few buyers I have walking through door are dead broke but we get them into a subprime mortgage quickly.”

  2. ‘led to declined demand and increased auctions of homes linked to loan defaults. Despite the oversupply and the low demand, the market has been characterised by high prices on the tag’

    Don’t give it away.

  3. ‘In Q1, the D.C. Metro area recorded 4.2M SF of negative net absorption, according to JLL, and the region’s office vacancy rate rose from 18.7% to 20.3%….‘When people say, ‘When is it going to get back?’ It depends what you mean back to’

    4.2M SF of negative net absorption = yer fooked.

  4. ‘The five-year-old company was one of the very early stage companies that quickly hit lofty valuations, thanks to an infusion of huge amounts of money from SoftBank. At its peak, it was valued at about $4 billion. Katerra had been struggling for much of the last year, at least. Katerra is the second big SoftBank-backed company to shut down this year, following the collapse in March of Greensill Capital, a London-based financial technology startup’

    Billions drift off to money heaven, and no reflection by the REIC media about their giddy, top of the page gushing over this idiot “mastermind” and “they’re renting f***ing desks!”

    1. Before there were Reddit and GameStonk, there was SoftBank with boxes of stupid and buckets of money to dump into losing investments.

  5. ‘But property management really kind of feels picked on, as you’re taking money out of the mouth of owners’

      1. From the comments:

        “Housing should have a good 2022. We just need a cool off. Remember this is the strongest cohort of buyers ever. Banks aren’t lending much. Incomes are very strong.”

        I am so sick of mouthbreathing cvcks like this. Somebody needs to kick this clown in the jimmies.

        1. Realize that there are companies that provide comments, up votes, etc., tailored specifically to meet the needs of clients.

          1. It’s like these companies that provide hotties and hunks to perform staging at condo complexes looking to meet specific sales goals within a short period.

          2. “It’s like these companies that provide hotties and hunks to perform staging at condo complexes looking to meet specific sales goals within a short period”

            whoa hold on now: where do i apply? i still have my jc penny sans a belt slacks & arnie palmer shirts pressed n ready to wear.

      2. Those metrics currently appear to be at their most bubbly levels in history…not to suggest that further stretching cannot occur before the tipping point is reached…

  6. ‘you have one tenant who’s not paying rent; Well, if you have one property that’s one hundred percent of your income’

    Help me out Charlotte, what’s the NOI on zero? How do those 5% cap rates look now?

    1. 100% of their income on one tenant’s rent check?

      Maybe get a job like everyone else…

        1. Average people are just looking to establish a retirement cash flow as not everyone works for a corporation or government that contributes to their employees’ 401k account.

          1. At most places, the 401K match is very small.

            But even if you do save, where do you invest it? For 1% at the bank? Stonks? Shacks?

            I can see why people want to become landlords. They all know someone who bought shacks when they were “cheap” and was able to rent them out at a tidy profit. Of course that works if you bought the shack for $150K. At $600K it doesn’t work out.

            Then there are the corporate rental companies. My brother tells me that houses on his street have been steadily bought out and turned into rentals over the past 10 years and has seen a demographic shift in his neighborhood. He would sell and move, but that would involve a bigger mortgage, plus he’s about 3 years away from paying it off. So far he hasn’t complained about vibrancy issues, but I’d guess that should there be a shooting that he would sell and move.

          2. I don’t see how anyone would take the risk of renting out properties, especially in this day and age:

            1. Renters are prone to trashing properties.
            2. Even if the renters don’t trash the properties, properties deteriorate. Every couple of months the renter is going to call with some issue or another. And every couple of years there’s a big-ticket item ($7K+) that needs repair or replacement: windows, driveway, roof, HVAC, etc).
            3. Now that government has precedent for cancelling rent, they’ll want to do it again. And they won’t need a hundred-year pandemic to do it. All they need is one ten-year recession and *poof* another eviction moratorium.

            So yeah, you’d better own those properties outright, or at least have 12 months of liquid PITI payments on hand at all times. As for me, it sounds like a real hassle. I’d rather live low-key in a trailer park than invest in income producing property.

          3. I don’t see how anyone would take the risk of renting out properties

            My how things do change. I remember when you were sure landlords were more powerful than God.

          6. Average people are just looking to establish a retirement cash flow

            Older people have trouble taking care of their own houses. I can’t imagine they would be able to take care of multiple houses.

          7. “I don’t see how anyone would take the risk of renting out properties, especially in this day and age:”

            The risks matter a lot less if you don’t massively overpay on your rental property purchase.

    2. par·a·site
      /ˈperəˌsīt/
      Learn to pronounce
      noun
      noun: parasite; plural noun: parasites
      1.
      an organism that lives in or on an organism of another species (its host) and benefits by deriving nutrients at the other’s expense.

  7. ‘I think there’s a misconception that property owners or apartment owners want rich … that is very much not the case’

    You see this commie BS a lot these days. Oh me po! Exempt me cuz me po! Everybody has had their rights trashed. You have to stand up to all of it for everybody. If you say, well rich people can be destroyed, who decides what is rich? How many properties owned justifies taking away property rights?

    You don’t negotiate with communists.

      5. You’ve written the lyrics to “Renter’s Blues”. Now someone just has to set it music, and you’d have a song!

    2. You don’t negotiate with communists.

      Word. And you treat their supporters and enablers like the vermin that they are.

  8. Malaysia developers keep churning out office space …. authorities keep approving development orders and banks keep dishing out financing, even as vacancy creeps up, despite real estate associations calling for a building halt years ago,
    I find this interesting. Real Estate associations saying quit building and Banks, developers, govt and consultants all say no, nothing too see here move along. All of a sudden, OOPs Too late we are now screwed. By the was Malaysia is under Total lock down for at least one more week.

    1. April 19, 2018

      “‘Palm Beach is completely on fire,’ said Todd Michael Glaser, a high-end homebuilder who made his name in Miami but has lately been concentrating on Palm Beach County. ‘I’ve never seen the amount of $8M to $70M homes as in the last three and a half, four months. It’s staggering.’ It’s not just single-family homes that are hot, but a new wave of high-end condos and mutifamily apartments, especially in downtown West Palm Beach.”

      “Kolter Urban President Bob Vail, who is developing the Alexander, said that there is something of an arms race for amenities in the new supply of high-end homes. ‘You see that across the U.S. There are [apartment] buildings in Atlanta, Denver and Dallas that are nicer and more fully amenitized than condominium units, because that’s what it’s going to take to get people to choose that building,’ Vail said. ‘It’s just sort of a differential advantage. It’s really become a race in those more in-demand markets.’”

      “Though the market is healthy now, the developers agreed a slowdown is possible as new supply takes time to be absorbed, construction costs rise and actionable sites get harder to find. Low salaries in Palm Beach County mean that not many workers can afford high rents. When an audience member asked whether they were concerned with an economic downturn, Vail responded half-jokingly, ‘Condo developers, we don’t forecast those kind of things, you know what I mean? We’re just go, go go,’ he said. ‘And the faster we go, the faster we get to the closing, and then, I’m not going to say we don’t care, but … ‘ The audience chuckled as he trailed off.”

      http://thehousingbubbleblog.com/?p=10407

  9. ‘When you have something like the eviction moratorium and you have one tenant who’s not paying rent; Well, if you have one property that’s one hundred percent of your income,’ Thistle said. ‘You still have to pay property tax, mortgage, utilities. Nobody is giving us a free pass on those expenses.’”

    Charlotte, were you somehow unaware that you lived in a city run by commies? Your rental properties, and all shacks for that matter, are low-hanging fruit for the tax man. The Comrades of Proven Worth (D) at City Hall look at small businessmen and landlords as kulaks and probable Republicans good for one thing only: wealth extraction. Forward, Soviet!

  10. “The five-year-old company was one of the very early stage companies that quickly hit lofty valuations, thanks to an infusion of huge amounts of money from SoftBank.

    Softbank could only exist in a world awash in Yellen Bux. Otherwise with its anti-Midas touch – everything it touches turns to sh*t – it would’ve gone belly up years ago.

  12. ‘In my mind, I said, ‘Let me get out of this before it’s too late,’ Rabinowitz said.”

    Rabinowitz cracks the code.

    1. let me get out of this before it’s too late,’ Rabinowitz said.”
      Following these words may turn out to be his best investment ever.

  13. “For many Manhattanites edging to make a play in Brooklyn’s real estate boom, those numbers beg the question: is it better to rent or to buy? Of course, it depends, said Corcoran agent Vicki Negron, who works with both rentals and sales properties in Brooklyn.

    Two things:

    1) Realtors are liars
    2) The vibrant cultural enrichment and taxation (wealth extraction) in libtard-malgoverned NYC only get worse from here.

  14. “But what is unique in the Klang Valley is that developers keep churning out office space like oodles of noodles, authorities keep approving development orders and banks keep dishing out financing, even as vacancy creeps up, despite real estate associations calling for a building halt years ago, although several property consultants said there was nothing to be concerned with even if office occupancy dropped to 75%.

    Do your homework, Real Journalist. Everything you just described is by no means unique to Klang Valley. It’s happening every place on the planet where the Keynesian fraudsters at the central banks have blown up insane speculative asset bubbles and encouraged malinvestment with QE-to-Infinity.

  16. 3:50 – 4:48 is not on the MSM released video where the the rubber bullet hit and broke the trim that supposedly hit Ashli Babbitt.

    https://www.bitchute.com/video/vyckuxcynO4c/

    The people who orchestrated the Ashli Babbitt shooting were paid actors who were IMHO part of a well funded setup on January 6 to discredit, discourage and intimidate the people in this country who knew the election had been stolen.

    In this MSM video at 1:25 there is no window trim that was hit by the rubber bullet fired by the unidentified Capitol Policeman but magically appears at 1:40 as she is falling.

    Video Shows Fatal Shooting of Ashli Babbitt at U.S. Capitol

    7 NBC San Diego

    https://www.nbcsandiego.com/news/national-international/video-shows-fatal-shooting-of-ashli-babbitt-at-u-s-capitol/2491343/

    1. The only question I have now is what do you serve FBI agents when they come to question you?

    2. I like holding at 1:38 of the 7 NBC San Diego video and repeatedly clicking so the I can watch the magic window trim reappear as the camera pans.

  17. Its a good thing I can sleep in my car

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    https://www.ft.com/content/70491b2f-6b6c-4489-ae14-706ed835c423#comments-anchor

    The cost of used cars and trucks jumped 10 per cent month on month in April, and was up 21 per cent compared with a year earlier, making it one of the main drivers of the 4.2 per cent year-on-year surge in the US Bureau of Labor Statistics’ consumer price index. Core inflation, excluding volatile food and energy prices, hit 3 per cent.

    Ernie Garcia, founder of online used car sales platform Carvana, said: “Prices are unquestionably higher than they’ve ever been and have unquestionably moved more quickly than I believe they’ve ever moved.”

    1. I am in the market to get a good used Toyota. I want a manual transmission. There are maybe 5 cars for sale at best right now in my region, lol.

      1. By the was Malaysia is under Total lock down for at least one more week.

        I just looked at cars.com. There are about 500 new Toyotas for sale in a 50 mile radius from here. Only 4 have manual transmissions.

        There are 1276 used Toyotas for sale. 35 are manual.

        So yeah, a stick is hard to find, but I think it’s always been that way.

    2. “Prices are unquestionably higher than they’ve ever been and have unquestionably moved more quickly than I believe they’ve ever moved.”

      Meanwhile, Yellen the Felon says the Fed is “fighting too-low inflation.”

      2. “We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” the report quoted Yellen as saying.”

        She personally has been fighting low interest rates for a decade, dontchaknow! Somehow raising interest rates by lowering them didn’t work?? Weird.

    3. Prices are unquestionably higher than they’ve ever been

      Just wait until automakers start phasing out ICE cars and all you can buy are electric cars that start at $40K.

          1. It took 25 years to catch up.

            Now the question is: now where do you go?

            Wyoming? North Dakota?

          2. Now the question is: now where do you go?

            I just had that conversation with my dad yesterday. Let me know what you conclude.

    4. the 4.2 per cent year-on-year surge in the US Bureau of Labor Statistics’ consumer price index.

      4.2% my fockin’ asz. I was going to buy a new dump trailer for my biz, but prices are up 55%. Yes, 55%! I talked to the manufacturer and his steel prices are up 300%. I said “no mas.” I can’t justify it. Let some rich guy buy it.

      2. You can see the ISS with a telescope or high power binocs. NASA even tells when and where to look.

        A lot of people made a hobby of watching the Space Shuttle reenter the atmosphere. They are the ones who had the footage showing it disintegrate.

    3. Astronaut (Astro-not) drops screw in zero gravity

      Wouldn’t that be a Cosmo-not? Where was this supposed to be? ISS? Or some Russian thang?

  20. Dedham, ME Housing Prices Crater 23% YOY As Rural Land And Housing Prices Tumble Across Maine And New England

    https://www.movoto.com/dedham-me/market-trends/

    As one Maine broker explained, “A house in this town sold January 2020 for $280k. It sold again last week for $120k. That’s a helluva beating right there.”

  22. ““The five-year-old company was one of the very early stage companies that quickly hit lofty valuations, thanks to an infusion of huge amounts of money from SoftBank. At its peak, it was valued at about $4 billion. Katerra had been struggling for much of the last year, at least. Katerra is the second big SoftBank-backed company to shut down this year, following the collapse in March of Greensill Capital, a London-based financial technology startup.””

    In other words, they never had to show a profit. Pretty easy to do in any business. Big fee do nothings pretending to be in the construction biz.

  23. AKA the worst time to buy in history.

    While consumers’ comfort with their financial situation appears to be improving, their pessimism about homebuying is also growing. Fannie Mae says while its Home Purchase Sentiment Index (HPSI) did tick up by 1.0 point in May to 80.0, the component reflecting responses about whether it is a good time to buy fell to a second consecutive all-time low.

  24. As the globalists and their Republicrat duopoly Quislings import millions of replacements for heritage Americans, the newcomers make no secret of their contempt for “their” adopted country and continued allegiance to whatever sh*thole country and culture they migrated from.

    US soccer player injured by projectile during celebration in 3-2 victory over Mexico

    https://www.foxnews.com/sports/us-player-injured-projectile-celebration-3-2-victory-mexico

    Superstar Christian Pulisic successfully converted a penalty kick in the second half of extra time to lift the United States men’s national team to a 3-2 victory over Mexico in the first CONCACAF Nations League final on Sunday night.

    After Pulisic scored the eventual game-winning goal, the match was stopped for about three minutes during the second-half stoppage time because of discriminatory fan chants at Empower Field at Mile High in Denver, and U.S. attacker Gio Reyna was drilled in the face with an object thrown from a fan. He was down on the field for several minutes.

    1. Mexican soccer fans are the new hooligans.

      The running joke is that when Mexico and the US play on US soil, that Mexico has the home team advantage.

    2. U.S. attacker Gio Reyna was drilled in the face with an object thrown from a fan

      I have heard that Mexican fans consider any Latino who plays for team USA to be a traitor.

  25. Well this is rich. Globalist media mouthpieces tell their readers that Kamala Harris is visiting Central America and Mexico to target “corruption, immigration.” If you want to tackle corruption, Kamala, you can start a lot closer to home with your own party, which is corrupt to its core and whose entire business model is based on shady patronage and graft rackets. And with Biden and the DNC giving migrants the green light to come flooding in and claim their rightful place as Democrat-on-Arrival dependency voters to be resettled in the red states, how exactly does Comrade Kamala intend to “tackle” the immigration issue?

    Harris targets corruption, immigration on Latin America trip

    https://ktar.com/story/gallery/harris-targets-corruption-immigration-on-latin-america-trip/

    2. how exactly does Comrade Kamala intend to “tackle” the immigration issue?

      What is there to tackle? Rampant illegal immigration creates more voters sympathetic to her party, and helps accrue and retain power.

      A willingness to destroy the system to gain power is not new.

      1. What is there to tackle?

        Arranging USAID for globalists allies who’ll kick a percentage back to the Democrat party.

  27. EPIC: Guatemalan Protesters Welcome Kamala Harris With “Trump Won,” “Go Home” Signs

    Monday, June 07, 2021

    Protesters in Guatemala did not give Kamala Harris a warm welcome.

    On Sunday, after technical issues forced Air Force Two to circle back to Joint Andrews Base, Harris flew to Central America to begin a two-day diplomatic mission presumably related to the illegal immigration crisis spiraling out of control.

    When Harris arrived at La Aurora airport in Guatemala City, she was greeted by crowds of people carrying large signs with messages stating, “Kamala, TRUMP WON,” and “Kamala Go Home.”

    “Kamala Stop Funding Criminals,” another sign at the protest stated.

    https://www.newswars.com/epic-guatemalan-protesters-welcome-kamala-harris-with-trump-won-go-home-signs/

  28. A Psychiatrist Invited to Yale Spoke of Fantasies of Shooting White People

    By Michael Levenson
    June 6, 2021

    A psychiatrist said in a lecture at Yale University’s School of Medicine that she had fantasies of shooting white people, prompting the university to later restrict online access to her expletive-filled talk, which it said was “antithetical to the values of the school.”

    The talk, titled “The Psychopathic Problem of the White Mind,” had been presented by the School of Medicine’s Child Study Center as part of Grand Rounds, a weekly forum for faculty and staff members and others affiliated with Yale to learn about various aspects of mental health.

    “I had fantasies of unloading a revolver into the head of any white person that got in my way, burying their body and wiping my bloody hands as I walked away relatively guiltless with a bounce in my step, like I did the world a favor,” she said, adding an expletive.

    Later in the lecture, Dr. Khilanani, who said she is of Indian descent, described the futility of trying to talk directly to white people about race, calling it a “waste of our breath.”

    “We are asking a demented, violent predator who thinks that they are a saint or a superhero to accept responsibility,” she said. “It ain’t going to happen. They have five holes in their brain.”

    Dr. Khilanani, a forensic psychiatrist and psychoanalyst, said in an email on Saturday that her words had been taken out of context to “control the narrative.” She said her lecture had “used provocation as a tool for real engagement.”

    She added: “My speaking metaphorically about my own anger was a method for people to reflect on negative feelings. To normalize negative feelings. Because if you don’t, it will turn into a violent action.”

    https://www.nytimes.com/2021/06/06/nyregion/yale-psychiatrist-aruna-khilanani.html

    1. Calling Yale out on this incident will just get you laughed at. Yale doesn’t need alumni donations, it’s endowment is huge. Threatening to not send your kids there means they won’t land sweet gigs on Wall St.

      1. Globalists gonna globe.

        Globalists know no allegiance to any nation. They are parasitic shape-shifting demons, who infiltrate and suck the life blood out of a nation before moving on to the next one.

        The only path to liberty is the extermination of globalists.

    2. The Democrat Party is the party of white genocide.

      Replacement theory is not a theory, it is the globalists’ blueprint for the extinction of whitey.

    3. A psychiatrist said

      Psychiatry is something to study to possibly help you understand why your world is uncomfortably dysfunctional.

  29. “Who is Antifa? They stormed the beaches of Normandy, parachuted into the French countryside and gave their lives to face down and fight back against fascism.”

    MSNBC’s Brian Williams and the paid off useful idiots from The Lincoln Project compare soldiers landing on D Day to radical Antifa thugs.

    The Lincoln Project
    @ProjectLincoln
    ·
    Jun 5
    The work of fighting fascism has always been our nation’s greatest project — in 1944 and today.

    Thanks to Brian Williams for marking #DDay on
    @11thHour
    with our new ad

    https://twitter.com/ProjectLincoln/status/1401240221593784322/video/1

    1. What would be highly amusing would be to compare and contrast the positions of the following three groups:

      * D-Day Marines
      * Proud Boys
      * Antifa

      1. My dad was a Marine. He went and offered up his life to preserve Freedom, and everything that was good.

        I think Antifa attacks innocents to take or destroy their stuff. There isn’t much of a comparison.

          1. burnlootmurder is the dingleberry on the hair on the hemmroid on the asshole of the earth.

      2. There were no Marines on the D-Day Beaches of Normandy. There were Army soldiers. It was an Army operation. Marines fought in the Pacific.

        1. “There were no Marines on the D-Day Beaches of Normandy.”

          Although no one here said said there were Marines on the D-Day Beaches of Normandy it turns out you are wrong.

          This Marine ‘beautified’ S.C.’s Parris Island … and helped plan the D-Day invasion

          BY WADE LIVINGSTON
          JUNE 05, 2018

          Jeschke, then Parris Island’s chief of staff for Major Gen. James C. Breckenridge, would step onto Omaha Beach in Normandy a little more than three years later on June 6, 1944. More than 150,000 Allied troops landed on French beaches that day, according to Britain’s D-Day Museum. Of those, about 73,000 were Americans. And of those, just a handful were Marines.

          https://www.islandpacket.com/news/local/community/beaufort-news/bg-military/article212556994.html

          1. “What would be highly amusing would be to compare and contrast the positions of the following three groups:

            * D-Day Marines”

            I’m sure there were at least two dogs on D-Day beaches, too. Do we say that there were dogs on D-Day beaches? D-Day in this context means D-Day, June 6, 1944 when the Allies invaded France. The American forces that made the amphibious assault were Army troops, not Marines. It is not correct to say “D-Day Marines”. Saying that it was an Army operation does not mean that there weren’t other men involved from the other branches, or that there weren’t other people, dogs, cats and chickens that “landed” on the Normandy Beaches on that day.

            The problem with many people today is that they don’t know what “D-Day” was, where it occurred or what its place in history. Probably most kids today don’t know the difference between a Marine and a Soldier, or the Army Air Corps and the Air Force. Or when the War of 1812 took place.

            So you are wrong.

          2. the difference between a Marine and a Soldier

            Growing up in a family where my dad was a Gunny Sargent in the Marines and my uncle was a Captain in the Navy, I know the difference, and the similarity.

            You missed the whole point, so you are wrong.

    1. Lumber futures…

      I don’t much care about 2×4 futures contracts, but I find the chart interesting in a watch the party from the balcony sort of way. It is a beautiful classic flag formation (ruler line across the tops and the bottoms). The end of the narrowing alley approaches. Should be interesting for the leveraged day traders.

    2. Don’t know how he knows or if he’s right but the guy who handles ordering for the material company I deal with today said that plywood and 2 x prices would be dropping in 2 weeks.

    3. That’s a crypto bloodbath.

      At what point will the cryptodip yield to cryptopanic? It must be a scary time for HODLers.

      1. I’m surprised that crypto hasn’t gone back up by now. Usually it climbs back up pretty fast, but this time its engine is sputtering.

        My guess as to the cause: “institutional investors” (pension funds) are spooked and sold out high, or at least no longer buying in. If Bitcoin had made its run-up 10 years ago, when baby boomers were 55 instead of 65, the funds could probably handle the risk and volatility. But hundreds of thousands of baby boomers are retiring every day, and pensions funds are desperate for yield NOW, and fast. Fund managers appear to have concluded that BTC has shot its wad, so they aren’t going to get any more yield from BTC for a while. And there’s always that Sword of Damocles threat of being banned by the US or EU or China or Russia.

        The pro-bitcoin argument from Michael Saylor and Raoul Pal has been that Bitcoin is going to explode because a “wall of money,” i.e. institutional investors, was about to enter the space. Well, it looks like that wall of money is no longer interested. That alone is enough to keep BTC down.

        1. Bitcoin is mostly only useful for criminals. Perhaps the Fed’s clawback of some of the Colonial Pipeline ransom is reducing that appearance of utility.

          1. I saw that on the news too. If the stodgy US gov can track down BTC transactions, then anyone can. I guess scammers will have to go back to Tide Pods.

          4. Federal Reserve

            Opportune time to remind readers, not necessarily commenters, that the Federal Reserve is neither federal nor a reserve.

    1. The Economist
      Reality bites
      Liberals and crime spikes
      Cities need to keep people safe while not repeating the mistakes of the past
      United States
      Jun 5th 2021 edition
      ATLANTA

      AFTER THE sweet tea was poured but before the tomato soup arrived, in the middle of a crowded restaurant, Bill White lifted his shirt-tail to reveal the rubberised grip of a .38 revolver. “Everyone’s got one these days,” he says. Over lunch, he and two other residents of Buckhead, the wealthy northern section of Atlanta, swap stories: packs of cars blocking intersections for illegal street races, would-be thieves casing houses, neighbours too frightened to leave their homes. Lenox Square, an upscale mall, installed metal detectors after a spate of shootings. Mr White is CEO of the Buckhead Exploratory Committee—a group of residents who have organised to push for Buckhead’s independence from Atlanta, driven, he explains, by three factors: “crime, crime and crime”.

      As of May 16th, murders were up by 59% in Atlanta compared with the same period in 2020. Rapes, aggravated assaults and thefts from and of cars are also well above levels in 2020. Nor is this just an Atlanta problem. Nationally, the spike in murders that began in 2020—according to data from the Major Cities Chiefs Association, homicides in American cities rose by 33% from 2019 to 2020—shows no sign of abating. This is a problem first, of course, for the people living in the neighbourhoods where much of this violence takes place. But it also poses a problem for advocates of criminal-justice reform, who made great strides in the 2010s, when violent crime was falling.
      …

  33. Seems like SoftBank followed the Cryptocurrency Pump-and-Dump business model :

    1) Buy worthless assets when they are priced at fundamental value.

    2) Throw tons of money in to pump up the price.

    3) Encourage greater fools to rush in and pump up the price a lot more.

    4) Dump HODLings before the onset of bubble collapse drives the price back to zero.

    “At its peak, it was valued at about $4 billion. Katerra had been struggling for much of the last year, at least. Katerra is the second big SoftBank-backed company to shut down this year, following the collapse in March of Greensill Capital, a London-based financial technology startup.”

    1. With sincere apologies to the ghost of John Maynard Keynes:

      “In the long run, fundamentally worthless assets are financially worthless.”

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