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Speculators Looking To Leave Their Developments Behind At Bargain Prices

A report from Geek Wire. “Redfin’s revenue jumped 121% to $471 million, and its net loss widened to $27.9 million from $6.6 million a year earlier. Redfin CEO Glenn Kelman also addressed the dynamics prompting Redfin to focus on growth over profits. What was driving the bidding wars: The only trend that really made it possible was the fact that so many Californians were moving to Ohio with Monopoly money. … So even when prices double in Columbus, Ohio, somebody who’s used to paying a million dollars for a shack in L.A. says, ‘It looks good to me.'”

“When will Redfin be profitable? ‘What’s really hard about running a property technology company, whether it’s me or [Opendoor CEO]  Eric Wu, or [Zillow Group CEO] Rich Barton, is that there’s just so much capital in the space. I think we’re all sitting there at the poker table wanting to take some chips back. But when all of us can borrow $500 million or a billion dollars with no coupon, where basically there’s no interest on some convertible debt, everybody’s just pouring a lot of money into the market, playing a winner-take-all game, or a winner-take-most game. And that just makes it really hard to squeeze a lot of profit out of the business. And it makes it really hard to do anything except to keep pushing more chips out to the middle of the table.'”

The Salt Lake Tribune in Utah. “Right now incoming USU students are frantically trying to find other housing options after the 800 Block apartment complex, which promised housing for 374 students this year, remains incomplete and is at least weeks and possibly months from being finished. A few weeks ago, Jake O’Neal and his daughter traveled from their home in Monument, Colo., to visit the Utah State University campus where she will start her freshman year at the end of this month.”

“They were surprised to discover the apartment complex where she planned to live a short walk to campus wasn’t finished. Not even close. ‘There was no work being done, and you could clearly tell the building wasn’t ready,’ O’Neal told me. ‘Nobody was in their office. Nobody was answering the phone.'”

From Tribune Live. “The Pennsylvania State System of Higher Education is taking steps to combine several of its individual universities into multi-campus institutions, sharing resources with the idea of reducing costs amid flagging enrollment. At the campuses in question, one thing the schools could have in great, unused quantities will be dorms.”

The New York Post. “Billionaires’ Row is a bust. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch – where apartments have sold for more than $100 million — sit empty and dark, according to a study exclusively shared with The Post. That translates to 341 of the buildings’ cumulative 772 units, according to the study. The 772 units boast a combined value of just over $17 billion, with 39.7 percent of that sum — or $6.758 billion — tied up in unsold units, the study found.”

“Supply may have simply outpaced demand, said Serhant’s director of market intelligence, Garrett Derderian. ‘There is no question there is a glut of inventory, especially [among units valued] between $10 to $30 million, where most product on Billionaires’ Row is priced,’ said Derderian.”

From City Watch LA in California. “Even before the pandemic, conditions in L.A. were in decline. The crux of the problem lies at the juncture of expensive housing and low wages. Like Mumbai or Delhi, Los Angeles now has massive homeless encampments throughout the city, even increasingly in posh neighborhoods like Brentwood and throughout the middle-class strongholds of the San Fernando Valley.”

“Clearly, the downtown-focused densification strategy has not been an unqualified success. It seemed to work when it unleashed a torrent of real-estate speculation, much of it fueled from abroad. But the market never grew as expected, and in the interim many of the businesses that once thrived downtown—garment firms, jewelry businesses, low-end retail shops—were forced out. And the state and county pandemic lockdowns devastated their in-person shops that had predominated in what was once a hotbed of immigrant commerce.”

“Taking a walk around downtown Los Angeles or Garcetti’s old district in Hollywood, one can see what such speculation has done. In the place of a thriving, blue-collar, largely immigrant economy, one sees many luxury buildings with vacancies, often surrounded by homeless encampments. Estimates of vacancies for rental units range from almost 20 percent to 30 percent or more, and most of the luxury condominiums, both downtown and around the city, are close to half-owned by speculators and institutional investors. The investors who spurred the real estate inflation now seem to be looking to leave their luxury developments behind. Indeed, rumors recently surfaced that the massive three-high-rise Oceanwide Plaza project near Staples Center is up for sale, at bargain prices.”

The Globe and Mail in Canada. “H&R Real Estate Investment Trust is unloading its ownership in the Bow, Calgary’s signature office tower and once the pride of Encana Corp., in a multifaceted deal designed to decrease its exposure to the city’s troubled office market and slash its debt burden. H&R, which owns a mix of office, industrial, residential and retail properties, is selling the Bow along with an office complex in Mississauga to two parties.”

“Today, Calgary’s downtown office vacancy rate is 33 per cent, according to CBRE, and global energy giants have been selling their stakes in Canadian energy assets for years. While the REIT will be able to use the cash proceeds to repay debt, it had to sell the building at a roughly 8-per-cent capitalization rate. Much like bond yields, the higher the capitalization rate, the riskier the asset – and the lower the price. By way of comparison, residential apartment buildings in the Greater Toronto Area have been selling at capitalization rates of about 2 per cent over the past year.”

From CTV News in Canada. “The Ottawa Real Estate Board is warning sellers that the multiple offer frenzy seen for buying homes during the spring is ‘no longer the norm.’ ‘Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their realtors.'”

“The Ottawa Real Estate Board says the capital’s housing stock increased in July, with residential properties up 19 per cent from 2020. Debra Wright, president of the board, says the number of properties on the market in July was over the five-year average by approximately 114 units.”

The Australian Financial Review. “It’s the nail-biter that has investors watching on with a mixture of fascination and trepidation: will Beijing come to the rescue of giant debt-laden Chinese property developer, China Evergrande? It’s a question that has serious implications for Australian investors after the near-30 per cent slump in the price of iron ore since the May peak.”

“There are fears that a collapse of Evergrande – which would send tremors through the Chinese real estate market, making it more difficult and expensive for Chinese property developers to raise debt – would further reduce demand for iron ore, given that China’s construction industry accounts for more than half of the steel used in the country. And that, in turn, could spark a further steep fall in the price of Australia’s largest source of export revenue.”

“Investor jitters increased even further on Thursday after the release of a report by S&P Global Ratings which cut Evergrande’s credit rating – the second downgrade in as many weeks – because of the growing risk of non-payment of debt. ‘Evergrande’s liquidity position is eroding more quickly and by more than we previously expected,’ S&P analysts said. ‘The company’s non-payment risk is escalating, not only for the substantial public bond maturities in 2022, but also for its bank and trust loans and other debt liabilities over the next 12 months.'”

“The S&P report said disputes over contract payments at Evergrande were rising as contractors claimed the company had delayed payments. These contractors were applying for asset freezes as they aimed to resolve disputes in court, which could make banks even more reluctant to lend to the property giant. ‘The steadily increasing number of asset freezes signals strained liquidity,’ S&P said. ‘As news reports continue to be negative, the company could experience a considerable downward spiral, with lenders potentially further tightening their risk exposure to the company.'”

“The liquidity squeeze is occurring at a time when Evergrande faces hefty repayments. S&P estimates that the company has to settle more than 240 billion yuan ($50 billion) of bills and trade payables over the next 12 months, of which about 100 billion yuan is due this year. So far, Evergrande has been trying to ease its cash crunch and whittle down its debt by selling off assets. ‘In our view, substantial asset disposals now hold the key to the company’s repayment ability,’ the analysts wrote.”

“But some investors are concerned that Evergrande is running out of time to sell enough assets to meet its mountain of maturing debt.”

The Globe and Mail. “Investors should worry about China’s recent crackdown on many of its stock market superstars. They should worry even more about what the crackdown says about the country’s slowing growth. The rapid-fire moves by Chinese regulators and courts to brutally rein in the power of many of the country’s most innovative firms has rattled shareholders and spurred concern about Beijing’s shifting agenda.”

“But the simplest explanation rests on the idea that the crackdown is in large part a reaction to China’s slowing growth, a development that has prompted Beijing to reassert its control over the economy. ‘We are expecting a significant slowdown’ for the Chinese economy over the remainder of 2021, Mark Williams, chief Asia economist at Capital Economics, told a webinar this week.”

“The economy will barely grow during the second half of the year and may even shrink, Mr. Williams warned. The immediate cause will be reduced fiscal stimulus from Beijing and a new wave of coronavirus infections caused by the Delta variant, he predicted. But even after those issues fade, China is unlikely to return to its glory days, Mr. Williams added. He forecasts that growth will slump to around 2 per cent a year over the decade ahead.”

“Others have a similarly downbeat outlook. They pin a large part of the blame on an economic strategy that emphasizes infrastructure construction, property development, heavy industry and other forms of state-guided investment at the expense of a more market-oriented, consumer-focused approach. Rural poverty, in particular, remains a problem because of what Matthew Klein, publisher of The Overshoot newsletter on global economics, calls ‘the Chinese government’s long-standing preference for showy capital investments over the provision of public services.'”

“He argues the biggest gains from China’s top-down approach have already occurred. If so, the implications are disturbing: Economists once assumed Chinese living standards would one day come close to U.S. levels, following the pattern set by Japan, South Korea and Taiwan. That no longer seems such a safe bet.”

“On the eve of the pandemic, the average income in China was just under a quarter of the U.S. level, according to Mr. Klein. The convergence of Chinese living standards with those in the developed world ‘paused (or stopped?) around 2014,’ Mr. Klein wrote this week. ‘From this perspective, the right comparisons for China might be Brazil, Mexico and the Soviet Union, rather than Japan, South Korea or Taiwan.'”

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This Post Has 129 Comments

  1. ‘The convergence of Chinese living standards with those in the developed world ‘paused (or stopped?) around 2014,’ Mr. Klein wrote’

    Eat yer crowz Dan.

    ‘From this perspective, the right comparisons for China might be Brazil, Mexico and the Soviet Union’

    So he is saying China is and has been below the Soviet Union. Well done commie idiots. And this should be a message to anyone who thinks you can build an economy on buying and selling shacks to each other – it doesn’t work.

    1. “So he is saying China is and has been below the [former] Soviet Union. Well done commie idiots. And this should be a message to anyone who thinks you can build an economy on buying and selling shacks to each other – it doesn’t work.“

      – The U.S. is currently working on implementing the CCP model, with differences now between the D party and the CCP only as “better English.” Keep stockpiling your 2A supplies.

      – The majority of TPTB in the OECD (“developed”) nations are following this shack-trading business model currently, and using bubble-inflating/deflating economics as enabled by the Central Banks to power the whole thing. Specific examples of the extreme policy here are: Australia, Canada, EU, U.S.A., NZ, which is most of it. It’s a deadly virus; much worse than SARS-CoV-2 (aka CCP virus, made in China).

      What’s it really all about then, since it’s intuitively obvious to the most casual observer (wink! wink! nudge! nudge!) that it’s a failed business model and totally unsustainable?

      “The power to regulate the economy is the same thing as the power to distribute favors.” – Jason Brennan

      – It’s all about greed, graft, corruption, and of course, control. A few globalists and 1%-ers (but I repeat myself) are killing it, while the majority of the uneducated and uninformed are slowly slouching toward neo-feudalistic serfdom. There’s no freedom without private property rights. There will be consequences. if history is a guide, and past is prologue, then that day isn’t far away, IMHO.

      https://www.ft.com/content/04dc1e93-2e1e-4e5a-9c5c-b472b406bd42
      (firewall)
      Netherlands grapples with social consequences of soaring house prices.
      FT Series: Prices have risen almost 15% over past year as Dutch face shortage of 330,000 homes
      Martin Arnold in Amsterdam August 7 2021

      “Kelderman and dozens of her fellow tenants recently marched in protest to the local mayor’s office in a fightback against plans to demolish 122 social houses for people on low incomes or with disabilities. She said they will go to court to challenge the proposals.”

      “They are not alone; social disquiet about housing costs is growing across Europe. Protesters in Spain took to the streets in March to call for fairer housing costs. The Swedish government was toppled last month over its proposal to lift rent caps. And in September, Berlin residents will vote on whether to expropriate 240,000 properties from big commercial landlords.“

      “EU house prices rose 6.1 per cent year on year in the three months to March, the fastest growth in 13 years, leaving them 30 per cent higher since 2010, according to Eurostat. Rental costs increased more than 15 per cent over the same period.”

      – The day the world wakes up to this is the day the guillotine makes a spectacular comeback.

      “All socialism involves slavery.” – Herbert Spencer

      “Socialism is the same as Communism, only better English.” – George Bernard Shaw

      “The goal of socialism is communism.” – Vladimir Lenin

      “Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.” – Thomas Sowell

      1. Final paragraph from the article:

        “Soaring house prices are “not good for social cohesion”, Marjon said. “Teachers in our kids’ school can’t afford somewhere to live . . . It is not good for the atmosphere of the city. Pretty soon, nobody will be living in the city any more apart from very rich people and foreigners.”

        – Yup! That’s the plan. You will be gentrified and like it, peasant!

    3. It also shows that the Soviet model of communist economics + communist government is not that different from the Chinese model of so-called “capitalist” economics + communist government. So the hybrid model was all a globalist lie – a faux capitalist dictatorship doesn’t raise living standards on par with the first world. Only real capitalism and real freedom does.

  2. ‘While the REIT will be able to use the cash proceeds to repay debt, it had to sell the building at a roughly 8-per-cent capitalization rate. Much like bond yields, the higher the capitalization rate, the riskier the asset – and the lower the price. By way of comparison, residential apartment buildings in the Greater Toronto Area have been selling at capitalization rates of about 2 per cent over the past year’

    Parts of this post could be an extension of yesterdays weekend topic. 8% means they took an a$$ pounding. 2% cap rate is flat out insane.

    ‘What does the cap rate tell us? Put simply, cap rate measures a property’s yield in a one-year time frame. This makes it easy to compare one property’s cash flow to another – without taking into account any debt on the asset. In short, it provides the property’s natural, unlevered rate of return.’

    That’s right, they are losing money from day 1. Like the entire apartment industry.

    1. ‘While the REIT will be able to use the cash proceeds to repay debt, it had to sell the building at a roughly 8-per-cent capitalization rate. Much like bond yields, the higher the capitalization rate, the riskier the asset – and the lower the price. By way of comparison, residential apartment buildings in the Greater Toronto Area have been selling at capitalization rates of about 2 per cent over the past year’

      “…it had to sell the building at a roughly 8-per-cent capitalization rate. Much like bond yields, the higher [lower] the capitalization rate, the riskier the asset – and the lower the price.”

      – Is this correct? I thought low cap rates were bad, since you have essentially no yield and “you paid too much.” What’s up doc.? Yes, a 2% cap. rate reflects: Central Bank financial repression, and b) If that’s your cap rate, then you’re screwed financially. No valid business model there.

  3. ‘When will Redfin be profitable? ‘What’s really hard about running a property technology company’

    Yer flipping shacks at a loss Glen. This clown is up for the biggest a$$ hattery award – again this year!

    ‘there’s just so much capital in the space. I think we’re all sitting there at the poker table wanting to take some chips back. But when all of us can borrow $500 million or a billion dollars with no coupon, where basically there’s no interest on some convertible debt, everybody’s just pouring a lot of money into the market, playing a winner-take-all game, or a winner-take-most game. And that just makes it really hard to squeeze a lot of profit out of the business. And it makes it really hard to do anything except to keep pushing more chips out to the middle of the table’

    QE is ultimately deflationary. Oh and notice they never mention climate change when the subject of billion$ in wasted developments comes up.

    ‘rumors recently surfaced that the massive three-high-rise Oceanwide Plaza project near Staples Center is up for sale, at bargain prices’

    1. Oh and notice they never mention climate change when the subject of billion$ in wasted developments comes up.

      This is the one which really sticks in my craw. The environmental destruction from all the wasted resources are conveniently ignored by these focks, kind of like Obama’s 600 person superspreader event insofar as COVID is concerned. It’s time to start choppin’ some heads.

    2. State Department denies climate envoy John Kerry flew private jet to Obama’s birthday party

      “Secretary Kerry lives on Martha’s Vineyard, he did not travel there for a party. He took a ferry to Martha’s Vineyard, he did not fly commercial or private,” a state department spokesperson said.”

      Kerry’s use of private air travel often evokes criticism from those on the Right, who say the mode of transport exposes Kerry’s hypocrisy as he pushes for policy initiatives aimed at combating climate change.

      1. still waiting for American Airlines to “look into that” incident where John Kerry was sans mask.
        maybe they’ll “Pscircle back to it “?

    3. It’s gonna be awesome when Glen and his investor buddies find themselves dumping shack inventory into a declining market. If they are losing money at the top of the most dramatic bubble price spike in history, how are they going to profit off their HODLings once prices begin their plunge into the CR8R?

    4. Question: “When will Redfin be profitable?”
      Answer: “‘there’s just so much capital in the space. I think we’re all sitting there at the poker table wanting to take some chips back. But when all of us can borrow $500 million . .. blah blah … bullshit bullshit .. ”

      typical avoid-the-question-with long-winded nonsense response.

      he also forgot to start with: “Like everyone else, “

  4. ‘There was no work being done, and you could clearly tell the building wasn’t ready…Nobody was in their office. Nobody was answering the phone’

    This is how it goes down. Take back the leased phones, throw the ficus tree in the trunk and poof – out of town.

    1. ‘This is how it goes down. Take back the leased phones, throw the ficus tree in the trunk and poof – out of town.’

      Like that scene out of Boilerroom when the feds began the raid.

  6. ‘Like Mumbai or Delhi, Los Angeles now has massive homeless encampments throughout the city, even increasingly in posh neighborhoods like Brentwood and throughout the middle-class strongholds of the San Fernando Valley’

    Behold, China is below the defunct Soviet Union and LA is competing with Mumbai and Delhi for mass homeless camps.

    It’s almost like the media isn’t telling us the real story.

    1. LA has plenty of problems. But anyone who thinks LA is competing with places like Mumbai has never been to India.

      I’ve been. And every time, I end up disposing of the clothes I’ve worn there. I won’t even put them back into my bag. The entire sub-continent looks and smells like death.

      I’ll take Kigali, Dakar, Salvador de Bahia, and a lot of other third world locales before I would go back to India.

      1. The people going out to the beach to take a dump, by the thousands, was all I needed to see of India to know I NEVER want to go there. No plumbing? NO THANKS.

        1. Hey…. it’s a big step up from San Francisco where they hang their ass out the window and carpet bomb the pedestrians.

  7. ‘The only trend that really made it possible was the fact that so many Californians were moving to Ohio with Monopoly money. … So even when prices double in Columbus, Ohio, somebody who’s used to paying a million dollars for a shack in L.A. says, ‘It looks good to me’

    I’d bet the number of LA-ns moving to Columbus could be counted on yer 7 toes Glen.

    1. Another quarter, another loss for flippers with no interest costs – supposedly. The media never asks, with shack prices red hotcakes all over the world, why can’t you turn a profit?

    2. A while back I counted the official numbers of people leaving California in 2021. It was somewhere south of 150k persons. Contrast that with Austin, TX which grew by more than 150k persons last year. Takeaway: the mass exodus from California isn’t even enough to populate Austin let alone Boise, Salt Lake, Columbus, etc. I’m sure everybody in these places knows a Californian that overpaid but that doesn’t mean that’s what’s driving up prices…I’m sure this “rich Californians are driving up local home prices” narrative will live on like the ever popular “subprime mortgages crashed the economy in 2009”.

  8. “The Pennsylvania State System of Higher Education is taking steps to combine several of its individual universities into multi-campus institutions, sharing resources with the idea of reducing costs amid flagging enrollment.

    Here’s a cost-cutting idea: prune your payroll of all the cultural Marxists pushing discredited collectivist ideologies instead of being educators.

    1. These are probably small rural campuses originally meant to serve the local communities, sometimes in lieu of a county community college. Looking at the population graphs, there just aren’t enough students to support these places anymore. Maybe these empty campuses could be leased out as homeless shelters, halfway houses or drug treatment centers. It wouldn’t be difficult to retrofit the dorms, or convert the classroom buildings to services. Possibly surround with a fence, depending on the function.

  9. “Billionaires’ Row is a bust. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch – where apartments have sold for more than $100 million — sit empty and dark, according to a study exclusively shared with The Post.

    When the Purge Nights begin, networked vibrants are going to be swarming over such “Uber-exclusive” developments en masse, while “woke” police departments led and staffed by Affirmative Action hires flail about ineffectually. That’s when the vaporization of Yellen Bux valuations is going to get downright Biblical.

    1. From Billionaires’ Row to Billionaires’ Prison. When the head chopping starts, that’s the last place you’d want to be. You can’t escape with the exception of a heli pad on the roof.

  10. In the place of a thriving, blue-collar, largely immigrant economy, one sees many luxury buildings with vacancies, often surrounded by homeless encampments.

    To the residents of those luxury buildings: the great thing about dating homeless chicks is that after the date, you can drop ’em off anywhere.

  11. I wonder how this will end?????

    “But when all of us can borrow $500 million or a billion dollars with no coupon, where basically there’s no interest on some convertible debt, everybody’s just pouring a lot of money into the market, playing a winner-take-all game, or a winner-take-most game. And that just makes it really hard to squeeze a lot of profit out of the business. And it makes it really hard to do anything except to keep pushing more chips out to the middle of the table.’”

  12. French Health Pass Poster Shows Government Printed them in January 2020

    https://www.bitchute.com/video/R70SvvW88C4L/

    ‘translate: “I will show you something: Look at the date. This is live. It’s not a fake poster. The date is 20th January 2020, so even before the first wave they already had their posters ready. Well, isn’t that nice? They had foreseen this in 2020. I’m putting this in public (videotaping date on poster). This is all very normal (sarcastic). They don’t take us for idiots.”

    1. ‘The U.S. Centers for Disease Control and Prevention is investigating the case of a 13-year-old Saginaw County boy who died in his sleep three days after getting his second dose of a COVID-19 vaccine in mid-June.’

      ‘The county health department confirmed the investigation, telling the Free Press that the medical examiner’s office conducted an autopsy. The boy, Jacob Clynick, lived in Zilwaukee and had just completed eighth grade when he got his second dose of the Pfizer vaccine June 13 at a Walgreens store, said Tammy Burages, his aunt.’

      ‘Jacob was healthy, she said, and had no known underlying medical conditions. He was looking forward to starting classes in the fall as a freshman at Carrollton High School. He complained of common post-vaccine symptoms, she said, in the two days between his immunization and death, which included fatigue and fever.’

      ‘On the night of June 15, he had a bit of a stomachache, too, but it wasn’t severe enough to cause serious concern, Burages said. Jacob went to sleep that night, and never woke up.’

      ‘The family was told that preliminary autopsy findings suggest Jacob’s heart was enlarged when he died and there was fluid around his heart, Burages said. Jacob’s funeral was June 26 — just three days after a CDC advisory committee acknowledged “a likely association” between the Pfizer and Moderna coronavirus vaccines and a risk of heart problems in adolescents and young adults.’

      ‘Myocarditis is inflammation of the heart muscle that can affect heart rhythm and its ability to pump. Pericarditis is inflammation of the sac or pericardium around the heart.’

      ‘The complications have been reported at a rate of 12.6 per million among people ages 12-39 within 21 days after a second dose of the vaccine. The problems were most likely to appear within the first five days after vaccination, according to a Vaccine Safety Datalink analysis. Some cases have been reported after the first vaccine dose as well.’

      https://www.freep.com/story/news/2021/07/02/jacob-clynick-pfizer-covid-vaccine/5323095001/

        1. Zelenko (Trump’s Doctor) Tells Israel They Genocided the Jews & Just Sacrificed Their Kids to Moloch

          https://www.bitchute.com/video/Vax2FBYUF0WE/

          ‘I’m sure there are many Israelis who were complicit in carrying out the Greatest Crime Against Humanity the world has ever seen, but whoever these elders are, they look genuinely surprised to learn about just how stupid they were. Dr. Zelenko even invokes God Almighty and says that everyone who took the shot turned away from God and turned to the worshipers of Moloch instead. (We’ll see how that works out for them) Dr. Zelenko equates jabbing kids with child sacrifice and informs them all that the majority of “vaccinated” (which is over 80% of the population) will likely be dead within 3 years.’

        2. They have a case where a 39 year old died within a couple days of injection. The father that she lived with with her Son still took the second jab after his daughter died.
          In Germany they are finding by autopsy that up to 40% of examined were due to vaccine adverse reaction.
          In a normal sane World these vaccines would of been discontinued a long time ago. Nope, now they are going into the double down and force this junk in every arm, while they cover up the real data of the harm of these jabs.

        3. Found out by a whistle blower Dr. that the Hospitals in his area have been instructed to not list the vaccinated getting Covid , only the unvaccinated.
          When you live in a World of medical fraud, fake PCR tests, cover up of adverse reactions etc, while truth is censored, you have a enemy .
          Seriously , the decades of flu vaccines probably only served to create the mutants and keep the flu going. They give the normal flu shot to late anyway to address the flu.
          Interesting how the Spanish flu died out by herd immunity within 2 years ( however they didn’t even have pencillian to combat that flu at the time that some experts say was bacterial pneumonia, not the flu.)
          Maybe a airborne virus can only be treated by medications , rather than the vaccine theory that only serves to create mutations, while being to late to combat the strain the vaccine was made for.
          Maybe people should start thinking in terms of keeping themselves healthy and not depend on a Rockefeller created Big Pharmacy system of magic pills and vaccines.
          If this is how compromised the FDA is, no wonder 100 thousand in US was dying per year from taking meds as percribed.
          For decades you had the same vulnerable groups dying from respiratory failure by flu or pneumonia. 30 to 60 thousand a year, who no doubt were given the flu vaccine in nursing homes .
          Maybe something as cheap as vitizen D or the sun could reduce vulnerability to infections of any kind.
          Instead of spending money on viable solutions they double downed on the vaccine programs .
          Maybe some vaccines have been a net benefit, but where is the benefit risk ratio, or the proof of the effectiveness of some if these vaccine programs.Where is the proof you prevented the disease.
          The Medical Industry is losing credibility if they are willing to be controlled by Big Pharmacy, A Entity having no liability for their harm with vaccines .

    2. Do a Google Image search for “Abigail Shapiro” with safe search turned off. Globalist Ben’s sister got some big’uns…

      1. Agreed, she’s pretty curvy!

        I’ve always preferred the athletic types with long legs and lean thigh gap that persists with age.

        1. I recommend you watch the Rhythmic Gymnastics from the Olympics. More thigh gap than even you can handle. I’d recommend the high jumpers but they’re a little too freaky.

          1. I’ve always loved figure skaters and tennis players. Some of those ice angels are drop dead gorgeous, especially the ones from Russia and eastern Europe.

      2. “Abigail Shapiro”

        Looked her up on the darknet last evening. She’s had balloons installed, has a reddit sub, a total selfie narcissist. Note that her facial shots are mostly frontal to hide that whiffer. Found a few recent paparazzi shots, no make-up, of her starting to fatten up. Her “likes” are probably based on old material.

    3. Globalists gonna globe. This cuck is no “conservative.” By the way, what have “conservatives” actually conserved? They trail behind the Left, gesticulating and sniveling, but otherwise not doing a damned thing to stop our slide into socialism.

      1. “what have “conservatives” actually conserved?”

        They are only good at pointing out left’s hypocrisy. That’s it, and oh ya, ridiculing AOC. That’s the whole “Con” movement in a nutshell.

      2. This is pretty much what everybody has figured out about Bitchtits McConnell and Co. They’re a bunch of focking fraudster anti-Trumpers.

      1. “There’s NOT one economist capable of any humor.”

        Wrong. In order to demonstrate to the world that they do indeed have a sense of humor economists regulairly put decimal points in their economic forecasts.

      2. “Two economists were walking down the street one day when they passed two large piles of dog sh*t.

        The first economist said to the other, “I’ll pay you $20,000 to eat one of those piles of sh*t.” The second one agrees and chooses one of the piles and eats it. The first economist pays him his $20,000.

        Then the second economist says, “I’ll pay you $20,000 to eat the other pile of sh*t.” The first one says okay, and eats the sh*t. The second economist pays him the $20,000.

        They resume walking down the street.

        After a while, the second economist says, “You know, I don’t feel very good. We both have the same amount of money as when we started. The only difference is we’ve both eaten sh*t.”

        The first economist says: “Ah, but you’re ignoring the fact that we’ve increased GDP by $40,000!” ”
        —————————————————

        Two economists walk down a road and they see a twenty dollar bill lying on the side-walk. One of them asks “is that a twenty dollar bill?” Then the other one answers “It can’t be, because someone would have picked it up already,” and they keep walking.

  15. “…Oceanwide Plaza project near Staples Center is up for sale, at bargain prices….”

    Attention K-mart shoppers. Remember that Oceanwide Plaza is just a few Southern California sun drenched blocks from LA’s skid row.

    Drive your new neighborhood (windows up, doors locked) and experience the vibrancy!

    Personal suggestion from actual experience: Drive an old beater and don’t wear fancy clothes. If you drive a higher end car and look the least bit wealthy, you are a target for a LA style car jack.

    Walk your new neighborhood (be sure to carry personal protection, wear heavy sole rubber boots) and make your way thru the vomit, feces and discarded syringes.

    Welcome to the new normal LA Bro!

  18. “The only trend that really made it possible was the fact that so many Californians were moving to Ohio with Monopoly money. … So even when prices double in Columbus, Ohio, somebody who’s used to paying a million dollars for a shack in L.A. says, ‘It looks good to me.’”

    The same could be said about Californians moving to Oregon, Washington, Idaho, Utah, Nevada, Arizona, New Mexico, Colorado, Oklahoma , Texas, etc. etc. etc…

    1. Because the “rich Clownifornians” narrative is back. They’re moving EVERYWHERE! But somebody’s buying the house they’re selling, so it’s not adding up. NEWSFLASH: It didn’t add up last time, either. What we found was they were all speculators who disappeared like a fart in the wind.

  19. I’m hoping one of you will talk me off the ledge. I’m looking over and suddenly the drop doesn’t seem that bad.

    We sold in 2013 and have been renting since, waiting for prices to come down. Hasn’t happened. Rents are going up everywhere. My current lease renewal offer is +$200 a month I guess due to change in ownership, it certainly isn’t because of any value that’s been added, because there hasn’t been any. We were going to move into a bigger rental with my daughter but that plan has changed and she’s rented a one bedroom.

    I’m getting to the point where I’m about to say eff it, buy some overpriced shack and just mentally treat it like a rental, then when the time comes that we need to move and we are underwater, just walk away.

    Not that I’m some paragon of virtue, but when people like me get to the point where I’m contemplating entering into an agreement in bad faith, using borrowed money and as little down as possible (hopefully 0 down) it seems like a bad sign.

    Google this shoebox on the wrong side of Murray Ave. in N. Charleston:
    1135 Yeamans Hall Road, Hanahan, SC 29410

    That was one of the places in the auto mailing I get from the UHS guy that sold our last house. It sold in 2010 for $100k now they want $291k? I look at it and I find myself thinking, “well the yard is a decent size and the garage would be nice…”

    Send help.

    1. No no no just sit in it for 5 years mortgage free…it will take that long to finally get the sheriff to evict you….i wish i had that “luck”

      and we are underwater, just walk away.

    2. dang i should have read it more carefully I lived off ashely phosphate rd… Fassit rd, and Pinehurst and pitt st mt pleasant I worked for both wcbd and wciv

    3. “I’m hoping one of you will talk me off the ledge. I’m looking over and suddenly the drop doesn’t seem that bad.”

      – There’s a classic scene

      https://www.youtube.com/watch?v=FX1FiZxQo7k
      Crocodile Dundee II (1988) – The Jumper Scene (1/10) | Movieclips
      3,294,260 views
      Nov 26, 2019

      – In the end (spoiler alert) the jumper doesn’t do it. There’s a lesson here.
      – BTW, U.S. and Canada housing prices peaked earlier in 2021. My advice is to get some popcorn and enjoy the slow-motion train wreck as a renter vs. going through the 5 stages of grief as an “owner” buying very near the peak of the market, IMHO. Not financial advice. Opinion only.

      1. “BTW, U.S. and Canada housing prices peaked earlier in 2021.”

        Was that before or after lumber futures started dropping precipitously?

        1. “Was that before or after lumber futures started dropping precipitously?”

          – I don’t know. I think lumber started crashing (spec. bubble) in Spring, ’21, while U.S. Housing Bubble 2.0 peaked around June/July, ’21 (est.).

          – It would be good to know if lumber futures lead the housing market. That would be the case from my guesstimates here.

          – BTW, Canadian housing bubble also peaked this year. Probably a little ahead of the U.S. housing market.

          – Also, housing and stonks are highly correlated, and with good reason as stonk sales are used to by shacks. The stonk bubble is likely peaking, which is a process, and not an event. Maybe we’ll see more of this in the Fall (?). That will impact on shack prices. Both of these asset classes declining will be the anti-weath effect in direct conflict with the Fed mandate. Unpossible! This should be like the dot-com bubble and housing bubble 1.0 all rolled into one.

          – Q: If the Fed is omnipotent (impotent?), then why did both of these previous two bubbles burst, and will it be different this time?

          “The bigger they are, the harder they fall.” – idiom/proverb

    5. Unfortunately you sold in the trough of the cycle so you are misaligned and now you have the 7 year itch which makes you want to buy right at the top. The cycle runs roughly 14-16 years from peak to peak or trough to trough. If you review back a few cycles you will see that it is true. There are specific reasons why this happens but I won’t bore you with the details. If you screw this up this cycle you will have to wait another whole cycle before you finally get it right. Just focus on a war plan for the next bottom. It is coming as surely as day follows night. Will you be ready?

    7. Great replies. I’ll probably climb back in the window and sign another lease somewhere for another 12-18 months. I actually sort of like renting, but there’s a tipping point from mutually agreeable to being ripped off. I don’t mind paying for things, but I do mind getting ripped off.

    8. ‘1135 Yeamans Hall Road, Hanahan, SC 29410

      ‘That was one of the places in the auto mailing I get from the UHS guy that sold our last house. It sold in 2010 for $100k now they want $291k?’

      WTF?

      Yankee money?

  20. The Financial Times
    Charts that Matter Federal Reserve
    How the Fed’s fine intentions feed US wealth inequality
    Stimulus has fired up price of assets held by top earners, says UBS
    Joe Rennison July 25 2021
    Wealth inequality widens to a record level in the US

    Wealth inequality in the US has reached a record level since the beginning of the coronavirus outbreak, and the Federal Reserve is partially responsible, despite its efforts to boost job prospects for people on low incomes, according to analysts at UBS.

    The Fed reacted quickly in 2020 to help cushion the US economy from the devastating effect of lockdowns. But its stimulus has also fired up the price of assets held by the wealthy.

    UBS calculations based on Fed data show a ratio measuring individuals’ net assets against their liabilities has climbed dramatically for top earners, as their net worth has rocketed higher alongside a booming stock market.

    The net worth of the top 1 per cent of people by income is now close to 26 times their liabilities. For the bottom 20 per cent, it is just over five times, making the difference between the top and bottom its widest on record.

    “There has been a surge in inequality that has manifested after Covid,” said Matt Mish, a credit analyst at UBS. “We are driving up wealth for the top earners . . . The Fed is trying to address inequality but by some measures it seems like it is exacerbating it.”
    …

    2. I got this one passed around pretty quickly.

      What’s his name?

      Who is paying him and how much?

    4. Obviously the photo of the guy with a Confederate flag is photoshopped. At least that is an explanation. Or it is just someone who resembles the Oliver North dude.

  23. As I posted yesterday, anyone talking about “groups” or recruiting for a “group” is a Fed.

    Be the leaderless resistance.

  24. BREAKING NEWS: Pentagon will require ALL members of the U.S. military to get the COVID vaccine by September 15

    https://www.dailymail.co.uk/news/article-9877495/Pentagon-require-members-U-S-military-COVID-vaccine-September-15.html

    The Pentagon will require the nation’s troops to get a Covid-19 vaccine by Sept. 15.

    That date could be moved up if the shot is sooner given final approval by the Food and Drug Administration (FDA) or infection rates continue to rise.

  25. Democrat judges are put in place to usurp and subvert the rule of law, not uphold it. It’s instructive to see how the entire Democrat-Bolshevik-Deep State apparatus is being mobilized to thwart any attempts to ensure the integrity of the electoral system or prevent voter fraud.

    Democrat Austin judge BLOCKS the arrest of the fugitive Texas Dems who want to return from DC after fleeing to stop the GOP’s voting bill

    https://www.dailymail.co.uk/news/article-9877131/Democratic-judge-BLOCKS-arrest-fugitive-Texas-Dems.html

    A Democrat Texas judge has temporarily blocked the arrest of Texas House Democrats who fled the state to deny Republicans quorum on their voting reforms bills.

    In the order, Travis County Judge Brad Urrutia banned Gov. Greg Abbott and House Speaker Dade Phelan from ‘detaining, confining, or otherwise restricting a Texas House Democrat’s movement without his or her consent,’ as well as ‘issuing any warrant or other instruments’ that would lead to their confinement.

    1. Gov Abbot should follow Biden’s lead. Ignore court’s order.
      Arrest them, sequester them nearby, forcibly escort them to legislative session.

  27. Globalist media propagandists are always the most ardent proponents for “One rule for thee, another for me.” Silly peasants…rules are for serfs.

    NYT reporter faces backlash after relaying what elite say about Obama party

    https://nypost.com/2021/08/09/nyt-reporter-faces-backlash-over-comments-about-obama-party/

    A New York Times reporter received backlash on social media after making a comment on another network that critics believe dismissed concerns about former President Barack Obama’s star-studded, maskless birthday party over the weekend.

    New York Times White House correspondent Annie Karni discussed the controversy surrounding Obama’s much-criticized Martha’s Vineyard celebration, where he was seen not wearing a mask, and used the term “sophisticated” crowd, saying that the guests were “following all the safety precautions.”

  28. Must be running out of billionaires…

    “Billionaires’ Row is a bust. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch – where apartments have sold for more than $100 million — sit empty and dark, according to a study exclusively shared with The Post. That translates to 341 of the buildings’ cumulative 772 units, according to the study. The 772 units boast a combined value of just over $17 billion, with 39.7 percent of that sum — or $6.758 billion — tied up in unsold units, the study found.”

    3. This is who this guy is (a 1.5 minute video from 2018) …

      Watch “PureHealth Functional Medicine – Dr. Dan Stock” on YouTube
      https://youtu.be/yeKatusNBd4

      He is a very articulated maverick and independent thinker who appears to be attracting quite a following thus he will be seen as a danger to the agendas of the elite PTB and hence my prediction is he will get cancelled.

      Stay tuned.

      1. Pfizer’s supply agreements are also leaking but I don’t think many HBBers would find them that interesting. Separately, Dr. Malone was told by an Israeli scientist that no adverse events from the vax are to be disclosed for a minimum of 10 years.

          2. Thomas Renz, an attorney affiliated with America’s Frontline Doctors, is planning to file a lawsuit challenging the vax manufacturers’ immunity from liability. He might be successful with the documents we’re just starting to see.

        2. I saw one agreement between Fizzer and forgot what country posted somewhere. It was an onerous contract.

    2. There is a long list of psychopaths who need to be purged in order for us to heal. Gates is, of course, one of them. These people are killing people and destroying their livelihoods.

    1. “…his poor credit score, which is in the low 500s.”

      Which means Rufus doesn’t fulfill his obligations.

      According to the CLUE database people with poor credit histories file more insurance claims.

  34. I think tulip bubbles are a good analogy for stocks (neither necessary for survival, both purely traded for financial gain).

    I wonder what the tulip bubble mania would have looked like had it occurred today, with a central bank hell-bent on perpetuating it.

        1. I think it was history of money DVD I watched a few years ago ( title escapes me) that portrayed the Dutch as having excesses of money coming into their clutches due to expanded trade so they naturally fell for speculation.

          1. history of money

            Had to wiki-foo. You may have been watching Episode 3 of The Ascent of Money with Niall Ferguson.* The other one is Mike Maloney’s gold bug Secret History of Money and I don’t believe he talked about the Dutch.

            —————-
            *Not to be confused with Neal Ferguson, the UK scientist involved in handling the pandemic, only to be caught breaking quarantine to bang his mistress.

          2. Mike Maloney’s . . . Secret History of Money

            Excellent series. Just keep in mind he’s trying to sell gold.

          3. Yup, that’s why I called it a “gold bug” series. My favorite part of that series was when the went to the Money Museum in Germany. All of the paper currency was displayed in cases out in the open, but the historic gold coins were kept in a vault. They know which type of money the thieve want to grab.

    1. At least Rand Paul and Ted Cruz and a handful of others at that treasonous Washington DC are fighting against this Innsurrection against the Constitional Republic.
      Two weeks to flatten the curve, to take the non compliant to camps.
      They don’t care about violation of laws because they are using a epic Medical fraud to usher in their Dictorship.
      The entire medical system that has been bribed and extorted by this killing fraud has to rebel in great numbers. Your suppose to heal people, not carry out the directives of a Big Pharmacy killer machine.

      1. The entire medical system that has been bribed

        It $$$$ explains a lot. I had already had it with the medical system during the seven years I cared for my mother to keep her out of a nursing home. That was a real nightmare.

        I was sick for about the last year and a half (still getting chemo-ed), so now I’m adding on my own personal experience. With some very kind exceptions, I generally don’t trust any of them. I imagine since doctors have been rated online for years, many times unfairly, they can’t be looking at their patients all that benevolently either. Back when I first got sick I went to my mother’s surgeon and, eleven years later, she seemed like a different person.

        Being obvious here, but to a certain extent you really do have to be your own doctor. Your limited knowledge and understanding might be better than a professional who really doesn’t give a 💩.

        I read a post on Twitter (?), layman talking to his doctor friend. Asked him where he gets his info on Covid. He said the MSM.

        1. Back when I first got sick I went to my mother’s surgeon and, eleven years later, she seemed like a different person.

          I have also noticed this with my GP. I was once his patient, now I’m just an action item, a checkbox to be ticked.

          1. Yep, and they always start out with “so tell me what’s happening with you now” no matter how many test results they’ve received. What they really mean is “I don’t remember you and I haven’t read your chart.”

            In NY, an intern was so anxious to tell my aunt (loved like an aunt, really our neighbor) that she was dying I had to step in front of him to stop him, so we could tell her gently. Check box.

  37. Lets just face it, Big Pharmacy took over the medical system and its a bad business model. Now they want to take your freedom and dictate that you put their creepy expierments in your body. Its outrageous.

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