thehousingbubble@gmail.com
Blog

A Win-At-All-Costs Attitude May Have Contributed To The Sense Of Regret

A report from AZ Business Magazine. “August home sales dropped 3.5% from July’s total – and the Median Sale Price slipped 1.2% to $335,000. ‘Although we appear to be past the blistering summer peak, the market is still very active,’ says Nick Bailey, President, RE/MAX, LLC. ‘In fact, the drop in home prices might signal to potential sellers that it’s time to get off the fence in case they fall further.'”

The Dallas Business Journal in Texas. “The median home sale price in Dallas-Fort Worth dropped month-over-month for the first time this year in August — another sign that the peak of the housing market boom may be in the rear-view window, at least for now. Michael Coburn, owner of RE/MAX Town and Country, said some homes on the market are still getting multiple offers, but there’s been a definite cool-down from early in the year. ‘Now, if a house goes on the market and does not receive multiple offers within the first weekend and stays on the market over a week, buyers will not offer over asking price and, in some cases, will come in with an offer lower than list price,’ he said.”

“In short, buyers have reached their limit, causing prices to start leveling off, Coburn said. ‘We are not in a bubble that’s about to pop,’ he said. ‘However, prices are at all-time highs and with inflation on the rise, we are reaching a point where buyers just can’t afford to continue to pay more and more.‘”

The Norman Transcript in Oklahoma. “Those considering purchasing a home in Norman before the end of the year should remain prepared for bidding wars despite recent signs of slowed market activity, local experts say. Rob Schaerer, broker and associate of Dillard Group Real Estate, said the appreciation rate for homes is likely normalizing. He said stories of bidding wars resulting in paying over list price has intimidated some buyers, resulting in pull backs until the market becomes more attractive to them.”

“In April, a house might get 10 to 15 offers, but in recent weeks it might get four to five, Schaerer said. ‘I know I’ve had a couple buyers drop off that were just wanting to sit and watch the roller coaster instead of ride it for a little while,’ he said.”

From Fredericksburg Today on Virginia. “While it’s not a buyer’s market yet, the Fredericksburg-area housing market continues to show indications of normalizing. August still posted very robust market numbers, but that is tempered by rising supply and slight reductions in future demand. It was common during the most intense months of buyer demand to see waiving of home inspections and agreements to bring cash when appraisals came in low. Those practices seem to be ebbing with the slowing market.”

“There is good news on supply to report with active listings up nearly 40% from the scant offerings to be found last August. ‘While the market continues to be positive for sellers, I’m seeing more homes staying on the market longer and appraisals falling short,’ states FAAR Board of Director Donna Schmidt.  ‘I am noticing sellers offering concessions and home warranties, which is a plus.'”

From Go Banking Rates. “In Fairfield, Connecticut, associate real estate broker Glen Pizzolorusso said the market remains hot for turnkey properties, but buyers willing to tackle a project might have a chance to find a property. ‘The insanity has subsided a bit. Several months ago, most inventory was receiving multiple offers,’ he said. ‘Over the last 90 days we have seen houses that are not priced accurately, homes that need some updating/repairs, or homes with strange features, all sitting on the market for much longer than they were.'”

From Mortgage Professional America. “A whopping 67% of homeowners who have bought a home within the past five years have regrets about their purchase, according to NerdWallet. The survey suggested that a ‘win-at-all-costs attitude’ among homebuyers, coupled with the scarcity of inventory and a bidding war for homes, may have contributed to the sense of regret. In light of some of the replies, NerdWallet data analyst Elizabeth Renter was asked if brokers should shoulder greater responsibility and provide more down-to-earth advice to borrowers, who in the heat of a deal may not consider possible downsides.”

“She said: ‘I really look at mortgage professionals and real estate agents as sort of an anchor to buyers and to provide a dose of realism. When buyers get caught up in the excitement, mortgage professionals really need to be the level-headed ones, not only (to say) what that mortgage payment will look like, but also to point out how that mortgage payment might change if their insurance changes, or taxes change, and then also to remind borrowers of all of the additional costs of homeownership.'”

The New York Post. “It seems like Joe and Melissa Gorga are working to get their finances in order. The ‘Real Housewives of New Jersey’ stars are selling three New Jersey homes they own after downgrading to a $950,000 Franklin Lakes pad, The Post can report. Meanwhile, the listings come months after the duo were accused of owing thousands of dollars to several employees who had worked for them.”

“The Gorgas first purchased this vacation getaway home — made up of three bedrooms and two bathrooms — in 2005 for $450,000. Although they’ve been trying to get rid of it for nearly a decade, they haven’t had any luck. In 2011, they attempted to sell the home for $520,000. But because they took out so many loans against the property, they would’ve still owed the bank about $1.5 million after interest during that period, records show.”

From Fox Business. “Although sellers are still pricing their homes ‘very high,’ buyers aren’t biting. ‘A lot of buyers have had enough and are no longer willing to pay the huge premiums they were six months ago,’ Nicole Dege, a Redfin agent in Orlando, Florida, said. Rather than 25 to 30 offers on move-in ready homes in the area, Dege is seeing five to seven.”

“‘Buyers are getting a bit more selective,’ she said. ‘I have one seller who recently put his four-bedroom single-family pool house on the market, but the roof was shot. He had to lower his asking price to $423,000 from $427,000 and agree to spend around $7,000 to replace the roof in order to attract bidders.’ This is a far cry from about six months ago, when the seller ‘would have easily been able to sell that home as-is without dropping the price,’ Dege added.”

A press release on California. “With this high demand and low inventory, there might be some changes and alterations in the value of homes as well? Certainly, there have been some fluctuations. As of April 2021, according to reports, it was estimated that the median sale prices for the houses sold in Cupertino have gone up by 16.28%, that too in just the previous 12 weeks. Inventory is slowly and gradually rising, giving hope to potential buyers. In the last month, reports from 31/05/2021 indicate that there have been 131 new homes listed and 75 homes sold. The number of homes available for sale in Cupertino has risen by 92.31%, which is a great increase for the supply that was lacking.”

The Chatham Voice in Canada. “Chatham-Kent’s housing market slowed down in August, as inventory levels continued to rise. The number of new listings saw a substantial gain of 31.6 per cent from August 2020. There were 229 new residential listings in August 2021. This was the largest number of new listings added in the month of August in more than a decade. New listings were 26.8 per cent above the five-year average and 28.9 per cent above the 10-year average for the month of August.”

The Business Standard in Bangladesh. “Speaking to The Business Standard, a number of sellers said they were forced to sell their plots to save their businesses or to bear family expenses in the wake of income losses induced by the pandemic. Take for example Hasan Sumon, a US-returnee Bangladeshi expatriate who bought a 5-katha plot in the Uttara Housing Project (third phase) in 2011 when he was in the United States. Hasan said he had a lot of debt too and no money in hand to pay some previous arrears of construction material and equipment purchase. ‘I could not collect my due bills from the government. I applied for a bank loan but did not get any. At last, I was forced to sell the plot,’ he added.”

“Land owners and officials of housing projects say since there are not enough buyers amid economic slowdown from the pandemic, the owners are selling their land at prices much lower than the market price, even, in some cases, incurring losses. Thus the same pandemic that has become a bane for the sellers has turned into a boon to potential buyers as they see it as an opportunity to buy land at bargain prices.”

From Outlook India. “Evergrande is the largest property company in China. It owns more than 1,300 projects in 280 cities holding around 2% of the Chinese real estate market. As per various media reports over 1.5 million people are waiting for their homes to be completed by Evergrande who isn’t even paying its employees and suppliers for the past many months. It is estimated that over $1 trillion worth of unfinished homes are stuck due to the financial woes of the company.”

“Evergrande’s deteriorating financials are the result of a slowdown in the property market. China’s residential property slowdown deepened in August when home sales by value slumped by 20% from a year earlier according to Bloomberg calculations based on National Bureau of Statistics data. As per various media reports, 60- 65 million units are currently lying vacant in China.”

The New York Times. “When the troubled Chinese property giant Evergrande was starved for cash earlier this year, it turned to its own employees with a strong-arm pitch: Those who wanted to keep their bonuses would have to give Evergrande a short-term loan. Some workers tapped their friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped paying back the loans, which had been packaged as high-interest investments.”

“Now hundreds of employees have joined panicked homebuyers in demanding their money back from Evergrande, gathering outside the company’s offices across China to protest last week. Evergrande is on the hook to buyers for nearly 1.6 million apartments, according to one estimate, and it may owe money to tens of thousands of its workers. ‘There isn’t much time left for us,’ said Jin Cheng, a 28-year-old employee in the eastern city of Hefei who said he put US$62,000 of his own money into Evergrande Wealth, the company’s investment arm, at the request of senior management.”

“Things were not always this way. For more than two decades, Evergrande was China’s largest developer, minting money from a property boom on a scale the world had never seen. With each success, Evergrande expanded into new areas – bottled water, professional sports, electric vehicles. Banks and investors happily threw in money, making a bet on China’s growing middle class and its appetite for homes and other properties. More recently, real estate has come under scrutiny from Chinese regulators who want to end the go-go years of the boom and have forced the industry to start paying off debt.”

“The idea was to reduce Chinese banks’ exposure to the property sector. But in the process, the regulators took away the money that developers such as Evergrande needed to finish building houses, leaving families without the homes for which they had already paid. But Evergrande’s funding channels started drying up well before las week. According to interviews with employees, state media reports and corporate documents seen by The New York Times, the company started forcing staff members to help bail it out as early as April, when it began peddling the short-term loans.”

“Wesley Zhang and his family are among the hundreds of thousands of families who are still waiting for their apartments, and they hope the company will be able to deliver. Mr. Zhang, 33, joined the other homebuyers who protested in Hefei last week after he learned that Evergrande also owed money to its employees. ‘Everyone is anxious. We are a bit like ants on a hot pan, having no idea what to do,’ Mr. Zhang said, using a Chinese expression to describe the distress of watching a US$124,000 investment potentially vanish.”

Related Posts
This Post Has 98 Comments

  1. ‘they’ve been trying to get rid of it for nearly a decade, they haven’t had any luck. In 2011, they attempted to sell the home for $520,000. But because they took out so many loans against the property, they would’ve still owed the bank about $1.5 million’

    Now that’s some sound lending right there.

  2. ‘I really look at mortgage professionals and real estate agents as sort of an anchor to buyers and to provide a dose of realism’

    Ha ha, everybody’s a comedian.

  3. ‘In April, a house might get 10 to 15 offers, but in recent weeks it might get four to five, Schaerer said. ‘I know I’ve had a couple buyers drop off that were just wanting to sit and watch the roller coaster instead of ride it for a little while’

    I’ve never been to Norman, hope I never have to. That this “frenzy” is in these little sh$tholes says all you need to know about how it will end up.

    Speaking of which:

    ‘The number of homes available for sale in Cupertino has risen by 92.31%’

    SHAZZAM! that’s some shortage!

  5. ’60- 65 million units are currently lying vacant in China’

    At least. How long ago was it that Leslie and 60 minutes went over there?

    ‘For more than two decades, Evergrande was China’s largest developer, minting money from a property boom on a scale the world had never seen. With each success, Evergrande expanded into new areas – bottled water, professional sports, electric vehicles. Banks and investors happily threw in money, making a bet on China’s growing middle class and its appetite for homes and other properties.’

    The globalist scum media are really something. You’ve got entire empty cities. Not towns or streets – cities. Tens of millions of concrete shells have never had the electricity turned on. That’s how they leave them. When I started this blog 90% of Chinese owned at least one housing unit.

    So the question is, after two decades – WHAT THE FOOK did you think was going to happen?

    Again, note the silence on what a waste this all is.

    1. It occurs to me that the more debt in a society, the more leverage the financial sector has over the government (no pun intended). The destruction of debt is a major if not the major rationale governments (via their central banks) use to intervene in the markets.

      In China, perhaps – PERHAPS – they’ve noticed this control and associated risk, and decided to reign it in. In the US, it seems to me the government works with, or is under regulatory capture of, the financial sector, vastly larger than anything the Military Industrial Complex has (see this link to get an idea who the biggest political donors are: https://www.opensecrets.org/elections-overview/sectors )

      I’m sure the CCP leaders have stocks and real estate. What would be fascinating (and virtually impossible to discover) is what their investments are, and how they move them prior to events like this, like viewing troop movements from satellite. Multiple Fed officials here have had some eyebrow-raising dealings.

      “It’s uncanny how they’re able to profit from government stimulus.”

    2. It is a horrendous waste of CO2, labor and human dignity and ptential. And all because women in China refuse to marry unless the groom owns a house, preferably one that is better than her girlfriends’ husbands’ houses.

  6. In the picture tells a thousand words department:

    Detached home in Toronto is attainable for $700,000 says real estate agent

    ‘A detached home listed for just under $700,000 sounds too good to be true in the Toronto real estate market. The average price for a home in the city is at $1,000,008, the lowest it’s been since February, according to the Toronto Regional Real Estate Board (TRREB). Meanwhile the average for detached homes in the city is still hovering around $1.7 million, a full six figures more than the listed $699,900 price for 15 Beechwood in the Jane and Eglinton area.’

    ‘According to WE Realty broker of record Odeen Eccleston that price may actually be attainable, even though similar lots on the street sold between $865,000 and $880,000 over the summer.’

    “We don’t have enough information yet about the condition inside the home,” says Eccleston. She adds that any potential buyers should consider booking a home inspector, especially since the listing is marketed to investors and renovators along with first-time buyers without providing any photos of the interior.’

    ‘Eccleston says this house could appeal to buyers who have no interest to tear down and build anew, and instead just choose to buy the property cheaply and spend less to renovate the interior. “Some people are paying more than that for 600-square-foot condos,” says Eccleston. “So they may be willing to put up the money to renovate a detached home that frees them up from paying condo fees.”

    “Anyone thinking of getting into the marketplace, they should,” says Arci. “Rates are good. Just jump in.”

    https://nowtoronto.com/lifestyle/real-estate/detached-home-in-toronto-is-attainable-for-700000-says-real-estate-agent

    Drum roll:

    ‘The two-bedroom bungalow with a mutual driveway’

  7. ‘Everyone is anxious. We are a bit like ants on a hot pan, having no idea what to do,’ Mr. Zhang said, using a Chinese expression to describe the distress of watching a US$124,000 investment potentially vanish’

    Click!

    1. Is the CCP property Ponzi collapse about to go pandemic like the virus did last year?

      We’re about to find out.

      1. The Financial Times
        Evergrande Real Estate Group Ltd
        Wall Street joins global sell-off as Evergrande crisis intensifies
        Market jitters come as payment deadline looms for debt-laden Chinese property developer
        updated 5 minutes ago

    3. ‘”There isn’t much time left for us,’ said Jin Cheng, a 28-year-old employee in the eastern city of Hefei who said he put US$62,000 of his own money into Evergrande Wealth, the company’s investment arm, at the request of senior management.”’

      Looks like someone is about to learn the lesson about not lending money that you can’t afford to lose.

  9. World shares skid as China Evergrande contagion fears rise
    Reuters | Sep 20, 2021 08:06 AM ET
    View all comments (23)
    World shares skid as China Evergrande contagion fears rise
    By Tom Arnold

    (Reuters) – World shares skidded and the dollar firmed on Monday as investors fretted about the spillover risk to the global economy from property group China Evergrande’s troubles, while eyeing a week packed with global central bank meetings.

    In a sign of the risk aversion rippling through markets, China sovereign credit default swaps jumped to a near one-year high, while the cost of insuring against European corporate bond defaults leapt to the highest since late May.
    …

    2. Are bailout announcements up next?

      “…while eyeing a week packed with global central bank meetings.”

    3. Don’t miss the comments! For instance:

      “ZS Beck
      F Chinese, not enough they give us Covid, now they give us Everglade.
      10 hours ago· 8 · Reply”

    4. The Financial Times
      Markets Briefing Evergrande Real Estate Group Ltd
      Evergrande contagion threat hits global markets
      China and Hong Kong property stocks tumble as payment deadline looms for debt-laden developer
      A peeling logo of Evergrande Oasis, an unfinished housing complex in Luoyang, China
      Evergrande’s liquidity crisis has stoked fears of damage to other property developers and financial institutions
      Hudson Lockett and Thomas Hale in Hong Kong and Naomi Rovnick in London 2 hours ago

      Hong Kong’s stock market slumped on Monday in a decline that spread to European bourses as an escalating liquidity crisis at Chinese property developer Evergrande showed signs of spreading beyond the sector.

      Chinese and Hong Kong property groups were at the centre of the market slide, falling to the lowest levels in half a decade amid rising angst over the fate of Evergrande, the world’s most indebted property developer.

      The group faces obligations of more than $300bn to creditors and other businesses, and a crucial interest payment deadline on its offshore bonds looms on Thursday.
      …

      1. Got incest?

        “Evergrande’s liquidity crisis has stoked fears of damage to other property developers and financial institutions”

        1. Residents walk near the Evergrande corporate name outside a residential complex in Beijing in September 2021 as the developer’s liquidity crisis infects market sentiment. Photo: EPA-EFE

          Business / Companies
          As Evergrande totters, cracks in stressed Chinese developers widen as rating outlook dims and borrowing costs jump
          – Spotlight is on Guangzhou R&F and Fantasia Holdings following a downgrade in their rating outlooks
          – A measure of offshore borrowing costs for junk-rated Chinese companies climbed above 15 per cent last week from 10 per cent in June: ICE data
          Topic | China Evergrande Group
          Pearl Liu
          Published: 12:51pm, 20 Sep, 2021

          https://www.scmp.com/business/companies/article/3149385/evergrande-totters-cracks-stressed-chinese-developers-widen

  11. Evergrande: Embattled China property giant sparks economy fears
    Published 4 hours ago
    A man and children cycle past the Guangzhou FC football stadium, which is being built by Evergrande.
    Getty Images

    Chinese company Evergrande has started to repay investors in its wealth management business with property, as the world’s most indebted real estate developer faces a key test this week.

    Major banks have reportedly been told that they won’t receive interest payments on loans that are due Monday, while interest payments of $84m (£61m) on the firm’s bonds are also due on Thursday.

    The company’s shares fell by more than 10% in Hong Kong trade on Monday.

    The property giant’s deepening debt problems have triggered fears over the impact its potential collapse could have on China’s economy.

    https://www.bbc.com/news/business-58579833

      2. Meanwhile, Danielle DiMartino Booth believes that the damage will be contained to China, and that the Big Boyz on Wall Street are just using the dip to buy into Chinese retirement funds.

  13. I see what you did there, globalist scum.

    Democrats CANNOT use $3.5trillion spending bill to give millions of immigrants a pathway to citizenship, Senate’s parliamentarian rules

    https://www.dailymail.co.uk/news/article-10007573/Senate-parliamentarian-sets-Dems-immigration-push.html

    Democrats cannot use their $3.5 trillion spending bill to give millions of immigrants a pathway to citizenship, the Senate´s parliamentarian ruled late Sunday in a crushing blow to the party’s agenda.

    The decision by Elizabeth MacDonough, the Senate´s nonpartisan interpreter of its rules, is a potentially damaging setback for President Joe Biden, congressional Democrats and their allies in the pro-immigration and progressive communities.

  15. The side show du jour is this Petito business.

    Dozens are shot every weekend in places like Chicago. No one cares.

    Pretty girl vanishes while traveling with her boyfriend? It’s the top news story.

    1. The Chicago Low Intensity Conflict is old news. It’s common. The residents are okay with it, as evidenced by their choice of elected officials, and the elected officials inaction in the face of it. So it fades into the background. Go to Chicago, or a handful of other similar cities, and the story is the same. So that news becomes unremarkable.

      However, a suburban white female disappearing in this manner is an unusual and shocking story. Hence the coverage.

    2. An average-looking social media hoar falls from a cliff while taking a selfie and her unemployed bald soy boy disappears in a panic. News at 10.

  16. Evergrande fails and starts to take down other paper empires in China.

    As those businesses fail, chinese investors don’t have the money to buy up properties in the US. Others sell their properties while the US housing market is still relatively hot to make up for their losses at home.

    Once again the US housing market is built on pillars of bullshit, and it only takes one of them to crumble for the whole thing to start falling down.

    If anyone wants a chuckle, head to zillow and check out the cities where zillow has purchased properties. You’ll see tons of frequently reduced prices, some reduced below their purchase price – where they came into the market months ago at it’s peak and paid far too much. Now they’re trying to unload. As a bonus, many of the properties I saw had pending offers a month or so ago but those fell through for whatever reason (maybe the banks had a moment of sanity and knew the selling price was far above what the house was worth).

    The mood of the market is shifting but the real estate industrial complex is playing the same tune it was in 2006. It’s just a teensy little gully.

  17. In other news:

    GM is buying back Chevy Bolt EV’s from disgruntled customers after multiple battery recalls and over a dozen caught fire due to battery pack defects. Owners are instructed to minimize use and to park their Bolts away from their homes until a solution is found.

    1. “park their Bolts away from their homes”

      NOOOOOOO!!!! I am installing their chargers at home. Please let me install their charger (and get paid for it) before they all catch on fire and die. I love #SavingTheWorld™ converting burning coal into electricity so you can go virtue signal with the Tesla.

      Yawn, pay me.

      1. They are a much more common sight now in my little burg. More than the car bursting into flames, my concern is that it’s on autopilot and will cause a wreck.

        1. Tesla design flaws are far more prevalent than operator error.

          Always have your head on a swivel when Teslas are nearby.

  20. ’60- 65 million units are currently lying vacant in China’

    Is that a lot? I bet it’s upwards of 10 mil empty units in USA.

      1. I’m sure it kept cement, rebar, brick and other material suppliers super busy for years. I wonder how many of those airboxes are safe enough to inhabit.

          1. A few weeks ago went to LiveLeak to check it for an uncensored version of a video – gone, surprised. Shut down in May.

        2. The older ones? Not many. The newer ones? Wouldn’t trust them either.

          The general belief in china is that if a building / unit has been lived in, it loses value. One youtuber explained this as the unit possibly having bad karma from the previous owner if they lived there, so to keep the value of the property high they never move in.

          That leaves hundreds of buildings where no one has ever moved in, so no maintenance is done. Questionable building materials and processes fail even faster.

          Think of it – millions and millions of units that have never and will likely never see a single soul living inside of them. And the companies know this so the goal isn’t longevity and safety – it’s attractive marketing, fast and cheap construction that relies the societal belief that you are nothing if you don’t own a home – even if you don’t ever live in it.

          And this has been going on for over a decade. It may be the biggest house of cards the world has ever seen.

          1. I did that once with a couple pair of hiking boots I got on sale. Never wore them. Bought them because I had money to burn for half-priced items. One day I looked in the closet and the soles on them crumbled as I picked them up.

          2. “The general belief in china is that if a building / unit has been lived in, it loses value.”

            That’s true in general. A used item is worth less than a new one.

          3. the soles on them crumbled as I picked them up

            I have a pair of snow boots (Columbia) that I’ve had for 20+ years. I wear them maybe 5-6 times a year. They still look new.

          5. “A used item is worth less than a new one.”

            True with a caveat: If a new housing unit goes unused because it is unsafe or otherwise undesirable as a dwelling, then it could be worth less than a used housing unit of otherwise similar description.

          6. ‘I have a pair of snow boots (Columbia) that I’ve had for 20+ years. I wear them maybe 5-6 times a year. They still look new.’

            These were Tecnica brand hiking boots. I kept them in a closet. Never hiked a day in them. I have had some Italian made LL Bean hiking boots that similar thing happen to the rubber outsoles. They cracked and disintegrated. Found out one day when hiking one of the soles was coming apart. Oops. At least those I got really cheap from the employee store when I seasonally worked at the Freeport store.

  22. White House announces that foreigners need to be fully vaxxed to enter the US*

    *Unless they enter the country illegally. Those caught will be released into the US, even if they test positive, and won’t be required to be jabbed.

    One other thing that caught my eye is that US citizens need to test negative before leaving the country. Not sure if that means you won’t be allowed to leave or if you’ll be denied re-entry.

    Also read that the WH is discussing requiring vaccine passports to board domestic flights. Remember when vaccine passports were dismissed as conspiracy theory?

    2. White House press secretary Jen Psaki responded to questions as to why migrants are not required to be vaccinated against COVID-19 before entry to the United States, but foreign nationals who arrive by airplane are, saying that the situations are not comparable.

      It’s like they’re not even trying to make good excuses. I guess they know they need not bother, since they’re gonna stuff the ballot boxes again next year.

      1. quite right. voting isn’t working now. we have to take to the streets in huge numbers and give them beatings when they try to stop us. make it so they truly don’t want to meet us in the streets anymore. at that point, we start to take everything back that they took from us. we shouldn’t overreact and start shooting unless they start it. don’t fritter away our numbers by acting unjustly. keep the moral highground if we can.

        contrary to what some people think, we do need a limited amount of government. a very small federal government for the common defense of our lives and property. we can’t maintain a civilized society without it.

        if however, they start shooting lead and killing us, then we have to take out our guns and kill them all.

        2. voting isn’t working now.

          My husband’s ballot was accepted 9/16. Mine still has not. They were put in the same bag.

  24. If a shoddily constructed building collapses in Chinese ghost city and no one is there to hear it does it make a sound?

    1. I think Mao once said that if everyone in China stamped their feet, that the whole world would feel it.

      I don’t know about the whole world, but Wall St. is feeling it.

  26. Am I imagining this, or did Cramer advise not to worry about the Bear Stearns crater event in Spring 2008?

    1. Cramer says U.S. economy unlikely to face major damage from struggling Chinese developer Evergrande
      Published Mon, Sep 20 20216:47 PM EDT
      Updated 34 Min Ago
      Kevin Stankiewicz
      Key Points
      – Struggling Chinese property developer Evergrande is unlikely to cause major damage to the U.S. economy and financial system, CNBC’s Jim Cramer said Monday.
      – However, the “Mad Money” host said, “Evergrande is definitely a systemic risk for China.”

      Cramer: U.S. economy is not going to face serious damage because of China’s Evergrande

      CNBC’s Jim Cramer said Monday he believes beleaguered Chinese property developer Evergrande does not present a major risk to the U.S. economy and financial system.

      “Evergrande’s stock has been obliterated and that pain is spreading to the rest of the Chinese real estate industry, to the Chinese financial sector and to foreign banks with lots of China exposure,” the “Mad Money” host said.

      “Evergrande is definitely a systemic risk for China,” Cramer added, “but I don’t think that will do much damage here.”

      Cramer’s comments came after a steep sell-off in the U.S. equity market, with the Dow Jones Industrial Average dropping 614 points, or 1.8%, on Monday. The S&P 500 and tech-heavy Nasdaq sank 1.7% and 2.2%, respectively.

      https://www.cnbc.com/2021/09/20/jim-cramer-says-us-economy-unlikely-to-face-major-damage-from-evergrande.html

    2. CNBC’s Jim Cramer screams that “Bear Stearns is fine!” and “NO! NO! NO!” … “Bear Stearns is not in trouble” … “Don’t move your money from Bear! That’s just silly! Don’t be silly!” to investors while Bear Stearns was still trading at over $60 a ahare, down from a high of $171 just over a year earlier. This just 5 days before Bear Stearns sold to JP Morgan for $2 a share, in a Fed brokered bailout.

      https://m.youtube.com/watch?v=gUkbdjetlY8

  29. Burning question: Will the CCP steadfastly refuse bailouts, to teach greedy speculators a lesson, or blink to the bailout pressure in order to avoid widespread economic fallout from the Evergrande implosion?

    3. Evergrande contagion infects global markets
      William McInnes Reporter
      Sep 21, 2021 – 11.31am

      The imminent default of Chinese property giant Evergrande Group has spread through global markets from Hong Kong to Wall Street, tipping Australia’s benchmark index to a three-and-a-half month low on Tuesday.

      Evergrande is at risk of failing to make a repayment due to bondholders on Thursday, and has been unable to pay its suppliers, sparking investor unease.

      While the fallout has been felt the most in regional Asia markets, global equities and commodities have been ensnared in the selling.

      “Clearly global markets, being at 52-week highs, were pricing in almost no risk,” said Bell Asset Management chief investment officer Ned Bell. “We now have the risk, and it’s been lumped on our doorstep.”
      …

Comments are closed.