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Imaginary Wealth That Exists Only On Paper

A report from the Honolulu Star advertiser in Hawaii. “A Hong Kong-based company with plans to develop an Atlantis-themed resort along with two other big hotel and residential projects in West Oahu has been trying to sell all three properties to address financial difficulties. The effort by China Oceanwide Holdings Ltd. raises uncertainty over whether the three projects, which involve three hotels and potentially 3, 000 residences on 550 acres of land at Ko Olina and the neighboring West Kapolei area, will be built as envisioned, and if so then when and by whom.”

“The Hawaii real estate sale efforts stem from a need to raise cash so Oceanwide can addresses issues with debt and resume construction on a more than $1 billion stalled high-rise project in Los Angeles. Mike Hamasu, director of research for local commercial real estate firm Colliers International, said it generally isn’t a good time to sell resort property in Hawaii given the corona ­virus ­-triggered downturn in tourism and an uncertain full recovery for the industry that some economists project will take a few years.”

“Yet Hamasu also said there are many well-capitalized investment firms looking for discounted property, especially distressed real estate available at fire-sale prices.”

From Inside Nova. “Home sales across Virginia remained solid if not spectacular in August, but the market seems to be returning to more seasonal ebbs. Lisa Sturtevant, chief economist for Virginia Realtors added, it ‘could also reflect a broader cooldown in some local areas,’ pointing to regions like the Northern Neck and parts of Southwest Virginia that had the sharpest July-to-August decline. ‘Several local markets in Central Virginia and Northern Virginia experienced a decline in median prices, including Arlington County, which had its sharpest price decline [7.8 percent] in more than three years.'”

The Orange County Register in California. “Los Angeles County’s homebuying cooled as prices and sales dipped slightly in August from July. It was the same across Southern California as prices dipped in August from July – first decline since January. Sales slowed, too. The number of Southern California homes for sale has been ticking upward steadily since February, rising 18% through August, Zillow figures show.”

The Los Angeles Times in California. “The pandemic economy pushed Southern California’s competitive housing market into such overdrive that a defining marker of wealth — the million-dollar home — has become the norm in a growing number of places. Homes worth $1 million or more now dominate communities from Altadena at the foot of the San Gabriel Mountains to West Adams in South L.A. ‘I don’t even have two bathrooms,’ said Alan Torres, a 35-year-old software engineer, who along with his wife recently paid $1.04 million for a two-bedroom, one-bathroom house in Echo Park.”

“Lenders will readily approve loans for a $1-million house for households with annual incomes of $150,000 or more, with solid credit, a 20% down payment and minimal other debts, said Jeff Lazerson, a mortgage broker in Laguna Niguel. Already, there are some signs the market is cooling as burned-out home shoppers call it quits. Ed Pinto, director of the American Enterprise Institute’s Housing Center, said mass defaults like those seen when the mid-2000s bubble popped aren’t a fear this time around, given far tighter lending standards.”

“‘We are not talking about a risk of mass foreclosures. We are talking about a risk of somebody buying a house at $800,000 or $900,000 and the price goes down 10% to 15%,’ he said. ‘As long as they don’t have to sell, it’s a paper loss.'”

The Philadelphia Inquirer in Pennsylvania. “Greg Wertman wasn’t surprised last week when a Philadelphia landlord shared a realization he’d had about his business. As president of HAPCO Philadelphia, the city’s largest landlord association, Wertman has heard it frequently over the last two years: ‘I need to get out.’ One in five landlords listed a property for sale in Philadelphia during the pandemic, according to a survey.”

“Researchers surveyed more than 2,500 rental property owners in Philadelphia and nine other U.S. cities: Trenton; Akron, Ohio; Albany and Rochester, N.Y.; Indianapolis; Los Angeles; Minneapolis; Racine, Wis.; and San Jose, Calif. Across the 10 cities, property sale listings were up for all landlords.”

The Steamboat Pilot in Colorado. “Steamboat Springs Planning Commission held the first of several discussions focused on where short-term rentals could potentially be restricted. Kari Riegner bought her home on Hilltop Parkway because she loves Steamboat and hopes to move to the city full time someday. But Riegner, who lives in Golden, knew she would only be able to afford her second home in Steamboat by renting it short term. ‘We wanted to be able to enjoy the community, but we don’t have a lot of money,’ Riegner said. ‘We can’t just purchase a property and just have it sit there.'”

“AJ Summers, a Steamboat resident who said he lives near multiple short-term rentals and feels they have had a negative impact on the neighborhood as a whole, said paying off a second house should not fall on the shoulders of the neighbors surrounding the house. ‘I do feel sorry for people that bought houses thinking they could rent them out and pay for them that way, but we shouldn’t have to subsidize people’s second homes at the cost of our neighborhoods,’ Summers said. ‘You can’t run a hotel in a neighborhood.'”

From Bisnow. “Executives for a Chinese company that made U.S. commercial real estate transactions worth billions of dollars have been detained in China on unspecified charges. HNA Group Chairman Chen Feng and CEO Adam Tan have been detained by police in Hainan Province, China, where the company is based. They were detained ‘in accordance with the law for suspected crimes,’ the company said. The Hainan provincial government has found that billions of dollars were misappropriated as funds were moved among more than 2,000 HNA subsidiaries, affiliates and shell companies.”

“Despite selling assets, the company was still saddled with enormous debt when the coronavirus pandemic came, hitting its airline business especially hard. Following petitions from creditors, HNA and many of its subsidiaries were put under a court-led reorganization early in 2021. The arrests come at a particularly tumultuous time for China-based real estate investors.”

Two reports from the Globe and Mail. “The crisis at China Evergrande Group, one of that country’s biggest property developers, points to a problem much bigger than unsold apartments in second-tier Chinese cities. Stagnation in China would be bad news for businesses everywhere. In the years leading up to the pandemic, the Asian giant accounted for roughly a third of global growth, according to the World Economic Forum. A slowdown would not surprise skeptics such as Michael Pettis, a professor of finance at Peking University in Beijing, who has argued for years that China’s growth numbers are less impressive than they appear.”

“Prof. Pettis warned in an essay last month that as much as half the country’s reported growth in GDP over the past decade is imaginary wealth that exists only on paper. It is ‘the bezzle,’ to use the wonderful term invented by the late Canadian-born economist John Kenneth Galbraith. According to Prof. Pettis, much of this bezzle is associated with local governments’ desire to build big-ticket infrastructure projects that deliver little economic payoff.”

“‘The way this works is straightforward,’ he said. ‘Some entity, usually associated with the government and therefore lacking hard budget constraints, spends, say, $150 to build a bridge or a railroad that ultimately generates only $50 in additional economic benefits.'”

“So long as the builder of the project can carry the project on its financial statements at its original cost, the economy looks to be growing nicely. But because the project can’t justify its cost in reality, the growth is actually an illusion.”

“‘Authorities from small, lower-tiered cities would be intoxicated by [Mr.] Hui and his very visible political correctness and connections – welcoming his development projects and proposals with open arms,’ market analyst Shuli Ren wrote this week. ‘Warnings fell on deaf ears – and the developer-turned-conglomerate went on living out its nine lives.'”

“Some of this public perception played directly into Evergrande’s success, particularly when it came to selling consumer investment products and signing up people for new property developments. In multiple reports this week, retail investors spoke of believing the company simply could not default, owing to its political connections and reputation. This encouraged people to purchase products promising outlandish returns, with the assumption the investments were a safe bet.”

“Christina Xie, who works in export in bustling Shenzhen, told Reuters she had pumped her life savings into Evergrande investment products. ‘I was planning to use it for me and my partner’s old age. I worked day and night saving, now it’s game over,’ said Ms. Xie. ‘Evergrande is one of China’s biggest real estate companies … my consultant told me the product was guaranteed.'”

From The Guardian. “In May 2020, Chen (not his real name) decided to invest 300,000 yuan (£34,000) in property in the north-eastern Chinese city of Shenyang. ‘I thought the price was not too expensive and I had some extra money so I invested it,’ he said. ‘I thought it was going to be all right because Evergrande is such a big name and enterprise.'”

“Chen was following in the footsteps of countless fellow Chinese, getting in on a booming property market that had turned big cities such as Beijing, Shenzhen and Shanghai into some of the world’s most expensive, amid the huge transfer of the population from rural to urban areas. The value of home sales has fallen by 20% year on year in the wake of tougher regulation.”

“Some borrowed from friends and family, assuming their all-but-mandatory loan was safe. They are now among the hundreds picketing the company’s offices nationwide. Videos spread online, with crowds inside the lobby of Evergrande’s Shenzhen headquarters shouting for the return of money they earned with their own ‘blood and sweat.’ ‘Your conscience has been eaten by dogs,’ said one highly distressed woman. ‘We sold everything we had, both of our flats, so that we could buy property with Evergrande, because you were one of the world’s top 500 companies – I have nothing left,’ she told the camera.”

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This Post Has 75 Comments

  1. ‘she would only be able to afford her second home in Steamboat by renting it short term. ‘We wanted to be able to enjoy the community, but we don’t have a lot of money’

    That’s some sound lending right there.

    1. ‘Lenders will readily approve loans for a $1-million house for households with annual incomes of $150,000 or more, with solid credit, a 20% down payment and minimal other debts’

      More rock solid lending! Sure it’s subprime, but we’ll just call it something else and Voila!

      ‘We are not talking about a risk of mass foreclosures. We are talking about a risk of somebody buying a house at $800,000 or $900,000 and the price goes down 10% to 15%,’ he said. ‘As long as they don’t have to sell, it’s a paper loss’

      When FBs are underwater, they bail. It happens over and over.

      1. Technically, a walkway is not a foreclosure.

        ‘We are not talking about a risk of mass foreclosures.’

  3. ‘The way this works is straightforward,’ he said. ‘Some entity, usually associated with the government and therefore lacking hard budget constraints, spends, say, $150 to build a bridge or a railroad that ultimately generates only $50 in additional economic benefits’

    So how many years have I been chronicling this insanity? Remember the wind farm that didn’t have a hook up on the end? The dozens upon dozens of spanking new 4 star hotels being built when the existing ones were empty? It went on and on. Now observe the globalist scum media writing with their jaws open. How can this be? This “business model” of turning 3 dollars into one has fallen apart?

    Sacré bleu globalist dogs, yer fooked and we’re coming with ropes!

    1. Ben: when you finally get your Pulitzer invite the wacky bloggers to the acceptance dinner.
      I still have my barely used tuxedo t-shirt.
      and I promise to tuck it in.

    2. The Financial Times
      Opinion Chinese economy
      Evergrande’s troubles show China is just as susceptible to capitalism’s ill effects
      The question is whether Xi Jinping will intervene to bail out indebted companies or let defaults spike
      Ruchir Sharma
      Evergrande, the world’s most indebted real estate developer, is on the verge of default
      Ruchir Sharma 4 hours ago

      The writer, Morgan Stanley Investment Management’s chief global strategist, is author of ‘The Ten Rules of Successful Nations’

      For much of this year commentators have been warning that falling yields suggest the bond market is increasingly irrational, out of touch with a rapid global recovery and misled by heavy central bank buying or the ebbs and flows of the pandemic. Now, events in China suggest the bond markets are far from clueless or crazy.
      …
      We are caught in a debt trap.

      China is stuck in the deep end of this quagmire. In the run-up to the global financial crisis of 2008, debt levels rose dramatically in the United States and many European countries. Since then, China has led the debt binge: private debt held by households and corporations has risen by nearly 100 percentage points to 260 per cent of gross domestic product in China, accounting for nearly two-thirds of the global increase.

      By early 2016 China was on the financial brink. Default rates were rising rapidly. Capital was rushing out of the country. To stave off another global financial crisis, the US Federal Reserve had to abandon plans to tighten monetary policy, and Chinese authorities had to inject massive amounts of money into the financial system.

      Over the next five years, China slowed much less rapidly than one would expect given the debt levels, thanks to the meteoric rise of its tech sector. The new economy, led by digital technology companies in the private sector, was virtually debt-free and grew explosively. The tech sector now accounts for a staggering 40 per cent of the Chinese economy, up from 20 per cent in 2016.

      In the background, however, the debt bomb was still ticking. After 2016, private debts rose another 20-plus percentage points as a share of GDP, with households taking on mortgages at a record pace. Much of it went to further inflating the property bubble. About 40 per cent of the Chinese banking system’s assets are now tied to the property sector.

      Evergrande’s outstanding debts of more than $300bn represent just 0.6 per cent of total credit in China, but the worry in situations like this is always about the contagion effect of any high-profile default. Before 2008, the US subprime mortgage market peaked at only $600bn before it went bust and threatened to take down the global financial system.

      Most financial analysts argue that China can’t afford to let Evergrande go completely bust and risk another debt crunch. But this time politics is in direct conflict with economics.

      Chinese president Xi Jinping is trying to revive a form of socialism reminiscent of the era of Mao Zedong. His government has started cracking down on the excesses of capitalism, including the wealth and power of tech tycoons, and the rampant speculation and rising debts of the property sector.

      The problem: what happens in China no longer stays in China, which is the main engine of global growth. In many ways, China follows the same deformed model of capitalism as most western countries, only more so, taking on ever increasing levels of debt to generate less and less growth.

      The result is growing financial fragility. Like its more advanced rivals from the US to Japan, China has created a financial system that is in constant need of government support and stimulus. Policymakers keep economic growth going at any cost, and repeatedly back down from tightening policy at the slightest hint of economic or financial trouble. Whenever a company of any consequence gets into difficulty, authorities have stepped in with a bailout. That’s especially true in China, where in recent years default rates have run far below the very low global averages.
      …

      1. “The problem: what happens in China no longer stays in China, which is the main engine of global growth.”

        Is another lesson in Chinese contagion underway?

  4. ‘distressed real estate available at fire-sale prices’

    Get yer Hawaiian airboxes while they’re red hot!

  6. A reader sent this in:

    The Hollywood Reporter Honors L.A.’s Top Real Estate Agents at Inaugural Power Broker Awards

    https://www.dirt.com/gallery/moguls/real-estate/hollywood-reporter-power-broker-awards-1203426584/

    Two comments:

    ‘This is the dumbest thing I have heard of. Only in LA do we have a ceremony to honor real estate agents. No offense to real estate agents, but there are about a million other professions that are more deserving of our admiration/honor, e.g. school teachers, medical providers, first responders, etc.’

    ‘I am an real estate broker, in commercial real estate, though, and I agree with you completely. Home selling attracts the dregs of the industry and requires very little talent of any kind other than the desire to not have to actually learn how to anything productive and a huge ego.’

  7. Here’s something I came across:

    ‘Meghan Markle has been caught in yet another sliver of controversy after wearing an outfit worth more than a house deposit while speaking to underprivileged kids at a school in New York City. Harlem’s PS 123 Mahalia Jackson school was granted a visit by the Duchess of Sussex and her husband, Prince Harry, alongside New York City Schools Chancellor Meisha Porter on Friday, presumably to pump some royal optimism into the inner-city establishment, where 94 per cent of students are eligible for free meals.’

    ‘The public school of 461 students also provides shelter for disadvantaged families struggling with housing. The Duchess of Sussex’s choice of attire, a $8041 Loro Piana cashmere coat and matching $2,313 pants, have become a hot topic among those who care to trace the value of celebrities’ clothing online.’

    ‘Adding apparent insult to injury, the Duchess was also wearing $387,000 worth of jewellery (and $665 Manolo Blahnik suede shoes to boot), according to The Daily Mail, which implored the 40-year-old to: “Read the room!”

    https://www.news.com.au/entertainment/celebrity-life/royals/meghan-markles-expensive-outfit-during-disadvantaged-school-visit-lashed/news-story/a8221f762d41dd512877a6e9ba1bac75

    Note all the kids are wearing short sleeves while this steaming pile has on a thick coat. What a symbol this is of globalist scum “reporting.” Are we supposed to be impressed by the mouth hankey virtue signalling of these grifters?

    1. All charged to her archwell foundation, which is now merging with Clinton Foundation. The globalists met with Chelsea Clinton while there.
      In NYC a video (now viral) shows these two with mayor etc w/ about 8 other maskless people walking around inside (somewhere) chatting it up. Suddenly, they were audibly cued (by unknown cameraman) to put on their masks. So all pulled out a mask from their pockets and put it on for the still photo of the event. Cameras clicked but just ‘Arry didn’t seem to squirm in his alleged PTSD.

    2. Are we supposed to be impressed by the mouth hankey virtue signalling of these grifters?

      Time to spill blood. LOTS.

  8. ‘White House press secretary Jen Psaki appeared to call for censorship of social media Friday while discussing a recent report that highlighted the negative effects Instagram and Facebook can have on young teens.’

    ‘Psaki then shifted attention to misinformation, accusing Big Tech of having data on how harmful or misleading posts are traveling on the internet but not sharing it or acting upon it. “We know what people are getting misinformation on the internet that is preventing them or prompting them not to get a vaccine,” she said.’

    https://nypost.com/2021/09/24/psaki-calls-for-censorship-of-instagram-facebook/

    You see how we have slipped into this Orwellian nightmare? Mental midgets like this think they can tell us what to talk about? Take yer death injection and jab it up yer a$$ Jen.

    FJB weekend again.

    1. We are the leaderless resistance.

      There are over eighty million of us, and we will *NEVER* recognize Joe Biden as the legitimately elected president of the United States.

      The penalty for a trial and conviction of treason is death, and for all the globalists who stole the 2020 election, the Day Of The Rope is coming soon 🙂

    2. You see how we have slipped into this Orwellian nightmare?

      Meanwhile, people willingly install devices that can spy on them. In 1984, the two way telescreens were mandatory, but people now willingly install gadgets like Alexa in their homes.

      1. My favorite two-way device is “The Mirror,” an actual mirror you lean against the wall. You work out in front of the mirror while some distant personal trainer observes and encourages you.
        There is a scene in 1984 which does precisely this! The instructor for morning calisthenics sees Winston through the screen and berates him for not being able to touch his toes. Orwell should have filed for a patent.

    4. Take yer death injection and jab it up yer a$$ Jen.

      Absolutely. And take mine up yer asz, too, Jen. Oh, and you’re buddugly to boot, b!tch.

  9. “The pandemic economy pushed Southern California’s competitive housing market into such overdrive that a defining marker of wealth — the million-dollar home — has become the norm in a growing number of places.

    Fake “wealth” created by fake Yellen bux. When the Keynesian fraudsters at the Fed can no longer defer the financial reckoning day with their deranged money printing, the wipeout of such fictitious asset bubble valuations is going to be epic.

  10. “Yet Hamasu also said there are many well-capitalized investment firms looking for discounted property, especially distressed real estate available at fire-sale prices.”

    There are plenty of Powell bux seeking a toe tag home…

  12. How are Chinese FBs and developers who levered up on debt to speculate on insanely overvalued skyboxes and CRE going to cope with soaring power costs?

    China’s Power Crunch Is Next Economic Shock Beyond Evergrande

    https://www.bloomberg.com/news/articles/2021-09-25/china-s-power-crunch-is-next-economic-shock-beyond-evergrande?sref=ibr3A0ff

    China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system.

    The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as strict targets from Beijing to cut emissions. It’s coming first to the country’s mammoth manufacturing industries: from aluminum smelters to textiles producers and soybean processing plants, factories are being ordered to curb activity or — in some instances — shut altogether.

        1. I remember the dealer lots were bursting with inventory, and with huge discounts (30%+) off MSRP. Now? Even undesirable models are going for MSRP, and desirable models are over MSRP.

      2. Did you try buying one last year? We tried to buy several and the problems were endless with no firm delivery dates and shut down plants.
        One dealership where we left a small deposit went into bank receivership. It was already massively problematic last year abd any time shortly after It started.

        1. Did you try buying one last year?

          I know someone who did. They got a new SUV, discounted from 38k to 28K. They drove it home that day. There was plenty to choose from. Note: they purchased in early June, when everyone was hiding under their bed. Later that year was probably different.

          Also, a relative bought a Rav4 in July. Said that it was easy, and there still was plenty to choose from and they got it for a couple grand below MSRP.

      3. No, the time to buy a car will be next year. There is going to be a glut like you’ve never seen, and pricing to reflect it.

  14. Ms. Tan doesn’t “own” anything. She’s in debt up to her eyeballs for three mortgages. Big difference.

    How Sydney woman owns three homes in two states by age 27

    https://www.news.com.au/finance/real-estate/buying/how-sydney-woman-owns-three-homes-in-two-states-by-age-27/news-story/83f5064c3afed28223246986817898f9

    A woman from western Sydney has a three-property portfolio spanning across two different states despite only being 27 years old.

    Mariel Tan first entered the property market when she was 19 and has gone on to purchase two more houses.

      1. Ms. Tan isn’t really hot enough to fall back on monetizing her, um, assets, when Australia’s housing bubble implodes.

    2. Once upon a time you dressed so fine
      Threw the bums a dime in your prime, didn’t you?
      People call say ‘beware doll, you’re bound to fall’
      You thought they were all kidding you
      You used to laugh about
      Everybody that was hanging out
      Now you don’t talk so loud
      Now you don’t seem so proud
      About having to be scrounging your next meal
      How does it feel, how does it feel?
      To be without a home
      Like a complete unknown, like a rolling stone

  15. But…but…insurrection narrative!

    Proud Boy FBI informant texting his handler during January 6 riot said storming Capitol was not pre-planned – complicating efforts to prove conspiracy charges against the far-right group

    https://www.dailymail.co.uk/news/article-10029209/Information-FBI-informant-January-6-attack-likely-complicate-efforts-prove-conspiracy.html

    An FBI informant said to have been among those rioting at the January 6 riot at the US Capitol, passed on real-time updates to his handler as the mob stormed the building.

    The informant, who is said to be a member of the far-right Proud Boys militia, was part of thousands taking part in the deadly riot and who continued to text an FBI agent throughout the course of the day.

    1. Remember, every “group” is infiltrated by Feds and anyone talking about “groups” or extra-judicial violence is a Fed.

      Arrest –> trial –> conviction –> execution, in that specific order.

      P.S. the Southern Poverty Law Center was, in fact, never elected to govern anything.

  16. And just like that…affordable housing disappeared.

    Government wonders why?

    “Wertman has heard it frequently over the last two years: ‘I need to get out.’ One in five landlords listed a property for sale in Philadelphia during the pandemic, according to a survey.”

  17. Patrick Byrne and Jovan Pulitzer React to the Maricopa County Forensic Audit Hearing

    https://forbiddenknowledgetv.net/patrick-byrne-and-jovan-pulitzer-react-to-the-maricopa-county-forensic-audit-hearing/

    47 minutes. Lot’s on the coverup. Some transcripts from another site:

    “We have proven how corrupt the Arizona election was and in the process, we have proven how everyone that vouched for them, from the Mainstream Media, to CISA, to the DOJ to the Senate, to everyone else you can think of, who vouched for it are all incorrect. They were all flat wrong.”

    “And now that they’re flat wrong, we now have no reason to believe ’em about any of these other states… “I’ll just summarize – there’s 57,000 fake votes, I mean votes, for which there is no legal way they can be there…57,000 of one kind and 255,000 of another! So, 300-odd thousand fake votes or votes that shouldn’t have been counted and for which there is no legal provenance – and Biden won by 10,500 [votes]…”

    “The canvas came up with at least 300,000 ghost- or suppressed votes in Maricopa. Maybe 400,000. And if you listened to today, and you add up these different numbers, and it’s 255k of this and it’s 57k of that and it’s 17k of the other thing, 10k of this, it all sorta adds up into the 300-400k range, coming out of the forensic.”

    “So, we have ’em. It’s 300-400 thousand out of 2.1 million votes. So, 15%-20% of the votes are compromised.”

    “I’ve been tame and measured for months, since you’ve known me, Tore. But now, I’m saying, ‘There have to be indictments. Based on what we heard today, if they let this slide, if the Attorney General of Arizona – who wants to be a senator next year – lets this slide, there is no law, it’s the end of the United States. It’s done. There’s no reason for anywhere in the United States, for any election officials to comply with the law, if they can turn a blind eye to this…”

    “What hasn’t come out yet – but will come out in the Jovan information and all of that stuff – and that’s all getting made public – is the skew is the voter-suppression side of the business…They suppress 10% of the vote and stuff 5% and that’s how they get the 15% swing.”

    “The 5% stuffing turns out to disproportionately go against or are in precincts where there’s Latinos and Native Americans and there’s a subtle reason why they do that, that will be coming out and explained in the Jovan stuff…

    “If we can’t fix [election integrity], it’s done. No matter what else you care about. It’s all over. Your kid’s growing up in an authoritarian society – it’s only going to take a few years. I mean, look at what they’ve done in the last 18 months.

    “It’s going to take a few years, we turned into the USSA and it’s the end of America as you know it. So, there’s nothing else to worry about in politics. I don’t care about if you care about abortion, I don’t care if you care about gun rights, religious freedom, none of it matters. What you care about doesn’t matter until or unless we get election integrity…”

    “So they want to change America, they rigged an election, stole the seat, rigged the Supreme Court so they would sprinkle a bunch of Holy Water on a bunch of Unconstitutional changes, changed the electorate by legalizing 25 million new voters and changed the voting rules, Federalizing it, even though the Constitution is clear as a bell on who gets to run elections…”

    “We have to let the politicians in Arizona know that, ‘Enough is enough.’ “This is the hill to die on. I mean that metaphorically, in the sense that…if this slides – we have an open-and-shut, crystal-clear, massive mafia hijacking of a state election. If this can slide with just a little slap on the wrist and a little bureaucratic this-that-and-the-other thing, it’s the end of the game…”

    “What’s indisputable, at this point is they wiped-out a million files – every one of those is a crime, every one is a charge. “And they did this the day before they turned the records over. The day before they turned everything over to the audit, they went through it and they deleted the entire database..every single file was illegal for them to delete and they did it all the day before they turned this stuff over, under the subpoena.”

    “So, if nothing else, there’s a huge obstruction-of-justice, cover-up kind of charge. Now, in addition, the law lets you presume that when somebody does stuff like that, there might be some reason for it…“You know what a shibboleth is? It’s an old Hebrew word…It means a word that used to distinguish friend from foe…The shibboleth for us is “election integrity”…We’ve got to fight for election integrity like our lives, as a nation depend on it.”

    Lot’s of good stuff. They are caught even though they deleted over a million files.

    2. With the globalists and their Democrat-Bolshevik Quislings turning America into the overflow tank for every Third World cesspool, the DNC won’t need to resort to massive electoral fraud to swing future elections.

      Mayorkas FINALLY admits 12,000 illegal Haitians out of 17,000 have been released into the US, and number could go ‘even higher’: He DOWNPLAYS border crisis by saying ‘I wouldn’t call it a flood’

      https://www.dailymail.co.uk/news/article-10030279/Mayorkas-admits-12K-illegal-Haitians-17K-released-higher.html

      1. While we stamp our feet, the Communist usurpers are doing almost whatever they want. The only thing holding back the 3.5T heist they want to pull are a small number of Democrats in congress who understand the harm it will cause. I expect the holdbacks will be replaced next year by more compliant and obedient stooges.

    3. I’m streaming the Sunday network political shows on C-SPAN Radio right now and there are hosts and guests actually claiming that Joe Biden won the 2020 election.

      “The media is the enemy of the American people” — Donald J. Trump

    4. Not sure if we need snipers, grand juries or a full on military to get this righted, but the saturation of corruption in the inner core of America needs extermination.

  18. Your Apple phone, Adidas shoes and Sony TV may have been made in China by forced Uighur labor

    BY ALICE SUBEIJING BUREAU CHIEF
    MARCH 4, 2020 10:34 AM PT

    https://www.latimes.com/world-nation/story/20labor20-03-04/apple-phone-nike-shoes-sony-tv-china-uighur-forced-

    Bob Uighur & The Silver Labor Camp Band

    Yeah, I’m gonna tell my tale
    Come on, come on,
    Give a listen

    ‘Cause I was born a Uighur down by the riverside
    Learned to push a grinding wheel, and eat mice
    And I was just thirteen when they took me from my home
    Took me to a Labor Camp, to make your phone

    Ain’t good looking, but you know I ain’t shy
    Ain’t afraid to look a guard, hey, in the eye
    So you need an iPhone, and you need it right away
    I can’t take no time off, I get no pay

    Because I got to Labor (Laborin’ man)
    I’m a Forced Labor (Laborin’ man)
    Got to got to Labor (Laborin’ man)
    I was born a Uighur Laborin’ man

    Yeah yeah yeah yeah
    Bring it on, come down
    Yeah alright, here we go now now now

    Never had no money, ain’t gonna need none
    Red Army guard would shoot me, if I tried to run
    Gotta keep moving, never gonna slow down
    You can have your funky world, see you ’round

    Because I got to Labor (Laborin’ man)
    I’m a Forced Labor (Laborin’ man)
    Got to got to Labor (Laborin’ man)
    I was born a Uighur Laborin’ man

    https://youtu.be/-gCak2sDgSY

    1. Study Links Nike, Adidas And Apple To Forced Uighur Labor

      Simina Mistreanu
      Mar 2, 2020

      The report estimates that more than 80,000 Uighurs were transferred to work in factories across China between 2017 and 2019. The period coincides with China’s campaign of mass internment of ethnic minorities in Xinjiang, which the government says is needed to root out terrorism and separatism. Some Uighurs have allegedly been placed in these factories straight from the internment camps in Xinjiang, where experts estimate more than 1.5 million members of ethnic minorities are being held.

      https://www.forbes.com/sites/siminamistreanu/2020/03/02/study-links-nike-adidas-and-apple-to-forced-uighur-labor/

  20. Up next: The Japonification of California housing

    We’re getting near the end game of the Great Housing Bubble.

    1. $25K grants target low-income homeowners for granny flat construction
      California lawmakers want to boost housing supply with accessory dwelling unit development
      Los Angeles
      Sep. 24, 2021 09:19 AM

      California plans to pay low-income homeowners $25,000 toward the construction of granny flats in an effort to boost housing supply statewide.

      The grants will go to homeowners earning 80 percent or less of area median income, according to the Los Angeles Daily News.

      Granny flats — or accessory dwelling units — are typically one-or two-bedroom homes residences built on an existing residential property.

      The grant recipient must live in the primary unit on the property, but otherwise there are no restrictions; the owner is also free to sell the property immediately.
      …

  22. ‘Your conscience has been eaten by dogs,’ said one highly distressed woman”

    well, THAT’S a new insult.
    I think Polonius would give a thumbs-up.

    1. Oh, hell yes!!!

      Globalist filth, look at this video and understand that there are a lot more of the leaderless resistance out there than there are of you.

      Nobody voted for this @sshole, he wasn’t elected president of anything…

    2. Going to NYC in three weeks, last time there was a rushed three days in 2008 (not fun, funeral.) Should be interesting.

  24. she had pumped her life savings into Evergrande

    In the West, we have this concept called “diversification.” Why hasn’t China stolen this yet, as they do everything else that is Western?

  25. Where is my recall ballot?!?! I hand-delivered it and personally dropped it in a “secure” yellow bag on election day.

    1. What recourse do you have? Go to the “real journalists”? Is there a hotline you can call, where they take your info and throw it in the trash as soon as you hang up?

  26. “We are talking about a risk of somebody buying a house at $800,000 or $900,000 and the price goes down 10% to 15%,’ he said. ‘As long as they don’t have to sell, it’s a paper loss.’”

    “Honey, I got laid off today!”

  28. I’ve (unfortunately) spent time in West Adams and Echo Park. If those are million dollar neighborhoods, then those areas are going to experience 50% haircuts.

      1. Those areas are rough. I left a friend’s house in Echo Park around 10pm and passed by a throng of gang bangers just hanging out on the street. west Adams is even worse, but I would never be there at night.

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