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Everyone Wants In On This Rocket To The Moon, Which Is Why The Clampdown Is Coming

A report from the News Press in Florida. “The Bonita Springs and Estero markets are still seeing price reductions each month, and area appraisers also report that current pricing is correlating with current appraisals for those properties accurately priced. For sellers, accurately pricing your home to market value is still a critical element in receiving qualified offers right now. ‘Buyers who are currently in the market are very savvy and know the difference between an overpriced home versus a property that is priced to market value,’ stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs.”

From KOLO in Nevada. “Agent Ginger Marphis says for the first time this year one of her listings is not under contract two weeks after it was first published. She listed the single-family two story home at 3151 Myles Drive in Sparks September 16 for $435,000. The listing attracted two agent views and six client views in the first 20 minutes and 15 days later it attracted 126 agent views, 81 client views, 21 showings, but remains without a committed buyer offering a contract to buy. ‘We’re seeing a slowdown. We’re seeing more price reductions,’ Marphis said.”

From WCNC in North Carolina. “Fresh off a blazing-hot housing market this summer, and just before the market slows down for the holidays, realtors say October might prove to be an opportune time for buyers who’ve stayed on the sidelines. ‘Go for it. Don’t be afraid to negotiate,’ David Kennedy, president of Canopy Realtor Association, said.”

From Coeur d’ Alene Press in Idaho. “On the local front, agents reported to The Press some decrease in bidding wars for individual properties, though most market value-priced homes continue to move quickly. Also, some of those way, way overpriced homes on the market (there are always more than a few) have slashed prices in order to lure buyers. In other words, a slightly less insane real estate market means you can find your ‘sweet spot’ property. No need to settle, especially when you’re still spending your life savings/borrowing a chestful of money.”

The Philadelphia Business Journal in Pennsylvania. “Greater Philadelphia’s residential market may be shifting once again. Now it faces more changes as desperation wanes, heightened demand tempers and new inventory is added. ‘It seems that the frenetic nature of the market, where anything goes — it was borderline desperation on the buyer’s side — that really has kind of subsided generally,’ said Lynne Kelleher, a Realtor with Berkshire Hathaway HomeServices Fox & Roach. It’s all thanks to increased inventory and buyer fatigue. Part of the reason behind that decline was the increase in Bucks County’s inventory during the summer. There were 2,231 new listings added to the market in August.”

“Buyers also became fed up with ‘greedy sellers,’ Kelleher said. ‘Unfortunately, a lot of times sellers are the last to realize that the market has started to shift. So they still think that you can come on at another 5% higher than the last sale. And that’s not necessarily the case anymore.'”

The Calgary Sun in Canada. “New homes starts over the last year have reached levels of activity not seen since the 1970s, a new report shows. RBC Economics released a report in late September finding the number of homes under construction in Canada is at an ‘all-time high.’ It points to starts surging since last summer and reaching more than 260,000 this summer, the highest figure since 1977. The total is also 26 per cent higher — about 54,000 more unit”s — than the annual average over the five years prior. All told, nearly 320,000 units are under construction in Canada — the highest figure ever.”

From News Scotland. “Residents of a new development in Glasgow’s trendy Finnieston – who paid around £320,000 for their properties – were shocked when they found out 41 flats could be let out to holidaymakers by the apartment-hotel firm Sonder. Homeowner Kirsty Colquhoun said: ‘My initial reaction was to be upset and surprised that this was able to happen but now I’m just gobsmacked. Truthfully, I probably wouldn’t have bought my flat here if I knew that there would be short-term letting visitors. We are tied up with mortgages now, so it would cost us to get out of them.'”

From News.com.au. “See that on the horizon? That’s a housing clampdown. And it’s coming this way. Prices are going berserk. Everyone wants in on this rocket to the moon we call Australian property. Debt-to-income ratios are rising. Which is why the clampdown is coming. This is not sustainable. If prices keep growing like this the chance of a downturn gets higher, and the implications of a downturn get worse. Heavily indebted people stop spending if the economy starts to slow down, and that’s something the Australian economy cannot afford.”

From Yahoo on China. “In one of the videos, a female investor can be seen brandishing a knife and threatening to kill herself in front of the Evergrande Wealth staff and other people inside a meeting room. ‘I don’t want the interest on my investment, I just want my money back. So here’s what I have to say to you. If Evergrande Wealth doesn’t give me my money today, I’ll kill myself right here,’ she told the staff. ‘If this isn’t handled today, I’ll die right here, right in front of you. My retirement savings are all in that investment. I have nothing left to live for.'”

“Another clip showed a group of people trying to block a car outside the company’s building. A woman can be heard crying and demanding an explanation in the video. ‘I don’t have any choice but to do this, and I won’t listen to you,’ she said. ‘All my money is gone.'”

The New York Times. “It has long been a central tenet of mainstream economic theory that public fears of inflation tend to be self-fulfilling. Now though, a cheeky and even gleeful takedown of this idea has emerged from an unlikely source, a senior adviser at the Federal Reserve named Jeremy B. Rudd. His 27-page paper, published as part of the Fed’s Finance and Economics Discussion Series, has become what passes for a viral sensation among economists.”

“As Dr. Rudd writes in the first sentence of his paper, ‘Mainstream economics is replete with ideas that ‘everyone knows’ to be true, but that are actually arrant nonsense.’ One reason for this, he posits: ‘The economy is a complicated system that is inherently difficult to understand, so propositions like these’ – the arrant nonsense in question – ‘are all that saves us from intellectual nihilism.'”

“And from that starting point, a staff economist at the world’s most powerful central bank went on to say, in effect, that his own employer has been focused on the wrong things for the past few decades. If you are in charge of making economic policy that affects the lives of millions, you can’t simply shrug your shoulders and say, ‘We don’t know how the world works, so what are we supposed to do?’ You look at the evidence available, and make the best judgment you can. And then, if you think it turns out you were wrong about something, publish a sassy paper to try to get it right.”

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This Post Has 81 Comments

  1. ‘I don’t want the interest on my investment, I just want my money back’

    -denial.
    -anger.
    -bargaining. – female investor you are here
    -depression.
    -acceptance.

        1. That’s the nature of the CCP. Corrupt, intent on maintaining absolute control at all costs, and malign to its core. Just like their ideological wanna-bes in the Democratic Party.

  3. The police state creepiness is only going to get worse under the Biden regime.

    Homeland Security collected intel on US citizens during Portland protests: report

    https://nypost.com/2021/10/02/dhs-collected-intel-on-us-citizens-during-portland-protests-report/

    Poorly trained federal officers collected intelligence on Portland protesters and journalists during last year’s unrest, even though the demonstrators were not considered national security threats, a review by the U.S. Department of Homeland Security found.

    Dubbed “baseball cards,” the dossiers were a violation of protesters’ rights, The Oregonian reported.

    1. You mean the BLM terrorists? That war zone of shootings? So that’s all that happened? Collected information?

    2. If you want to have a job in the land down under you have until oct 15 to get the kielbasa. Otherwise you are going to starve. Lt general from military announced military will enforce the kielbasa for everyone by the end of the year. Science is so awesome. Without all this amazing science where would we be?

  4. ‘Go for it. Don’t be afraid to negotiate’

    That’s the spirit Dave!

    Now about this 6% thing…

  5. ‘Buyers who are currently in the market are very savvy and know the difference between an overpriced home versus a property that is priced to market value,’ stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs.”

    How does buying into a housing bubble at or near its peak make one a savvy buyer? That’s more the dictionary definition of “moron.”

  6. ‘We’re seeing a slowdown. We’re seeing more price reductions,’ Marphis said.”

    Gosh, Marphis, what happens if what we’re really seeing here are the leading indicators of a bursting housing bubble?

  7. <em? ‘Go for it. Don’t be afraid to negotiate,’ David Kennedy, president of Canopy Realtor Association, said.”

    Wut? Why would I “go for it” when I can just sit tight here on my lawn chair, celebratory adult beverage in hand, and watch the incipient bursting of Housing Bubble 2.0 wipes away trillions in fake Yellen Bux valuations from insanely overpriced shacks?

  8. Not coming to a road near you any time soon: Self-driving cars

    ‘The hype ramped up big time in the middle of the last decade. In 2015, Apple boss Tim Cook said at a Wall Street Journal conference that he wanted Apple customers to have “an iPhone experience in their cars” – presumably meaning he did not want those cars to run out of battery power fast, as his phones did.’

    ‘Google’s Larry Page said that robo-taxis “could be bigger than Google.” The biggest hypester of them all was – surprise! – Tesla’s Elon Musk who, in 2016, called self-driving cars “basically a solved problem.” He predicted “complete autonomy” by 2018. In 2019, with the problem apparently unsolved, he doubled down on his prediction, saying he was “very confident” Tesla would be making robo-taxis in 2020, suggesting the company would have a million fully autonomous vehicles on the road by then.’

    ‘The technology is not there yet. There have been a number of crashes, a few of them fatal, involving cars with varying degrees of autonomous driving capabilities. Creating data systems that can adapt to, and evaluate, every driving situation in a nanosecond is proving to be a formidable challenge. The movements of pedestrians and bikers are unpredictable. Snow and rain can distort data interpretation. In Vienna, experimental autonomous shuttle buses stopped when they detected flowers that had grown in asphalt cracks (the project was ditched in the summer).’

    ‘And the tech and auto companies behind the self-driving car projects could have fleets ready to go and still not be able to deploy them. That’s because governments have no idea how to set up the legal and road infrastructure to handle autonomous driving.’

    ‘If there is an accident, who is liable – the car maker, the software maker or the passenger who, distracted by the video he was watching, failed to override the computer and hit the brakes? How would an insurance company determine liability? Which level of government – local, regional or national – would write the legislation to allow self-driving cars to operate?’

    ‘They would have to devote fortunes and eons in time to make the roads, technology and legal systems workable and safe. For what? Imagine if all that time and energy and expense went into public transportation instead. Cars that drive themselves are still massively inefficient and space-consuming machines. They still have to be parked and they can still kill pedestrians. They are a solution in search of a problem.’

    https://www.theglobeandmail.com/business/commentary/article-not-coming-to-a-road-near-you-self-driving-cars/

    1. As a CPA, Ben, you might appreciate that Musk’s FSD lies are tied to revenue recognition of customer deposits.

    2. Tim Cook is the anthesis of Steve Jobs. Why Steve ever left that sniveling coward uninspiring boring creep in charge is a mystery.

      2. ‘Steve Jobs said it would be bigger than the PC. Some dubbed it the most hyped product since the Apple Macintosh. An era of secrecy bubbled up in the year 2000 about an invention that would change the world as people knew it. People speculated it was a hydrogen-powered hovercraft, or a device that would break the rules of gravity itself.’

        ‘Instead, it was a two-wheeled, self-balancing personal transport device called the Segway. Created over the course of a decade by Dean Kamen, a man already made impossibly rich by inventing a key technology behind medical IVs in his basement, it was released in December 2001 for $5,000 (the cost of a low-end motorcycle, despite the fact that a Segway’s top speed was 10 mph). At the time, Kamen said it would be “to the car what the car was to the horse and buggy.”

        ‘Now, less than 20 years after the first Segway’s release, Fast Company has learned that the Segway brand will retire the last Segway as we know it, the Segway PT.’

        https://www.fastcompany.com/90517971/exclusive-segway-the-most-hyped-invention-since-the-macintosh-to-end-production

        Wa happened to my “gig” economy? Taxis are high tech! China is going to take over the world!!

        1. Fast Company has learned that the Segway brand will retire the last Segway as we know it, the Segway PT

          It was a cool toy, but nothing more. Once the novelty wore off, it was over.

    3. We already have self-driving vehicles. Some of you may have heard of them already; they’re called ‘trains’ and they run on ‘railroads’.

  9. In other words, a slightly less insane real estate market means you can find your ‘sweet spot’ property.

    Yeah, but why would I settle for “slightly less insane” when I can be patient and wait for “blood in the streets”?

    1. I actually enjoy reading this writers stuff:

      ‘The furious local real estate market might be on the verge of relaxing by the fire with a smooth pumpkin spice latte. OK, so that’s a lame reference to autumn. Maybe we should have gone with the standard, “changing of the colors” metaphor instead.’

      I don’t know if this is the same writer who did the weekly “price-cut-apalooza” article. But as is often the case, the red hotcakes weren’t really so hot all along.

      1. I actually enjoy reading this writers stuff:

        I enjoy it only to the extent of the visual I get of kicking talent-free REIC scribblers in the jimmies for foisting such dreck on the reading public.

  10. ‘I don’t want the interest on my investment, I just want my money back. So here’s what I have to say to you. If Evergrande Wealth doesn’t give me my money today, I’ll kill myself right here,’ she told the staff.

    Drama queen.

  11. Also in the ‘everybody knew’ line:

    Wasn’t Texas supposed to turn blue?

    ‘More than 70 anti-LGBTQ measures have been proposed this year, Hale said, “but they keep bringing back this one.” Transgender activists have protested repeatedly, testifying during public comments where opponents called them perverts, their parents child abusers. “Some of our parents have left the state, they’ve moved, because it was just too much,” Hale said.’

    ‘Her parents, “dyed-in-the-wool Republicans” and Trump supporters in Houston, have been calling state lawmakers to drum up opposition to the transgender youth bill, afraid that otherwise she’ll move. The slew of right-wing legislation that already passed this year left her feeling hopeless. “If bills like those can pass, what hope do I have for my family?” Krajcer said.’

    “This California migration has taken on a real symbolic significance that outstrips its impact on a political level,” Henson said. “People who live here and around the country are calling and want to know what’s going on. Their expectation just a few short years ago was that Texas was headed in a blue or at least competitive direction, and it seems that was wrong.”

    https://www.latimes.com/politics/story/2021-10-03/texas-is-to-the-biden-administration-what-california-was-to-trump-so-whats-next

    Part of the problem in a lot of what’s going on is we’re expected to keep playing a game while they move the goal posts. Boy aren’t girls. Pedophilia is illegal. You can call people far right til the cows come home, but some of you mouth hankey wearing perverts can jump off a cliff.

    1. Transgender. Another NWO misnomer that is vague, hidden, and fails to properly identify the subject.
      The male wannabe females are perverts when they cross the line and use the powder room.

    2. “Part of the problem in a lot of what’s going on is we’re expected to keep playing a game while they move the goal posts. Boy aren’t girls. Pedophilia is illegal. You can call people far right til the cows come home, but some of you mouth hankey wearing perverts can jump off a cliff.“

      JFK would be considered far right extreme it’s terrorist today the left have pushed the center into perverted communism

      1. It’s a commie tactic to pretend to be morally superior while wallowing in perversion and being violent. I saw this many years ago in Austin. I’m a libertarian, so I don’t care what people do for the most part. But forcing men into the girls bathrooms isn’t “civil rights” for jeebus sake.

  12. This trend continues:

    https://www.msn.com/en-us/money/realestate/milwaukee-2-new-foreclosures-on-the-market/ar-AAP4uIz

    https://www.msn.com/en-us/money/realestate/5-new-homes-foreclosed-in-the-atlanta-area/ar-AAP4DX1

    https://www.msn.com/en-us/money/realestate/check-out-available-foreclosures-in-and-around-the-kennesaw-area/ar-AAP4lJa

    https://www.msn.com/en-us/money/realestate/see-the-latest-foreclosed-houses-available-in-the-norcross-area/ar-AAP4xan

    https://www.msn.com/en-us/money/realestate/point-pleasant-2-local-foreclosures-up-for-sale/ar-AAP4EaZ

    https://www.msn.com/en-us/money/realestate/here-are-the-latest-5-foreclosed-houses-in-and-around-the-windsor-terrace-kensington-area/ar-AAP4E7w

    BTW, you might notice some of the HBB links have changed. That’s cuz a couple of weeks ago, after all these years of using the goog search engine, I noticed my regular searches were coming up empty. This was stuff I know like the back of my hand so at first I thought it was a glitch. Nope, it continued. So these bashtards are now altering searches on housing?

    Anyhoo, so I changed search engines and these new links are how it is showing up. These “tech” companies have turned a big chunk of the internet into a load of sh$t.

    1. “BTW, you might notice some of the HBB links have changed. That’s cuz a couple of weeks ago, after all these years of using the goog search engine, I noticed my regular searches were coming up empty. This was stuff I know like the back of my hand so at first I thought it was a glitch. Nope, it continued. So these bashtards are now altering searches on housing?”

      – Yes, I rarely use Google search anymore as it’s overtly biased like all of Big Tech/Big Data.

      – I use Duck Duck Go and now looking at Brave. Any other browser suggestions are welcome.

      – George Orwell’s “1984” was written as a warning, but Big Tech and Gov’t. are using it as a “how to” manual.

      – Meanwhile, our “duly elected” representatives continue to look the other way, since their focus is on on self-enrichment. History says that this never ends well (for them).

      “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” – Joseph Goebbels

      “A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have always known this fact.” – Daniel Kahneman, Nobel Prize-winning economist and psychologist

      “Blind belief in authority is the greatest enemy of truth.” – Albert Einstein

      “The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.” – Winston Churchill

      “The further a society drifts from the truth, the more it will hate those who speak it.” – George Orwell

      “During times of universal deceit, telling the truth becomes a revolutionary act.” – George Orwell

      “Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.” – George Orwell, 1984

    2. They’ve tampered with searches for HBB too.

      But thats ok…. in my effort to find a work around I found there’s new and innovative ways to bulk post details of falling housing prices.

      Thank you Google.

    3. Some search results are amazing. They don’t show me what I search, they show me what they want me to see, abd hide from me what They don’t want me to see.

    4. graphenesos.org. No Google services. No bloat. duckduckgo is the default search engine. Vanadium browser is Chrome with tracking removed and application hardened. Battery life if 2-3 days when you have all of the Google stuff removed. Updates are OTA. Install takes 5 minutes via any web browser.

  13. ‘See that on the horizon? That’s a housing clampdown. And it’s coming this way. Prices are going berserk. Everyone wants in on this rocket to the moon we call Australian property. Debt-to-income ratios are rising. Which is why the clampdown is coming’

    I said this was gonna happen. No crystal ball needed. It happens every gotdam time.

  14. ‘Mainstream economics is replete with ideas that ‘everyone knows’ to be true, but that are actually arrant nonsense’

    Click!

    1. ‘Mainstream economics is replete with ideas that ‘everyone knows’ to be true, but that are actually arrant nonsense’

      – MMT = horse hockey
      – The Fed is evil
      – Sex is binary
      – Oh my!

    1. And this is why I don’t hold out much hope for this country.

      John Adams stated: “We have no government armed with power capable of contending with human passions unbridled by morality and religion. Avarice, ambition, revenge, or gallantry would break the strongest cords of our constitution as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.”

  16. King Dollar is soaring but why does gold and silver continue falling day after day?

    Gold and silver are cheaper today than they were 10 years ago.

    King Dollar

    1. To partially answer your question, invert the dollar price of gold:

      $1761 = 1 oz of gold.

      So $1 = 1/1761 oz of gold.

      If the dollar gets stronger, you can buy more gold with it, which requires the denominator to decrease.

      Since the denominator is also the gold price, a stronger dollar requires gold to drop below $1761/oz.
      …

  17. Today is Sunday, October 3rd and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

  18. Buyers who are currently in the market are very savvy
    There is that word again Savvy. Every time I see it my B.S. detector goes wild.

  19. two-wheeled, self-balancing personal transport device called the Segway
    I have gone on several guided Segway tours. Segways are a lot of fun. Not practical but fun.

    1. +1 for more Bitchute links.

      Globalist YouTube is owned by globalist Google, and they will not allow discussion of: that the 2020 election was stolen, that CCP Flu vaccines are deadly poisons, that the Democrat Party is the party of raping kids, or that realtors are liars.

      FJB

    2. BWHHAHAHAAHAAHA!!! That was a two-fer. First, the globalist media could do absolutely nothing to censor or omit to report on the spontaneous show of popular disdain for the globalists’ Anointed One, Joe Biden. Second, and more important: the sheeple watching this clip on their TeeVee could hear for themselves what was being chanted, and even the dullest of them will have caught the Real Journalist’s dishonest attempt at spin by pretending the crowd was chanting a completely fabricated slogan. The disconnect between MSM lies and propaganda, and what people can see for themselves, is going to make the former much more amenable to being red-pilled as they get fed up with globalist media lies & propaganda.

    1. Debating whether to forward this to a friend planning to buy in Autsin this month but don’t want to be a Debbie-downer. She thinks it’ll be a good long-term investment.

      1. I know what you mean. Told my brother a couple of times maybe he should take the money and run. He says his gain would be chewed up by the rapidly rising rents (2x his mortgage) here in Las Vegas in a very short time. He’s right 🤷🏼‍♀️

  22. graphenesos.org. No Google services. No bloat. duckduckgo is the default search engine. Vanadium browser is Chrome with tracking removed and application hardened. Battery life if 2-3 days when you have all of the Google stuff removed. Updates are OTA. Install takes 5 minutes via any web browser.

  23. Whistling as you stroll past the graveyard does not actually help one bit to fend off determined zombies.

    2. Should You Prepare For a Housing Market Crash in 2021?
      Cynthia Measom
      Sat, October 2, 2021, 9:00 AM·5 min read

      Will there be a housing market crash in 2021? A majority of experts think not.

      “People are saying we’re in a housing bubble, but I don’t think the term housing bubble is the right description,” said Tabitha Mazzara, director of operations at mortgage lender MBanc. “A bubble is something that’s going to pop. I look at it as a phase. The market is cyclical, and there may be some slight correction, but it won’t be nearly as bad as what we saw in 2008. What’s different today from what we saw in 2008 is that people who are qualifying for loans are actually qualified. They are creditworthy. We’re in the situation we are now because of simple supply and demand.”
      …

      1. Oh she wants to say it sooooo bad….you can feel it. “It is going to be a soft landing!”

        I went to an open house in my hood today. 1500 sq ft 3/2 built in 1970s with few updates on -5500 sq ft lot. Old carpets throughout and nothing done with the landscaping except a small retaining wall at the back of the yard. On the market for 850k. This is an average type of house where I am and median household income here is about 95k. A place like this topped out in the last bubble at about 500-550k. So we are about 60% over that in this bubble. It’s a popular neighborhood for mysterious large cash purchases from an unnamed Asian country known for money laundering and black market cash. They will probably get the 850k$. The owners are cashing out and moving to TN.

        1. You know why TN? Same reason it’s on my radar as a Republican living in a Democrat hellscape: Conservative population, inexpensive land, lots of fresh water ponds/lakes, and no state income tax…

      2. Why are realtors’ and brokers’ opinions about market even sought?
        They are not market analysis, statisticians or financial planners. They merely dance around inside a house, open the door, lock the door and gossip. What qualification have they?

      1. PS – I apologize to Ben and the ladies for sounding crude. It just felt right in the context of the garbage link provided. Take your LGBTQ+ sh!t and shove it right up your asz, limp-wristed globalist cvcks.

  28. What kind of idiot “investor” buys a fraction of a skybox?

    Hong Kong start-up Fraction sells Thai beach villas and townhouses in US$150 tokens, making real estate affordable in bite-size slices

    https://www.scmp.com/business/companies/article/3150874/hong-kong-start-fraction-sells-thai-beach-villas-and-townhouses

    A Hong Kong-Thai start-up is using blockchain to help three Thai developers sell down their stakes in a portfolio of Phuket beach resorts and downtown condominiums, slicing up the US$462 million hard assets and selling them for less than the cost of an iPhone each.

    The three developers, including Magnolia Quality Development owned by the Chearavanont Family of the Charoen Pokphand Group conglomerate, teamed up with start-up Fraction in putting together a security token offering slated for the first quarter of 2022, targeting both Thai and offshore investors.

  30. October 3, 2021 7:18 PM PDT
    Last Updated 9 minutes ago
    Business
    China Evergrande share trading halted in Hong Kong
    Reuters
    2 minute read
    The China Evergrande Centre building sign is seen in Hong Kong, China, September 23, 2021.
    REUTERS/Tyrone Siu

    HONG KONG, Oct 4 (Reuters) – Trading in shares of heavily indebted China Evergrande was suspended on Monday, days after some bondholders said the property developer at the centre of jitters over China’s financial system had missed a second key bond interest payment.

    Shares of its unit Evergrande Property Services Group the Hong Kong stock exchange said. The bourse didn’t say why trading in the companies’ stock had been halted, and it was unclear who had initiated the suspension.

    With liabilities stretching into hundreds of billions of dollars, equal to 2% of China’s gross domestic product, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world. Initial worries have eased somewhat after China’s central bank vowed to protect homebuyers’ interests.

    Shares in Evergrande have plunged 80% so far this year, while its property services unit has dropped 43% as the group scrambles to raise funds to pay its many lenders and suppliers.
    …

  31. Illegal Aliens CHASE DOWN Sen. Kyrsten Sinema, Corner Her in Bathroom Stall

    by Jamie White
    October 3rd 2021, 5:00 pm

    The Squad’s radical foot soldiers make it clear that bucking the far-left’s agenda will be met with harassment, intimidation, and threats.

    Members of immigrant activist group Living United for Change in Arizona (LUCHA) stalked Sinema at the Arizona State University, where she teaches, and chased her into a bathroom stall.

    The illegal immigrants were advocating for Joe Biden’s $3.5 trillion spending bill that would provide a pathway to citizenship for about 8 million illegal aliens.

    The LUCHA members even chanted “Build back better, back the bill!”, referring to Joe Biden’s globalist slogan of opening borders and de-industrializing the West.

    @LUCHA_AZ
    🔴BREAKING: Blanca, an AZ immigrant youth confronts @SenatorSinema inside her classroom, where she teaches @ ASU. “in 2010 both my grandparents got deported bc of SB1070…my grandfather passed away 2 wks ago & I wasn’t able to go to Mexico bc there is no pathway to citizenship.”

    https://twitter.com/LUCHA_AZ/status/1444729925408153601?s=20

  32. The Financial Times
    Opinion US Inflation
    The left’s low-rate fantasy makes inequality worse
    Easy money is not creating better jobs, it’s feeding market bubbles that make the asset-rich richer
    Rana Foroohar 17 hours ago

    Unlike many on America’s left, I’ve always been sceptical that ultra-low interest rates make things easier for the poor. Keeping rates too low for too long encourages speculation and debt bubbles. When they burst, they always hurt those on low incomes the most, as we witnessed during the 2008 financial crisis.

    And yet for years, progressives have argued that loose monetary policy and low interest rates are necessary to promote employment, particularly at the lower end of the socio-economic ladder.

    This is not the case. While easy money may have helped create a bit of wage pressure in low-end service jobs, unemployment kept falling in recent years even as the Federal Reserve began to raise rates from ultra-low to still-low levels.

    Meanwhile, academic research has shown that the tendency of low rates to fuel market bubbles is a key reason behind inequality, since they make the asset-rich richer, while not actually fuelling consumption and demand. In the US, the top 10 per cent of the population owns 84 per cent of equities. There are only so many homes, cars and pairs of jeans that these people can buy.

    Most people live on their paycheques. And despite a bit of wage growth over the past six months, incomes on an inflation-adjusted basis are still below where they were in 2019, says Karen Petrou, managing partner of Federal Financial Analytics.

    “This is the Kool-Aid: that ultra-low rates promote employment,” she says. “But they don’t.” Most people work to make money, and while central bankers can brew up asset inflation, they can’t create good middle-class jobs. Only business, helped along by the right policy incentives, can do that. Wall Street isn’t Main Street.
    …

  33. Opinion Inside View
    Will China Save Evergrande?
    Investors who piled into real estate could lose their retirements. That’s bad for Beijing.
    By Andy Kessler
    Oct. 3, 2021 12:32 pm ET

    Is China about to get a lesson in “Too Big to Fail?” Its second-largest real-estate developer, China Evergrande Group , with 1,300 projects in 280 cities, has some $300 billion in liabilities. Evergrande owes investors as many as 1.6 million unfinished apartments, and as far as financial debt, it owes $88.5 billion to banks and bondholders with $37 billion due within a year. It already missed an $83.5 million coupon payment on Sept. 23 and a $47.5 million payment last Wednesday. Evergrande does have a 30-day grace period, so the clock is ticking toward a default.

    Is Evergrande too big? Is there an implicit guarantee for Chinese real-estate investments similar to the foolish U.S. implicit guarantee of Fannie Mae and Freddie Mac debt? No one knows—yet.
    …
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