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Welcome To The Real World Where They’re Always Too Slow To Act

A report from WPTV on Florida. “Zillow is hanging a ‘for sale’ sign on as many as 30 homes in Palm Beach County. Along West Lake Drive in Lake Clarke Shores is a house for sale that has an interesting back story. ‘This house just sold for $434,000 about a month ago. Zillow was the buyer, and they have it on the market now for $411,000,’ said Deidre Newton, a real estate agent.”

“The home is about 1,900 square feet with three bedrooms and is being sold with the help of Newton. She admits the home needs updating. ‘What I think most of us in the business are concerned about is Zillow is the market leader, and they’re selling property,’ Newton said. ‘They’re buying it, now selling it and very little, very little profit in between.’ Zillow’s website estimates the average price for a home in Palm Beach County is up 21.3% from a year ago at $380,668.”

From CBS News. “Zillow’s enemy was its own algorithm — and an under appreciation for the individual nature of a flippable home’s quirks. As one Sacramento, California-based appraiser told Money.com, ‘Zillow can’t smell if 20 cats live there.'”

From CNN Business. “Zillow spokesperson Viet Shelton told CNN Business the company used the Zestimate for Zillow Offers ‘the same way we encourage the public to use it: as a starting point.’ ‘The challenge we faced in Zillow Offers was the ability to accurately forecast the future price of inventory three to six months out, in a market where there were larger and more rapid changes in home values than ever before,’ Shelton said.”

“Nikhil Malik, an assistant professor of marketing at the University of Southern California, said algorithms tend to be good at making fine-grained, short-term predictions, such as for predicting stock prices a second in advance. But there simply isn’t enough data for an algorithm to learn about longer busts and booms, according to Malik, who researches algorithmic pricing and has studied the Zestimate in particular.”

From Newsweek. “Cody suspects something strange is happening in his apartment complex—and he’s documenting the mystery. Cody is based in Atlanta, Georgia, and lives in a large and reportedly fully-occupied apartment complex. He goes outside his building to check which units have lights on—which would indicate that someone lives there. Over half of the apartments appear to be left dark. ‘Where are the people?’ he asks.”

“Some viewers have more practical theories as to what’s going on. ‘They’re investor owned units that are held but empty in order to artificially inflate demand and reduce supply,’ wrote @slithytove2. ‘Zillow owns the rest,’ joked @omaha.brewery.mom.”

From MIX 106 on Idaho. “Starting with the news shared by our friends over at KTVB Channel 7, that rent prices in the Boise actually came DOWN more than 3% in the month of October. This particular study only looks at rent cost, which by the way… I’m paying about $1700 per month for my humble Meridian home but the rent zestimate on Zillow seems to think they could pull in over $2,000 per month, so I guess we’ll see what happens when my lease is up!”

“Now, what about the market for buyers? Well, that seems to be cooling off quite a bit as well. That is, at least according to Boise Realtor Kris Kohn. In this video, acorrding to Kohn, ‘Housing prices have been crazy recently. But are we starting to see a trend at a slower buying market? I’ll show you some market data in Boise, Idaho that suggests the market is changing.'”

The New York Post. “There might soon be new life for the city’s most-watched, stalled residential development  — the twin-tower condos known as XI at Eleventh Avenue and West 17th Street. Powerful New York real estate investor Steven Witkoff is in a prime position to take control of the $2 billion project on the High Line where work stopped 20 months ago, sources told The Post.”

“The sources said that Witkoff leads a group that aims to purchase over $1 billion in debt on the project where developer Ziel Feldman defaulted last summer. Construction ceased in late 2019 after the 2016 groundbreaking.The unfinished XI — also called ‘The Twists’ for 26- and 36-story towers set askew from one another by architect Bjarke Ingels  — has long puzzled High Line visitors and luxury apartment market-watchers. The project was to have 236 luxurious units priced up to $25 million, a high-end hotel and an elaborate spa.”

“The debt is being sold at auction following a judge’s ruling that Feldman’s HFZ Capital Group owes a prime lender, Britain’s Children’s Investment Fund, $136 million in monthly interest payments since April 2020.”

From Stuff New Zealand. “The report, Walking the Path to the Next Financial Crisis, was authored by Dr Bryce Wilkinson and Leonard Hong and published last Thursday. It was launched by Sir John Key, which is appropriate as his fiscal recklessness and failure to tackle our underperforming public sector have contributed substantially to the current economic problems.”

“The most concerning is the politicisation of central banks. In the late 1980s and early 1990s, most OECD nations gave their central banks a degree of independence and autonomy. This was to help assure the financial community that the monetary authorities would be focused on fighting inflation; and nothing else. Mildly obsessive monetary wing-nuts, a category I belong to, have long been complaining that Mr Orr and other central bank governors have expanded their remit.”

” Wilkinson and Hong look back to the black swan that sparked the GFC; adjustable-rate mortgages that were issued at the American federal government’s urging, and partially backed by quasi state financial institutions. We are seeing this same pattern play out; only on a far more troubling scale. Over the last decade Kiwis have borrowed heavily to get into the housing market. They have been able to afford million-dollar plus mortgages thanks to the cost of borrowing being lower than the economic literacy of our politicians.”

“Now, as inflation begins to take hold, banks are starting to raise rates. Since the GFC, the political and economic Masters of the Universe have deployed every tool available at trying to avoid even a mild recession. They have printed money, they have borrowed money, they have manipulated the interest rates to zero and they have debased not only national currencies but the monetary institutions upon whose credibility the global financial system relies on.”

“‘This time is different’ is the mantra repeated before every major calamity in the last century. This time isn’t different. For three decades, from the fall of Ruth Richardson, this country has been run by politicians and public servants with a short-term focus; by those either ignorant of, or wilfully blind to, the lessons of the past.”

From SKY News. “According to documents obtained by The Australian – both APRA and the Reserve Bank were looking into home loan controls as early as February. ‘Welcome to the real world where they’re always too slow to act, they’re always reactive, and always after the event, and always terribly cautious about things,’ Sky News Business Editor Ross Greenwood told Sky News host Peta Credlin. ‘But understand – especially in APRA’s case – it’s all about banking stability, as it is for the Reserve Bank. What they’re really worried about is that people take on mortgages that are way too big that there is some shock at the end of all of this, and really those people can’t afford it and that ultimately hurts the banks.'”

The Diplomat. “Amid the cacophony of recriminations over how Evergrande arrived at the brink of collapse and the question of complicity on the part of the Chinese government, it would be wrong to place the blame solely at the feet of national regulators. In fact, without the help of its auditor – Big Four grandee PC – Evergrande would not have become the bloated, debt-addled danger of 2021. Indeed, concerns have been raised over the sustainability and long-term solvency of Evergrande’s business model for years, yet its auditors gave the firm a clean bill of health as recently as this spring.”

“While their laissez-faire attitude in the face of Evergrande’s growing problems has prompted Hong Kong’s accountancy regulator to open an investigation into their work, the incident should serve as a watershed moment which leads to far greater scrutiny of the ‘Big Four’ auditing firms in general. Culpability for the company’s sharp fall from grace must lie with its borrowing strategy, which has spiraled out of control in the last decade, as well as the Chinese government, which turned a blind eye to its mismanagement.”

“However, fingers are also being pointed at the Evergrande auditors PwC. As far back as 2017, GMT Research published a report highlighting how PwC’s acceptance of Evergrande’s unsold car parking spaces and commercial properties as investments rather than inventory was highly irregular and distorted its balance sheets, as did its decision to capitalize all interest payments and exaggerate the value of certain assets. For China, there are many important lessons to be heeded. If Evergrande has taught Beijing one thing, it’s that many of its enterprises are overindebted and trying to hide it.”

The South China Morning Post. “Shares of Fantasia Holdings Group. plunged by almost 40 per cent to a record low on Wednesday, after the debt-laden Chinese developer defaulted on a US dollar bond, further warning there is no guarantee it could meet other financial obligations. The Hong Kong-listed developer said in a filing late on Tuesday that it did not repay a US$205.7 million bond that was due on October 4. Apart from its 2021 notes, Fantasia said that there were no other overdue bonds and loans of a material nature.”

“Fantasia’s missed payment came just two weeks after the company said it had no liquidity issues and had ‘already prepared the funds’ to redeem its bonds due this month. It had obtained HK$1.1 billion (US$142 million) of financing from Chiyu Bank in June, it said at the time.”

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This Post Has 131 Comments

  2. ‘Zillow owns the rest’

    The national joke.

    As an accountant, I’ve been wondering about this:

    ‘GMT Research published a report highlighting how PwC’s acceptance of Evergrande’s unsold car parking spaces and commercial properties as investments rather than inventory was highly irregular and distorted its balance sheets, as did its decision to capitalize all interest payments and exaggerate the value of certain assets. For China, there are many important lessons to be heeded. If Evergrande has taught Beijing one thing, it’s that many of its enterprises are overindebted and trying to hide it’

    Yeah, what’s new? We’ve got a new China-Enron popping up every day now. And the auditors signed off on it.

    2. Enron took out Arthur Andersen. Maybe Evergrande will take out PwC. Auditors typically know when something funny is going on. It’s whether the managing partner has the integrity to issue a adverse opinion at the expense of lucrative consulting deals with the client.

    3. When have the “Big Four” auditors found a problem first?
      Or the ratings companies anticipated problems first, instead of downgrading AFTER problems surfaced?

  4. ‘looking into home loan controls as early as February. ‘Welcome to the real world where they’re always too slow to act, they’re always reactive, and always after the event, and always terribly cautious about things’

    I’ve said they were gonna break it off in the shack gamblers a$$es. No crystal ball, they just do it over and over.

  6. The globalists are pushing hard on vaccine mandates for children ages 5 to 11.

    The HBB is a blog of peace, but at some point soon we’re gonna have to start killing these globalists.

    Nobody elected you to govern anything, we are the leaderless resistance, and we are going to kill you ☠

      2. “An investigation by a respected medical journal has alleged serious issues with Pfizer’s vaccine safety trials, including claims of “falsified data”.

        Pfizer vaccine trial BMJ report: Whistleblower raises data, safety concerns at contractor Ventavia | news.com.au — Australia’s leading news site
        https://www.news.com.au/technology/science/human-body/tga-requests-information-from-pfizer-after-medical-journal-alleges-contractor-falsified-safety-data/news-story/342806323e802035bb1d810e561977f4

    3. Ben….beware of people like this talking about ‘killing’. They are most likely glowies trying to get your blog shut down.

      3. “most likely glowies”

        Nobody is threatening elected officials in the United States.

        Give me 10 minutes alone, in a room with Klaus Schwab, and just my electrician hand tools, and I will render him into a pile of meat you won’t even recognize as human.

        These globalists want to poison millions of children. That’s who these globalists are, and that’s what they want.

        P.S. I’ve met our blog host and bought him a beer. I don’t know who you are…

    6. I think all children ages 5 to 11 should get the COVID-19 Vaccine.

      Just as soon as companies like Pfizer and Moderna are no longer protected from lawsuits pertaining to the COVID-19 vaccines.

      1. COVID is not a risk for the vast majority of children. No amount of money can compensate for the maiming or death of a child from these jabs.

    7. These Entities criminally rigged the National Election to bring on a One World Order Dictorship , using Medical Tyranny, Climate Change Fraud, censorship of news , putting Puppets like Biden in to advance their takeover.
      They are the Enemy , that don’t care if your a lab rat for failure vaccines, and they have captured protective agency like FDA, who aren’t going to stop this assault on life and freedoms of US Citizens and other Countries Citizens.
      They have captured the first amendment and censor any dispute to their fraud and cover ups. Now they are going after Children 5 to 11 , while 80 million are under threat of losing job if they don’t take a expiermental product , while they censor drugs that work, and cover up death and injury from these vaccines.
      They should get the death penalty, but current Government is under their control and will advance their take over plan. So, corrupted Government isn’t going to stop them either. The Majority did not vote for this radical agenda or to be taken over by Corporate Governance, and Monopolies like Big Pharmaceuticals.
      Only the people can stop this take over now by non compliance , rejection, whatever tools the public has to stop this invasion by these power hungry psychopaths.
      Their narratives are getting more ridicules by the minute, and their Puppet Biden is shitting all over the Citizens of US.
      Sometimes I think that rat nut Pelosi is trying to set it up that she take the Presidents spot by default.

  8. Biden administration has amassed records on 54 million gun owners in 2021 during a new crackdown on firearms owners, report claims

    https://www.dailymail.co.uk/news/article-10183857/Report-Biden-amassed-records-54-million-gun-owners-2021-new-crackdown.html

    The 2nd Amendment is the last real bulwark to the globalists and their Democrat-Bolshevik Quislings imposing their collectivist tyranny and targeting Les Deplorables for a “redistribution of the wealth” that would do Lenin proud. But the Biden regime has its orders: target potential resisters with police state surveillance, then conjure up some “emergency” to justify outlawing private gun ownership.

    The Biden administration has been compiling records of 54 million gun owners to possibly create an unlawful database of Americans who possess a firearm, according to a Saturday report.

    The Bureau of Alcohol, Tobacco, and Firearms (ATF) documents obtained by the Washington Free Beacon are keeping tabs on U.S. citizens who have purchased firearms to make sure their personal information is in the hands of the federal government.

  9. Imagine what the REAL inflation numbers must look like. Heckova job, Jerome Powell, Yellen the Felon, & Brandon. How are FBs going to make their mortgage payments when the purchasing power of their stagnant wages is being destroyed?

    Consumer price index surges 6.2% in October, worse than expected and the highest since December 1990

    https://www.cnbc.com/2021/11/10/consumer-price-index-october.html

    Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday.

    The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago. That compared to the 5.9% Dow Jones estimate.

    On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.

    1. Imagine what the REAL inflation numbers must look like.

      I don’t have to imagine. I just have to go to the grocery store.

      2. go to the grocery store

        This is an illustration of the dangers of debt. When a large portion of one’s budget goes to fixed debt payments, a slight rise in what should be a small fraction of expenses can be catastrophic.

        1. Fortunately, I have a multi thousand dollar surplus in my monthly budget, which I save. But for the majority, who live paycheck to paycheck, rising utilities, gasoline, grocery and other bills is really going to hurt.

          2. I read that UK nat gas prices are up almost 500%. I suspect that a lot of people are going to be shivering this winter in not so jolly old England.

          3. I am loving the high fuel prices at the pump. It just makes Brandon look bad, and all the debt junkies who can’t afford their $1,000 per month truck payments are squealing like Burt Reynolds in Deliverance.

          4. ** “multi thousand dollar monthly surplus”

            err, In Colorado, have I mentioned that you are my favorite poster on this blog . . !?
            yessiree. now, remember how to spell my name for top spot in your will: a.q.i.u.s.

            (mr.banker will have to ride in back of the golf cart.)

          5. The biggest item in my monthly budget is FUN.

            When I retire, that will be what the savings will be spent on.

    2. Laffer warns of developing inflation pattern similar to the ’70s – and it doesn’t look good for Biden, he says | Fox Business
      https://www.foxbusiness.com/economy/laffer-warns-of-developing-inflation-pattern-similar-to-the-1970s-it-doesnt-look-good-for-biden-he-says

      (snip)

      “Former Reagan Economist Art Laffer warns of similarities between today’s current inflation surge and patterns seen in the 1970s, arguing ‘it doesn’t look good’ for the Biden administration.

      “ART LAFFER: I don’t know what this administration is doing to tame it [inflation]. Whatever they do is way beyond my Ken, just for the record. But what you’re seeing here in these prices – and let me say, if I can, a wholesale prices, producer prices index tends to be highly volatile over the years and only when we’re coming into serious periods of inflation, long-term inflation, does the consumer price index tend to go along with a wholesale price index or the producer price index. That is exactly what you’re seeing right here.

      “This is the type of pattern that we saw in the 1970s, up until about 1981-82. That’s the pattern. Since then, we have not had that pattern develop at all. Interest rates have been low. Inflation has been low. All of that, that appears to be changing dramatically. The consumer price index is following the producer price index way up. And both of those are very bad signs for inflation going forward. And I don’t think Janet Yellen knows what to do. I don’t think she can do anything. I think she’ll try to do something very dramatic, but it doesn’t look good for this administration on inflation.”

      2. 70s had the closing of the gold window and the oil shock and financing Vietnam.

        Today, they had massive money printing and the covid shock and MMT + government spending.

        BUT – there is also a massive debt overhang that all that money printing encouraged by buying all that debt and cratering interest rates. Check out the latest NY Fed report on household debt: https://www.newyorkfed.org/microeconomics/hhdc – I don’t know if that period from 2008 to 2013 was the beautiful deleveraging Dalio talked about.

        Debt is IMO deflationary on account you gotta pay it back instead of spending on other things. Also, so much manufacturing offshored, which was not the case in the 70s, further suppressing wages.

        I don’t know what’s going to happen, just wanted to point out the two big differences I see between now and the 70s.

    3. “Heckova job, Jerome Powell”

      The rumor is that Jerome Powell is not dovish enough. His tapering might trigger Brandon to not renew Powell’s term and instead replace him with another Fed chair who would truly print, not taper. Then we’re really going to see hyperinflation.

      1. That’s what’s so hilarious – the Democraps want to destroy the poor even though they portray themselves as the champion of the little guy.

      3. hyperinflation

        That might save your bacon, but what we’re seeing is defaults and rejection of the spendthrift politic.

  10. It’s dawning on the banksters that their asset bubbles & Ponzi markets – fake wealth created by a gusher of fake money – are doomed. Got popcorn? These Keynesian fraudsters at the central banks are about to be exposed for the charlatans and criminals that they are.

    RBA reveals concerns for Australia as China’s Evergrande fiasco escalates

    https://www.news.com.au/finance/economy/world-economy/rba-reveals-concerns-for-australia-as-chinas-evergrande-fiasco-escalates/news-story/9352e7a2d8a0fffbe9178661350eb29c

    There are growing concerns for Australia as China’s Evergrande nightmare continues to leave experts – including the Reserve Bank – well and truly spooked.

    The world’s most indebted real estate firm – which has racked up staggering debts totalling $A420 billion – last week missed another critical annual interest payment deadline to bondholders.

    1. “It’s dawning on the banksters that their asset bubbles & Ponzi markets – fake wealth created by a gusher of fake money – are doomed.”

      It is not now dawning, it has long ago dawned. However (as the saying goes) you might as well keep dancing as long as the music keeps on playing.

      YOLO, and all that.

  11. Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, Jerome Powell, & Brandon. Cue a tsunami of cascading defaults in 3-2-1….

    Household debt hits a record high of $15 TRILLION as home and car prices soar and Americans splurge on credit card purchases

    https://www.dailymail.co.uk/news/article-10184031/US-household-debt-hits-record-high-15-TRILLION-home-car-prices-soar.html

    Household debt has hit a record high in the US as home and auto prices soar, and more Americans return to splurging with credit cards as the economy recovers.

    In a report on Tuesday, the Federal Reserve said that total household debt increased by $286 billion to $15.24 trillion in the third quarter of 2021, after leveling off for much of the pandemic.

    Mortgage balances, which are the largest component of household debt, rose by $230 billion and stood at $10.67 trillion at the end of September, reflecting fast-rising home prices.

    1. “Household debt hits a record high of $15 TRILLION …”

      I like it 😁

      “… as home and car prices soar …”

      I love it 😁😁

      “… and Americans splurge on credit card purchases.”

      And I want a lot more of it. 😁😁😁

      A nation of dummies.

      1. They splurged with refis too:

        “Based on Freddie Mac’s data, the “cash-out” borrowers, those that increased their loan balance by at least 5%, represented 51% of refinance borrowers in the second quarter of 2021—up from 38% during the first quarter of 2021, but still lower than the 89% during the third quarter of 2006. Adjusted for inflation in 2020 dollars, we estimate that $54 billion in net home equity was cashed out during the refinance of conventional prime-credit home mortgages during the second quarter of 2021—down from about $60 billion in the previous quarter, and substantially less than the peak cash-out refinance volume of $108 billion during the second quarter of 2006.”

        http://www.freddiemac.com/research/insight/20211029_refinance_trends.page?

  12. it did not repay a US$205.7 million bond that was due on October 4. Apart from its 2021 notes, Fantasia said that there were no other overdue bonds and loans of a material nature’

    October 4th. Nobody bothered to ring up the lender and ask?

    ‘Fantasia’s missed payment came just two weeks after the company said it had no liquidity issues and had ‘already prepared the funds’ to redeem its bonds due this month’

    So you got lying liars, and yer taking their word that nothing else is wrong.

  13. Why has it taken parents so long to push back on the globalist agenda being inculcated in our NEA indoctrination mills by the Comrades of Proven Worth (D)?

    Loudoun School Board meeting erupts into shouting as parent group files petition to oust board chair

    https://www.foxnews.com/us/loudoun-school-board-meeting-erupts-into-shouting-as-parent-group-files-petition-to-oust-board-chair

    The Loudoun County School Board meeting erupted into shouting on Tuesday night after parents confronted members of the school board after the parent group Fight for Schools filed more than 2,000 signatures to remove the board chair.

    “By the way, Denise, Brenda, Ian, Atoosa, we are well over 100% of required signatures for the petitions,” Megan Jenkins said during the public comment period. “So I’m not going to encourage any of you to resign because when you are recalled and removed from office, it will be much more satisfying. See you in court.”

    1. From what I’ve been able to piece together in our school district, at least 2 of 5 trustees ran as independents while taking D money then with the chaos of COVID and lockdowns pushed equity and inclusion programs.

  14. “…From Newsweek. “Cody suspects something strange is happening in his apartment complex…” “…He goes outside his building to check which units have lights on—which would indicate that someone lives there. Over half of the apartments appear to be left dark. ‘Where are the people?’ he asks.”…”

    Yet another example of the MSM (in this case Newsweak, [deliberate misspelling]) how is so far behind the 8 ball.

    IIRC, Ben documented the exact same phenomenon many years ago in Miami beach to graphically illustrate the fake ‘shortage’.

  15. Inflation rising with no end in sight. And the dollar is up today. LOL, how F’d up is that? Oh well, one can use their dollar bills in lieu of toilet paper once the dollar’s ‘value correction’ arrives.

      1. “…I’ll send you rolls of charmin….”

        Hey, wait a minute.

        According to the industrial complex, rolls of Charmin are in ‘short supply’.

        Remember, there is a [manufactured] ‘shortage’ of everything. <;}

        My store limits (1) package per customer.

        My store assures me that increased prices have absolutely nothing to do with my stores efforts to increase profits.

        1. so you go in 3-4 times buy 1or 2 items go to different cashiers. go thru the self service line, use different phone numbers to get your store discount….. a little time consuming but its how i’ve been getting around the limit 1 or two for years.

          1. oh forgot pay with cash, then debit card, then credit card then with food stamps if you have it, you need to appear to thier computer as 3-4 different customers.

        2. rolls of Charmin are in ‘short supply’.

          Right. It’s the thing that’s made locally from local raw materials.

          2. PAY for charmin?!!! are you kidding me?
            here in kalifornia we just strolllll out the door with toilet paper with a pause to grab a few snickers & red vines at the candy displays.
            heck, we even give a friendly wave to the MILFY cashier on the way out.

  16. I always found Zillow to be somewhat curiously amusing and never took them seriously as it appeared they were attempting to influence rather than report — kinda like polls.
    After learning they were working both ends of the deal it is clear they had both feet in their mouth.
    How anyone could rely on them for even a starting point when their conflict of interest is clear is beyond dumb but then again, that’s what realtors are and their buyer sight unseen inspections waived customers.

    1. “How anyone could rely on them for even a starting point when their conflict of interest is clear is beyond dumb but then again, that’s what realtors are and their buyer sight unseen inspections waived customers.”

      They simply used what worked.

    3. People bragged about the zestimate going up every week.
      Worse, they made life choices accordingly.

      Who knew zestimate was nothing but a deceiving tool to prop up zillow’s own shacks.

      Suckers…..everywhere….

  17. “This was to help assure the financial community that the monetary authorities would be focused on fighting inflation; and nothing else.”

    I guess the central banks must have switched over to “Zinflation” Zillow’s new super duper proprietary inflation predicting algorithm.

  18. “From Newsweek. “Cody suspects something strange is happening in his apartment complex—and he’s documenting the mystery. Cody is based in Atlanta, Georgia, and lives in a large and reportedly fully-occupied apartment complex. He goes outside his building to check which units have lights on—which would indicate that someone lives there. Over half of the apartments appear to be left dark. ‘Where are the people?’ he asks.”

    He’s astute.

    1. Kyle Rittenhouse is like the son I never had. Nothing would make me feel more proud as a parent than to have raised him into the fine young man and patriotic citizen that he is today.

    3. I would have loved it if Chauvin took the stand and said: If floyd paid with a real $20 bill, none of us would be here today…………what a sound bite!

  22. Highly-vaccinated Vermont has more COVID-19 cases than ever. Why is this happening?

    This article highlights what a complete sham the vaxx is, and it also shows the disturbing lack of critical thinking by today’s humans.

    1. The vaccine *IS* the virus.

      Allegedly, my body may regain most of its immune function 15 months after the 2nd clot shot. Right now, I’m just hoping to survive the winter…

      1. Deplorable,
        I would add green tea and apple skins to the stuff you posted the other day you were taking.
        Green tea is a easy way of getting zinc into the cells. This is what a number of Drs I have heard say, or green tea extract.
        I drink about three cups a day of green tea, and I take the vitamins you said you were taking.
        As a older person I have exposed myself constantly for two year now, and I have only gotten a runny nose that was minor. Just saying

        1. Yes, and some whistle blowers are saying this surge in hospital patient is being lied about in the medical charts saying their vaccine status is unknown.
          The cases are all kinds of maladies, and only a certain percentage is Covid .
          This is ridicules that they can’t explain this up tick in what looks like jab injuries, as well as breakthrough Covid cases.
          If the Hospitals are going to misrepresent the situation and play dumb, when they know darn well what it is ,than its just fraud to support the Narrative of Safe and Effective vaccines.
          They were bribed to mislabel almost everything as a Covid death , and now this new deception.
          And why does the CEO of Plizer sound like some Nazi, just like Klaus Schwab and George Soros does.
          I feel like German Fascism has reared its ugly head again.

          1. Yes, and some whistle blowers are saying this surge in hospital patient is being lied about in the medical charts saying their vaccine status is unknown.

            Funny, how in the same breath they can say that the majority of those hospitalized for Covid aren’t vaxxed, but they have no idea about the other patients.

            But hey, it works. Most people I know are terrified of the virus, as in scared sh!tless.

    3. Highly-vaccinated Vermont has more COVID-19 cases than ever. Why is this happening?

      Ditto the Centennial State. It’s 70%+ fully vaxxed and even more with at lest one jab.

      Speaking of the jabbed, Jen Psaki still hasn’t returned from her Covid hiatus. It’s been about two weeks now.

      1. Just looked at the Vermont graphs. The infection numbers now are worse than the previous peak, when there was no kill shot.

    4. VTer here. Just like before it’s stilll a scam. It’s just a bunch of false positive PCR tests and not actual sick people.

      The Vaxx is a sham and Covid is just a rebranded flu.

    1. PR Newswire: news distribution, targeting and monitoring
      Evergrande officially defaulted – DMSA is preparing bankruptcy proceedings against Evergrande Group
      News provided by
      DMSA Deutsche Markt Screening Agentur GmbH
      Nov 10, 2021, 11:12 ET

      BERLIN, Nov. 10, 2021 /PRNewswire/ — China Evergrande Group today again defaulted on interest payments to international investors. DMSA itself is invested in these bonds and has not received any interest payments until today’s end of the grace period. Now DMSA is preparing bankruptcy proceedings against Evergrande and calls on all bond investors to join it.
      …

    2. XStreet
      Trading Studio
      Evergrande Group (3333 HK) (EGRNF) Stock News: Has Evergrande Group defaulted?
      NEWS | 11/10/2021 11:58:07 AM GMT | By Ivan Brian
      – Evergrande Group is due to make a large bond coupon payment of C$150 million on Wednesday.
      – Sources tell Reuters that some bondholders have not received coupon payments.
      – A 30-day grace period expires Wednesday, which would mean a default.

      Evergrande Group (3333.HK) (EGRNF) is about to step back into the limelight on Wednesday as rumours swirl that it has defaulted on some bond payments. The stock caused a serious sell-off in global equity markets about a month ago, but investors banked on it being too big to fail and that China would step in to limit contagion effects. Well, that theory may need more examining today as Reuters reports that offshore debt may be about to be defaulted on.

      Evergrande Group news

      Evergrande Group was never out of trouble, but the company now looks to have defaulted on overseas bonds, which would be more of a serious hit to global financial markets and a stronger warning signal of contagion. Other property developers in China have been struggling to meet debt obligations as the sector looks to be in increasing trouble. China has staged high-level meetings to try and avert the crisis including possible backing from state companies. However, a default on overseas debt would be a much bigger hit reputationally and see investors’ concerns elevated. Evergrande Group has about $300 billion in debt. Companies can miss debt repayments, but they have 30 days to catch up essentially. Once that 30 days is over then the company is said to have defaulted.
      …

    3. Is there at least some prospect that the Fed will contribute to a too-big-to-fail Evergrande bailout, in order to make its Chinese real estate bond owner constituents whole?

  25. “A Huge Change in Personal Spending Helps Explain Supply Chain Bottlenecks
    “Starting with the onset of the Covid pandemic, consumers switched spending habits from services to goods.”

    https://mishtalk.com/economics/a-huge-change-in-personal-spending-helps-explain-supply-chain-bottlenecks

    Since ignorant pukes couldn’t debt-slave their way into overspending on services during the pandemic they chose to go nuts and focus their spending on goods.

    The article contains some explanatory charts.

        1. Yes, Prof. Bear, but not a bet. A sure thing. The Q mark and what follows is your personal search data. Chop off the question mark, and everything trailing it. TY.

    4. “…get cvcked by his new wife:”

      Her [smiling]: “I swallow.”
      Leo [wagging his finger]: “But you’re older than twenty-five!”

  27. Read John Ross’ “Unintended Consequences”.

    When regular Americans start offing globalist pedophiles the party starts.

    1. Don’t you have to get relatively close to them to off them? You’re not going to bump into these creeps at any pubic place. Heck, Larry Ellison bugged to his 100 sq mile island last year and from what I have heard he has not been back to the mainland since. He runs his empire from his Polynesian mansion.

      1. Start with your Woke local officials. That’s the point of the plot in “Unintended Consequences”

    1. Wow…HODLing dollar futures would have returned on the order of 10% so far this year. Not bad for a non-income producing asset!

      1. Well, on closer look, only about 6%. Although a full 1%, or about 1/6 of the total appreciation, happened since yesterday…

  29. Are the Evergrande and Zillow crater events due to a common underlying causal factor, or did they occur concurrently by chance?

  30. The Financial Times
    Property sector
    Chinese developer Kaisa downgraded as crucial payment deadlines near
    Property company is second-biggest borrower on international high-yield markets after Evergrande
    Kaisa Plaza in Beijing
    Kaisa has $88m in coupon payments due this week
    © Wu Hong/EPA-EFE/Shutterstock
    Thomas Hale and Hudson Lockett in Hong Kong and Joe Rennison in New York 2 hours ago

    Kaisa was downgraded on Thursday as the Chinese developer faces a crucial payment deadline, providing a new flash point for global investor concerns that have been heightened by a sharp sell-off in property groups’ offshore debt.

    S&P lowered its rating of the company, which has $88m in coupon payments due by Friday, to triple C minus, saying it “may not be able to service its debt in time” and pointing to a potential debt restructuring.

    Kaisa’s deadline is the latest strain on the Chinese property sector reeling from a liquidity crisis, following a severe sell-off in developers this week that pushed borrowing costs on the country’s riskier offshore bonds to their highest level since the financial crisis.
    …

    1. The Financial Times
      Opinion Markets Insight
      The Fed’s inflation miscalculations risk hurting the poor
      The slower the response to increasing prices, the greater the threat of contractionary forces for the economy
      Mohamed El-Erian
      Federal Reserve building in Washington
      The later the Federal Reserve is in easing its foot off the monetary stimulus accelerator, the greater the probability that it will have to hit the brakes more aggressively down the road
      © Reuters
      Mohamed El-Erian 2 hours ago
      The writer is president of Queens’ College, Cambridge and an adviser to Allianz and Gramercy

      Once again, a widely watched inflation data release surprises on the upside. Once again, the underlying drivers of inflation continue to broaden. Once again, it is the most vulnerable segments of the population that are hit hardest.

      And once again, those who all year long have been characterising this inflation episode as “transitory” appear hesitant to revisit their convictions despite consistently contradictory data.
      …
      According to the data released on Wednesday, US consumer prices rose 0.9 per cent in October alone, well above the median forecast of 0.6 per cent. This took the annual inflation rate to 6.2 per cent, again above the 5.9 per cent consensus expectation and the highest in 31 years.

      Such unusually high inflation is likely to continue in the months ahead given price increases already in the pipeline. This week alone, the indices of producer prices in China and the US registered rises of 13.5 per cent and 8.6 per cent respectively.
      …
      Fed hesitancy is a material risk to economic and social wellbeing. I say this in the full knowledge that a lessening of the emergency-level monetary policy stimulus will not solve supply chain disruptions and labour shortages, the two major causes of accelerating cost-push inflation.

      Yet the continued sidelining of the inflation threat by the Fed risks making things worse by de-anchoring inflationary expectations due to the persistence of extremely loose monetary policy, record easy financial conditions (according to the weekly Goldman Sachs index of them), and the lack of adequate forward policy guidance.

      It will also bolster the view that the Fed is captive to financial markets, especially given its relatively lax regulatory stance, and insensitive to the continuous worsening in inequality.

      There is a lot at stake here. The later the Fed is in easing its foot off the monetary stimulus accelerator, the greater the probability that it will have to hit the brakes more aggressively down the road. This would unnecessarily undermine an economic recovery that needs to be strong, inclusive and sustainable.

      By undermining macro-economic stability, this would also make green financing and other climate initiatives harder to follow up on, and place more obstacles in the path of the Biden administration’s ambitious economic agenda. Inflation will continue to hit low-income households particularly hard. Already, surging food and petrol prices are taking big chunks out from household budgets.
      …

      1. an economic recovery that needs to be strong, inclusive and sustainable.

        Recovering from a massive debt binge doesn’t involve those things.

    2. The Financial Times
      Markets Briefing Currencies
      US dollar rises as inflation data revives bets of tighter monetary policy
      After a steep overnight fall, the euro drops further against the greenback on Thursday morning
      Naomi Rovnick an hour ago

      The dollar touched its strongest point against the euro in 16-months on Thursday, after a surge in US consumer price inflation to a three-decade high revived market bets on the Federal Reserve tightening monetary policy.

      After a steep fall overnight, the eurozone currency dropped a further 0.1 per cent to $1.15, its weakest since July 2020.

      Sterling also touched its lowest point against the dollar since December 2020, despite official data showing the UK economy grew by a better than expected 0.6 per cent in September from the previous month.

      US consumer prices rose at 6.2 per cent in the 12 months to October, figures showed on Wednesday, exceeding economists’ expectations and sparking the biggest sell-off in short-term US government debt since the global market turbulence of March 2020. The Treasury market was closed on Thursday for a national holiday.

      “Markets responded by bringing forward their pricing of the first rate hike to the [Fed’s] July 2022 meeting,” Deutsche Bank strategist Jim Reid said.

      Federal Reserve chair Jay Powell pledged “patience” towards raising interest rates at the conclusion of the US central bank’s monetary policy meeting last week. The Fed also maintained its long-held view that consistently high levels of inflation were “transitory”, and driven by supply and demand imbalances and the reopening of the economy from 2020’s shutdowns.

      “Investors have to decide whether the Fed and other central banks’ dovish forecasts and policy stances will be robust in the face of a few more months of difficult inflation releases,” Standard Chartered strategist Steve Englander said.

      The CPI data was “as bad as it looks”, Englander said in a note to clients. Standard Chartered’s own measure of “core” US inflation, which excludes food and energy as well as price moves in pandemic-sensitive items such as used cars, hotels and airfares, rose by 0.45 per cent from September to October.
      …

  32. Geraldo Rivera’s opinion ain’t worth amoeba spit.

    Geraldo Rivera Tells Fox Viewers “You Have No Rights When It Comes To The Vaccine

    by Steve Watson
    November 11th 2021, 6:49 am

  33. Here come the bottom fishers, venturing where angels fear to tread into deeply distressed Chinese property bonds.

      1. If Goldman is buying distressed assets, is that a sign that they foresee government interventions to reduce the future level of distress? Where’s the upside to buying bonds that won’t be repaid, unless you expect to be able to flip them before final collapse, or else expect the picture to brighten so they will be repaid?

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