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Clearly On The Brink And Sleepwalking Into Disaster

A report from the Telegraph. “For some American homeowners, one number is the most important indicator of wealth in their life: the Zestimate. When they do not like what they see, things can turn ugly. ‘F— Zillow and their ‘zestimates’. This shouldn’t even be legal,’ one online commenter wrote after their home’s estimated value dropped by $70,000 (£52,400).”

“The Zestimate is so influential that some have even taken the Seattle-based company to court, claiming the calculations damage the sale value of their home. ‘It’s tempting to draw a parallel to WeWork,’ says Mike DelPrete, a property tech adviser, referring to the office space company that spectacularly imploded when its venture capital-fuelled hype was not matched by profits.”

“‘The question you’ve got to ask: is this a technology company, or a real estate company? You’re sitting on thousands of houses and, at the end of the day, this is real estate – there’s cracks in the foundation and painting that needs to be done,’ he said. ‘Technology can only take you so far and as the Zillow example shows, if technology fails, it can fail spectacularly.'”

The Orlando Business Journal in Florida. “Zillow Group Inc. plans to offload thousands of homes, including hundreds here on the First Coast. Since March, the Seattle-based company’s related firm Zillow Homes Property Trust bought about 440 homes in Duval County for a total of $137.7 million and has sold about 150 of them for around $46 million. It also bought 142 homes in St. Johns County, where it has sold 44. It’s latest purchases closed on Friday.”

“It’s difficult to make any broad assumptions about the housing market based on the collapse of Zillow’s homebuying business, PNC Financial Services Group Senior Economist Abbey Omondunbi told Orlando Business Journal. However, while the housing market is still strong, the situation is emblematic of the rapid home price gains seen in markets across the U.S., Omondunbi added. ‘It really speaks a lot about the frenetic pace of buying and selling we saw earlier this year, which has stabilized.'”

The Worcester Telegram in Massachusetts. “While the moratorium provided safety for tenants, it also affected landlords. Many owners, frustrated with non-compliant tenants and nonpayment of rent, sold out of the business, according to Doug Quattrochi, executive director at Massachusetts Landlords. ‘In August and September 2020, when the state moratorium was at its longest duration, we had landlords selling out of the business at two to three times the normal rate,’ Quattrochi said, noting the fall in membership renewals. ‘People (were) running out of money and there was no end in sight.'”

“Dave Branagan, a landlord with 20 years of experience, sold multiple properties due to the moratorium in mid-2020. His final property sale went through in August of this year and while Branagan still owns a couple of properties, he has separated himself from the business as much as possible. ‘I didn’t have problems with the ones who lost their jobs. I had problems with the ones that were opportunistic thieves,’ Branagan said. ‘I’m glad I’m out of the business, and I would never do it again.'”

From Socket Site in California. “The light-filled, one-bedroom cottage at 4353 17th Street, which sits above the Castro in Corona Heights and was purchased for $675,000 in January of 2014, re-sold for $915,000 in November of 2016, representing total appreciation of 35.6 percent over those 34 months for the 685-square-foot, free-standing home despite its various imperfections and the ‘short term hold.'”

“Having returned to the market priced at $998,000 in October of last year, the list price for 4353 17th Street was reduced to $930,000 after a month on the market and to $899,000 after two, a sale at which would have represented net appreciation of just 1.6 percent for the cottage since the fourth quarter of 2016 on an apples-to-apples basis.”

“Withdrawn from the MLS in January and then relisted anew for $899,000 this past May, the condo alternative cottage has just been re-listed anew anew, with a further reduced list price of $849,000, a sale at which would represent depreciation of 7.2 percent since the fourth quarter of 2016 on an apples-to-apples basis but would be considered to be ‘at asking,’ and with ‘only 3 days on the market’ as of this morning, at least according to all industry stats and aggregate market reports.”

From EGI Radius. “Houses in areas of the north of England and Scotland are worth less now than they were before the global financial crisis 13 years ago.”

From Nine News. “Peter White AM, managing director of the Finance Brokers Association of Australia (FBAA), said recent research conducted by McCrindle was a ‘wake-up call’ that many borrowers may be living beyond their means. Commissioned by the FBAA, the research showed 66 per cent of borrowers would be under pressure if interest rates were to rise and 57 per cent would not be able to make repayments if their mortgage were to increase by as little as $300 a month.”

“Among those who said they wouldn’t be able to afford repayments following a $300 monthly rise were households that earnt between $2000 and $3000 a week, proving that mortgage stress was not only looming for lower income earners.”

“‘Many Australians are clearly on the brink and are sleepwalking into disaster, living in the false hope that rates will stay this low,’ Mr White said. ‘This survey is a wake-up call and shows that even a small rise in rates – which is looking more likely next year with rising inflation – could be catastrophic for our nation.'”

“An industry veteran of more than 40 years, Mr White said it was possible that Australians had grown complacent after almost 11 years without seeing a rate rise. ‘The housing market has soared and there is a reasonable chance will undergo a correction, meaning that those with low deposits who have stretched themselves to make large repayments could see themselves with negative equity, owing more than the value of the property,’ Mr White said. ‘Add a mortgage increase they can’t pay, and there could be a lot of people in real trouble.'”

“Digital banking expert from Compare the Market David Ruddiman said the fear of missing out – dubbed FOMO – is a powerful motivator. ‘Buyers have been spooked by forecasts indicating that prices will continue to grow. In some ways they’re fulfilling the prophecy by making bigger offers than they usually would,’ Mr Ruddiman said. ‘The figures show the fear factor has been crucial in driving trends, with 63 per cent of respondents admitting they bought as quickly as possible to avoid surging prices.'”

From Bloomberg. “Beijing has good reasons to rein in the country’s property giants. They have accrued so much debt over the course of their breakneck expansion — $2.5 trillion among the top 50 or so listed companies. But developers also have served an important social purpose. In 1998, when China launched a program to encourage private home ownership, there was a severe shortage of apartments in urban areas, and what was available was often shabby. The government provided incentives, and the developers swooped in. At one point, China was adding about 15 housing units per 1,000 people, three times as many as in the US or Japan.”

“The developers’ plight has drawn international attention in part because offshore investors make up the bulk of their bondholders. For instance, with about $12 billion dollar bonds outstanding, Shenzhen-based Kaisa Group Holdings Ltd. is the second-largest high-yield issuer after Evergrande. Domestic bank loans, by comparison, account for only 27% on the books. Investors are clearly pricing in a default: Kaisa’s $400 million note due this December is now trading at only 43 cents on the dollar.”

“All companies risk failure, and China’s property sector badly overreached. But that isn’t a reason for Beijing to pressure companies out of existence, leaving investors holding the bag.”

The Bangkok Post. “The temporary revocation of lending curbs might be an encouragement for the home loan market and housing transfers next year, however, the high rate of mortgage rejections remains a concern due to weak purchasing power. Last month the Bank of Thailand eased LTV constraints to 100% for second and third home purchases, from an earlier cap of 70-90%. Weak local demand and shrinking purchasing power with high household debt are among the critical factors, as well as the fragile employment rate and declining wealth and household savings due to the long-term pandemic.”

“At the same time, the cumulative unsold supply remained large, resulting in high competition as many developers offer discount prices to drain their inventory,  added Alongkot Boonmasuk, secretary-general of the Housing Finance Association. Some 39 provinces saw a contraction of 90% in housing transfers while there were six provinces that had a number of transferred houses totalling less than 10 units.”

“Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the residential market has been sluggish since 2019. ‘All figures related to the housing market were negative across the board,’ he said. ‘They were below a five-year average of the period between 2015 and 2019.'”

“Despite the easing of lending curbs, Pornarit Chounchaisit, president of the Thai Real Estate Association, remained concerned about mortgage loan rejection which was at a high rate. ‘In some provinces, the rejection rate hit 70%,’ he said. ‘Though the average was 30%, the mass market with units priced 2-3 million baht saw a rejection rate of 50-60% due largely to financial institutions’ stricter rules.'”

“Mr Alongkot said there were six reasons why the mortgage loan application was rejected: a default history due to financial indiscipline, insufficient income, debt overload, incomplete documents and unclear sources of income and co-borrower problems. ‘The most important is that homebuyers have no savings,’ said Mr Alongkot.”

This Post Has 107 Comments
  1. ‘F— Zillow and their ‘zestimates’. This shouldn’t even be legal,’ one online commenter wrote after their home’s estimated value dropped by $70,000′

    That’s some red hotcakes right there.

    ‘Kaisa’s $400 million note due this December is now trading at only 43 cents on the dollar. All companies risk failure, and China’s property sector badly overreached. But that isn’t a reason for Beijing to pressure companies out of existence, leaving investors holding the bag’

    They’re already holding the bag Bloomberg.

    What’s that in yer hand?

    A bag of steaming zillow.

    1. “It”
      That is the whole problem right there.
      “Entities” buying property that is designed for human shelter.

      1. At least they’re selling the shelter back to the humans, and not planning to turn us into a nation of renters. Can’t say the same for other entities.

  2. ‘People (were) running out of money and there was no end in sight’

    How do those 5% cap rates look now?

    ‘The most important is that homebuyers have no savings’

    Oh that? I’ve seen subprime borrowers and their UHS roll closing costs and down payments into the loan for years, and it will bite them in the a$$ eventually. You hand out 105% loans and there’s no skin in the game.

    1. “‘The most important is that homebuyers have no savings’”

      Not to worry, if these people have marketable body parts (or good-looking teen-aged daughters) they should come see me and perhaps something can be worked out.

      (Candy from babies. With very little effort on my part I have these pukes exactly where I want them.)

      😁

        1. “Lustimate”. I like it.

          It used to be I would use one’s FICO score as a guide to lending but now I’m thinking of generating a Lustimate score.

          😁

          1. My lending terms would require that the interest rate be adjusted up as the Lustimate score goes down.

          2. “…It used to be I would use one’s FICO score as a guide to lending but now I’m thinking of generating a Lustimate score….”

            And who said Mr. Bankers job is not the best job in the world?

            (Short of loansharking in Las Vegas)

          3. “Just beware that such collateral can have a much shorter shelf life than the length of the loan.”

            Jesus

  3. ‘Buyers have been spooked by forecasts indicating that prices will continue to grow. In some ways they’re fulfilling the prophecy by making bigger offers than they usually would…The figures show the fear factor has been crucial in driving trends, with 63 per cent of respondents admitting they bought as quickly as possible to avoid surging prices’

    The winnahs!

    ’57 per cent would not be able to make repayments if their mortgage were to increase by as little as $300 a month…Among those who said they wouldn’t be able to afford repayments following a $300 monthly rise were households that earnt between $2000 and $3000 a week’

    IMO these central bankers knew what they were setting up and did it on purpose.

    1. Some might say, central banks/guberment wouldn’t act to harm people! Look at Thailand. (Or New York City). The Thai king has decided to destroy the economy, while he sits on his a$$ in Germany.

    2. “as little as $300 a month”

      This alone is rather alarming. $300 is not “a little.” That’s a month of frugal food, or a payment on a used car.

    3. $300? If it is that precarious it is just a matter of time. It might not be the mortgage rate but taxes, insurance or general goods hyperinflation will eat up $300 per month … coming soon.

  4. ‘Houses in areas of the north of England and Scotland are worth less now than they were before the global financial crisis 13 years ago’

    Is that a lot?

      1. Dirt prices are volatile… as always, someone (a lot of someones) overpay for it. Historically, land prices swing wildy.

  5. ‘F— Zillow and their ‘zestimates’. This shouldn’t even be legal,’ one online commenter wrote after their home’s estimated value dropped by $70,000.”

    You paid what the lender wanted you to borrow, not what the house was worth.

    You paid too much my good friends! You paid too much! You got ripped off on a rapidly depreciating asset and some worthless dirt!

    Arrington, TN Housing Prices Crater 21% As Rural Lot And Land Prices Tumble

    https://www.movoto.com/arrington-tn/market-trends/

    As one national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

    1. “You paid what the lender wanted you to borrow, not what the house was worth.”

      Yep, the lenders have been in control all along.

      Regarding the prices paid for houses, Zillow may be the ones who say it is so but the lenders are the ones who make it so.

      The well-traveled road of mass stupidity is what connected Zillow to the lenders. This road was traveled by both new buyers and previous buyers; The new buyers, inspired by out-of-thin-air Zestimates, created equity wealth for the previous buyers. Both these groups of dumb-asses flocked into the lenders to either purchase the houses or borrow out what equity previous buyers had magically created, and hence both of these groups of dumb-asses immediately generated some mighty hefty fees for the lenders AND they set up for the lenders a very profitable steady stream of monthly income that is scheduled to endure for decades.

  6. China property hit by rare convergence of demand, supply declines
    By Liangping Gao and Ryan Woo
    4 minute read
    Apartment blocks are pictured in Beijing, China December 16, 2017. REUTERS/Jason Lee/File Photo
    Summary
    — Oct new home prices down on month, resale home prices mostly lower
    — Number of cities reporting price gains fewest since March 2015
    — Oct new construction starts, property investment also lower

    BEIJING, Nov 15 (Reuters) – China’s property woes worsened on all fronts last month, as price falls in both new and resale homes amid deeper contractions in construction starts and investment by developers piled pressure on the sector in a rare confluence of declines.

  7. Global financial crash: China Evergrande heading for ‘bankruptcy in days’
    GLOBAL financial crash fears remain high over the prospect of the collapse of real estate giant, China Evergrande.
    By Bill McLoughlin
    08:24, Sat, Nov 13, 2021 | UPDATED: 08:25, Sat, Nov 13, 2021
    China: ‘Record amount of dissatisfaction’ says Jim Molan

    Although some reports claimed Evergrande had managed to avoid defaulting on bond payments on November 10, experts have insisted the company is set for bankruptcy. Such is the large debt facing the real estate giant, Evergrande is predicted to go bankrupt “in days”. Dr Marco Metzler, senior analyst for Deutsche Marktscreening Agentur (DMSA) claimed Evergrande had in fact defaulted on the $148.2million (£110million) payment on Wednesday.

    1. “..Evergrande is predicted to go bankrupt “in days”…”

      IMO, not a minute too soon.

      Hopefully, it will trigger a tsunami of cross-defaults and take down other speculative R/E entities that have been very well documented here on the HBB.

      The REIConplex is in dire need of a giant financial enema.

      The more you delay the more its going to hurt.

    2. I can’t find the straight poop. What % of Evergrande debt is foreign (i.e. in US and other currencies) vs Chinese debt?

  8. Yet raising the gas tax 25 cents in both states would have cash flowing immediately to fund the bridge.
    —————
    What’s the holdup in Kentucky? Local leaders say the biggest funding block is the toll disagreement between Ohio and Kentucky.

    Northern Kentucky lawmakers don’t want their constituents to pay a toll to cross the bridge to go to work in Cincinnati, said Boone County Republican Rep. Sal Santoro, chairman of a transportation subcommittee.

    https://www.cincinnati.com/story/news/2020/11/13/brent-spence-bridge-project-no-one-can-get-done/6266888002/

    1. Yet raising the gas tax 25 cents in both states would have cash flowing immediately to fund the bridge.

      I think gas is already excessively taxed.

      1. I dont we have so many roads and bridges that needed to be replaced decades ago….so how to pay for it? The gas tax hurts people who drive excessively and cant write it off as a business expense, So maybe moving close to your job will turn out cheaper in the long run

        1. How about the people who actually benefit from expensive infrastructure (like an expensive bridge) pay a toll?

          There is a toll road to get to the Dumver airport. There are other ways to get to DIA, but the toll road never has congestion and is kept pristinely plowed when it snows. If it’s worth it to you, you pay, if not, you can take your chances on the free road.

        2. Also, unless the tax is earmarked through a ballot to only be actually spent on roads, it will just go down the rat hole, and the bridge still won’t get built.

          1. Also, unless the tax is earmarked through a ballot to only be actually spent on roads, it will just go down the rat hole, and the bridge still won’t get built.”

            CA straight to the pensions

    2. “don’t want their constituents to pay a toll to cross the bridge to go to work in Cincinnati”

      Then institute the toll only one way, and make ’em pay a toll to cross the bridge to go home FROM work in Cincinnati. 😜

      But seriously, there are bridges with one-way tolls, the Chesapeake Bay Bridge being one of them.

      1. One-way tolls make more sense from the standpoint of reducing congestion, and electronic toll collections, like California has implemented, make even more sense.

  9. What if you could say this about the entire pandemic era?

    Real estate is currently not a mainstream market, just a fringe hobby trading on limited stock. As such, none of these prices since March 2020 have any more merit than Pokemon cards. Any price index line on a chart should change color during this time to indicate it. Whenever whatever “covid” is ends, prices will have to suddenly re-calibrate with serious buyers and serious sellers and this hobbyist market will vaporize.

    1. Sure.

      Except that the extraordinary measures put in place during the pandemic to protect owner occupied homeowners and renters, while throwing landlords under the bus, may prove very difficult to unwind.

      Time will tell how this plays out.

  10. More Fake news articles trying to spin that Climate Change is causing a increase in heart disease.
    Saw a clip of Bill Gates calling for a new vaccine that is more effective stopping transmission of Covid in summary of what he was saying.
    Than you have fake news spin that children are the super spreaders of Covid while they double down on going after children vaccination.
    Meanwhile you have perfectly healthy athletes dropping on fields from heart attacks .

    1. “Climate Change is causing a increase in heart disease.”

      Warmer climate =>
      Less snow =>
      Fewer geezers dropping dead of heart attacks due to shoveling snow off their driveways.

      Seems simple to me!

  11. China property: New home prices see biggest fall since 2015
    Published 9 hours ago
    People look at models of houses at the 2021 Dalian autumn real estate fair at Dalian World Expo Centre. Image source, Getty Images

    China’s property slump has deepened official data showed, with new home prices seeing their biggest month-on-month decline since 2015.

    New construction starts in January to October also fell 7.7%, compared to a year earlier.

    The country’s property market has been shaken in recent months as real estate giant Evergrande struggles to keep up interest payments on its huge debts.

    China has also been hit by a new wave of Covid cases and major power cuts.

    The 0.2% drop in new home prices in October was the biggest fall seen in China since February 2015.

    It also marks the first decline in new home prices since March 2015.

    Sentiment in China’s property market, which accounts for about a quarter of the country’s economic activity by some measures, has been rocked as major property developers grapple with huge debts.

    1. “China hit by a new wave of Covid Cases.”

      China has been producing the old technology vaccine, also for many Countries like Indonesia.
      Old technology vaccine being injection of dead virus to evoke a immune response.

      But the old technology is proving to not be very effective either , if you use Indonesia as a example . So the mutation like Delta ends up prevailing , so the dead virus old technology doesn’t last long either.

      So, the Scientists that were saying that you can’t vaccinate into a Pandemic , were right in what they were saying, because even the old vaccine technology produced by China becomes ineffective rather quickly against varients.
      And than you compare regions in India where they used Ivermectin, with a 20% vaccine rate, and they have almost knocked out Covid Cases entirely.
      But doesn’t matter what the facts are and what real data shows, take a vaccine and keep taking boosters , and ignore the success of cheap, safe medications.
      Scientists and Drs who were censored and cancelled were saying exactly what would happen if you vaccinated into a Pandemic.

  12. The lying globalist media tells us there is no “obvious solution” to curb inflation. Sure there is: get rid of the Keynesian fraudsters at the Fed and stop this criminal private banking cartel’s deranged money printing. Then force government to only spend what it takes in. Problem 90% solved.

    Inflation emerges as defining economic challenge of Biden presidency, with no obvious solution at hand

    https://www.msn.com/en-us/money/markets/inflation-emerges-as-defining-economic-challenge-of-biden-presidency-with-no-obvious-solution-at-hand/ar-AAQGIoE

    America is emerging from the pandemic facing its biggest inflationary spike in decades, as startling and persistent price hikes threaten to undermine the recovery, while posing an entirely new kind of economic challenge to the Biden presidency.

    Policymakers are facing the devilish and unfamiliar quandary of booming consumer demand and dramatic supply disruptions combining to push higher the cost of necessities such as food, gas and housing.

  13. Biden’s diversity-hire VP isn’t cutting it, but of course Biden won’t accept responsibility for appointing someone who was disastrously unfit to be VP. This is my shocked face.

    Biden and Kamala’s relationship is in crisis as their poll ratings crash just one year in: Her staff feuds over why she is being sidelined with no-win migration task while President’s team say they’ve given up on her already

    https://www.dailymail.co.uk/news/article-10202201/Tensions-frustrations-rise-Kamala-Harris-Joe-Biden.html

    Joe Biden’s relationship with Kamala Harris is in crisis, with her staff furious that she is being ‘sidelined,’ while the president’s team are increasingly frustrated by how she is playing with American public.

    Harris’ approval rating has plunged even further than Biden’s in recent months, with rumors swirling that the president is considering appointing her to the Supreme Court as a backdoor method of selecting a new VP.

    1. ” appointing her to the Supreme Court as a backdoor method of selecting a new VP.”

      They are just hanging themselves at this point.

      1. Easier o just get her appointed to multiple lucrative corporate board positions, where she will collect millions and not have to do any work.

      2. The Globalist plan is this.

        First bring in Joe Biden as a wreaking ball destroyer. The perfect fall guy. Than when his approval ratings go down, bring in the new team like Harris and Pete Buttigieg to bribe , without correcting the disasters Biden inflicted.
        This is why they distanced Harris from Biden right from the start.
        So, Biden, who doesn’t even know what’s happening will be taken out somehow by the 25th amendment, or by death or resignation due to health. Biden will be blamed for all the wreaking ball acts, and the new wave of Puppets come in for the next round of Globalists take over plans.
        Biden has kinda hit a block wall with the 5th Circuit STAY, and the public resistance is also getting more intense.
        At this point anybody who falls for the new Public Relations campaign by Dems, as they have to distract from Biden the wreaking ball, is just really dumb.
        I suppose they thought Biden was going to last longer and not be pooping all over the place, but he is going down. I predict they will try to do it in a way that doesn’t involve the 25th amendment.
        My question is what if the out if it Biden doesn’t want to step down, etc, and the Guy gets stubborn about him wanting to remain.

        Anyway, Joe Bidens usefulness is waning about on par with the toxic vaccines waning in effectiveness.

    2. President’s team say they’ve given up on her already

      They will find a way to get her to step down. After they replace her, then they will get rid of Pedo Joe. That, or they have him wear two diapers.

      1. In Colorado,
        Look at my post above you. But you bring up a good point on how are they ever going to make Harris popular. She just doesn’t have what it takes.
        So, will they do something to promote Pete Buttigieg now? I don’t know how they are going to do it , but Harris is not liked and they know this.
        That being said, the Dems/ Globalists stole the 2o20 election so they should all hang.

  14. This shouldn’t even be legal,’ one online commenter wrote after their home’s estimated value dropped by $70,000 (£52,400).”

    Relax, baggie. It’s only fictitious Yellen Bux value your shack is shedding.

  15. ‘Technology can only take you so far and as the Zillow example shows, if technology fails, it can fail spectacularly.’”

    The bigger issue is fake valuations created by trillions in fake Yellen Bux being created out of thin air by the Fed. When true price discovery shows up, as it inevitably will, the wipeout of fictitious “value” from the Fed’s asset bubbles and Ponzi markets is going to be epic.

    1. I find it amusing how so many people put so much faith into algorithms. The models they are based on can be flawed, plus the code can have bugs in it.

      But say “algorithm” and far too many accept the outcome.

      1. “But say “algorithm” and far too many accept the outcome.”

        Yeah, well no big surprise there in that so many people are so incredibly stupid.

        1. The cognoscenti say “algos” and wear black turtleneck sweaters that confer creative genius status to the venture fund lemmings.

      2. “…I find it amusing how so many people put so much faith into algorithms…”

        We now live in a dumbed down society in which a large fraction of the population can’t balance a checkbook (assuming they have a checkbook) or understand the concept of percent or compound interest. (Note the many posts by Mr. Banker exploiting this deficiency) .

        Mention the word ‘algorithm’ and they go into mental vaporlock.

  16. ‘I didn’t have problems with the ones who lost their jobs. I had problems with the ones that were opportunistic thieves,’ Branagan said. ‘I’m glad I’m out of the business, and I would never do it again.’”

    You’re myopic, Branagan. The real problem was government overreach by the CDC and its unconstitutional eviction moratoriums. The rule of law is defunct in this country, especially under the Biden regime. Any Democrat-Bolshevik administration is going to encourage and enable parasitism like that shown by your “opportunistic thief” tenants.

  17. If you object to boys in skirts raping female students in the girls’ bathrooms of our NEA indoctrination mills, or anti-white race hatred being taught as part of education curriculums, you are, ipso facto, “alt-right” or “white nationalist.” This is how the globalists’ Comrades of Proven Worth (D) will always characterize anyone who objects to their commie agenda. We’re going to need a bigger gulag with all these “domestic terrorists” coming out of the woodwork.

    Loudoun County official brands concerned parents ‘alt-right’ to the fury of the black and Jewish mums and dads who organized petition to replace board members

    https://www.dailymail.co.uk/news/article-10202639/Loudon-County-official-brands-anti-CRT-group-alt-right.html

    A Loudoun County official has branded a group of parents who are concerned about the school district’s handling of sexual misconduct cases and its teaching of critical race theory ‘alt-right,’ despite the group having black and Jewish supporters.

    Juli Briskman, a member of the Loudoun County Board of Supervisors, tweeted the claim on Thursday, after the parent organization Fight for Schools announced it had obtained enough signatures to challenge all of the remaining school board members who were part of a Facebook group that launched a campaign against parents who oppose the teaching of critical race theory.

    1. It’s going to be hard to charge those electric cars with coal generated electricity if those coal plans are shut down.

      1. – Maths.

        https://economics21.org/inconvenient-realities-new-energy-economy
        COMMENTARY
        Inconvenient Energy Realities
        Mark P. Mills
        JULY 1, 2019 ENERGY
        The math behind “The New Energy Economy: An Exercise in Magical Thinking

        “A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries. Regardless of one’s opinion about whether, or why, an energy “transformation” is called for, the physics and economics of energy combined with scale realities make it clear that there is no possibility of anything resembling a radically “new energy economy” in the foreseeable future. Bill Gates has said that when it comes to understanding energy realities “we need to bring math to the problem.”

        “He’s right. So, in my recent Manhattan Institute report, “The New Energy Economy: An Exercise in Magical Thinking,” I did just that.”

        “Herein, then, is a summary of some of bottom-line realities from the underlying math. (See the full report for explanations, documentation and citations.)”

        “4. A 100x growth in the number of electric vehicles to 400 million on the roads by 2040 would displace 5% of global oil demand.”

        “6. Replacing U.S. hydrocarbon-based electric generation over the next 30 years would require a construction program building out the grid at a rate 14-fold greater than any time in history.”

        “13. Batteries produced annually by the Tesla Gigafactory (world’s biggest battery factory) can store three minutes worth of annual U.S. electric demand.”

        “14. To make enough batteries to store two-day’s worth of U.S. electricity demand would require 1,000 years of production by the Gigafactory (world’s biggest battery factory).”

        “21. In order to compensate for episodic wind/solar output, U.S. utilities are using oil- and gas-burning reciprocating engines (big cruise-ship-like diesels); three times as many have been added to the grid since 2000 as in the 50 years prior to that.”

        “36. Storing the energy equivalent of one barrel of oil, which weighs 300 pounds, requires 20,000 pounds of Tesla batteries ($200,000 worth).”

        “38. It takes the energy-equivalent of 100 barrels of oil to fabricate a quantity of batteries that can store the energy equivalent of a single barrel of oil.”

        “39. A battery-centric grid and car world means mining gigatons more of the earth to access lithium, copper, nickel, graphite, rare earths, cobalt, etc.—and using millions of tons of oil and coal both in mining and to fabricate metals and concrete.”

      2. Think: Hydrogen fusion reactors. We are only ten years or so from them becoming a viable energy source.

        > sarc: We have been ten years-or-so away going on for the past sixty years-or-so.

      3. It’s TheScience™ these are not just any electrons they are “woke” electrons traveling across copper conductors to your rolling virtue signal. Some coal got burned to make it all happen, but at least you got alot of likes on Instagram…

  18. – If the truth be told. “The emperor has no clothes.”

    https://confoundedinterest.net/2021/11/13/inflation-nation-medicare-part-b-premiums-jump-by-14-5-for-2022-while-social-security-cola-rises-by-only-5-9-for-2022/
    Inflation Nation! Medicare Part B Premiums Jump By 14.5% For 2022 While Social Security COLA Rises By Only 5.9% For 2022
    confoundedinterest17 | November 13, 2021 | 3 Minutes

    “Policy blunders perpetrated by the Biden White House have made a bad problem worse.”

    “For instance, oil prices are higher for two reasons. First, U.S. production has declined by about two million barrels per day since 2019, even as demand has recovered from the COVID-19-induced downturn. Oil markets are global, so the fall-off in output would not necessarily jack prices up, but our declining output needs to be offset by an increase elsewhere.”

    “Enter OPEC, which has not restored output to the level necessary to bring down prices, despite repeated pleas from Biden.”

    “Meanwhile, Biden has done a lot to discourage a resurgence in U.S. drilling and production. He has cancelled pipelines, threatened oil and gas producers with higher taxes, taken promising acreage out of play, such as the Arctic Natural Wildlife Refuge, slow-walked leasing and new drilling permits and, most recently, imposed new methane-curbing rules that make drilling more expensive.”

    Another boost to inflation came from housing. With “shelter” accounting for some 40 percent of the CPI, economists have warned that fast-rising home prices would eventually seep into higher inflation readings. In October, we saw this occur, with the increase in the cost of shelter accelerating to 0.5 percent from September, an annualized rise of 3.48 percent. The CPI owners equivalent rent of residence rose to 3.13% YoY. Too bad home prices are increasing at almost 20% YoY.

    One reason home prices have been increasing at nearly 20 percent per year is that the Federal Reserve has continued to buy up $15 billion worth of mortgage-backed bonds each month, keeping mortgage rates artificially low. The result has been a booming market, driving home prices, and now rents, higher.

    – #LetsGoBrandon

    1. – I thought that $15B/mo. number was low…

      – QE up until now:
      – The Fed is buying: $80B of U.S. Treasury bonds and $40B of mortgage-backed securities (MBS) every month, for a current total of $120B per month.
      – QE reductions (tapering) allegedly starting this month:
      – $10B less U.S. Treasury Bonds and $5B less MBS per month for a (measly) total reduction of $15B per month.
      – Just to check though, I’d keep an eye on the Fed balance sheet.
      – Let’s also see what happens if the stonk “markets” get a sniffle. Any tapering in that event is likely to be immediately reversed.
      – Recall that tapering is not tightening and there’s no talk of actually raising rates yet, since they know that will tank stonks.
      – In my view, interest rates can’t really rise much, since the U.S. (and global) economy is now highly indebted and “can’t handle the truth” of higher rates. This (rate increase) would crash the stonk “markets,” and drive a stake through the heart of the “zombie” companies – now at approx. 20% of the total – fairly quickly, I think. And not to mention, but I will, what higher rates would do to the housing “market.” I see jawboning as their only option. It works until another “The Emperors New Clothes” moment.
      – Sooner or later, this “Everything Bubble” is going to blow up. The Fed is trapped. No good outcomes. They own this mess. Have a nice day. 🙂

      1. “The Fed is trapped.”

        We are the ones who are trapped.

        “No good outcomes.

        True dat.

        “They own this mess.”

        Wrong. They caused this mess, we are the ones who will own it.

        “Have a nice day.”

        Count on it; The popcorn is already beginning to pop.

  19. oftwominds-Charles Hugh Smith: Paging Isaac Newton: Time to Buy the Top of This Bubble
    http://charleshughsmith.blogspot.com/2021/11/paging-isaac-newton-time-to-buy-top-of.html

    (snip snip)

    ‘I have added a ‘we are here’ indicating where we are in the current bubble expansion and collapse: this secondary peak after a bout of initial selling is the classic ‘last chance to exit.’ Note that Newton ‘bought the dip’ on the way up and then added to his position as the mania rolled over, making his final fatal purchase as a ‘buy the dip’ just before the ‘last chance to exit’ spike–which is precisely the point the current bubble has finally reached, when everyone is all in and ‘buying the dip’ to increase the profits which everyone agrees are essentially guaranteed because the Fed.

    “The problem is, alas, smart people are still humans, and humans run with the herd when the herd is minting money. Absurdly farfetched claims are gussied up with ‘mathiness’ and narratives that are powerfully simplistic, with just enough common-sense credibility to enliven the excessive greed that lies dormant but ready in every human heart.”

  20. You keep checking your mailboxes, Kaisa baggies. Those bond interest checks should be turning up any day now.

    Chinese Developer Kaisa Has Yet to Pay Interest Due Last Week
    https://www.bloomberg.com/news/articles/2021-11-15/chinese-developer-kaisa-has-yet-to-pay-interest-due-last-week?sref=ibr3A0ff

    At least some of Chinese developer Kaisa Group Holdings Ltd.’s creditors haven’t received bond interest that was due last week, according to people with knowledge of the matter, starting the clock on a 30-day grace period before a default.

    As of 6 a.m. in New York on Nov. 15, investors in Kaisa’s dollar bonds had yet to receive their payments, said the people, who asked not to be named discussing a private matter. The developer had coupon payments totaling $88.4 million due on Nov. 11 and Nov. 12.

    1. I read this obituary last weekend linked from multiple sources. It’s really, really sad.

      “I’m putting my faith in tomorrow’s adjusted facts today, and so should you!!!” — Anonymous, No New Normal, November 2021

  21. And so it begins, From Yahoo News:

    Democrats are urging President Joe Biden to enforce vaccination mandates for air travel ahead of the holiday season, to prevent a surge of Covid-19 cases in winter.

    More than 68 per cent of those eligible in the US have received one vaccine shot, while 58.8 per cent are fully vaccinated.

    In a letter to the president on 11 November, 36 Democratic lawmakers asked the president to mandate proof of vaccination or a negative Covid-19 test report before boarding flights.

    The mandate was a “necessary and long overdue step toward ensuring all Americans feel safe and confident while traveling”, they said.

    The Democrats lauded the vaccination mandate for international air travel. “Applying similar strategies to domestic air travel would ensure Americans can travel safely to see their loved ones during the holidays while also limiting household introduction and spread of Covid-19 from visiting family and friends,” they said.

    The letter also cited public health research and said that mandatory vaccination might push the unvaccinated to get fully vaccinated if it was a requirement to fly on a plane.

  22. Well this is cringe. So-faux “unity” for the cameras can’t hide the fact that Kamala Harris is totally out of her depth as VP and was never remotely qualified for such a position.

    BREAKING NEWS No rift to see here! Biden and Harris walk out of the White House side-by-side and hug to try and quash claims of a rift to sign the $1.2T infrastructure bill in front of 800 lawmakers

    https://www.dailymail.co.uk/news/article-10205209/Biden-Harris-walk-White-House-hug-amid-claims-rift.html

  23. – Evergreen headline.
    – Not to mention this glowing endorsement coming from someone who should know.
    – Former Pres. Carter now has some competition. 🙂

    https://freebeacon.com/politics/obama-biden-warning/
    Politics
    Obama Tried to Warn Us: ‘Don’t Underestimate Joe’s Ability to F— Things Up
    Former POTUS urged Biden not to run, was concerned he would ’embarrass himself
    Andrew Stiles • August 26, 2021 2:29 pm

    “Former president Barack Obama is a pathological narcissist who only cares about hanging out with celebrities and being extravagantly wealthy, regardless of the death and destruction it causes. Nevertheless, he tried to stop Joe Biden from becoming president and made an effort to warn us about his dangerous incompetence.”

    Don’t underestimate Joe’s ability to f*ck things up,” Obama told a fellow Democrat during the 2020 presidential primary. The former president disparaged his running mate again during a conversation with a Democratic candidate: “And you know who really doesn’t have it?” Obama said. “Joe Biden.”

    “Before that, Obama did his best to persuade Biden not to run. “You don’t have to do this, Joe, you really don’t,” he reportedly told Biden in 2019. According to journalists Jonathan Allen and Amie Parnes, authors of Lucky: How Joe Biden Barely Won the Presidency, Obama “worried that his former vice president would embarrass himself on the campaign trail and that the people around him would not be able to prevent a belly-flop.””

    When the righteous thrive, the people rejoice;
 when the wicked rule, the people groan.” – Proverbs 29:2

    “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.” – H L Mencken

  24. Domestic Terrorist? Pro-CRT Parent Threatens School Board, “I Have 1,000 Soldiers Ready To Go, Locked And Loaded”

    by Kelen McBreen
    November 15th 2021

    Parents in Fort Worth, Texas say they felt threatened after a man defending the teaching of Critical Race Theory during a school board meeting claimed to have one thousand “soldiers” armed and ready for a fight.

    The individual who made the remark, allegedly a former black militia member, told parents attending a Fort Worth Independent School District board meeting, “I got over a thousand soldiers ready to go.”

    “For those who got an issue with this critical race theory equity, this is something I fight for, for my children,” he said. “How dare you come out here and talk about the things that my daddy and my grandparents went through, the lynching, the oppression, Jim Crow, and my kids are still being afflicted by this.”

    The upset father told other parents his “First Amendment rights” allowed him to make such threats before adding, “I’m gonna bring my soldiers with me next time. Locked and loaded.”

    Have an important tip? Let us know.
    EMAIL US HERE.
    Parents in Fort Worth, Texas say they felt threatened after a man defending the teaching of Critical Race Theory during a school board meeting claimed to have one thousand “soldiers” armed and ready for a fight.

    The individual who made the remark, allegedly a former black militia member, told parents attending a Fort Worth Independent School District board meeting, “I got over a thousand soldiers ready to go.”

    “For those who got an issue with this critical race theory equity, this is something I fight for, for my children,” he said. “How dare you come out here and talk about the things that my daddy and my grandparents went through, the lynching, the oppression, Jim Crow, and my kids are still being afflicted by this.”

    The upset father told other parents his “First Amendment rights” allowed him to make such threats before adding, “I’m gonna bring my soldiers with me next time. Locked and loaded.”

    The pro-CRT parent, named Malikk Austin, has some people in the community worried he’ll follow through with the warning.

    “Absolutely, it made me feel threatened,” a mother who attended the meeting told Fox News on Sunday. “I’m scared and I’m afraid he’s going to do something.”

    A grandmother who was in attendance said, “Everyone there felt threatened,” and claimed Austin previously spoke at a school board meeting while wearing “tactical gear.”

    https://www.infowars.com/posts/domestic-terrorist-pro-crt-parent-threatens-school-board-i-have-1000-soldiers-ready-to-go-locked-and-loaded/

  25. Supremacists’ Shot At Her And BLM Protesters Marching In Ferguson – Actual Shooter Was A Black Man Shooting At Police

    by Chris Menahan | Information Liberation
    November 16th 2021, 4:33 am

    Missouri Rep Cori Bush (D) on Monday tried to dunk on Kyle Rittenhouse by claiming that when she and other Black Lives Matter protesters marched in Ferguson they were shot at by “white supremacists” who “never faced consequences” for trying to murder them.

    “When we marched in Ferguson, white supremacists would hide behind a hill near where Michael Brown Jr. was murdered and shoot at us,” Bush claimed. “They never faced consequences.”

    “If Kyle Rittenhouse gets acquitted, it tells them that even 7 years later they still can get away with it,” she added.

    As Andy Ngo highlighted, the “white supremacist” shooter was actually a black man by the name of Jeffrey Williams and he was shooting at police, not BLM protesters.

    “Jeffrey Williams was arrested, charged and convicted for that shooting during the protest/riots,” Ngo said. “He was aiming at police and shot two officers.”

    https://www.infowars.com/

  26. YouTube Censors Independent Streams of Rittenhouse Trial

    by Breitbart
    November 16th 2021, 4:38 am

    Google-owned YouTube censored then reinstated independent streams of the public trial of Kyle Rittenhous including the popular Rekieta Law channel’s stream, over what Rekieta Media says was a “BS copyright claim.”

    Live footage of the trial is publicly available and cannot be copyrighted. It appears that YouTube quickly reinstated Rekieta Law’s stream, but not before it interrupted the experience of roughly 40,000 users who had been viewing it.

    “We’re back up. [YouTube] dropped us by FORTY THOUSAND viewers over a BS copyright claim because they are literally paid for by the Media,” said the official Twitter account of Rekieta Media in a statement.

    “THERE IS NO COPYRIGHT ISSUE HERE, Youtube is just shutting down independent creators.”

    https://www.infowars.com/

    1. When the hell did “speaking to” become proper English if the subject they are speaking about is a thing and not a person? Irritating, pretentious garbage.

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