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People And Companies Have Never Been So Leveraged

A report from Verify. “In the summer of 2021, the market started to slow down. However, Zillow Offers according to Mike DelPrete didn’t slow down with the market. ‘What happened is they ended up buying a lot of houses and overpaying for a lot of those houses because they didn’t see those brake lights,’ he said. ‘They didn’t see the market start to cool.'”

The South Florida Business Journal. “Mike Pappas CEO of Miami-based brokerage Keyes, said companies in the iBuyer business risk losing money if they overpay for homes or if there’s a market downturn. Given the cost of overhead and marketing for this business, he doubts many of them are profitable. Bloomberg reported that Zillow lost $380 million on its overall Zillow Offers operation. ‘This is the toughest year yet to evaluate the value of homes,’ Pappas said.”

The Seattle Times. “A lawsuit filed in federal court Tuesday alleges Zillow illegally failed to disclose to shareholders that it was struggling to accurately predict home prices for its house flipping business, which ultimately led the company to shutter the operation this month. The suit, filed on behalf of shareholder Dibakar Barua, alleges that misstatements and/or omissions by Zillow executives drove up Zillow share prices that later plummeted when the company announced it would shut down Zillow Offers.”

“In earnings calls in May and August, CEO Rich Barton said Zillow Offers was ‘surpassing our internal expectations’ and ‘continues to accelerate.’ During a Sept. 13 industry conference, Chief Operating Officer Jeremy Wacksman said, ‘We were really encouraged to see while we saw these incredibly hot markets, the strength and the appeal for Zillow Offers just continues to grow and we’re even more confident now that this is going to be a service really in all-weather markets,’ according to the complaint.”

The California used shack sales people. “California’s housing market continued to maintain a healthy sales pace above pre-pandemic levels even as sales have dipped from 2020, (C.A.R.) said today. California home prices continued to level off as the market moved further into the off-season,  dipping below the $800,000 benchmark for the first time in seven months. C.A.R. Chief Economist Jordan Levine said: ‘Slower sales activity suggests that the market is returning to its typical seasonal pattern and further market normalization can be expected in the upcoming months.'”

The San Diego Business Journal in California. “San Diego County apartment owners have lost an estimated $2.4 billion in unpaid rents since March 2020, according to a study. ‘We’re not talking about big real estate trusts with reserves to manage through this kind of crisis,’ said Alan Pentico, CEO of the Rental Housing Association. ‘Nearly 70% of our members are mom and pop operators who own 15 units or less and still need to make mortgage and tax payments on their properties, even if their residents are unable to pay rent.'”

“Renters who skipped rent payments cut across all income levels, according to Lucinda Lilley, president of the Rental Housing Association and vice president of FBS Property Management in San Diego. Half of the landlords surveyed said that they were hit with missed payments. Among those with significant payment lapses, property owners said that they were owed an average of five months back rent, totaling about $5,000 per apartment, according to the study.”

The Commercial Observer. “Clouds hover over office properties in New York City due to COVID, with values dropping by $28.6 billion, or 16.6 percent from the previous fiscal year, according to an October report released by New York State Comptroller Thomas DiNapoli. The analysis also shows that values to the city’s office market are not expected to rebound to pre-pandemic levels until 2025.”

“And, yes, unknowns still abound. To wit, Jonathan Miller, president of real estate appraisal and consulting firm Miller Samuel, said the true impact of office valuations in New York and beyond may not be felt for years, given that many properties are currently protected by long-term leases. ‘We’re not going to know for sure for several years, if not longer, but I certainly can’t imagine how a reversion to the pre-pandemic level becomes the norm,’ Miller said. ‘The footprint that companies used to require is being recalculated and in most cases that’ll be much smaller.'”

“Ran Eliasaf, managing partner of real estate private equity firm Northwind Group, noted that at the height of the pandemic, when many people fled New York City, there was concern that there would be seven years of condominium inventory, but the market has recovered at a far quicker pace. Inventory is now likely closer to two to three years.”

“Retail had the biggest property valuation dip from pre-pandemic at minus 37.19 percent as of June followed by office at minus 36.03 percent, according to data from research company Trepp. Lodging was the third most distressed asset class in that time frame with a 27.94 percent reduction, per Trepp.”

From Bloomberg. “Surging construction costs are sending delinquency rates skyrocketing among Brazilian developers, persuading a growing number of lenders to dump their loans and creating a feast for distressed-asset funds. ‘I’m dealing with explosive demand from banks trying desperately to sell loans they made to construction firms,’ said Eduardo Martins, a partner at MGC Holding, one of Latin America’s biggest distressed-asset managers.”

“The delinquency rate for builders reached as high as 20% in May for loans carrying market rates, meaning borrowers weren’t paying on time on 3.4 billion reais in loans, according to the central bank. That’s in a year with record real estate lending: New loans for builders and individuals reached an all-time high of 194.9 billion reais in the 12 months through August, more than doubling from the previous 12 months, according to Abecip, the association for real estate financing.”

“‘Those firms bought a lot of land expecting interest rates would remain low for longer, and now they’re having a hard time finishing their projects,’ said Diego Fonseca, a partner at Jive Investments. ‘The bigger builders can hold off on new launches to save cash to survive, but even some publicly traded ones are facing challenges.’ Ferreira expects an increasing number of loans to be offered for sale in 2022, because ‘people and companies in Brazil have never been so leveraged.'”

From Domain News in Australia. “Few areas in Melbourne have seen bigger increases in property values than the coastal suburbs of the Mornington Peninsula. However, there are signs that prices in the vogue locale have finally reached a high watermark. ‘The market hit its peak in the June quarter, with an annual increase of 21.1 per cent,’ said Nicola Powell, Domain’s chief of research and economics. ‘We’re now seeing softer rates of growth – we’re into negative territory – so, it does show that the market has turned a corner in the Mornington Peninsula.'”

“While there are several factors behind the cooling market – including stricter lending criteria – Dr Powell added that buyers have a ceiling, and it’s most likely been reached.”

From Finews. “The manager of a $3 billion Asia bond fund at UBS has reportedly left with sizable year-to-date losses and significant holdings in China’s real estate sector – including Evergrande debt. Singapore-based Ross Dilkes has left UBS asset management after first joining 16 years ago. Currently, UBS is amongst the top five holders of Evergrande bonds at $274 million as of September 30, according to public data, which includes holdings invested client money like the Asian High Yield fund. The fund also has sizeable positions in other troubled developers like Sunac China and Kaisa Group. Year-to-date, Dilke’s fund has lost around 18 percent with approximately half of its holdings in real estate.”

The South China Morning Post. “Corporate bond defaults in China are expected to continue to rise in 2022, as highly indebted property developers and enterprises owned by regional and local governments struggle to access new funding after a multi-year borrowing spree, according to Moody’s Investors Service.”

“Onshore defaults by Chinese non-financial companies rose by 19 per cent to 98.7 billion yuan (US$15.5 billion) in the first three quarters of this year, while offshore defaults rose 28 per cent to US$7.8 billion this year. The amount of offshore defaults in the first nine months of this year exceeded the entirety of 2020. Over the next four quarters, about 8.7 trillion yuan of onshore corporate debt is set to mature, with 18 per cent held by ‘comparatively weak’ companies, according to Moody’s.”

“Also, more than half of the US$116 billion in offshore corporate bonds set to mature in that period are held by high-yield or unrated companies, the ratings agency said.”

From Reuters. “Ailing Chinese property developer Evergrande faces a battle to pay its debts. With around $300 billion in liabilities it’s been lurching from one deadline to another, often paying at the last minute. Now it looks like that’s taking a very personal toll on Chairman Hui Ka Yan. He’s reportedly been selling off luxury assets to help pay the debts.”

“Hui rose from humble origins in a Chinese village. Four years ago his net worth was estimated at $45 billion. But it’s now thought to be down to around $11 billion. Chinese authorities have told him to use some or all of his wealth to help Evergrande honor its debts. There has been no word from him or the company on any of the reported sales. Hui is also a big collector of valuable Koi carp, a traditional symbol of good fortune in Chinese culture. Right now though, his fortune – in every sense – seems to be running short.”

This Post Has 99 Comments
  1. ‘Also, more than half of the US$116 billion in offshore corporate bonds set to mature in that period are held by high-yield or unrated companies’

    That’s some sound lending right there.

    1. The FED, with their artificially low rate nonsense, in conjunction with mass money printing, have created the most unstable economic system in history. And now we have this joke called “crypto,” where pension funds are now flocking. Can you imagine CALPERS relying upon Dogecoin to pay retirements? This is dangerously stupid. You can’t make this sh!t up.

      1. “…And now we have this joke called “crypto,” where pension funds are now flocking….”

        Best description of crypto:
        “A limited supply of nothing” – John Paulson

        I am amazed that the charters of pension funds (particularly the large ones like Calpers) would allow ‘investment’ in crypto.

        The whole concept just has that investor bad taste to it.

        Technically, anyone can obtain opensource blockchain code and build a ‘coin’ wrapper around it.

        According to Google there are currently ~6000 crypto currencies now available.

        IMO, crypto does have some timely uses (ie. money laundering, tax evasion, organized crime, etc.) mainly because crypto can be decoupled from other money systems and anonymity.

        1. Best description of crypto:
          “A limited supply of nothing” – John Paulson

          The dollar:
          “An unlimited supply of nothing” – Barron Comacho

          1. The dollar is an unlimited supply of military force. IIUC, Khadaffi tried to go around the petrodollar in Libya and it didn’t work out too well for him.

          2. Last time someone posted that Paulson quote I quipped the precise same message, fiat is an unlimited supply of nothing.
            What else do you expect a money maker to say? He wants no competition.

          3. That’s definitely a mischaracterization of the dollar, which is fungible and directly convertible into houses, cars, groceries, beverages, and pretty much anything else needed to support life in America.

            Q. What can you buy with cryptocurrencies?

            A. Dollars.

        2. “I am amazed that the charters of pension funds (particularly the large ones like Calpers) would allow ‘investment’ in crypto.”

          It is not their money PLUS they are desperate for a return. Pairing these two elements together makes for an interesting dynamic:

          OPM + Desperation for a return = Decisions to take on extrordanary risks.

          If these extrordanary risks pan out then the status of the decision makers are elevated. If these extrordanary risks turn into disasters then … well, the money that was lost belonged to somebody else.

          As for the hefty managing fees extracted over the years? Bahahahahahahahah … the managers get to keep them.

          1. As far as the pension charter allowing for risky investments in crypto all the desperate pension managers need to do to gain permission is to invoke the magical term “algorithm”.

            Yes! All things are possible with the proper application of the proper algorithm! Thousands of MBA graduates cannot be wrong.

          2. “…algorithm!…”

            More magic, magic, magic!

            A special word with magical properties that would make Harry Potter proud. To all commoners, Harry will wave his sword a magically convert your thatched crap shacks into mega mansions!

      2. Can you imagine CALPERS relying upon Dogecoin to pay retirements? This is dangerously stupid. You can’t make this sh!t up.

        Personally, I’m going to be delighted when all the California Comrades of Proven Worth (D) who were counting on gold-plated pensions as their reward for transitioning California to socialism find out their pensions got plundered by the Wall Street-Federal Reserve Looting Syndicate.

  2. ‘Four years ago his net worth was estimated at $45 billion. But it’s now thought to be down to around $11 billion’

    Is that a lot? Well, I’m sure he can sell enough goldfish to cover it up.

    1. “Hui rose from humble origins in a Chinese village. Four years ago his net worth was estimated at $45 billion. But it’s now thought to be down to around $11 billion. Chinese authorities have told him to use some or all of his wealth to help Evergrande honor its debts. There has been no word from him or the company on any of the reported sales. Hui is also a big collector of valuable Koi carp, a traditional symbol of good fortune in Chinese culture. Right now though, his fortune – in every sense – seems to be running short.”

      Pay 300 billions with 11 billions? Commie math? I’m surprised this dude hasn’t bailed from the country yet LOL

      1. “Pay 300 billions with 11 billions?”

        Make PAYMENTS on 300 billions with 11 billions. This distinction makes the difference.

        If one can make the payments on the 300 billion then the illusion of solvency can be maintained and hence the 300 billion debt illusion can be seen (and can be sold) as being valued at 300 billion. But skipping on a payment destroys the illusion and the 300 billion will drop to something valued way, way less.

  3. ‘The delinquency rate for builders reached as high as 20% in May for loans carrying market rates, meaning borrowers weren’t paying on time on 3.4 billion reais in loans, according to the central bank. That’s in a year with record real estate lending’

    Let me guess: yer using zillows Magic 8 ball?

  4. ‘San Diego County apartment owners have lost an estimated $2.4 billion in unpaid rents since March 2020…‘Nearly 70% of our members are mom and pop operators who own 15 units or less and still need to make mortgage and tax payments on their properties, even if their residents are unable to pay rent’

    How do those 5% cap rates look now?

    ‘Renters who skipped rent payments cut across all income levels, according to Lucinda Lilley’

    You mean even people who had money stiffed the landlords – in California?

    1. “…even people who had money stiffed the landlords…”

      Brings to mind all those people with money who walked away from their mortgages when prices dropped over the 2007-2009 period.

      As Mr Banker might point out, you do what works.

      1. And some of those people who walked away from the mortgage continued to squat in the house. Geeze I feel like such a chump for paying my bills.

    2. > You mean even people who had money stiffed the landlords – in California?

      Dude. Like that is so not cool. It really harshes a person’s mellow.

  5. ‘when many people fled New York City, there was concern that there would be seven years of condominium inventory, but the market has recovered at a far quicker pace. Inventory is now likely closer to two to three years’

    Inventory loans! Jeebus, there’s a lot of billions going poof every day.

    1. “when many people fled New York City”

      They moved here and helped drive the insane unsustainable house price increases.

      But at least they don’t seem to drive drunk without drivers licenses, tags and insurance like the influx of undocumented immigrants who play bumper cars (happened to me twice and my neighbor’s Dad 2 weeks ago) on our roads

      By: Matt Papaycik , Ryan HughesPosted at 11:57 AM, May 17, 2021 and last updated 9:16 PM, May 17, 2021

      PALM BEACH COUNTY, Fla. — A recent report in The New York Post claims Florida might as well be known as the sixth borough of New York City.

      “I feel free here compared to back at home where that’s not happening, at least not yet,” Rascionato said.

      Rascionato spent her whole life in New York, but last week she made the move to Delray Beach with her two young boys.

      New numbers from Florida’s Department of Highway Safety and Motor Vehicles shows nearly 34,000 New Yorkers switched out their New York driver’s license for a Florida one between September 2020 and March 2021, which has helped fuel the housing boom in South Florida.

      At just more than 14,000 people, the data showed that more New York residents moved to Palm Beach County than any other county in Florida from September to March.

      New York was by far the No. 1 source of Florida transplants. New Jersey came in second, followed by Georgia, Illinois, and California.

      https://www.wptv.com/news/state/surge-of-new-yorkers-relocating-to-florida-new-numbers-show

  6. Santa Barbara Oct 2021 $837,000 Sept 2021 $1,000,000 Oct 2020 $1,037,500

    MTM% -16.3% YTY% -19.3%

    Santi Barbara was the first CA shack market to go down 50% last decade.

  7. “‘What happened is they ended up buying a lot of houses and overpaying for a lot of those houses because they didn’t see those brake lights,’ he said. ‘They didn’t see the market start to cool.’”

    It’s almost as though the housing market passed a COVID-19 stimulus bubble top and began a correction that has barely started to appear in the data. This is in part due to the failure to reflect current market conditions in valuations. I’m sure Zillow staff can attest to the problems that can result from using a backward-looking estimate of current market value.

    1. “‘What happened is they ended up buying a lot of houses and overpaying for a lot of those houses because they didn’t see those brake lights,’ he said. ‘They didn’t see the market start to cool.’”

      In the magical world of Price equals Value the anointed ones who can set the going prices are the anointed ones that can create the going values. This magic benefits the anointed ones in two ways:

      1. It magically creates wealth for everyone who owns a comp. If the anointed ones owns one comp then the anointed ones creates some wealth. If the anoited ones owns lots of comps the they magically creates lots of wealth. The more they own the greater is the magic hence the greater the created wealth. Clearly the incentive is for the anointed to add to their position.

      2. It magically creates demand among the severly dumbed-down outsiders both for the houses that are put up for sale and demand for participation in ownership of shares of this magical weath-creation machine. Since Price equals Value rising prices creates rising values – rising values both for the shares of stock and rising values for the many houses that magically adds value to the shares of stock.

      Bottom line: If one is a shareholder of such a wonderful and magical wealth-creating machine then the incentittive is to keep the machine humming along. Since the controllers of the machine, aka the insiders, can control the prices of the houses they can control the amount of wealth magically created, wealth magically created by the rising going prices of the houses this wonderful machine creates AND wealth magically created by the rising going prices of the publicly traded shares that lie behind and drives this magically created wealth.

      Magic, magic, magic everywhere. Magic driving housing price rises, magic driving stock price rises. Magic ultimately powered by the actions of hundreds of thousands of totally dumbed-down ignorant pukes who are eager and willing, even desperate, to pay up for houses and eager and willing, even desperate, to pay up for the shares of the company that is creating these rising houses prices.

      And the fun part is to discover that the insiders who own huge chunks of this magical wealth-creating machine were selling lots and lots of their shares to the totally dumbed-down at the very same time their magical machine was creating all of this wealth.

      1. “Over the past twelve months, Zillow Group insiders have sold shares 62 time(s), totalling $149,457,629.39. Insiders that have sold shares include Susan Daimler, Aimee Johnson, Allen Parker, David A. Beitel, Jennifer Rock, Jeremy Wacksman, Stanley B.”

        https://www.marketbeat.com › … › Z
        Z Insider Buying and Selling (Zillow Group) | MarketBeat

        😁

        1. Back to addressing this post’s opening statement:

          “‘What happened is they ended up buying a lot of houses and overpaying for a lot of those houses because they didn’t see those brake lights,’ he said. ‘They didn’t see the market start to cool.’”

          It did not matter if THEY, the company, overpaid for houses, it only mattered that THEY, the insiders, were able to create a market for their stock that they could sell lots and lots of shares into. And they created this market for this stock by creating a market for the houses that gave value to the shares of this stock. And this worked just fine until it didn’t. And when the party ended the insiders walked away with millions of dollars that they were able to extract over the past few months. And this is money, no mater what happens to the company from now on, is money they will never have to pay back.

        2. It’s like creating a video game where people are willing to spend dollars to buy virtual tractors, swords and other virtual items (google “loot box”). If there’s a lot of demand, it would be personally rewarding to generate a lot of these items, but not too many – just enough to keep interest piqued and prices up.

      2. “…Magic, magic, magic everywhere….”

        Other ‘magic’ winners are local governments and agencies who collect tax (i.e. property taxes) based on R/E valuations.

        Mr. Banker will reap many rewards from all this foolishness, including sale of kneepads when all the loan owners, high stepping IBuyer speculators, and the totally dumbed-down plead for mercy in front of his desk.

        1. I, a wonderfully benovent person, will allow such knee-pad pleading if such pleading leads to further extraction of wealth – both already-earned wealth and yet-to-be-earned wealth -from the weepily pleading mark, er, customer.

          At such times wonderfully colorful terms as “adjustable mortgage interest rates” will (finally!) be emphasized and possibly be acknowledged for the first time ever by the, er, customer who just a few months previously did not trouble himself to bother with such trivial details when applying his signature to some rather legally binding (and financially ruinous) loan agreements.

          Life is good if you are a banker, less so if you are a borrower.

          God’s Plan. (Proverbs 22:7).

          😁

  8. ‘…we’re even more confident now that this is going to be a service really in all-weather markets,…’

    I guess they weren’t expecting a Zillow storm to hit them.

    1. All Fed chairs are the same creature: lying sociopaths who mindlessly carry out the edicts of their globalist oligarch controllers. This is one job where it would make perfect sense to replace the humans with robots.

    2. Powell doesn’t call the shots. He’s just a figurehead. He does the bidding of his masters (house and senate finance committees, CEOs of large financial companies).

      When Sherrod Brown said, “the time for easy money policies is not over” during a Powell hearing with Elizabeth Warren, it was informative.

      Who’s the next Fed head gonna be? If Brainerd is going to open up the firehose even more, the market will be happy.

      Inflation puts an interesting kink in the firehose plans. They’re still going to want to firehose but it may need to be adjusted somewhat.

  9. >”Mike Pappas CEO of Miami-based brokerage Keyes, said companies in the iBuyer business risk losing money if they overpay for homes or if there’s a market downturn”

    WOW thank you for the incredible insight, Mike. Such hard-hitting analysis!

    1. “… companies in the iBuyer business risk losing money if they overpay for homes or if there’s a market downturn”

      True dat, but it is also true that insiders of the company will benifit immensely if their overpaying for homes creates a strong market (however dilusionary) for their company’s stock that they can sell their shares into.

      For these people success isn’t measured by how well the companies they manage perform, instead success is measured by how much money from the company they can extract before reality raises its ugly head.

      1. “…instead success is measured by how much money from the company they can extract…”

        I have often wondered that many startups are created with the full knowledge by the principals that newly created entity has a snowball chances in hell of actually succeeding. The primary goal is to fleece investors. If, by some miracle it does succeed, the principals will attribute success to their own ‘genius’.

        Not going to mention any names, but the group who recently sold shares 62 time(s), totaling $149,457,629.39, comes to mind.

    1. “Kyle Rittenhouse is innocent.”

      The first person he shot in self defense that night was not and as far as I know had not received permission from the Arizona court to attack a 17 year old.

      “No contact with minors under the age of 18 without permission from the Court,” the Arizona court records say.

      Joseph Rosenbaum: Sex Offender 2002 Arizona Criminal Complaint

      By Jim Piwowarczyk

      Newly released Joseph Rosenbaum sex offender documents obtained by Wisconsin Right Now from the Pima County (Arizona) Clerk of Courts confirm Joseph Rosenbaum was charged by a grand jury with 11 counts of child molestation and inappropriate sexual activity around children, including anal rape. The victims were five boys ranging in age from nine to 11 years old.

      These are the offenses that landed Rosenbaum, 36, on the Wisconsin sex offender registry. Rosenbaum is the man who, video shows, chased Kyle Rittenhouse, 17, before Rittenhouse shot him to death in Kenosha, Wisconsin.

      https://www.wisconsinrightnow.com/2021/03/12/kenosha-shooting/

      1. NAMBLA (North American Man-Boy Love Association) is the majority voter block in the Democrat Party.

        Most of them are pedophiles, rapists and child molesters.

      2. I’m just so sick of Fraud news with censorship of dispute. Its becomes a method of dangerous deception of the public , false advertising, slander, riot provoking, mass hysteria and fear mongering , race baiting and division, just plain threat to a good percentage of law abiding US Citizens.
        The Goons they put on fake news are so absurd with their narratives and fraud and irrational statements, and vicious attack on anybody that doesn’t submit to their con jobs.
        They all are saying the talking points in unison, as the obvious face of the Innsurrection of US by Global Monopolies in collusion with corrupted government. Big Pharmacy no doubt is one of their biggest ads revenues.
        So, the one thing they continually show is that the Monopolies trying to take over the US, are treasonous, fraudulent, threatening, vicious, capable of murder, terrorist, race baiting racist, tyrants , Constitution haters, US haters, freedom haters, enslavement lovers , looters, perverts, anti law and order and due process, liars, thieves, Amendment takers, humanity haters, criminals who rig elections, and no rights not to be jabbed , and Innsurrectionist enemies trying to take over US, and turn population into slaves under surveillance with vaccine cards with booster after booster, social credit score, etc.
        The majority didn’t vote for being ruled by psychopaths taking all freedoms.

  10. The latest version of the Build Back Better Act, which the House could vote on a soon as this week, includes a controversial tax break that would overwhelmingly benefit high-income households, though whether it will survive revisions in the Senate is still an open question.

    Pushed by lawmakers from high-tax states, House Democrats are proposing to increase the state and local tax (SALT) deduction to $80,000 through 2026, up from the current level of $10,000. Doing so would provide a tax cut worth about $285 billion over the next five years, with almost all of the benefits flowing to the top 10% of households.”

  11. If you don’t want a vaccine just quit your job, go to Mexico, throw your ID away and cross the boarder . Extra bonus if you can get a minor to cross with you $ 450K

    1. “go to Mexico, throw your ID away and cross the boarder”

      A while back I thought I was going to have to do that very thing.

      About 10 or 15 years ago, (sorry, I’m 62 now and when it comes to things like this my brain is on Biden Corn Pop standard Time) like I had done before I accidentally allowed my drivers license expire. So like I had done before I went to the DMV ready to pay the renewal fee plus the extra $25 for letting it expire and get my new drivers license. Unlike before in the post September 11 world they told me I needed 2 of these 4 items to renew…

      1) A utility bill with my name on it from my current address.

      Check

      2) Passport.

      Never had one.

      3) Birth Certificate.

      I don’t believe I ever saw mine so I called both the hospital and the Town Hall where I was born and they both said… No problem, we just need a copy of a valid drivers license.

      4) Copy of my SS Card.

      Haven’t seen mine since 1979 and the SS office needed a valid drivers
      or the same sh#t I didn’t have and couldn’t get to renew my drivers license.

      If one of my sisters wasn’t the Town Manager in another Connecticut town who knew people who worked in the Town Hall where I was born and pulled strings to get my birth certificate my only other option was…

      Go to Mexico, cross back over the boarder and get a new ID.

  12. White suburban female voters are belatedly figuring out the Democrats hate them and their white children and are implementing a malign agenda against heritage Americans.

    IT’S NOT JUST WHITE PEOPLE: DEMOCRATS ARE LOSING NORMAL VOTERS OF ALL RACES

    https://theintercept.com/2021/11/15/democrats-voters-virginia-glenn-youngkin/

    Democrats fear they are losing white swing voters over racial politics. Three studies suggest that the party’s elite culture may be the real problem.

    1. Democrats fear they are losing white swing voters over racial politics. Three studies suggest that the party’s elite culture may be the real problem.

      It’s one thing to virtue signal with BLM signs on your front yard and you still get to drive around in you new SUV, take the family to Disneyworld, your 401K keeps appreciating, etc. But when they come after your children, and they call you a terrorist for wanting to protect your kids, then it gets real.

    2. Remember the saying about sheep going insane all at once, but coming to their senses one by one. This is what is happening here. I suspect most of these Dems were the moderate-type Dems who were blinded by the anti-Trump hate machine. Once Trump was taken out, they’re coming out of their hate coma blinking, looking around, and seeing gas prices hiked, soldiers blown up in Afghanistan, kids brainwashed, borders overrun, shots forced, and the flooring of the Vatican unpleasantly smeared. Of course their votes are going to swing.

  13. ‘This is the toughest year yet to evaluate the value of homes,’ Pappas said.”

    No it’s not. They’re all insanely overpriced.

  14. “In earnings calls in May and August, CEO Rich Barton said Zillow Offers was ‘surpassing our internal expectations’ and ‘continues to accelerate.’

    In fairness to Rich, he never told the Zillow baggies this unicorn company was accelerating upwards.

  15. ‘Nearly 70% of our members are mom and pop operators who own 15 units or less and still need to make mortgage and tax payments on their properties, even if their residents are unable to pay rent.’”

    Show of hands: how many of these mom & pop operators took an active stance against gub’mint overreach before the CDC shafted them with its unconstitutional eviction moratoriums?

  16. Ferreira expects an increasing number of loans to be offered for sale in 2022, because ‘people and companies in Brazil have never been so leveraged.’”

    Coming soon to an imploding central bank asset bubble near you.

  17. The verdicts from the J6 Stalinist show trial charade are starting to be handed down. Contrast the severe sentences being given to these “insurrectionists” to the System coddling of the REAL insurrectionists: the violent radical-left Soros scum who caused more than $2B in damages during their DNC-sponsored BLM riots, with our VP’s campaign bailing out arsonists from Minneapolis jails. Meanwhile, an eccentric, possibly mentally ill dude who wandered around the Capital building in a flamboyant “Q-Shaman” get-up but did no actual damage and didn’t hurt anyone got 41 months in prison for being “the image of the riot.” Is that an actual statutory offense? Or is our corrupt DoJ taking a page from the Leninist handbook in Soviet Russia when it comes to dealing with Enemies of the People?

    ‘QAnon Shaman’ Sentenced to More Than 3 Years in Prison for Capitol Riot

    https://www.vice.com/en/article/g5qgv3/qanon-shaman-prison-sentence-for-capitol-riot

    Jacob Chansley, the “QAnon Shaman” also known as Jake Angeli, was sentenced to more than three years in federal prison Wednesday.

    Chansley’s sentence comes more than 10 months after Chansley—wearing a Viking hat, wielding a spear, and with red, white, and blue paint all over his face and body—participated in the riot at the Capitol, briefly took over the Senate dais, and “made himself the very image of the riot,” as the judge who sentenced him put it.

    1. Somebody allegedly took a Zillow on Senator Chuck Schumer’s desk on January 6th. I wanna find that man and buy him a beer!

  18. White House stands by nominee Saule Omarova, who was arrested in 1995 for ‘retail theft’

    The Brandon administration is downplaying this, claiming that Omorova has been “transparent” about her arrest.

    Is she really the best candidate they have?

  19. This in from Israel, it’s an article in the NEJM (New England Journal of Medicine):
    https://www.thegatewaypundit.com/2021/11/shocking-new-england-journal-medicine-study-vaccine-immunity-wanes-covid-virus-2-months/
    The Covid-19 vaccine simply doesn’t work. All it does is offer temporary protection from Covid-19 infection and it ends up doing more damage than good since it delays populations developing real immunity from Covid-19 through becoming infected in the old fashion natural way (i.e., populations developing “herd immunity” or a high degree of immunity that stops respiratory disease epidemics.).

    The vast majority of people who become infected with Covid-19 only have mild illness or no illness at all. If all of these low risk people get infected, then they all get taken out of the equation as potential victims. The faster you can do this, the faster the epidemic will end. By giving people these phony Covid-19 “vaccines”, all that results is the pandemic lasting longer.

    Also, giving people at virtually no risk of death or serious illness a vaccine that has the VERY REAL potential of serious side-effects or even DEATH, is a very bad idea. These people don’t receive any benefits from the vaccine, they only end up becoming victims.

    1. ‘ends up doing more damage than good’

      Plenty of people said this right off the bat. Exact same for lockdowns, little stickers on the floor, etc. So what was the real purpose? Creating fear, disorienting the public. I’m never going to forget what these globalist scum did to us. As for this death injection, heads gotta roll.

      1. Plenty of people said this right off the bat.

        Yes, but now there is firm and convincing evidence that this is the case. And you can’t argue with the Israelis or say that the NEJM is some offbeat, alternative journal. This article is going to start the crumbling of the walls of the vaccine fort

        1. In the meantime they are in a race against time to get children subjected to risk of injury by being jabbed, while they try to cover up the deaths and injuries, and blame the unvaccinated, while claiming children are super spreaders.
          They aren’t going to stop, and Dr Fauci with a straight face is now pushing the booster shots.

          1. As far as I’m concerned, it’s medical malpractice to administer the Covid-19 vaccine to healthy children. There is no benefit and only exposes them to serious and potentially life threatening side-effects.

            With Ireland locking down their entire country, South Australia doing the same and Austria going full Gestapo I think that the world has gone insane. It is absolutely idiotic to think that you can end this Covid-19 pandemic with an experimental vaccine that uses unproven technology that was tested in clinical trials that lasted for only a few months.

            THE DAMNED VACCINE DOESN’T WORK! How hard is this to understand? This is going to go down in history as the beginning of a new Dark Ages. Pure evil at work.

      2. So what was the real purpose? Creating fear, disorienting the public.

        This.

        I have had colleagues ask me why wasn’t I afraid. And when I did get the coof, many thought I was a goner. They were stunned when I quickly recovered.

        And now that I have bulletproof natural immunity I am told that I should get the jab. I can see why I am told that. They want to wreck my immune system.

    2. The Covid-19 vaccine simply doesn’t work.

      The fact that they’re now trumpeting a “4th booster” proves what a sham the whole thing is. How stupid would a person have to be to believe it works if you need to get a 4th shot? Even the people getting the jabs are now getting “jabbed out” so to speak.

  20. CBS Insider Brett Mauser EXPOSES Internal Training ‘Stop Thinking in Terms of Objective Journalism’

    189,883 views
    Nov 16, 2021

    3,552 Comments

    Kiwi Hero
    14 hours ago
    “…if journalism is not objective it isn’t journalism, it is propaganda…” -Brett Mauser, CBS insider 2021

    https://youtu.be/x4yJYMIpoy8

    1. What’s crazy about this Innsurrection by Globalists Monopolies/Money Changers/Elites/Billionaires, is that their end goal isn’t Communism. They use Communism as a bribe to the useful idiots for a divide and conquer warfare.
      Communism would be where the Government owns the means of production , and private property, and than would disperse it to Citizens in a so called just and equal manner.
      So what this Innsurrection wants to do is to have Global Monopolies, etc own everything and control everything , where they dictate to Government what to do , and they are the Corporate Governance and Government does what they want. They literally wants taxes collected by Government to be for their benefit, looting and agendas. Government military and police to enforce their dictates.
      They want to eventually dictate all aspects of Citizens life, from what you get to eat, what you get to consume, what you get to think and speak, how much energy your allowed, and even forced injections , maybe even what you get to own, if anything.
      They want to enforce transhumanism, which is some kind of forced altering of the human race, chips, gene altering, artificial intelligence, social engineering of humans turning them into nice little drone slaves.
      Depopulation is probably part of the overall plan.
      If people really think they are going to even deliver on a Universal Income, dispersement of assets equally, and all Commie BS, its just part of the bribe to create the Dictorship they really plan.
      And of course their Build Back better plan is THE GREAT RESET, 4th industrial revolution, that nobody voted for.
      The Majority would never vote for what they plan, that’s why they have to force it, using captured Government and brainwashed to enforce it.
      They even tell you what they plan to do. But the fact is they have been working on this take over for years and years.
      And how they demean the US, demean and slander over half the US Citizens , the new terrorist. And they glorify criminals , looters, burners, killers, Commies, BLM, antifa, anarchists, terrorists, illegals invading border, and other misfits like men who wants to go into girls bathrooms.
      They attack family , traditional family values, free speech, gun rights, border security, the premises of Science, any Constitutional protections, any thing that is valued by majority of US Citizens. They attack rational thinking .
      Just saying that these are not nice people who are trying to take over, who love humanity, with good will toward man and its the opposite.

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