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Some Folks Just Stepped Back And Said, What Are We Doing?

It’s Friday desk clearing time for this blogger. “Southern California’s cutthroat housing market has cooled in recent months. Price drops became more common. ‘We were expecting at some point this buyer frenzy is going to cool off. We are seeing that now,’ said Selma Hepp, an economist with CoreLogic.”

“The Central Texas housing market is catching its breath. ‘We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,’ said Susan Horton, the Austin Board of Realtors president. ‘More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings (sales) across the (region), prospective buyers have more options.'”

“The metro Detroit housing market remains hot for sellers and often frustrating for would-be buyers, but continues to come down from its spring and early summer highs. ‘Is it cooler so to speak than it was in the spring? Yes,’ said Jeanette Schneider, president of RE/MAX of Southeastern Michigan. ‘Back then we were seeing lines to get into homes, literally, and you would have potentially 20-plus offers on some listings. What we’re seeing nowadays, if there are multiple offers, it might be two, three or four.'”

“Buyers also have become more judicious about properties, and aren’t making as many ‘fear-of-missing-out’-type offers as they were. ‘I really do think that some folks just stepped back and said, ‘What are we doing?’ she said.”

“Debra Winger and her husband have listed their Upper West Side home at 300 W. 109th St., for $1.77 million — just a tad below the $1.85 million they paid for it, in 2015, when it was on the market for $1.75 million.”

“It’s unclear how many people in North Carolina face foreclosure on their homes now that the moratorium has been lifted. It’s been eight months since Congress authorized emergency funding to help people out with their mortgages and yet, the portal to apply hasn’t even opened. ‘I don’t have all that much money that’s gonna let me go another several months, while I’m waiting for the HAF program to start,’ said Chris Telesca, an event photographer. ‘I can’t tell you how stressful it is.'”

“Tanya Rocca, a real estate agent with Royal LePage Burloak Real Estate Services, is still seeing lots of buyers migrating out of Toronto to Burlington and Hamilton and beyond. The market in her area has calmed compared with the craziness of February and March, she says, adding that she welcomes the cooler temperature. ‘There are multiple offers but there are also times when there are not multiples.'”

“With many economists forecasting rate hikes in 2022 and a possible levelling off in house prices, lenders have become more conservative, says Leslie Battle, a real estate agent with Royal LePage Real Estate Ltd. ‘It’s very different to work with banks right now – they’re asking for blood.'”

“Another cladding victim, Will Martin, 33, described it as being ‘like a ball and chain wrapped around your legs.’ Mr Martin is a junior doctor who owns a flat in Sheffield with dangerous cladding. Mr Martin says he deeply regrets his decision ever to buy a flat. ‘I was so embarrassed and utterly ashamed that I, a sensible person, made this colossal mistake and error of judgement by buying this property. The last four years and the impact it has had on my mental health will stay with me forever. It has been torturous,’ he said.”

“A luxury Queenstown mansion once marketed as New Zealand’s ‘most expensive house’ has just sold for $17 million – half what its owners were seeking four years ago.”

“Home vendors are starting to offer discounts to secure a sale, new data shows, especially in Sydney and Melbourne where signs point to the super hot market beginning to cool. Domain chief of research and economics Nicola Powell said the number of price edits on online listings was pointing to the markets in most capital cities slowing down.”

“‘The number of price edits increases when the market slows down and that’s what we’re seeing now, even in Melbourne,’ Dr Powell said. ‘Because the discounting numbers are now tracking higher, we’re seeing steam come out of the market and vendors are having to adjust their price expectations. It’s an awakening for sellers that homes are not selling like they did in the first six months of the year.'”

“China Vanke, the country’s third-biggest home seller by sales, told its staff to ‘live frugally, spend small money and do big things’ at a meeting on Tuesday, according to an internal document seen by the Post. Likening the circumstances to a ‘war time’ mentality, the company asked employees to book cheap tickets and hotels when travelling and cut their spending on treats and gifts.”

“The Shenzhen-based company, which is in good shape and under less liquidity pressure compared with many of its peers, said staff cannot continue to think and work as if it is still the golden era of the real estate sector and urged them to raise their ‘crisis awareness.’ Vanke’s move to tighten the purse strings comes amid a real estate slump in China as cash-strapped developers frantically offload assets to stay afloat. ‘This downturn is unlike previous corrections as it has already contributed to a number of developer defaults,’ said S&P Global Ratings credit analyst Matthew Chow.”

“China’s Evergrande Group, with on the books liabilities in excess of US$300 billion is on the brink of collapse. Other companies, like Suzhou Gold Mantis Construction Decoration Co. have millions of dollars in unpaid invoices and are reportedly working with Evergrande to resolve the payment issues however stated in a recent regulatory filing that there was ‘significant uncertainty’ concerning how or even if, Evergrande would settle its debts. Some suppliers and contractors have said that they have stopped accepting work from Evergrande.”

“Compounding the problem is that home buyers, who have recently taken possession of ‘finished’ Evergrande homes, are reporting defects such as unfinished interiors and gas and water leaks, according to complaints posted on government websites and social media.”

“As the crisis unfolds, new home sales are plummeting as buyers wait and see how things progress and Chinese developers are seeing a huge spike in the selloff of their bonds. Many developers have either defaulted on obligations or asked investors to wait for repayment. The credit market has made it near impossible for them to sell any new bonds eliminating a key tool developers had to raise funds and to support cash flow.”

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This Post Has 189 Comments

  1. ‘listed…for $1.77 million — just a tad below the $1.85 million they paid for it, in 2015, when it was on the market for $1.75 million’

    They were winnahs dammit!

    1. “…$1.77 million — just a tad below the $1.85 million they paid for it, in 2015,…”

      Ya gotta love how REIC funded financial journalists play with decimal points.

      $1,850,000 – $1,770,000 = $80,000 in losses, before factoring in further losses to inflation, HODLing costs, and transaction fees.

      It was just a tad…

      1. “….before factoring in further losses to inflation, Holding costs, and transaction fees….”

        Can’t recall *ever* seeing a MSM or REIConplex article that even touches on any of these issues, particularly holding costs.

  2. ‘More new listings are hitting the market, a trend that we have seen continuously for the past eight months’

    Don’t everybody rush for the exits at once.

    ‘Back then we were seeing lines to get into homes, literally, and you would have potentially 20-plus offers on some listings…Buyers also have become more judicious about properties, and aren’t making as many ‘fear-of-missing-out’-type offers as they were. ‘I really do think that some folks just stepped back and said, ‘What are we doing?’

    In Detroit.

  3. ‘Price drops became more common. ‘We were expecting at some point this buyer frenzy is going to cool off. We are seeing that now’

    This isn’t that big a deal is it? I mean, how many people live in southern California, a few thousand?

    1. “I mean, how many people live in southern California, a few thousand?”

      Bahahahahaha … a few thousand? That’s how many people who are stuck in freeway traffic right about now, and that’s just on one freeway.

        1. Here is SoCal (South Orange County) it is virtually impossible to travel even a short distance (ie. grocery store) without encountering a traffic delay.

          Why? Because the Irvine Company chose to build high density units in areas once empty farm land or low rise.

  4. ‘the portal to apply hasn’t even opened’

    Oh but guberment will save me! they can’t even open a website.

    ‘I don’t have all that much money that’s gonna let me go another several months, while I’m waiting for the HAF program to start…I can’t tell you how stressful it is’

    Well it was cheaper than renting Chris.

  5. Kyle Rittenhouse is innocent.

    Globalists, and the globalist fellating Real Journalist media, understand that we are taking our country back.

    We are the leaderless resistance.

    1. This is a pearl clutching sponsored content article brought to you by the Racial Grievances Industrial Complex (archive website, because we don’t give clicks or revenue to globalists).

      Salon — Don’t be shocked if Kyle Rittenhouse goes free — that’s the system working as designed (11/19/2021):

      “Viewed through the “white racial frame,” Rittenhouse is an innocent, childlike victim, not a disturbed killer”

      https://archive.md/Eq8Q2

      The only good globalist is a dead globalist.

      1. One pearl-clutching globalist media article deserves another. The massive outpouring of support for Rittenhouse & repudiation of The Narrative enrages & frightens the Left, as the more astute among them are starting to see the writing on the wall now that their lies and propaganda are falling on deaf ears.

        https://www.vice.com/en/article/g5qgjq/whatever-kyle-rittenhouses-verdict-is-the-far-right-wins

        Whatever Kyle Rittenhouse’s Verdict Is, the Far-Right Wins

        There is, of course, a very real difference between believing what Rittenhouse did was self-defense and pushing for vigilantism. The sheer amount of memes, videos, articles, or speeches supporting Rittenhouse is staggering, and in many cases, speeds straight by legal arguments into outright cheering on the killings.

      2. Globalist pedo media has to protect it’s pedo foot soldiers.

        Shylock tribe just doing it’s thing. Now they’ll recalibrate and make sure all their henchmen are POCs in addition to being POSes

    2. The Atlantic — Kyle Rittenhouse Is No Hero:

      “As the Kyle Rittenhouse trial comes to a close, two things are becoming clear at once. First, absolutely no one should be surprised if Rittenhouse is acquitted on the most serious charges against him. And second, regardless of the outcome of the trial, the Trumpist right is wrongly creating a folk hero out of Rittenhouse. For millions he’s become a positive symbol, a young man of action who stepped up when the police (allegedly) stepped aside.

      The trial itself has not gone well for the prosecution, for reasons that relate to the nature of self-defense claims. Such claims are not assessed by means of sweeping inquiries into the wisdom of the actions that put the shooter into a dangerous place in a dangerous time. Instead, they produce a narrow inquiry into the events immediately preceding the shooting. The law allows even a foolish man to defend himself, even if his own foolishness put him in harm’s way.”

      https://archive.md/L5a5M

      Kyle is a hero. We are done with these unelected globalists telling us how to to run our country.

      1. The Soros Scum he shot were vermin. Democrat municipal authorities everywhere stood by with arms folded as Burn-Loot-Murder crews rampaged with impunity. Now would-be BLM & Antifa domestic terrorists who counted on cavorting with impunity thanks to their Democrat-Bolshevik enablers and accessories have to factor in the possibility of being confronted by armed locals who aren’t going to put up with the organized destruction being inflicted on their towns.

      2. The Democrat-Bolshevik prosecutors in the case, enraged that Kyle interfered with DNC Red Guards and Soros Scum going about their assigned tasks, contend that Kyle should’ve faced violent mobs comprised of opportunistic criminals using only his fists and appeals to the better angels of their nature.

        EXCLUSIVE: ‘Jump-kick man’ who was filmed kicking Kyle Rittenhouse in the head before the teen shot at him is revealed as a career criminal with an open domestic violence charge for ‘throwing his girlfriend to the ground and attacking her’

        https://www.dailymail.co.uk/news/article-10217197/Jump-kick-man-filmed-kicking-Kyle-Rittenhouse-head-revealed.html

        A career criminal and convicted felon with an open domestic violence charge has claimed to be the unidentified male at whom Kyle Rittenhouse shot twice at close range but missed, on the night of August 25, 2020.

        Rittenhouse has been charged with First Degree Recklessly Endangering Safety of the man known in trial only as ‘jump-kick man,’ for the flying kick he took at the teenager’s head as Rittenhouse was attacked minutes after he shot Joseph Rosenbaum dead.

          1. Just had a load of .223 delivered from the Civilian Marksmanship Program. Also, won their lottery to purchase a Colt 1911 I’m picking up tomorrow. Look them up to solve your ammo woes.

      3. “the police (allegedly) stepped aside.”

        When something “allegedly” happens multiple times in multiple places over the course of multiple years, it’s time to start wondering about the “alleged” part.

        “[Self-defense claims] claims are not assessed by means of sweeping inquiries into the wisdom of the actions that put the shooter into a dangerous place in a dangerous time. Instead, they produce a narrow inquiry into the events immediately preceding the shooting. The law allows even a foolish man to defend himself, even if his own foolishness put him in harm’s way.”

        Boiled down, this means “the (intended) victim was ‘asking for it.'” Now where have I heard that sort of thing before…

      2. NOT GUILTY ON ALL COUNTS!

        I just read that, but check out how this little snowflake young white girl w/ white guilt phrased it:

        Rittenhouse was 17 years old when he carried an AR-style semi-automatic rifle on the streets of Kenosha during a turbulent protest against racial injustice in the summer of 2020 and opened fire on demonstrators, killing Joseph Rosenbaum and Anthony Huber, and seriously wounding Gaige Grosskreutz.

        She made it sound like Kyle just took a gun to a crowd and started killing people. Kyle was running for his life, being attacked by an angry, armed mob of rioters. Never forget the truth, and NEVER believe these “real journalists.”

  6. ‘I was so embarrassed and utterly ashamed that I, a sensible person, made this colossal mistake and error of judgement by buying this property. The last four years and the impact it has had on my mental health will stay with me forever. It has been torturous’

    denial
    anger
    bargaining
    depression <- Will, you are here.

  8. ‘It’s very different to work with banks right now – they’re asking for blood.’”

    Actually what we are asking for are blood types and detailed lists of marketable body parts.

  9. ‘It’s very different to work with banks right now – they’re asking for blood’

    And this is always how it ends. They make a lot of money and then break it off in the shack gamblers a$$. Same thing in China except on a colossal scale.

    1. “…on a colossal scale.”

      …with thousands of angry, footstamping recent home buyers demanding to be made whole on their gambling losses, millions of empty and never to be occupied housing units, and entire cities full of shoddily constructed, empty and never to be occupied high rise apartment buildings, twisting in the wind as they await their demolition dates.

      It’s the aftermath of a money printing bender. I hope John Maynard Keynes is rolling over in his grave as the consequences of a communist government having adopted his economic stimulus ideas play out.

      1. This is along the lines of a weekend topic I plan to put together. This morning I read a press release of a group of clowns who raised $136 million$ to start up a – shack flipping biz! $100M of it was loans.

        My first recollection of manias, out side of what we experienced in Texas RE previously, was in the nineties. I was working as an accountant and had a decent grip on scales of money. IIRC it was AOL. They wanted to raise $200,000,000. The got 2 billion$. Now streaming piles of zillow can lose half a billion in a write down and don’t resign in shame. These are sh$tloads of money people!

        1. More recently a U.S. wood pellet grill manufacturer raised $2.6 billion in their IPO. It’s a great product, but it’s just a fancy barbecue grill. If they sold one to every household in America, I doubt it would generate $2.6 billion in revenues. And that’s before accounting for any costs.

          But we’ve entered a new era, where the values of companies are decoupled from fundamentals like revenues and cash flows.

          1. I looked into the pellet grill thing. If you go through what people who’ve used them say, it’s a fad, but not actually a very good product.

            Fishing lures are meant to catch buyers, not fish.

          2. The Financial Times
            Corporate bonds
            Low yields have left investors numb to risk, bond veteran Dan Fuss says
            Loomis Sayles vice-chair warns markets have given up ‘natural prudence and caution’
            Dan Fuss is sceptical that the Federal Reserve would be able to lift interest rates significantly in the coming years
            © Victor J. Blue/Bloomberg
            Robin Wigglesworth yesterday

            The strong rally in corporate debt markets triggered by a flood of central bank stimulus is spooking veteran bond investor Dan Fuss, who warns that investors are taking the most risks he has seen in the past six decades.

            Central banks last year sharply cut interest rates and unleashed vast bond-buying programmes to soften the economic impact of the pandemic, at a scale that even dwarfed measures taken to combat the financial crisis.

            The stimulus has helped produce a remarkable market comeback, lifting stocks to record highs and helping pin government bond yields near historic lows. But the investor scramble for higher-returning but lower-rated, riskier debt is now so ferocious it is unnerving money managers like Fuss, the vice-chair of $353bn investment house Loomis Sayles.

            “It scares me when I see what is given up in terms of natural prudence and caution,” Fuss said in an FT interview. “We’ll have to wait to see how things play out, but the reach for yield has overridden the fear factor.”

            Fuss started his career in finance in 1958, when he left the US Navy for a job at Wauwatosa State Bank in Wisconsin. After a subsequent stint managing Yale University’s endowment he joined Loomis Sayles in 1976 and managed one of its flagship bond funds until he finally stepped back from day-to-day portfolio management earlier this year, aged 87.

            Over that period, Fuss earned many awards, including being named in the Fixed Income Analyst Society’s hall of fame in 2000, and winning Morningstar’s yearly outstanding portfolio manager award as recently as 2019.

            Yet the excesses of the current environment were the greatest of his career, exceeding even those of the pre-financial crisis era, according to the bond market veteran. “I’m optimistic, but you have to keep your wits about you. The bond market is not as safe and secure as it used to be,” Fuss said. “There are risks everywhere.”
            …

          3. “If you go through what people who’ve used them say, it’s a fad, but not actually a very good product.”

            I have one, which I have learned to use and grown to like. But it involved patience and a big investment of time and learning. Plus the sticker price ain’t cheap. I’m 100% positive that not every household in America will eventually own one.

          4. I was considering one. It’s basically and alternative to smokers. Yes you can grill a steak on it, but from what I could tell it’s aimed at the smoker crowd. The idea of not having to manage a long smoke is attractive: hours saved. But the feeder is a problem. No pellets, no cookie. So you do have to sit around and make sure it’s still working. It’s also leans on technology. You can set it up with yer smartphone! Cook from anywhere, with the proper combination of similarly expensive thermometers and such.

            The first shack I rented in Sedona had a pellet heater for it’s main source. Jeebus what a pain. Many times I woke up in the middle of the night cold. It seemed to blow itself out. And if it was already chilly, it could be hours heating up. I couldn’t set it and go cuz it didn’t store enough pellets. I knew a guy who had one in Flagstaff with a yuuge! pellet reservoir. He claimed it wasn’t a problem.

          5. “I looked into the pellet grill thing.”

            They don’t work dollar wise BTU’s/unit weight nor have they ever. Even with fuel oil at $4/gallon. Fuel cost comparison is basic math that nobody performs and I don’t understand why.

            Unless you have inexpensive electric or an old ineffecient burner, nothing beats No.2 for heat.

  10. “Southern California’s cutthroat housing market has cooled in recent months. Price drops became more common. ‘We were expecting at some point this buyer frenzy is going to cool off. We are seeing that now,’ said Selma Hepp, an economist with CoreLogic.”

    How are the Zestimates looking these daze on all the homes in SoCal for which Zillow overpaid, which are now coming back on the market?

  11. ‘This downturn is unlike previous corrections as it has already contributed to a number of developer defaults’

    Bagholders: instead of paying Moodys, give half yer monies to HBB, throw the rest in afire. You’ll come out ahead.

  12. ‘told its staff to ‘live frugally, spend small money and do big things’ at a meeting on Tuesday, according to an internal document seen by the Post. Likening the circumstances to a ‘war time’ mentality, the company asked employees to book cheap tickets and hotels when travelling and cut their spending on treats and gifts’

    And put all yer goldfish in one bowl and sell sell SELL!

    1. I was surprised to read that. In America they take pride in hiding collapse from the employees, even doing all-hands meetings the day before to tell everyone that things are great.

      “Everybody knows the boat is leaking / Everybody knows, the captain lied” – Leonard Cohen

      1. “Everybody knows the boat is leaking / Everybody knows, the captain lied”

        But still … they continue to choose to believe.

        “If God did not want them sheared He would not have made them sheep.” – Calderas

  13. Zestimate says we are down 20k. Wifey is panicked. What to do?

    When you start believing in make-belief $shit, there’s no hope.

    1. You could reassure her that the Zestimates zuck, as evidenced by the recent collapse of Zillow’s home flipping scheme.

      Plus they no longer have a built-in incentive to inflate the Zestimates, having left the shack flipping industry.

    2. “Zestimate says we are down 20k. Wifey is panicked. What to do?”

      Hurry up and cash out your house’s equity while you still have it.

      Remember, it will be your equity you will be cashing out; I see no reason why you should have to pay it back.

      😁

    3. ** ” zestimate down:panicked wife”

      before the sex dries up & the cable gets cut, I recommend a movie called “Fun with Dick & Jane.”

      1. “before the sex dries up & the cable gets cut”

        Ha ha. Not yet though. We are still up quite a bit per zestimate…it’s only been recently it’s going in the wrong direction. House is mostly paid off so not a loan owner here.

    5. Zestimate says we are down 20k. Wifey is panicked. What to do?

      What a sad state of affairs in this country. I remember the days when people bought houses for shelter. My parents never knew or cared what the “value” of their house was, they were raising us kids in it. And you know what? The “value” remained pretty much constant, because it wasn’t a get-rich-quick scheme.

      1. Exactly. Ditto. Houses became homes. Home sweet home. With neighborhoods that weren’t littered with house hotels. This is all destabilizing to the family and the purpose of a house — to make it a home.

        1. You and Winnie the Pooh get that. Why is it so difficult for U.S. politicians to grasp this simple truth?

  14. ‘We were expecting at some point this buyer frenzy is going to cool off. We are seeing that now,’ said Selma Hepp, an economist with CoreLogic.”

    Woman…. you’ve got rocks in your head.

    Sacramento, CA Housing Prices Crater 21% YOY As Single Family Vacancy Rate Soars Across Sacramento County

    https://www.movoto.com/ca/95816/market-trends/

  15. STRs are a blight & should be dealt with accordingly.

    NYC apartment turned into illicit, expensive, mask-free nightclub: suit

    https://nypost.com/2021/03/24/nyc-apartment-turned-into-illicit-expensive-mask-free-nightclub-suit/

    It’s their party and they’ll die if they want to.

    The tenants of a Tribeca apartment have turned their pad into a crowded, mask-free illicit nightclub complete with bouncers, booze for sale and a $100 cover charge, a new lawsuit alleges.

    The owner of the building at 81 Hudson St. — where a 17-year-old boy drunkenly fell down a flight of stairs as cops broke up a 123-person party over the weekend — filed a Manhattan Supreme Court lawsuit Tuesday alleging that occupants Kurt David and Jean Elbaum-David hold weekly liquor-soaked bashes with DJs blasting tunes from their second- and third-floor abode.

    1. Are you sure you know what a “STR” is? You Keep Using That Word, I Do Not Think It Means What You Think It Means.

    2. STR’s are a blight, a neighborhood burden and an abuse of the INTENT of residential codes. They are commercial businesses operating in once quiet, clean, harmonious neighborhoods.

  16. ‘We were expecting at some point this buyer frenzy is going to cool off. We are seeing that now,’ said Selma Hepp, an economist with CoreLogic.”

    Stop lying, realtor. You’re seeing an incipient housing bubble bust, but of course you’re not about to frighten off your “clients” by saying so.

  17. ‘There are multiple offers but there are also times when there are not multiples.’

    Realtors can always be counted upon to tell multiple lies.

  18. ‘I was so embarrassed and utterly ashamed that I, a sensible person, made this colossal mistake and error of judgement by buying this property.

    It’s a Big Club you’re in, Will, & it’s about to get much bigger.

    1. “‘I was so embarrassed and utterly ashamed that I, a sensible person, made this colossal mistake and error of judgement by buying this property.'”

      “… I, a sensible person …”

      Bahahahahaha … dumb ’em down, and profit. Done properly the dumbing down process will not be noticed by the mark which will set him up for further exploitation sometime later.

      Totally dumbed-down pukes who never learn = God’s gift.

      😁

  19. Likening the circumstances to a ‘war time’ mentality, the company asked employees to book cheap tickets and hotels when travelling and cut their spending on treats and gifts.”

    Frugality tip: local parks are ideal places to set snares for squirrels or rob birds’ nests.

  20. “As the crisis unfolds, new home sales are plummeting as buyers wait and see how things progress and Chinese developers are seeing a huge spike in the selloff of their bonds. Many developers have either defaulted on obligations or asked investors to wait for repayment.”

    So, who is on charge here? Who has control?

    “The credit market has made it near impossible for them to sell any new bonds eliminating a key tool developers had to raise funds and to support cash flow.”

    Aha! The ones who control the supply of money are the ones who are in control.

    Lenders lend lots of money to crazy pukes and these crazy pukes do some crazy spending with the money and end up creating a nothing-makes-sense false economy (think ghost cities and major highways that lead to nowhere). When it is time for the craziness to end the lenders simply restrict their lending. It’s like turning a valve.

    1. Gosh, I fear that contagion, serial defaults, and true price discovery are at hand. Be afraid, FBs. Be very afraid.

    2. “So, who is on charge here? Who has control?”

      They don’t seem able to control the interest rates on their real estate development bonds, which have recently been reported at levels of 25% or so. What nearly bankrupted real estate development company can afford to borrow money at payday lending rates?

    3. Gross ignorance + lots of borrowed money = Some very interesting results.

      It is not possible to alter the degree of very interesting results by restricting the supply of gross ignorance because there is way, way too much of it. The only way to succeed is to restrict the supply of borrowed money. This is why bankers rule (and others drool).

    1. Including me. I’m waiting out the lunacy in my lawn chair, celebratory adult beverage waiting to be uncorked as true price discovery stalks Housing Bubble 2.0.

  22. Libtards reaping what they voted: NYC edition

    Knifeman stabs woman, 30, in the back at Bronx subway station after she ignored him when he hit on her

    https://www.dailymail.co.uk/news/article-10220211/Thug-stabs-woman-30-Bronx-subway-station-ignored-hit-her.html

    Police in the Bronx are hunting for a man who stabbed a 30-year-old woman in the back at a subway station on Wednesday evening after she rejected his advances.

    The woman was with a 28-year-old friend and had just got off the northbound train at the Jackson Avenue stop, in the Melrose district of the south Bronx.

      1. I think we’re going to open a bottle of Napa Valley wine this evening in Kyle’s honor. Refreshing to know that Kenosha’s taxpaying citizens have had enough of BLM’s arson, loot and vandalize riots.

  24. Does the China real estate debt crisis concern you?

    Not to worry!

    1. It’s entirely contained to China, just like the COVID-19 outbreak was back In January 2020.

    2. A closely watched pot never boils over.

    1. East Asia
      Bonds, Stocks, Economy: How China’s Property Woes Are Spilling Overseas
      November 17, 2021 6:45 PM
      Ralph Jennings
      FILE – The Evergrande Group headquarters logo is seen in Shenzhen in southern China’s Guangdong province, Sept. 24, 2021.

      SAN FRANCISCO —
      Marco Metzler of Switzerland gets 2,000 new followers a day on LinkedIn, all watching to see what will happen to his money. Metzler invested $50,000 last month in the offshore bonds of real estate developer China Evergrande Group to see if he would get any returns. The former Fitch Ratings analyst is not expecting much. He’s out to prove a point about China’s troubled property sector by chronicling the fate of his investment on social media.

      “I was concerned about what was going on, and from my past I’m able to read rating reports and also to see what’s going on in the world in economics, and I felt obligated to speak out to the world and to warn about that situation,” Metzler told VOA. “We didn’t invest to get the money back, so I’m fully aware this will be lost.”

      Evergrande has struggled since last year, when the Chinese government began clamping down on the country’s property sector to rein in excessive debt and cap speculation.
      …

    2. Does the China real estate debt crisis concern you?

      Zero focks given on my end. I do find Ben’s stories interesting, but beyond that….nope.

  25. Words matter. The Biden regime and its globalist MSM lapdogs are predictably stepping up their Orwellian NewSpeak attempts to control The Narrative.

    DEA Stopped Saying ‘Mexican Cartel’ To ‘Appease’ Mexico, Recently Retired Agency Officials Say

    https://dailycaller.com/2021/11/13/drug-enforcement-administration-mexican-cartel-biden-administration/

    The directive for Drug Enforcement Administration officials to not use the term “Mexican cartel” came directly from the Biden administration to ease relations with the Mexican government, two recently retired DEA officials told the Daily Caller News Foundation.

    The DCNF exclusively obtained an email in August that instructed DEA officials to “now avoid saying ‘Mexican cartel’” when speaking with the media. The email was sent as drugs continued to surge across the U.S.-Mexico border.

  28. Reconciliation Bill Gives Special Tax Handout to Big Media | Americans for Tax Reform
    https://www.atr.org/reconciliation-bill-gives-special-tax-handout-big-media?amp

    (snip)

    “On page 1,957 of the reconciliation bill, Democrats have included a $1.67 billion special tax handout to media companies, under the guise of helping ‘local’ journalists. In reality the provision is a product of the DC lobbying swamp and will benefit large media corporations.”

  29. Well, it looks like just locking down the unvaxxed didn’t work in Austria:

    Austrian Chancellor Alexander Schallenberg said Friday that the country will go into a national lockdown to contain a fourth wave of coronavirus cases.

    Schallenberg said the lockdown will start Monday and initially last for 10 days. Most stores will close, and cultural events will be canceled.

    And here it is, we’ve all been waiting for this:

    Starting on Feb. 1, the country will also make vaccinations mandatory, public broadcaster ORF reported.

    A needle in every arm. I guess after the last Austrian drops dead from the vax and the booster subscription program, that the globalists will bring in unvaxxed Africans to replaced them

    1. COVID is the greatest fraud ever perpetuated in my lifetime.

      CCP Flu vaxx mandates = colored people drinking fountain, sit in the back of the bus.

      Exclusion and institutionalized racism have *ALWAYS* been the Democrat Party way.

    2. The outbreaks will never be “contained.” They will simply ebb and flow until every last person is exposed. Every person will “have” Delta COVID, ranging from asymptomatic to dead. And then we will all have natural immunity. The only question whether people want to take the symptom-reducer shot or take their chances with full COVID; or how long governments want to stretch this our (forever) .

        1. I’m pretty sure you’re being rhetorical/facetious. Delta is currently outcompeting everything. Maybe, maybe we’ll see one or two more, but I think Delta is the end of its evolutionary journey.

          1. Uh…why wouldn’t delta mutate into another strain that is even more capable of taking over human cells?

      2. Those aren’t the only options of risk of Covid verses so called reduced symptoms for short time by vaccines that have injury and death risk, still can transmit, still can get Covid, short term effective.
        Highly effective cheap meds is the third option to prevent a bad case of Covid, like ivermectin.
        In other words the meds applied early enough prevent that life threatening case of Covid , that no doubt everyone is in fear of.
        So, the censorship of this viable solution of meds, for the FINAL SOLUTION injection is the issue.
        And the medication safety is so much more safe than the expiermental vaccine, not requiring booster shot after booster shot either.

      3. whether people want to take the symptom-reducer shot

        You mean the kill shot? Sorry, I’ll let my immune system do its job, for a virus that is about as deadly as the seasonal flu.

          1. That’s bizarre.

            Consequence of shifting narratives. See also Rittenhouse prosecution’s closing argument.

    3. IF they tried to mandate the clot shot, I would go into hiding. NEVER will I take the death jab. If they showed up and tried to force it, I would force lead into them.

      1. 46&2,
        You hold the exact position on the jabs that I hold and I will defend myself against it being forced on me.

        1. I’m pushing 60 and based on family history would be lucky to get 15 more years. I’d trade them for the opportunity to take out a couple of globalist scum trying to forcibly vax me.

  30. Here are some interesting snips from an interesting article …

    “A people enslaves itself, cuts its own throat, when, having a choice between being vassals and being free men, it deserts its liberties and takes on the yoke, gives consent to its own misery, or, rather, apparently welcomes it.”

    We believe the 16th-century French political theorist Étienne de La Boétie hooked onto a truth here.

    We plucked this passage from his masterly work The Politics of Obedience by title.

    We believe it enjoys high relevance in this, the 21st century. More from which:

    It is incredible how as soon as a people becomes subject, it promptly falls into such complete forgetfulness of its freedom that it can hardly be roused to the point of regaining it, obeying so easily and so willingly that one is led to say, on beholding such a situation, that this people has not so much lost its liberty as won its enslavement.

    Here the professor speaks of “Mass-Formation.” As summarized:

    In Mass-Formations people become radically intolerant of dissident voices. This person threatens to wake the people up and they get angry when confronted by the initial anxiety and discontent they experience by challenges to the official doctrine.

    The crowd directs all their aggression at dissident voices.

    At the same time they are radically tolerant of their leaders who pronounce the mainstream narrative. These people can lie and cheat and do everything they want and will always be forgiven by the crowd. All the lying, dishonesty and misbehavior is seen by the crowd as doing it for their own safety.

    We suffer the acquaintance of certain individuals who fit this description to a fare-thee-well… as perfectly and precisely as the size 10 foot fits the size 10 shoe.

    Similar to hypnosis, people in this hyper-focused state are narrowly focused. In hypnosis, only the hypnotized are focused in this way… In Mass-Formation, leaders emerge which are even more narrowly focused than the followers.

    When people experience this mental intoxication it no longer matters if the narrative is wrong or even blatantly false. What matters is that it leads up to this mental intoxication. This is why they will continue to go along with the narrative.

    The resistance to understanding the narrative is false or wrong is driven by the fear of returning to the state of Free-Floating Anxiety and wanting to continue to experience the mental intoxication.

    This explains why arguing based on facts will not work. Facts no longer matter to them. Given the facts, they are unable to come to sensible conclusions, even in their own best interests.

    You can deliver yourselves if you try, not by taking action, but merely by willing to be free. Resolve to serve no more, and you are at once freed. I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break into pieces.

    The Politics of Obedience – The Daily Reckoning
    https://dailyreckoning.com/the-politics-of-obedience/

    2. These minion ignoramuses are too dumb to make a choice and the top toads are too drunk on power and too scared to lose it. That’s why they don’t retire.

    1. This strongly charismatic woman definitely possesses the “It” quality and should run for political office.

      2. my knees would be knocking all day long if i thought i had to face her in a courtroom.

        her every word was loud, clear, concise and on point. from her first words it was a steady, increasing progression of violence on the brain. she left no possible misinterpretation on where she stood. in the short time she addressed the school board, she named them as nazis of the mengele type, and how the nuremberg trials were the remedy, and how the tyrants were EXECUTED for doing what the school board was trying to do to the parent’s children. it couldn’t have been more clear, nor more chilling for the school board. she wasn’t interested in fining them or sending them to jail. she wanted their heads on pikes.

        i hope they all have to take some medication to get some sleep tonight.

        1. I share her passion and position but have realized that I can only protect my child at this point. I’m horrified that friends and colleagues have jabbed their children so willingly.

          1. I concur. am absolutely dumbfounded by the lemmings rushing to volunteer their kids for an unproven, untested & unhealthy panacea.

            they are out of their minds.

          2. they are out of their minds.

            Every person I know who has willingly taken the vaxx is terrified that the virus will eventually kill them. This madness is driven by fear.

  32. Well, that’s why they use fear to brainwash. Also the creation of a never ending Enemy to fight .
    Fight the emergency, fight the racist, fight and destroy the Whites, punish the unvaccinated, defeat Parents trying to protect their children, denounce the opposing political party, kill climate change deniers and vaccine hesitant, fire people who won’t take a expiermental vaccine, call children superspreaders, demonize America and burn and loot it, demonize Constitutional Republic and long standing laws, gun owners are demons and automatically Guilty, law abiding citizens are terrorists, Covid 19 the new invisible enemy and all freedoms taken for war on Covid, cancel, censorship, deplatform, any dispute to narratives, on and on.
    Mass brainwashing to create false enemies to fight, kill, punish, slander, discredit, put in prison, isolate, as a totally fraudulently manufactured enemy.
    All this designed to take the eyes off the masterminds trying to take your freedoms, money , pursuit of happiness, Constitutional protections, and maybe even kill you.
    Isn’t this like the Jim Jones insanity.

  33. ‘How is it that more than 190 governments from all over the world ended up dealing with the COVID-19 pandemic in almost exactly the same manner, with lockdowns, mask mandates, and vaccination cards now being commonplace everywhere? The answer may lie in the Young Global Leaders school, which was established and managed by Klaus Schwab of the World Economic Forum, and that many of today’s prominent political and business leaders passed through on their way to the top.’

    https://rairfoundation.com/exposed-klaus-schwabs-school-for-covid-dictators-plan-for-great-reset-videos/

    1. I seem to recall that the few leaders of countries who said no to the lockdowns and vaxxes had untimely deaths.

    3. established and managed by Klaus Schwab of the World Economic Forum

      This guy needs to be dirt-napping, for the good of humanity.

      2. This guy needs to be dirt-napping, for the good of humanity.

        I’m sure Satan has 100 lined up, ready to replace him.

        1. It’s 39 degrees F in Kenosha, going down to 34 degrees F tonight. But let’s see what happens tonight. It’s Friday night…

          That said, Kyle has some real decisions to make. Even with this verdict, he won’t be able to live anonymously and will probably be turned down for many many jobs. My recommendation is that he train in EMS/EMT, but then consider a career in the sports-gun industry as an instructor or at a range or with ties to the NRA or something. He needs to stay among friendlies who will protect him.

          1. Unless there’s a bunch of paid outsiders at the Motel 6, there’s no riot.

            Self defense matters! Kenosha hat trick!

          3. In other news, the House passed the Build Back Bullcrap bill this morning. The MSM was in the middle of their victory lap for that when news of the verdict broke and kicked Congress right out of the news cycle. Nancy must be steaming that she was upstaged by a teenager. [never mind that the BBB bill will be slaughtered in the Senate anyway.]

          5. Serious question: how likely is he to win any of this defamation? Is it defamation to go around and say “I think he’s guilty” or even to quote wrong information? I guess the news sources could be sued for repeating blatantly wrong info, like taking a gun across state lines. Or maybe public figures like DeBlasio defaming Kyle after the verdict. But how many concrete cases are there for this?

          6. Serious question

            Not my area of law but plenty of deep pockets that should be at least punished by the process like Kyle was.

      2. The live streams show Kyle standing to face the jury as the verdicts were being read. On the last “not guilty,” he nearly faints as he falls into his chair. But then, he tries to stand back up, because he knows he supposed to be standing for his verdicts. He’s a decent kid. BTW, the lawyers sit him in the chair because he’s shaking too hard.

        1. It was after the fifth and final count that he collapsed. His attorneys helped him back into his chair, which he mostly missed on his way down .

  35. This was more than I expected, given the prejudice of the Trial.
    Thank you Jury for doing the right thing.
    Now , let the unjust riots begin. Arrest them.

    1. Arrest them.
      If they would have arrested them in Minneapolis, Portland, Seattle, Chicago etc. Kenosha would have never occurred.
      So don’t hold your breathe.

  36. Ok, good, if there isn’t riots.
    The spin on the verdict from the left is so ridiculous. The Pooper is due to speak on it, so lets hope the ass doesn’t say something that will encourage riots.

    1. I’m almost hoping the ass DOES say something that encourages riots. Then in early 2023 the new House can impeach him for it.

      1. He has no supporters so I doubt anyone will go for it. If 0bama or Michelle call for riots, watch out!

    2. Ya almost doubled your money since August if you bottom fished the great big dip at that time. This could be a sign of seriously high inflation expectations, or it could merely reflect yield-hungry investors with high piles of Powell bux, but no fundamentally attractive investing options, dumping buckets of money into any bubble asset with positive price momentum, or it could be dead cat bounce buyers about to discover a self-similar cliff a little farther down the path…hard to say!

      “Buy the dip” certainly has taken on a new meaning in the meme stock era!

    1. Possibly too simple explanation: The Fed has convinced currency traders that they are not planning to try letting inflation run at a similarly high rate to that of the 1970s as a way forward. Instead they have plans in place to slow down inflation going forward and the intention to execute them.

    1. Since oil is a dollar-denominated inflation hedge, when the dollar strengthens due to declining inflation expectations, oil drops.

      1. The Financial Times
        Federal Reserve
        Top Fed official opens door to faster ‘taper’ of bond-buying programme
        Vice-chair’s remarks suggest US central bank could act more quickly to tame soaring inflation
        The yield on two-year notes, which is the most responsive to Fed policy shifts, jumped following the comments from Richard Clarida
        © Bloomberg
        Colby Smith and Eric Platt in New York yesterday

        The vice-chair of the US Federal Reserve on Friday opened the door to a faster withdrawal of its massive bond-buying programme, suggesting the central bank could take earlier-than-expected action to tame inflation.

        Richard Clarida said the Federal Open Market Committee could consider discussing the pace of the planned “taper” at its upcoming policy meeting in December.

        Earlier this month, the Fed began winding down its $120bn-a-month purchases of Treasuries and agency mortgage-backed securities, and said it intended to reduce them by $15bn each month. That puts it on track to remove the stimulus entirely by the middle of next year.
        …

      2. The Financial Times
        The Big Read Global inflation
        Inflation: is now the time to get worried?
        Policymakers are divided over whether rising prices are temporary or permanent. A wrong response could derail the recovery
        © A shopper in London’s West End: FT Montage/Getty/Dreamstime
        Chris Giles in London yesterday

        Giving evidence in the historic setting of a wood-panelled room in the UK parliament on Monday, Andrew Bailey, governor of the Bank of England, was facing questions from MPs concerned that the nation was going back to the bad old days of high inflation. “We are a very long way from the 1970s,” Bailey scoffed, highlighting the differences to an era when inflation hit 24.2 per cent in 1975.

        The central banker was lucky that none of the parliamentarians had asked whether there were lessons to be learnt from the late 1960s, when the nation first began to lose control of prices in the postwar period, an era that some economists argue is being repeated now.

        Two days later, that historical parallel was amplified when the strength of new inflation figures surprised the BoE again. Prices in the UK were 4.2 per cent higher in October than a year earlier, the fastest rate of inflation for a decade, more than double the bank’s target and almost twice its forecast as recently as six months ago.

        Britain is far from alone. With inflation at multi-decade highs in the US, Germany and other advanced economies, the subject has shot to the top of the economic agenda so rapidly that what was a niche concern at the start of 2021 is now at the heart of politics. “For the first time in 30 years,” says Randy Kroszner, deputy dean of the Chicago Booth School of Business and a former Federal Reserve governor, “inflation has become the salient political issue.”

        Central bankers are facing criticism that they have lost control, politicians are blamed for a cost of living crisis and households sit at the sharp end, having to juggle higher food, fuel, energy, housing and general prices in a still uncertain economic environment.
        …

  44. Dumb ’em down, and profit. Governments love it when its citizens are as dumb as rocks.

    “Jordan Peterson: Government Adviser Told Me COVID Rules Based on Opinion Polls, Not Science”

    https://summit.news/2021/11/18/jordan-peterson-government-adviser-told-me-covid-rules-based-on-opinion-polls-not-science/

    “Elicit fear then use calls for lockdown as justification for lockdown.”

    (snip snip snip)

    “Jordan Peterson says he spoke to a senior government adviser who told him Canada’s COVID restriction policies are completely driven by opinion polls and not science.

    “’In relation to the COVID restrictions, I talked to a senior adviser to one of the provincial governments a couple of weeks ago, said Peterson.

    “’He told me flat out that the COVID policy here is driven by nothing but opinion polls related to the popularity of the government,’ he added.

    “’No science, no endgame in sight, no real plan, and so what that means is that the part of the population that is most afraid of COVID,’ are driving the policy.

    “Peterson pointed to figures that prove people vastly exaggerate the risk of being hospitalized by COVID due to relentless government fearmongering campaigns.

    “The author said he found the conversation ‘extremely disheartening’ because he had hoped lockdown policies were
    ‘at least driven by something remotely resembling a scientifically informed plan.’

    “Peterson said the government adviser was ‘irate at what had been happening, enough to consider resigning.’

    “As we have previously highlighted, populations in virtually every major country believe COVID to be an exponentially greater threat than it actually is.

    “A poll in France showed that the average person thinks the infection to fatality ratio is over 16 per cent, when it is actually 0.1-0.3 per cent.

    “As we previously highlighted, a poll conducted in summer 2020 found that the average American believed 9 per cent of the population, around 30 million people, had died from coronavirus when the actual figure at the time was less than 155,000.

    “People in the U.S. also believed that 20% of Americans had caught coronavirus, 20 times higher than the number of confirmed cases.

    “In Sweden and the UK in particular, people also vastly overestimated the number of lives COVID-19 had claimed, with the average Brit thinking coronavirus had killed 100 times more people than the actual figure.

    “Governments scare the living hell out of citizens to elicit a fear reaction, then point to poll numbers calling for more lockdown measures in order to justify more lockdown measures.

    “It would be funny if it were not so sinisterly Machiavellian.”

      1. I had forgotten how the real journalists regurgitated the wishful hate filled Liberal Think Tank Trump talking points on a weekly basis but then I am watching the same thing as they spew their propaganda in wake of the Kyle Rittenhouse trial.

        1. I wouldn’t be surprised if news anchors across the country are spewing the same anti Rittenhouse drivel, verbatim.

      2. Isn’t it interesting multiple mouthpieces within the same media organization use the same very effective words….. as the multiple mouthpieces in every other media organization. There shouldn’t be any doubt about the existence of deep state.

        They don’t have to cover the story for very long to be accomplish the desired outcome considering all their counterparts are using the same language. Blanket the airwaves…. they lever the branding of an issue via carpet bomb tactic. Much more productive and efficient than having to be repetitious over the long haul. An operation that size can have the nation convinced that black is white in the matter of a 2 weeks.

        Sadly, most are oblivious to their own brainwashing.

      1. Mama, take this badge from me
        I can’t use it anymore
        It’s gettin’ dark, too dark to see
        A Realtors’ knockin’ on Mafi’s door

        Knock-knock-knockin’ on Mafi’s door, hey, hey, hey hey hey

        Cierra la puta puerta!

  48. Does the Evergrande implosion strike fear of global financial contagion in your heart?

    Not to worry: A closely watched pot never boils over.

    2. What’s the point of burning coal and other fossil fuels and pouring concrete to construct entire cities filled with empty, shoddily constructed high rise housing buildings that will sooner than later have to be demolished? If the point is to keep Chinese workers employed, wouldn’t it better for the planet to pay them to repeatedly dig ditches then refill them?

    1. The Financial Times
      Federal Reserve
      Progressives make last-ditch attempt to sink Jay Powell’s renomination
      Fed chair’s stance on climate change criticised as Biden nears choice on central bank leadership
      Federal Reserve chair Jay Powell
      Jay Powell is seen as the favourite to win a second term as chair of the Federal Reserve
      © Bloomberg
      Colby Smith in New York and James Politi in Washington yesterday

      Progressive lawmakers mounted an eleventh-hour attempt to persuade US Joe Biden to deny Jay Powell a second term as Federal Reserve chair, as the US president prepares to decide before Thanksgiving who will lead the central bank.

      Democratic senators Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon called on Biden not to reappoint Powell, citing the current Fed chair’s stance on climate-related risks and the US central bank’s capacity to more closely engage with those issues.

      “Jerome Powell refuses to recognise climate change as an urgent and systemic economic threat,” they wrote in a statement on Friday.
      …

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