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We Caused A Boom, And Now We’ve Got To Try To Avoid A Bust

A weekend topic starting with BBN Times. “The amount of wealth in an economy should be related to the amount of income. For example, wealth in real estate will be linked to the income that people have available to pay for housing. The McKinsey Global Institute lays out some facts and offers some possible interpretations. Economic growth has been sluggish over the past two decades in advanced economies, but net worth, which long tracked GDP growth, has soared in relation to it. This divergence has emerged as asset prices rose sharply—and are now almost 50 percent higher than the long-run average relative to income.”

“Increased investment in the post pandemic recovery, in the digital economy, or in sustainability might alter the savings-investment dynamic and put pressure on the unusually low interest rates currently in place around the world, for example. This would lead to a material decline in real estate values that have underpinned the growth in global net worth for the past two decades.”

“We estimate that net worth relative to GDP could decline by as much as one-third if the relationship between wealth and income returned to its average during the three decades prior to 2000. Not only is the sustainability of the expanded balance sheet in question; so too is its desirability, given some of the drivers and potential consequences of the expansion. For example, is it healthy for the economy that high house prices rather than investment in productive assets are the engine of growth, and that wealth is mostly built from price increases on existing wealth?”

The Tacoma Daily Index in Washington. “When it comes to cost, a generation ago, a home cost about three times the average income – in 2021, in most metro areas, that ratio is closer to seven times average annual income. And if you think housing is split between the haves and the have-nots, earned income is even more extreme. If you have a home, in the past few years values have increased by up to 20% (or more) annually in some areas and even in lower priced areas by about 10%.”

“Equity increases, and as it does, those with equity have increased their wealth dramatically, and those without equity are being left even further behind. In neither case is this growth or loss in net worth deliberate or a reflection of moral or financial rectitude. Our housing ‘boom’ (steady increase) in prices has been essentially uninterrupted since 2012 – by far the longest housing boom in US history.”

“As always happens in the fall, housing sales have slowed, or at least (to a degree) stabilized. Bidding wars have largely retreated, and houses stay on the market a bit longer. I think it’s inevitable that housing prices will go down, but when, and by how much is anyone’s guess.”

From Bisnow. “CRE finance firm Walker & Dunlop is run by industry experts who spend their days studying the market to advise their clients. Senior managing director, capital markets, Aaron Appel said he believes that multifamily and industrial, while possibly not overpriced, certainly have rent expectations that investors need to hit to meet their target returns that are astronomical. The words he used to describe 2022 were ‘more of the same,’ and if he had $100M, he said he would put it into Bitcoin.”

The Los Angeles Times in California. “There’s something endearing, even adorable, in the faith shown in the power of a sports arena‘s name. Take the excitement about the rechristening of Staples Center as Crypto.com Arena. The change will take place on Christmas Day. To Kris Marszalek, chief executive of Crypto.com, that will be a red-letter day. ‘In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream.'”

“History tells us that naming rights to sports venues signal, at best, a very short-term prominence of the named companies, and at worst a high-water mark followed by a downslide. For the venue owner, they can turn into an embarrassment when the name holder goes bust, or worse.”

“Remember Enron Field? That was the name of the Houston Astros’ ballpark starting in 1999, when the energy company reached a 30-year, $100-million deal for the rights. Three years later Enron was bankrupt, its name synonymous with corporate fraud. The Astros bought back the rights for $2.1 million in 2002. The field is now named Minute Maid Park.”

From Yahoo Finance. “Dottie Herman, vice-chair at Douglas Elliman Real Estate, discusses the ‘crazy’ housing market. ‘I think that you still have a small window where you can still get a little bit less than you could have pre-pandemic, but that’s really narrowing. And the future of, you know, New York City, although it has a few things, a few challenges left, is really going to be even bigger and better– and a little different. A lot of young people who were priced out of New York, they are able to buy now. So it’s all good.'”

From the comments: “Not True. My Manhattan Property is down 25% due to DeBozo, Taxes, Crime, Boarded up Businesses, Hyper-Regulation of SMB’s, Business & Individual/Family Flight to other States, Crime, Homeless & Mentally Ill on every corner.”

“Propaganda piece. chip shortages, supply disruptions, currency issues….it is a Zoros-Faction (that is commissioned by the CentralBunkCortel), coordinated attack on freedom. (look up Joseph Buttigieg… Gramscian-Marxist).”

The Globe and Mail. “Inflation is running at its hottest pace in three decades. So is the rhetoric around it. The U.S. Federal Reserve and other central banks are risking ‘an otherwise-avoidable recession’ if they don’t leap into action and start tightening policy, warns Mohammed El-Erian, the international money manager.”

“Policy makers have learned over the past few decades to hike their key interest rates when prices are rising. The goal is to put a lid on inflation by making it prohibitively expensive to borrow. But that is not happening this time around In fact, if you subtract the inflation rate from the central bank rate to arrive at the real cost of borrowing from the central bank, many countries now seem to be doubling down on their easy money policies.”

“But there is another side to this story that also deserves to be aired. It hinges on the belief that the pandemic has propelled us into unprecedented territory. Never before have countries deliberately shut down huge swaths of their economies while simultaneously showering money on workers and companies. What may be restraining an even more violent market reaction is the conviction that the Fed and the Bank of Canada are not prepared to sacrifice the decades of hard work they have put in building their reputations as inflation fighters.”

The Brisbane Times. “Last week the financial regulator warned banks it might play a part in cooling the sizzling Australian home lending market. On Monday its chairman Wayne Byres appeared to tone down the risk the regulator would further stick its regulatory oar into mortgage lending. For the hordes of bank investors hanging off every word from the Australian Prudential Regulation Authority’s Byres, it was frustrating.”

“It was like watching APRA deftly walking a tightrope between ensuring the stability of the financial system and a disinclination to intervene. A lean one way before restoring balance as the audience oohs and ahhs. And speculation around using debt-to-income or loan-to-valuation tools gained a bit of currency last week when, via a consultation update, APRA asked banks to ensure they had ‘the ability to limit’ lending to riskier borrowers, based on these measures.”

“‘The step we took (is) like buying a little more insurance so that borrowers will not be overextended themselves,’ Byres said. APRA’s response requires it to work out the problem that needs to be solved and then what tools can be employed for different problems, he said. ‘You don’t have to hit everything with a hammer,’ was his analogy.”

From Mortgage Professional New Zealand. “With the Reserve Bank’s next OCR decision due next week, there seems to be a full consensus that we can expect to see another hike, with some commentators even speculating that we may see a ‘double hike’ to bring the cash rate up to 1%. The OCR is currently sitting at 0.50%, having been raised from 0.25% in October. Most major banks say that we can now expect to see a consistent raising of the OCR over the next several months, though it is more difficult to predict where and when it is likely to peak.”

“Sharon Zollner, chief economist at ANZ said that New Zealand is ahead of most major economies, with countries like the US and Australia still firmly on stimulatory settings – something she said needs to be handled carefully, in order to avoid a ‘hard landing.'”

“‘Household debt is now at record highs relative to income, and household debt servicing has not been at record highs though because interest rates have been so low, and that’s more than offset the increase in debt levels,’ she explained. ‘But it is a more fragile situation than in, say, the 1990s, where we had quite low debt but super high, double digit mortgage rates. That was quite easy for the Reserve Bank to ease the pressure on heavily indebted households when trouble struck, just by slashing interest rates. But the OCR now is 1%, and if more trouble were to strike, there would be very little that we could do to ease the pressure on households who in hindsight might have borrowed too much.'”

“‘As interest rates rise, households will become much more price sensitive, and it will become more difficult for retailers to pass costs on,’ she added. ‘That’s not fun for the retailers, but tightening monetary conditions isn’t fun. We caused a boom, and now we’ve got to rein it in and try to avoid a bust.'”

This Post Has 158 Comments
  1. ‘a generation ago, a home cost about three times the average income – in 2021, in most metro areas, that ratio is closer to seven times average annual income’

    There’s yer subprime, and it’s everywhere.

    1. “The crowd begins to block traffic and hitting trucks trying to pass”

      Twice this morning on the ABC Good Morning America program they have led into the Kyle Rittenhouse story saying the families of the victims disagree with the verdict while showing video of Jacob Blake’s African American uncle on the courthouse steps (Jacob Blake was the African American who was shot by police and said to be unarmed by real journalists which he was not that started the Kenosha riots) furthering the narrative that Kyle Rittenhouse shot three men who were black and not the white criminals who attacked him.

    2. The same corrupt DoJ & FBI that couldn’t be bothered to investigate who was funding and orchestrating the BLM-Antifa rent-a-mobs who were the REAL insurrectionists will use fair means or foul to put this kid behind bars on some trumped-up charge. Their globalist puppet masters will not abide an armed citizen having the gall to interfere with their operatives in the performance of their duties – they’ll make an example out of Kyle to deter others from doing the same.

  2. ‘Not True. My Manhattan Property is down 25% due to DeBozo, Taxes, Crime, Boarded up Businesses, Hyper-Regulation of SMB’s, Business & Individual/Family Flight to other States, Crime, Homeless & Mentally Ill on every corner’

    There’s a lot I wanted to include, but space is limited. Every day I can find dozens of articles about the red hotcakes! It’s horsesh$t, and NYC is a prime example.

    Why is zillow a steaming pile if it’s so hot? I’ve been asking that quarter after quarter of a$$poundings.

  3. ‘he believes that multifamily and industrial, while possibly not overpriced, certainly have rent expectations that investors need to hit to meet their target returns that are astronomical’

    People who expect a boom after an unprecedented boom are idiots. That’s not how it works.

    1. People who expect a boom after an unprecedented boom are idiots. That’s not how it works.

      It’s like the “BUY THE DIP!” people. Eventually, that’s going to lead to epic losses.

  4. ‘But there is another side to this story that also deserves to be aired. It hinges on the belief that the pandemic has propelled us into unprecedented territory. Never before have countries deliberately shut down huge swaths of their economies while simultaneously showering money on workers and companies’

    We know who and what you did.

    ‘What may be restraining an even more violent market reaction is the conviction that the Fed and the Bank of Canada are not prepared to sacrifice the decades of hard work they have put in building their reputations as inflation fighters’

    A little comedy never hurts.

    1. the conviction that the Fed and the Bank of Canada are not prepared to sacrifice the decades of hard work they have put in building their reputations as inflation fighters’

      You’ve got to be kidding me. WHAT??

  5. ‘Not only is the sustainability of the expanded balance sheet in question; so too is its desirability, given some of the drivers and potential consequences of the expansion. For example, is it healthy for the economy that high house prices rather than investment in productive assets are the engine of growth, and that wealth is mostly built from price increases on existing wealth?’

    I don’t know who this group is, probably globalist scum. Every once in a while, they look at their belly button and look up and say, “this is all a load of nothing!”

  6. This is one of the article I wanted to include:

    ‘In May last year, as the world was convulsed by the COVID-19 pandemic and global infections topped 4 million, a strange video began appearing in the feeds of some Facebook users. “Climate alarm is reaching untold levels of exaggeration and hysteria,” said an unseen narrator, over a montage of environmental protests and clips of a tearful Greta Thunberg.’

    “There is no doubt about it, climate change has become a cult,” it said. “Carbon dioxide emissions have become the wages of sin.”

    ‘Conservative Party lawmaker Craig Mackinlay, elected representative for South Thanet, a far-flung promontory on the eastern edge of Kent, which is now home to a bitter struggle over the future of a disused local airport.’

    “Make no mistake, this requires a radical transformation of every part of the economy and our freedoms,” he said in an article for Conservative Home. “As ever, it will be the poor who suffer most from these elite delusions.”

    ‘Mackinlay, who has described Britain’s net-zero aspirations as a “social calamity,” saying that “sooner or later, the public will rebel against this madness,” was not alone in framing decarbonization through the lens of cultural division and class privilege.’

    “This policy was wrong-headed from the start, dreamed up in the kitchen diners of Notting Hill, with no understanding of real people’s daily lives,” Conservative Party lawmaker Julian Knight said in a report.’

    ‘The idea that decarbonization is inherently elitist is a myth, peddled largely by political figures who have shown little concern for deprived communities in any other context, and who ignore the fact that without a net-zero transition it is the very poorest — globally and domestically — who will suffer most severely.’

    ‘Yet like all effective myths, it is founded on a kernel of truth: namely that under successive governments, political decisionmaking has felt remote and unaccountable, the rich have got richer, and life for a great many of the rest of us has grown harder.’

    https://www.taipeitimes.com/News/editorials/archives/2021/11/16/2003767950

    1. ‘Gov. Charlie Baker has pulled the plug on a regional climate initiative that would have capped tailpipe emissions and was projected to hike gas prices at a time of record inflation, admitting the multi state-deal is “no longer the best solution.”

      ‘He backs out of the Transportation and Climate Initiative just days after Connecticut did.’

      “TCI is a regressive gas tax scheme that would have hurt (the) middle class and the working poor the most. It’s such wonderful news to see that Massachusetts families will not be forced to endure the economic hardship TCI would have imposed upon them,” said its spokesperson, Paul Diego Craney.’

      https://www.msn.com/en-us/news/us/baker-drops-out-of-tci-admitting-initiative-no-longer-best-solution-for-state/ar-AAQSjfd

      1. The Dead End of Public Transit for Profit
        by Ron Jacobs

        ‘I have only driven a car about eighty miles in my entire life. I was hitchhiking through Arizona and was maybe a hundred miles from Tucson. The driver was high on something—my guess was narcotics—when he pulled over to the side of the road and told me I was going to have to drive. After quickly considering the situation, I said okay. He climbed into the back sit and passed out before I restarted the engine. The time was somewhere between midnight and four in the morning. The night was still dark and there were no other cars within viewing distance. I had taken some driving lessons a few years previous. Plus, I had been watching people drive most of my life. The highway was as straight as a line on a piece of notebook paper and as flat as that same piece of paper. I started the engine and we crept closer to Tucson. When we neared the outer suburbs of that city, I gingerly pulled into a shopping center parking lot and turned off the engine. I waited about half an hour for the driver to wake up. When he did, I gave him the keys, said goodbye, and left the car. I really didn’t want to be in a city I didn’t know with a guy who shot dope before he drove across the desert. He mumbled thanks, said he knew where he was, reached into his pocket, and gave me a ten-dollar bill. I thanked him and left. Then I walked into town with my knapsack, bedroll, and the ten bucks.’

        https://www.counterpunch.org/2021/11/19/the-dead-end-of-public-transit-for-profit/

        1. Cars give you autonomy. Such independence is anathema to the globalists & their Democrat-Bolshevik Quislings, who want to house you in multi-story, multi-ethnic beehives and make you ride on public transportation with the other drones where you can experience the daily blessings of vibrant cultural enrichment.

    2. “As ever, it will be the poor who suffer most from these elite delusions.”

      It usually works that way. The climate extremists are often wealthy graduates of the University of California or Stanford, advocating for radical regulations that mostly harm the poor through regulations that limit economic opportunity and drive up energy prices.

    1. When Zillow Group Inc. had first announced its plans to shutter its Zillow Offers division, the company had made a commitment not to cancel any contracts. But as it turns out, that won’t apply to everybody.

      I don’t know why. The first thing they should have done is cancel all contracts.

  7. ‘China is facing pressure from the United Nations over Chinese tennis star Peng Shuai’s whereabouts as the organization called for an investigation into her allegations of sexual assault.’

    ‘Peng, who is one of China’s most recognizable sports stars, has not been seen in public since she accused former Vice Premier Zhang Gaoli of coercing her into sex at his home, according to screenshots of a since-deleted social media post dated November 2.’

    https://www.msn.com/en-us/sports/tennis/peng-shuai-un-calls-for-proof-of-chinese-tennis-star-s-whereabouts/ar-AAQSrFQ

    These commies torture their political opponents, cut them open, take out their organs and sell them. And the globalist scum love it. How many articles quote people there “who wish to remain anonymous”? Pretty much all of them.

    1. The first thing I would do if I were a successful tennis star in China is to leave the country. There are plenty of Chinese expatriate communities in the free world where you don’t have to worry about Big Brother Winnie the Pooh Bear’s communist brethren intruding in your private life.

      1. There are plenty of Chinese expatriate communities in the free world where you don’t have to worry about Big Brother Winnie the Pooh Bear’s communist brethren intruding in your private life.

        Um, have you been paying attention to how creepy and intrusive Big Government and the Orwellian globalist tech companies have gotten under the Biden regime?

    2. These commies torture their political opponents, cut them open, take out their organs and sell them. And the globalist scum love it.

      The CCP’s Democrat-Bolshevik ideological clones and their FBI Chekists must be looking on with open envy as they dream of the day they can employ such tactics against their political opponents. But first there’s the problematic matter of nullifying the 2nd Amendment, then disarming the Bitter Clingers. That could go seriously awry.

      1. Donald Trump Jr.
        @DonaldJTrumpJr
        Good thing the NFL is really focused on vaccines for some of the fittest people in the world and not the systemic abuse so prevalent with so many of its active and former players.

  8. “This divergence has emerged as asset prices rose sharply—and are now almost 50 percent higher than the long-run average relative to income.”

    Gulp…

    1. I guess all those Quantitative Easing dollars had to go somewhere. Apparently a lot got pumped into asset price inflation. Not so many trickled down into income.

  9. “The U.S. Federal Reserve and other central banks are risking ‘an otherwise-avoidable recession’ if they don’t leap into action and start tightening policy, warns Mohammed El-Erian, the international money manager.”

    El-Arian used to work at PIMCO alongside their deposed bond king, Bill Gross.

    1. “The U.S. Federal Reserve and other central banks are risking ‘an otherwise-avoidable recession’ if they don’t leap into action and start tightening policy, warns Mohammed El-Erian, the international money manager.”

      So he is saying that if the Fed does tighten policy they will avoid a recession? A money manager actually said this?

      We are so screwed.

      1. So he is saying that if the Fed does tighten policy they will avoid a recession? A money manager actually said this?

        Right. A recession is baked into the cake either way.

  10. NIH Director Calls For COVID Conspiracists to be “Brought to Justice”

    by Paul Joseph Watson
    November 20th 2021, 7:32 am

    National Institutes of Health (NIH) Director Francis Collins has angrily called for anyone who spreads “misinformation” about COVID-19 online to be “brought to justice.”

    “Conspiracies are winning here. Truth is losing. That’s a really serious indictment of the way in which our society seems to be traveling,” Collins told the Washington Post.

    Citing an onslaught of angry messages directed at Dr. Anthony Fauci, who Collins appears to believe is above criticism, the bureaucrat demanded that those responsible for such behavior should be identified and “brought to justice.”

    While Collins didn’t specify precisely what he meant by “brought to justice,” Pfizer CEO Albert Bourla previously asserted that individuals who spread false information about COVID vaccines are “criminals” who “have literally cost millions of lives.”

    Quite what constitutes “misinformation” about COVID-19 is anyone’s guess given that several things that turned out to be plausible or true, such as the origin of the virus behind the Wuhan lab, were once deemed to be “misinformation.”

    It seems likely that whatever the National Institutes of Health, Anthony Fauci or Pfizer deem to be “misinformation” will become the standard.

    https://www.infowars.com/

    1. A needle in every arm. For a vaxx that doesn’t work. A vaxx that stats are beginning to show make you MORE susceptible to the virus.

    2. National Institutes of Health (NIH) Director Francis Collins has angrily called for anyone who spreads “misinformation” about COVID-19 online to be “brought to justice.”

      Francis Collins for the guillotine, PLEASE.

        1. COVID barely spreads by contaminated surfaces and hands. However, flu does spread by contaminated surfaces.

          These “health officials” are deceptively using the fear of COVID as a tool to get us to do the hand-washing and forever masking that they always wanted.

          1. forever masking

            If they can get a population to wear face diapers (that don’t do squat) they can get them to do anything.

    3. So, Fraud News can defraud the Public, and any person , scientific study, dispute to Fauci dictates are now considered criminal by these tyrants.
      Plizer CEO, saying disinformation about vaccine is criminal , NIH higher up saying disinformation should be “brought to justice. ”

      So, they can take the First Amendment from anyone who disputes their narrative about safe and effective vaccines, while they suppress and slander cheap drugs that actually cure Covid.
      What special privilege does Plizer, and a NIH employee have to dictate that dispute to their narratives and exercising first amendment is a crime . Its already bad enough that Fake News disinformation campaign and censorship of dispute isn’t illegal apparently, but now they are calling for criminal punishment for dispute to their disinformation.
      Just like Biden calling law abiding Trump supporters Innsurrectionists, terrorist, racist etc. etc., or even unvaccinated need to lose their job if they don’t comply with expiermental vaccines.
      Big Pharmacy and some corrupt Government Health Agency in collusion with Fraud news Monopoly , is defining punishment for dispute to their failure injections and forced vaccines and boosters
      This Innsurrection by Monopolies that hold the right to have Fraud News as a weapon of disinformation wants dispute silenced.
      And in life and death matters , how dare you defend yourself , just like how dare Rittenhouse defend himself.
      Your just a lab rat that has to do as we say, while they gaslight the injured by vaccines and cover up the unacceptable death toll from jabs.
      What’s is going to stop this attack on US Citizens, by a Innsurrection of One World Order Monopoly power grab , using Fraud news Monopoly as a weapon of defrauding, brainwashing, fear mongering, race baiting, to deceive and divide for take over of Citizens rights.
      The whole plan is distraction and disinformation , divide and conquer, get rid of standing law and constitution protections , acting like declared emergencies supersede all laws. That some product maker like Big Pharmacy in cahoots with corrupted Health agencies /fake news, other Monopolies, is KING.
      All they ever talk about lately is the punishment that should be given to the non compliant to this dictorship they force.
      They bribed, extort, threaten job loss , defraud with fake news, discriminate, cancel, deplatform, slander, loot, improvished millions, destroyed small business, and enriched themselves. And they get their little army of useful idiots to burn, loot and terrorize Public, as one of their terrorists tactics to destroy civil society.
      They get more ridiculous by the minute with the irrational insanity of their invasion.
      Sanity and truth has to be restored, just as election integrity does. Rights insured in a Constitutional Republic is what they want to take. Great Reset and 4th Industrial revolution, forced Dictorship, not voted for by the Majority.
      Enslavement with no rights with total dictorship over populations , is what they plan.
      And it doesn’t look to me that they care about how many people die or become injured by their dictates , agendas and policies. Cold blooded killers and fraudsters and psychopaths that need to be stopped and hung.

    4. NIH Director Calls For COVID Conspiracists to be “Brought to Justice”

      Sounds like we are entering the final stretch before everything blows up, so it’s their last chance to reel in more suckers.

    1. I would have thought he would have been in better shape after having all that time to workout while he was serving 10 years for raping those nine, ten and eleven year old boys.

      1. This is who the globalists are defending.

        It’s one of the ways they consolidate and wield power. See Jeffrey Epstein, Ghislane Maxwell and Brownstone Operations.

    2. The Antifa Make-a-Wish Foundation advises applicants to consider their requests more carefully than the late & unlamented Mr. Rosenbaum.

    1. Guttfeld’s been asking if the poop jokes are too much. They are infectious. I was listening to the radio and they were talking about Kamala taking over Joe’s duties. I cackled.

      1. Guttfeld’s been asking if the poop jokes are too much.

        What’s disturbing is they’re not jokes. Biden is shitting himself daily.

  11. I’m kinda shocked by what I’m getting out of Kingman:

    $184,900 3 bd 2ba 1,118 sqft
    2728 Louise Ave, Kingman, AZ 86401

    https://www.zillow.com/homedetails/2728-Louise-Ave-Kingman-AZ-86401/8374128_zpid/

    11/19/2021 Listed for sale $184,900 (+42.8%) $165/sqft
    10/20/2005 Sold $129,500 (+97.7%) $116/sqft
    2/5/1999 Sold $65,500 $59/sqft

    42% higher than 2005.

    $485,000 3 bd 3ba 1,778 sqft
    10780 E Line Dr, Kingman, AZ 86401
    Zestimate: $615,100

    https://www.zillow.com/homedetails/10780-E-Line-Dr-Kingman-AZ-86401/8391613_zpid/

    11/19/2021 Listed for sale $485,000 (-22.4%) $273/sqft
    9/17/2021 Listing removed $625,000 $352/sqft
    3/31/2021 Listed for sale $625,000 (+38.9%) $352/sqft
    4/20/2018 Listing removed $449,999 $253/sqft
    9/9/2017 Listed for sale $449,999 $253/sqft
    6/5/2017 Listing removed $449,999 $253/sqft
    3/5/2017 Listed for sale $449,999 (+1630.8%) $253/sqft
    6/15/2001 Sold $26,000 $15/sqft

    It says built in 2004, so the 26k must have been for the land. He’s not going to give it away! I wouldn’t live at this location if you gave it to me. They have lost their cotton-picken minds in Kingman.

    1. I wouldn’t live at this location if you gave it to me.

      You and me both. These far-flung shitholes are going to lead the way down. And I think prices will go back to the 90s, in nominal terms.

  12. It’s going to be glorious when California educators who spent their careers being craven toadies for the globalists and their indoctrination agenda find out those self-same globalists have looted their pension funds. No gold-plated retirement for you, Comrade!

    CalPERS Board Selects New Asset Allocation for Investment Portfolio and Adding Leverage

    https://www.swfinstitute.org/news/89606/calpers-board-selects-new-asset-allocation-for-investment-portfolio-and-adding-leverage

    The California Public Employees Retirement System (CalPERS) Board of Administration selected a new asset allocation model that will guide the pension fund’s investment portfolio for the next four years, while at the same time retaining the current 6.8% target it assumes those investments will earn over the long term. The board also approved adding 5% leverage to increase diversification. The CalPERS board selected the portfolio with expected volatility of 12.1% and a return of 6.8%. The discount rate has been at 6.8% since July, when a strong double-digit fiscal year investment return automatically triggered a reduction under the Funding Risk Mitigation Policy. CalPERS has US$ 495.3 billion in assets under management.

    1. “…while at the same time retaining the current 6.8% target it assumes those investments will earn over the long term.”

      How long a term are they imagining ?

      ‘In the long run, we are all debt people.’

      – Professor Bear, with apologies to the deceased J. M. Keynes

      1. What about the short run?

        Business Insider
        Premium Home
        Markets
        Bank of America is warning that investors are overestimating earnings growth far more than they did during the dot-com bubble — setting up stocks to drop 20% over the next 12 months
        William Edwards
        6 hours ago
        [nyse stressed trader]
        A trader on the floor of the New York Stock Exchange rubs his temples July 29, 1999 as stocks plunged after economic data showed a steep rise in wage costs and intensified speculation the Federal reserve may again raise interest rates. In late afternoon trading the Dow Jones industrial average was off 216.56 points at 10,755.51.

        In a November 15 note to clients, Bank of America shared that 15 of their 20 market valuation measures are historically high.

        This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
        The current landscape of stock valuation measures doesn’t paint a pretty picture of what’s to come in the market.

      1. The taxpayers are on the hook to pay no matter what.

        By that point in time there won’t be any taxpayers left in California.

    1. We are swiftly approaching the psychologically important 2-year mark in this pandemic. The global population isn’t going to tolerate much more of this.

      1. Who said 2 years is “psychologically important?” What kind of clown is marking their calendar, and why would 2 years suddenly click something in their mind?

        1. I think the endless goal-post moving by the CDC, etc. is what is going to cause people to start to say, “Enough!” One thing is clear: all of these “mandates” were never about public health, but rather about imposing ever-more intrusive and Orwellian surveillance and control measures on the population.

        2. 2 years is psychologically significant precisely because people DON’T have to mark their calendars. 2 years is a nice round number that they can remember. We place similar importance to round-number milestones like Top 10 lists, or a $100K (six figure) salary. Another facet is the common knowledge that pandemics are 18 months. At 2 years people will be well aware that this has gone on a lot longer.

          1. The hardest part of two weeks to flatten the curve is the first two years.

            And is still being used. The Austrian government is saying the the national lockdown should be about 10 days, though no promises are being made.

          2. National lockdowns will just delay the day of reckoning. Cases will just dribble out at a lower rate, with the Pfizer vaccine fading fast.

      2. More and more former sheeple are opening their eyes and seeing there’s an agenda in play. People on lockdown are turning to citizen journalists & truth-tellers on the Internet instead of globalist shills, and they’re becoming red-pilled AF. I hate seeing riots, but TPTB have taken away all options for peaceful redress against government overreach and usurpations in the service of Big Pharma.

  13. Vibrants in Democrat-Bolshevik malgoverned urban cesspools are taking full advantage of the indulgence of Soros-installed DAs toward the criminal element and their redistribution of the wealth. Gosh, I hope this doesn’t impact property values or the tax base.

    Video shows decimated San Francisco Louis Vuitton store after massive smash-and-grab robbery

    https://abc7news.com/louis-vuitton-looted-union-square-robbery-san-francisco/11256032/

    SAN FRANCISCO (KGO) — Multiple suspects have been arrested after a Louis Vuitton store in San Francisco was hit by thieves.

    Social media video shows some of the chaos that has unfolded there tonight – smashed store windows, police and people running in the street.

  14. The federal judges appointed by Bill Clinton & Barak Obama don’t even pretend to be impartial when it comes to dealing with Enemies of the People.

    JUST IN: Obama-Appointed Federal Judge Blames Trump While Sentencing Capitol Rioter

    https://www.mediaite.com/news/just-in-obama-appointed-federal-judge-blames-trump-while-sentencing-capitol-rioter/

    Federal Judge Amit Mehta pointed the finger of blame at former President Donald Trump during the sentencing of Capitol rioter John Lolos.

    According to multiple reports, Mehta did not mince words when sentencing Lolo to 14 days in jail and $500.00 in restitution for his part in the attack.

  15. Oh dear….

    Country Garden’s property management unit sees share price plunge after announcement of US$1 billion share sale

    https://www.scmp.com/business/article/3156677/country-gardens-property-management-unit-sees-share-price-plunge-after

    A unit of mainland China’s biggest developer has raised HK$8 billion (US$1.03 billion) by selling shares amid a slowdown in equity and property markets, prompting a slump in the share price.

    Country Garden Services Holdings, the property management arm of Country Garden, sold 150 million shares at HK$53.35 each, according to a filing to the stock exchange. That was a discount of 9.5 per cent to the closing price of HK$58.95 on Wednesday, before the announcement.

  16. I’m in Southern Colorado now, just walked some raw land to visually inspect it, and will be going ahead with the purchase, and closing next month.

    I am officially a property owner, with no mortgage, and no debt!

      1. Soon. I put down the earnest money, and will be completing the closing remotely in a few weeks.

        Oxy wouldn’t like it because of the lack of water, but I’m buying for myself, not her. This isn’t Oil City down here…

          1. That whole area is 13-15 in/yr rainfall. Without dedicated irrigation, that’s enough to grow some fuzzy grass, likely not enough to support even one donk. And hey, if the Deplorable has finally figured out where to throw his money, have at it. I need a place with at least twice the rainfall.

  17. Another ship abandons the sinking rat.

    White House communications chief of staff announces she is leaving, as Biden’s approval rates plummet – Comes one day after Kamala Harris’ communications director resigns

    https://www.dailymail.co.uk/news/article-10224503/White-House-communications-chief-staff-Emma-Riley-announces-leaving-Labor-Department.html

    The White House’s communications chief of staff has announced she is leaving her post, marking the administration’s second high-profile resignation this week as President Biden’s approval ratings continue to plummet.

    White House communications chief of staff Emma Riley said Friday she is resigning from her Oval Office gig less than a year into the administration and is heading to a new post at the Labor Department.

      1. She has a thankless task. The popular disdain for Biden is overwhelming. The people who work most closely with him are also most aware of his cognitive decline and unfitness to fill his current office. As communications chief of staff, how do you spin abject failure? It must be a huge relief to be exiting that shambolic administration.

  18. The Aspen Institute – funded and controlled by a who’s who of globalist oligarch movers & shakers – is laying out the elites’ game plan for dealing with “information disorder,” i.e. anything that challenges The Narrative as dictated by the globalists to their Quislings & shills.

    Information Disorder Is Biggest Social Danger, Commission Warns

    https://www.nextgov.com/emerging-tech/2021/11/information-disorder-biggest-social-danger-commission-warns/186874/

    The dangerous conundrum at the heart of our interconnected society is how to contain disinformation and misinformation.

    “Information disorder is a crisis that exacerbates all other crises. When bad information becomes as prevalent, persuasive, and persistent as good information, it creates a chain reaction of harm.” That is the opening sentence in the report released yesterday by the Aspen Institute’s Commission on Information Disorder.

    The three co-chairs of the commission—Katie Couric, a TV journalist with decades of experience; Chris Krebs, the first director of the Cybersecurity and Infrastructure Security Agency; and Rashad Robinson, president of the advocacy group Color of Change—introduced the report and discussed its recommendations in a webcast Nov. 15.

    1. This is actually quite interesting. They cite three broad areas that they want to change. Here’s the short version:

      1. Increasing the transparency of platforms,
      2. Building users’ trust in the accuracy and reliability of information, including supporting local journalism outlets,
      3. holding “super spreaders” of bad information responsible, and amending Section 230 of the Communications Decency Act of 1996 to hold platform providers to the same standard as other media outlets

      If they actually do all this, it might actually help matters, since it would root out the bad actors on all sides. For example, #3 would send Jeff, Jack, Zuck, and Klaus to the digital yard-arm and not a moment too soon. So, does Couric&Co. actually mean what they say, or do they secretly intend to apply these standards only to the political factions they want to squelch?

      And by “local news” I hope they mean independent local stations, not stations who POSE as independent but are really being fed talking points from those superspreaders on high.

      What we REALLY need, on all sides, is more reporting and less analysis. Upward of 95% of the MSM these days is analysis (sorry, Tucker included). Instead of paying Couric some 6-million dollar contract to take existing news and twist it into a narrative, use that 6 million to pay 10 on-the-ground teams of reporters just to collect information and video. Independent online media saved Kyle Rittenhouse. All the MSM did was comment on it and build a narrative. Which would you rather have more of?

        1. Katie Couric – one of their so-called experts – called for 75 million Trump supporters to be “deprogrammed.” That says everything there is to say about the real agenda behind this initiative. Globalist narratives can’t compete with the truth, so they have to shut down all the truth-tellers and regain the monopoly on news & information they enjoyed before the Internet broke their stranglehold.

      1. For example, #3 would send Jeff, Jack, Zuck, and Klaus to the digital yard-arm and not a moment too soon.

        Haha, riiiiiiiiiight. Do you really think the people who run the show would allow such thing?

      2. Gates, Soros, and Rockefeller funded – I’m sure they’ll be fair-minded.

        “The Bill & Melinda Gates Foundation and two organizations within Soros’s Open Society Network — Foundation to Promote Open Society ($2,594,780) and the Open Society Institute ($445,000) — have pumped Aspen Institute with at least $101,854,593 and $3,039,780 respectively between 2003 and 2020, according to Foundation Directory Online data.”

        https://www.newsbusters.org/blogs/business/joseph-vazquez/2021/03/30/ministry-truth-gatessoros-funded-org-starts-leftist

        “The Aspen Institute is largely funded by foundations such as the Carnegie Corporation, the Rockefeller Brothers Fund, the Gates Foundation, the Lumina Foundation, and the Ford Foundation, by seminar fees, and by individual donations.”

        https://en.wikipedia.org/wiki/Aspen_Institute

  19. Australia’s globalist Quisling government has hitched its star to China. Now as China’s gargantuan “stimulus” building since 2008 starts to implode under the weight of its bad debts, Australia’s commodity boom will crater in sync. And all those Aussie FBs who massively overpaid for their shacks, courtesy of the RBA and its Keynesian monetary lunacy, are going to see their home valuations plummet while their mortgage payments remain the same. I sense an “Oh dear” moment in time approacheth….

    Iron ore price falls to lowest since May 2020

    https://www.news.com.au/finance/economy/australian-economy/iron-ore-price-falls-to-lowest-since-may-2020/news-story/ca8cbb154400a8cf427ef3ebc23ecd62

    Australia’s $149 billion moneymaker has plunged to its lowest price in 18 months, as China’s revenge really begins to bite.

  20. Another narrative bites the dust:

    Older workers are ‘unretiring’ after leaving the workforce during the pandemic

    Looks like everything wasn’t roses after all. These people were never “retired,” they were just living off the free gibs.

    1. “A lot of the excess retirements could be people who said they’re retired but were just out of work,” Nick Bunker, director of research at Indeed, told Yahoo Money.

      Oh, gee, you don’t say… Maybe they could have been bothered to report this back when this tidal wave of geezers supposedly “retired” in the first place?

      By the way, the number of people who will actually be able to ever retire is tiny. Most will have to work until they die. More than half of Boomers have less than $50k in retirement. Let that sink in.

        1. Right. And then out of the other side of his mouth he’s issuing warnings on leverage, yield-chasing, etc. Just what are these guys doing, anyways? Has anybody asked them?

  21. And who cares what a corrupt, bias, anti fact leftist group concludes about anything.
    “How to contain disinformation and misinformation.”

    Its so interesting to me how often these Entities trying to take over the US , are constantly accusing innocent people of what they are doing.
    What they are saying is how do they silence, censor, or destroy any voice that doesn’t agree with their irrational and fraudulent narratives.

    With Biden already targeting people who politically oppose his anti US treasonous agendas, these are the methods of people who want a self serving Dictorship .

  22. It took me less than 30 seconds to uncover the hidden message: “Realtors are liars.”

    Can YOU crack Charles Dickens’ secret code? Academics offer £300 reward to decipher the author’s mysterious letters

    https://www.dailymail.co.uk/news/article-10224469/Dickens-academics-offer-300-reward-decipher-authors-mysterious-letters.html

    A centuries-old Charles Dickens letter written in code has been offered up to the public to help solve it – with a cash prize.

    The so-called ‘Tavistock letter’ is one of a number of manuscripts which Dickens wrote in a modified version of brachygraphy – a form of shorthand popular in the 18th century.

    Researchers have been stumped by the code and have now turned to amateur cryptographers to try and decipher it, offering a £300 prize to do so before New Year’s Eve.

  23. The Financial Times
    Coronavirus pandemic
    European cities protest against fresh restrictions to stem the pandemic
    Dutch officials defend police for opening fire on Rotterdam demonstration and thousands gather in Vienna
    At least seven protesters were injured after police fired warning shots during riots in Rotterdam
    © AP
    Javier Espinoza and Sam Jones
    4 hours ago

    Rotterdam’s mayor has defended the city’s police force after officers opened fire on protesters when riots erupted during a demonstration against fresh restrictions to stem the spread of Covid-19, injuring at least seven people.

    More than 20 people were arrested on Friday night as protesters threw rocks at police and set fires in the Dutch city to show their discontent over new measures that will curb access to venues, including restaurants and shops for the unvaccinated, and are set to be in place for at least three weeks.

    Ahmed Aboutaleb, the mayor of Rotterdam, blamed protesters for an “an orgy of violence” as he justified the use of force to contain the situation.

  24. Per The Narrative, if you oppose government overreach or coercive “health” mandates and never-ending Big Pharma vaccines & boosters being imposed on you or your children, this is prima facie evidence that you are “far right.” We’re gonna need a bigger gulag.

    Protests erupt over virus rules in Austria, Italy, Croatia

    https://apnews.com/article/europe-protests-virus-restrictions-netherlands-austria-italy-bea60fffc55590d0b956752274ddfb88

    VIENNA (AP) — Tens of thousands of protesters, many from far-right groups, marched through Vienna on Saturday after the Austrian government announced a nationwide lockdown beginning Monday to contain skyrocketing coronavirus infections.

    Demonstrations against virus restrictions also took place in Switzerland, Croatia, Italy, Northern Ireland and the Netherlands on Saturday, a day after Dutch police opened fire on protesters and seven people were injured in rioting that erupted in Rotterdam. Protesters rallied against coronavirus restrictions and mandatory COVID-19 passes needed in many European countries to enter restaurants, Christmas markets or sports events, as well as mandatory vaccinations.

  25. “For example, is it healthy for the economy that high house prices rather than investment in productive assets are the engine of growth, and that wealth is mostly built from price increases on existing wealth?”

    Sounds perfect for the 1% who drive policy decisions. For good measure, tax the crap out of the middle class so they have to spend all their time and energy making ends meet, thereby nipping any threat to the overlords in the bud.

  26. “How did you go bankrupt?” Bill asked.

    “Two ways,” Mike said. “Gradually and then suddenly.”

    — Ernest Hemingway, The Sun Also Rises

    China’s land sales slump for 4th month as property woes worsen

    https://www.reuters.com/markets/us/chinas-jan-oct-government-land-sales-revenue-rises-61-yy-2021-11-19/

    BEIJING, Nov 19 (Reuters) – The Chinese government’s revenue from land sales slumped for a fourth month in October compared with year-ago levels, as cash-strapped developers moved cautiously on land buying after tighter regulatory curbs on new borrowing.

  27. Malignant narcissist takes micro-management to the extreme:

    Tesla CEO Elon Musk has three options for managers if they get a request from him, according to emails obtained by CNBC.

    Tesla CEO Elon Musk tells managers who don’t execute orders or explain why he’s wrong that they will have to “resign immediately,” according to leaked emails obtained by CNBC.

  28. Have you ever noticed how Ben’s blog typically gets more financial hits on the precipice of and during financial crashes?

    1. CNBC Pro
      Bank of America’s Hartnett sees credit and crypto as ‘next dominoes to fall’ on tighter Fed policy
      Published Fri, Nov 19 20212:15 PM EST
      Jeff Cox
      A man wearing a face mask walks past the U.S. Federal Reserve in Washington, D.C., the United States, on Dec. 2, 2020.
      Liu Jie | Xinhua News Agency | Getty Images

      Tighter Federal Reserve policy than the market expects looks to have immediate ramifications for bonds and cryptocurrencies before spreading to stocks, according to Bank of America Chief Investment Strategist Michael Hartnett.

      https://www.cnbc.com/2021/11/19/bank-of-americas-hartnett-sees-credit-and-crypto-as-next-dominoes-to-fall-on-tighter-fed-policy.html

        1. However, given how big the worthless crypto bubble has grown, you have to wonder if central banks will view it a systemically risky and hence too-big-to-fail and bailout-worthy.

      1. Would now be a good time to buy the dip in Eurozone stocks?

        “Buy when there is blood in the streets.”

        — Baron Rothschild

        1. The Financial Times
          Europe
          Netherlands faces renewed riots as Covid curbs spark unrest across Europe
          Mounted police, dogs and water cannon deployed across country in worst disorder since start of year
          Protesters in The Hague lit fires and threw rocks at police as the Netherlands saw a second night of rioting against new coronavirus restrictions
          © AFP via Getty Images
          Javier Espinoza and Sam Jones
          2 hours ago

          The Netherlands faced a second night of riots on Saturday over the introduction of new restrictions to curb the spread of Covid-19, leading to dozens of arrests across the country, while protests broke out elsewhere in Europe after authorities imposed further measures to counter the virus.

          Dutch authorities deployed mounted police, dogs and water cannon after protesters in three provinces set fires and threw fireworks, in the worst outburst of violence in the country since a full lockdown led to widespread disorder at the start of the year.

          The protests were sparked by plans to restrict the use of the Covid pass to those who have either been vaccinated or have recovered from Covid-19. Previously it also covered people with a negative test result. A ban on fireworks for New Year’s Eve celebrations also roused anger.

          In The Hague on Saturday night, five police officers were injured and seven people were arrested, according to an official statement. Police charged at protesters on horseback and one rioter threw a rock at a passing ambulance.

          There were disturbances and at least 13 arrests in two towns in the southern province of Limburg, with unrest also reported in the northern province of Flevoland, the police said.

          The latest unrest in the Netherlands began on Friday night in Rotterdam, where police opened fire on hundreds of rioting protesters. Authorities defended the use of force, with the city’s mayor, Ahmed Aboutaleb, blaming the crowds for an “an orgy of violence”.

          Three people believed to have suffered gunshot wounds from police bullets remained in hospital on Sunday morning, according to a police statement.

          The new restrictions are expected to last for an initial three-week period.

  29. Holy crap. Things are coming to a head in Australia. Here a guy who appears to be an Australian military officer or NCO (can’t tell which) is telling people “this stops when we say it does” and calling on them to lay down their tools and bring the country to a halt. If uniformed security personnel start siding with anti-lockdown protestors, that is going to scare the Bejesus out of the globalist elites.

    https://twitter.com/markmaycot/status/1462078522332262405

      1. If they stick to their word then the Austrian government will be in the big trouble.

        Yep. Politicians and their globalist cvck puppetmasters are going to be in deep manure soon.

        1. These b@st@rds are finally figuring out that they are not deities or some type NFT inside the Matrix. They are humans, which means they are only as good as their chefs and their bodyguards. When they lose the chefs and the bodyguards, what else do they have?

      2. The globalist Quislings are going to be soiling themselves if this is true. Military and police standing up for the country and people against the corrupt elites and their “mandates” would be a shocking act of defiance.

    1. The unvaccinated are now treated as second class citizens.

      Some older members of my own family treat me as such. I’m not allowed to attend functions because I’m not vaxxed. FAWK ‘EM!!

  30. Can you imagine if this went the other way and the Defense attorneys said… “For now, we ask for peace from everyone”

    Christal Hayes, Ryan W. Miller and Grace Hauck
    USA TODAY
    Nov 19, 2021

    ‘We ask for peace,’ attorneys say

    Lawyers for Gaige Grosskreutz and the estate of Joseph Rosenbaum said Friday marked a day to “grieve for the families of those slain by Kyle Rittenhouse.”

    “For now, we ask for peace from everyone hurting and that the public respect the privacy of the victims and their families,” the lawyers said in a statement.

    https://www.usatoday.com/story/news/nation/2021/11/19/kyle-rittenhouse-trial-jury-deliberates-verdict-day-four/8679443002/

  31. Take the excitement about the rechristening of Staples Center as Crypto.com Arena. The change will take place on Christmas Day.

    Too soon to start calling it “the Crypt”?

  32. The Real Anthony Fauci: Bill Gates, Big Pharma, and the Global War on Democracy and Public Health (Children’s Health Defense)

    Pharma-funded mainstream media has convinced millions of Americans that Dr. Anthony Fauci is a hero. He is anything but.

    As director of the National Institute of Allergy and Infectious Diseases (NIAID), Dr. Anthony Fauci dispenses $6.1 billion in annual taxpayer-provided funding for scientific research, allowing him to dictate the subject, content, and outcome of scientific health research across the globe. Fauci uses the financial clout at his disposal to wield extraordinary influence over hospitals, universities, journals, and thousands of influential doctors and scientists—whose careers and institutions he has the power to ruin, advance, or reward.

    During more than a year of painstaking and meticulous research, Robert F. Kennedy Jr. unearthed a shocking story that obliterates media spin on Dr. Fauci . . . and that will alarm every American—Democrat or Republican—who cares about democracy, our Constitution, and the future of our children’s health.

    The Real Anthony Fauci reveals how “America’s Doctor” launched his career during the early AIDS crisis by partnering with pharmaceutical companies to sabotage safe and effective off-patent therapeutic treatments for AIDS. Fauci orchestrated fraudulent studies, and then pressured US Food and Drug Administration (FDA) regulators into approving a deadly chemotherapy treatment he had good reason to know was worthless against AIDS. Fauci repeatedly violated federal laws to allow his Pharma partners to use impoverished and dark-skinned children as lab rats in deadly experiments with toxic AIDS and cancer chemotherapies.

    In early 2000, Fauci shook hands with Bill Gates in the library of Gates’ $147 million Seattle mansion, cementing a partnership that would aim to control an increasingly profitable $60 billion global vaccine enterprise with unlimited growth potential. Through funding leverage and carefully cultivated personal relationships with heads of state and leading media and social media institutions, the Pharma-Fauci-Gates alliance exercises dominion over global health policy.

    The Real Anthony Fauci details how Fauci, Gates, and their cohorts use their control of media outlets, scientific journals, key government and quasi-governmental agencies, global intelligence agencies, and influential scientists and physicians to flood the public with fearful propaganda about COVID-19 virulence and pathogenesis, and to muzzle debate and ruthlessly censor dissent.

          1. No doubt the Founders of this Constitutional Republic apparently could not perceive of a Innsurrection by Public Health Policy and capture of Government by a medical product maker called Big Pharmacy. Or could they perceive a concept of Climate Change being a means to destroy the Constitutional Republic. Had they known , maybe more protections and check and balance could of been devised.
            I have commented on how much Woodrow Wilson , the progressive Democrat, did to advance Big Government, and One World Order type policies. and endless Wars in other Countries, etc.
            The Federal Governments original design was not to be what it grew to. It was always about how to destroy the Constitution by Big Federal Government, who now have been captured by a Innsurrection by Globalist Monopolies, Money Changers, Big Pharmacy , fat cat Billionaires like Bill Gates, Fraud Media Monopoly, etc.
            And these Monopolies are more tyrannical, psychopathic, fraudulent and murderous than even the Monarchy of King George.
            High tech warfare and social engineering that no doubt the Founders didn’t know would be a threat.
            Karl Marx Communism hadn’t even been perceived when this Nations Government was created.
            But still the Constitution is pretty basic in the idea of individual rights and protections, that the power mongers are trying to destroy in entirety today.
            One World Order Monopolies ruling the Free World. YOU GOTTA BE KIDDING.

  33. Today is Sunday, November 21st and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

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