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When The Market Cools, Investors Actually Become The Pessimists

A report from WKRN in Tennessee. “A broken deal has left a Murfreesboro couple with a broken dream after a case of iBuying went bad. Zach Griest, Owner of Zach Taylor Real Estate, says his clients are upset, counting on Zillow to close. They went under contract with them in September and planned to close in May 2022. Before they were aware Zillow Offers was being terminated, they went under contract for a newly constructed home, putting down a $5,000 non-refundable deposit. Now, they’re stuck. ‘They got an email from Zillow Friday that says, ‘yes, we’re canceling the deal, we’re out,’ he said.”

“Griest said he spoke to a representative on the phone who told him a similar story. ‘I said, ‘we can close we can close tomorrow, let’s move up the closing date,’ and she said, sorry ‘we’re at capacity, we’re not going to do it,’ Griest said.”

The Real Deal. “Zillow is facing two class-action suits for allegedly misleading investors and failing to inform them in a timely manner about the struggles of its iBuying business. More lawsuits may be forthcoming as Zillow does damage control in the wake of closing Zillow Offers, through which it used a proprietary algorithm to buy and sell thousands of homes.”

“Both lawsuits accuse the company of drumming up positive sentiment about its iBuying activities with ‘materially false and/or misleading statements’ in the months before it closed the operation, and of failing to disclose ‘material adverse facts’ surrounding them.”

The San Jose Business Journal in California. “Months after a real estate investor warned that ballooning costs could wipe out investments in a pair of condo properties, would-be homebuyers at the sites could soon face a similar loss. The outcome of a Dec. 3 court hearing could see down payments wiped out for prospective homebuyers at The Almaden and Savant at Irvington, a pair of under-construction condominium complexes linked to defunct real estate developer SiliconSage Builders LLC and its CEO, Sanjeev Acharya.”

“The Mercury News reports that the upcoming hearing will be about a deal struck by Stapleton and Acres Capital, the primary lender for both The Almaden, a 91-unit residential project at 1821 Almaden Road in San Jose, and Savant at Irvington, a 93-unit residential project at 42111 Osgood Road in Fremont. Proposed by the receiver, the deal would enable Acres to finish construction so the properties can be sold — but would also let Acres void financial obligations like purchase agreements made prior to the SEC’s case against Silicon Sage, thus erasing their deposits.”

“But a group of homebuyers are working to save their deposits, stating in the court filing that ‘Acres needs to have some of the deposit contracts voided so that it can sell the completed condominiums without having to sell to the original buyers or refund the deposits.’ They stated that at least 16 purchase contracts across both sites could be voided if the deal goes through. To give an idea of the potential loss, Marwan Naboulsi stated that he paid a $995,000 deposit on two units at The Almaden.”

“Both Savant at Irvington and The Almaden were the subject of a warning issued in September by another real estate investor, TriGate Capital. It warned that costs for the projects had increased dramatically and even if they were completed, investments in the projects could be wiped out. TriGate accused Stapleton of inefficiently managing the properties and undermining their financial stability.”

From Bisnow New York. “British co-living company The Collective may lose its Brooklyn development site amid the company’s financial woes. Lender Acres Capital initiated a foreclosure on 1215 Fulton St., which The Collective purchased in 2019 for about $33M with plans to turn it into one of its first locations in the United States. It recently defaulted on another Brooklyn site in Williamsburg at 555 Broadway, where it fell behind on payments on a $49M mortgage.”

From CBC News in Canada. “As prices skyrocket, recent data suggests people who own more than one property in Ontario make up more than 25% of buyers in the province. It’s a stark contrast to just 10 years ago when investors made up the smallest percentage of residential real estate transactions. ‘It’s unusual in the sense that investors now make up the biggest segment of buyers in Ontario. So they surpass first- time buyers, they surpass the number of people moving. So they’re the biggest segment,’ said John Pasalis, president at Realosophy Realty.”

“‘The risk is that when prices are rising investors are the optimists in the market … and they actually push home prices up higher than they otherwise should be,’ he said. ‘But when the market cools, the investors actually become the pessimists. And they’re the first ones to exit the market, which accelerates potentially a downward trend and makes our whole housing market far more vulnerable than it otherwise would be.'”

“While some argue more supply is needed to cool the market, Pasalis points to other cities like Phoenix, Ariz. and Las Vegas, Nev., which have room for more supply, but still saw huge real estate bubbles. More supply, he says, could just attract more investors. ‘When investors are the biggest segment of your buyer base — no amount of supply is enough,’ said Pasalis.”

“The trend is also concerning to Ron Butler, one of the founders of Butler Mortgage. He says he’s watched as investors outbid many of his clients who are first-time buyers. ‘We’ve seen our clients forced to the upper limit of their affordability. But that’s the only option they have is to be at the highest point that they can possibly achieve from a borrowing point of view,’ said Butler.”

“Butler says he’d like to see intervention to stem the behaviour of investors from all three levels of government — before it’s too late. ‘That’s not going to have a great ending, in my opinion. It’s just not,’ said Butler. ‘It’s either going to result in a generational shift of people leaving the province or it’s going to result in eventually some kind of price deterioration that’s going to catch a lot of people off side.'”

The Daily Mail. “Australia’s longest-serving treasurer has blamed the Reserve Bank for the extraordinary surge in house prices across the country. Peter Costello, who held the senior ministerial post from 1996 to 2007, was scathing of the central bank’s decision to cut the cash rate to a record low of 0.1 per cent and then promise to leave it there until 2024. ‘The Reserve Bank got it wrong,’ he told the ABC’s 7.30 program. ‘It said that it could hold the three-year rate at 0.1 per cent out to 2024. It couldn’t. It was an irresponsible statement to make.'”

“Reserve Bank of Australia Governor Philip Lowe had, until recent months, promised to leave the cash rate on hold until 2024 ‘at the earliest’. Mr Costello, once mooted as a potential prime minister, said those promises encouraged more people to buy a home and get a fixed mortgage rate. ‘I suppose they were saying to people, ‘Try and get a fixed mortgage because we can hold the rates out to 2024,’ he said. ‘They now admit they can’t and in fact, it would be irresponsible of them to try if inflation took off. The Reserve Bank can’t give you cast iron guidance for three years and you’d be foolish to take it.'”

From Bloomberg. “China Aoyuan Group’s dollar bonds declined, dragging Chinese junk notes down with them, as a report saying the company failed to pay a trust loan in full revived concerns about stress among the country’s developers. Aoyuan’s 2023 note fell 5 cents on the dollar to 27 cents, while its bond that matures in January declined 7.4 cents to 32.7, Bloomberg-compiled prices show. Moody’s Investors Service late Monday cut its rating to Caa2, citing concern over the size of the firm’s debt maturing next year.”

“Builders ‘have a lot of work to do going into year-end to just be ready for the next set of maturities,’ Ninety One Singapore portfolio manager Wilfred Wee told Bloomberg TV. ‘Developers do need to shape up or ship out,’ he said, noting the sector has some $3 billion of notes coming due next month and $9 billion of onshore and offshore in the first quarter of 2022.”

“A set of Kaisa Group Holdings offshore investors has hired advisers, people with knowledge of the situation said. Kaisa’s failure to make least some of the payments on dollar debt started the clock on a 30-day grace period that the company has until it’s in default. S&P Global Ratings said on Nov. 10 that for Kaisa, ‘a default scenario is inevitable within the next six months.’ Many of the company’s bonds are trading at around 40 cents on the dollar, or less. Kaisa previously defaulted on bonds in 2015, and then restructured its borrowings. Among Chinese developers, it is the third largest dollar-debt borrower.”

This Post Has 105 Comments
  1. Another day, a bunch of Chinese companies you never heard of hose the bond markets.

    ‘To give an idea of the potential loss, Marwan Naboulsi stated that he paid a $995,000 deposit on two units at The Almaden’

    Well, it was cheaper than renting Marwan.

  2. ‘The risk is that when prices are rising investors are the optimists in the market … and they actually push home prices up higher than they otherwise should be,’ he said. ‘But when the market cools, the investors actually become the pessimists. And they’re the first ones to exit the market’

    This is why bubbles always pop John.

    1. “The building will have 150 residences, with an average unit scope of 451 square feet. ”

      451 square feet? I guess I’ll need about 3.

      It’s also in Bed-Stuy. I’m sure the gentrification is complete in that area. No need to worry about paying a million bucks and then getting attacked on the way to the subway.

    2. Co-living is basically a hotel for rich kids who like to be on the receiving end of the “sharing” economy and don’t feel like adulting yet. The website for the Collective’s flagship building in London showcases its attractive resort-like shared spaces, with no pix of the hotel rooms which pass as your apartments.
      https://www.vice.com/en/article/pa7gb9/co-living-collective-canary-wharf-rent-crisis

      … Meanwhile, the building in Brooklyn* is the usual 100-year old walk-up, all scaffolded to stabilize it. There’s another abandoned dump right next to it. This collective space is not going to be as well-appointed as Canary Wharf for sure. There’s certainly no room for a golf simulator, spa and mindfulness zone, or swimming pool with adjoining bar. They’ll be lucky to fit in an operational shared laundry. In short, the Brooklyn building used to be a tenement and it will be again. Maybe it’s better that they give up now before they embarrass themselves further.

      —————-
      *The article is behind a paywall, so I google-mapped 1215 Fulton St.

  3. ‘I suppose they were saying to people, ‘Try and get a fixed mortgage because we can hold the rates out to 2024,’ he said. ‘They now admit they can’t and in fact, it would be irresponsible of them to try if inflation took off. The Reserve Bank can’t give you cast iron guidance for three years and you’d be foolish to take it’

    Broke it off – again.

    ‘Developers do need to shape up or ship out,’ he said’

    Wee, look at that spec on the horizon. That’s the developers sailing off with yer money.

    ‘noting the sector has some $3 billion of notes coming due next month and $9 billion of onshore and offshore in the first quarter of 2022’

    Is that a lot? Even counting the goldfish?

  4. ‘they went under contract for a newly constructed home, putting down a $5,000 non-refundable deposit. Now, they’re stuck. ‘They got an email from Zillow Friday that says, ‘yes, we’re canceling the deal, we’re out’

    Borrowing for two shacks at the same time: sound lending!

    ‘I said, ‘we can close we can close tomorrow, let’s move up the closing date’

    Denial
    Anger
    Bargaining <- Zach you are here.

  5. ‘On Sunday, a pack of looters robbed a jewelry store in a Hayward mall, smashing glass cases and absconding with the valuables into waiting cars. Also Sunday, Walnut Creek police recommended that businesses close early, citing intelligence that the 80 thieves who ransacked a Nordstrom on Saturday night could strike again. Officials labeled the Nordstrom robbery as “organized retail theft” and said it was possibly linked to a series of burglaries in San Francisco on Friday night.’

    ‘In San Francisco, social media videos showed masked looters sprinting out of high-end stores in Union Square — including Louis Vuitton, Yves Saint Laurent, Burberry and Bloomingdale’s — with arms full of stolen merchandise worth thousands of dollars. Police arrested eight suspects and seized two cars and two guns, while Mayor London Breed announced plans to restrict vehicle access to Union Square to limit thieves escaping in getaway cars.’

    ‘John Chachas, whose family owns luxury retailer Gump’s in Union Square: “The mayor and her entire team should resign. You can’t really run a retail enterprise if you have to board up the windows five weeks before the critical Christmas selling season.”

    ‘Adding to the city’s woes, the San Francisco Chronicle published a glut of stories over the weekend that suggest residents are increasingly frustrated by its response to crime — and fearful for their own safety. One resident’s garage was broken into nine times in two days; video surveillance footage showed the thief wandering around leisurely, as if “he had no fear of getting caught.” And San Francisco’s martial arts academies, locksmiths and home-security companies are seeing a huge increase in demand.’

    ‘Meanwhile, a group of children, teachers and parents from the Tenderloin hand-delivered a letter to Breed’s secretary, calling on the mayor to “put an end” to neighborhood conditions that include an open-air fentanyl market, frequent gun violence and attempts to rob kids as young as 9. One of the city’s proposed solutions: opening a supervised drug injection site.’

    ‘Adding to the spate of crime headlines, on Saturday a stray bullet fatally struck a 13-year-old Pasadena boy playing video games in his bedroom.’

    ‘Neighbor Stewart Baynes: “We heard the sirens and knew that it was another shooting. It’s getting to be so damn ridiculous out here.”

    ‘The burglaries are yet another setback for businesses trying to recover from the pandemic and plug persistent staffing shortages. Although the Golden State’s unemployment rate fell to 7.3% in October as the state added 96,800 jobs, according to the Employment Development Department, California is still tied with Nevada for the highest jobless rate in the nation.’

    https://www.msn.com/en-us/news/us/looters-ransack-stores-across-bay-area/ar-AAQZS7v

    But weather?

      1. I don’t think taking kung fu classes is gonna help bay aryans.

        Plus it’s not something you can quickly learn. It takes a lot of time to master even the basics of any martial art.

    1. Neighbor Stewart Baynes: “We heard the sirens and knew that it was another shooting. It’s getting to be so damn ridiculous out here.”

      Well, you get what you vote for. And for many people ideology comes first, even if they are suffering the brunt of it.

  6. The Waukesha hit and run homicide story has been buried.

    The only thing being reported about it is Real Journalists criticizing Andy Ngo for reporting that the driver is a black male with a social media history of anti white racism.

    1. Per the Narrative, the aspiring rapper was fleeing a knife attack. And we all know the Dancing Grannies are the Proud Boy’s senior citizen auxiliaries and Christmas parades are rayciss.

  7. Davis, CA Housing Prices Crater 13% YOY As California’s Rot-Riddled Housing Market Hits The Mat

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

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

      1. Likely for the same reason Zillow stopped posting sale prices then stopped posting list prices. Here’s the grim reality about it all…. Why conceal the truth? Crime. There’s guilt associated with concealment.

        On another front, I’m really enjoying blanketing youtube.

  8. “Griest said he spoke to a representative on the phone who told him a similar story. ‘I said, ‘we can close we can close tomorrow, let’s move up the closing date,’ and she said, sorry ‘we’re at capacity, we’re not going to do it,’ Griest said.”

    Sorry, Greedhead Griest, but the Zillow ship has sailed. Nice try, though.

    1. ‘Finger-licking good’ insects could be the future of food

      Soy for Thanksgiving, bugs for breakfast. Sounds like a new Narrative. And since they were able to push transgenderism down our throats, they probably think they can have us stop eating meat by Thanksgiving 2022.

  9. I’m hopeful due to the higher level of investors that this crash will be more sudden. The dome-shape of the last one was about a 1 1/2 years before festivities really got underway.

    Of course, I don’t think housing is going to crash housing. It will be a reckoning for all the other decadence in the markets and general smugness of the populace.

  10. “Before they were aware Zillow Offers was being terminated, they went under contract for a newly constructed home, putting down a $5,000 non-refundable deposit. Now, they’re stuck.”

    Not to worry, cuz real estate always goes up. Soon they’ll be rolling in home equity wealth gains.

    1. That’s what I was thinking too. Their agent should tell them to just wait till spring. Goldman Sacks has assured us that prices are going ballistic again next year. This lull is just seasonal, that bolus of foreclosures isn’t going to happen, Evergrande is contained, and everyone wants to live in Nashville. Next year their place will be worth double and they’ll have 20 offers. So why all the desperation….

  11. Dumb question of the day: Won’t suppressing gasoline prices through government intervention potentially lead to lower oi prices, less oil production, and lines at the gas pump, as demand exceeds supply?

    It says so right here in one of my undergraduate economics text books.

  12. Some original content from Revolver News (11/22/2021):

    “The modern American regime is built on explicit, institutionalized hostility to the people who most resemble the great Americans of the past. It is anti-white, anti-male, anti-Christian, anti-rural, and anti-middle class. The more of these traits a person has, the more worthy of hate they become. The more the Globalist American Empire decays and squanders the inheritance it was given, the more bile and hatred it directs against those who symbolize what came before.”

    https://www.revolver.news/2021/11/are-you-ready-to-be-an-american-kulak/

    Remember, the only good globalist is a dead globalist ☠

    P.S. did you know that the Southern Poverty Law Center was, in fact, never elected to govern anything?

      1. “I don’t see them referenced anywhere but by you.”

        SOUTHERN POVERTY LAW CENTER DENOUNCES LACK OF JUSTICE IN KYLE RITTENHOUSE VERDICT

        November 19, 2021

        The following is a statement from Margaret Huang, president and CEO of the Southern Poverty Law Center.

        “Our hearts are with the victims in this case – the individuals killed and wounded by Kyle Rittenhouse as well as the families and community torn apart by the consequences of this deadly violence. The acquittal of Kyle Rittenhouse will add fuel to the fire of armed radicalization in America. That a white male youth can travel across state lines, armed with an assault rifle, and engage in armed confrontation resulting in multiple deaths without facing criminal accountability, is the all too familiar outcome in a country where systemic racism continues to rot the system.

        “Far-right extremists have already published a deluge of propaganda lionizing Kyle Rittenhouse, and his acquittal is likely to further embolden them to pretend that his violent actions were somehow heroic.

        “We will continue to see this sort of violence repeat itself in towns across the country unless we, as a nation, move toward greater prevention of radicalization, countering the antidemocratic hate that enabled the Kenosha violence, and end the systemic racism that supports it.”

        https://www.splcenter.org/presscenter/southern-poverty-law-center-denounces-lack-justice-kyle-rittenhouse-verdict

        1. Don’t people whose businesses get looted or burned to the ground number among the victims, especially if a defanged police force, on top of race-based legal exceptions, allows rioters and looters to get away with no accountability for criminality?

          1. Civil strife is frequently excluded in property insurance coverage, so it is amazing that a mayor or city council could order its police force to stand-down during a riot, and then later have the audacity to demand property taxes. WTF?

      2. Abington School District paid $7,000 to Southern Poverty Law Center for ‘equity training’

        OCTOBER 26, 2021

        The Abington School District paid $7,000 last year for its teachers to be trained in issues of “racial equity” by the Southern Poverty Law Center, a nonprofit that is consistently enveloped in controversy.

        SPLC is well known for the “hate group” lists it maintains, but earned additional attention in 2019 for accusations from employees that the self-decribed justice group had maintained a culture enabling “mistreatment, sexual harassment, gender discrimination, and racism.”

        After groups of staffers penned letters of protest and others had left the organization, three of SPLC’s highest ranking officers resigned in March, 2019. Among those who resigned was SPLC Co-Founder Morris Dees.

        In October, 2020, Abington School District hired SPLC for 14 separate workshops on the SPLC’s “Teaching Tolerance” program, which has since been rebranded to “Learning for Justice.”

        Abington’s purchase of the Teaching Tolerance workshops is part of a trend of local school districts using SPLC’s materials for professional development on “equity,” even if a district doesn’t contract for special assistance with the materials as Abington School District did.

        Abington’s purchase of the Teaching Tolerance workshops is part of a trend of local school districts using SPLC’s materials for professional development on “equity”…

        For example, a review of 10 districts in Montgomery County identified no fewer than five districts that relied on the Teaching Tolerance instruction, whether the materials were mandatory or suggested.

        https://broadandliberty.com/2021/10/26/abington-school-district-paid-7000-to-southern-poverty-law-center-for-equity-training/

      3. The SPLC was allegedly a “civil rights organization” at the time it was created.

        But today, they are just as much of a fraud / shakedown racket as Jesse Jackson or Al Sharpton.

        The Southern Poverty Law Center is explicitly anti white. Their chairman, Mark Potok, has a chart on the wall of his office projecting the date when white people will become a minority in the United States.

        They need to have their non-profit status revoked, their endowment confiscated, and their leaders sent to prison.

        1. They need to have their non-profit status revoked, their endowment confiscated, and their leaders sent to prison.

          I could make a long list of similar organizations, which is why I don’t get the fixation with this one.

        2. Personally I think office fire bombing and executions are justified. Then again, I’m more of a “shoot you in the face’ kind of justice seeker. Hardly PC.

          1. Hey prof, wouldn’t you say the only way behavior changes is to change incentive structure?

            And I don’t think refreshed recommended looting small biz, just changing monopoly protections for the big corporate pirates. Of course, that’s my inference.

            I prefer La Boetie’s philosophy, but guillotines in the plaza seem to work as well. Why not both mass civildisobedience and violence against those whove indiscriminately been stealing our lives through taxation and inflation and overregulation?

          2. Regarding replies below – globalists, elitists, politicians, journalists, rioters, and realtors should be lined up and shot. That clear it up?

            Well not realtors really, uh, but maybe?

          3. That clear it up?

            Do you actually spend your life doing this, or are you just trying to get a good anonymous internet argument going?

  13. The Globalists just want you to be nice little drone slaves, having nothing, eating bugs and soy, forced vaccines , having them control what you get to consume, while rigged systems direct the wealth to them.
    Pandemic policy was designed to enrich them , loot the Government tax coffers, destroy small business, make Monopolies bigger and richer, so the public pays for their takeover.
    They are engaged in destroying law and order, and any American values. Their insane fraudulent narratives are to defraud the public, divide and conquer, probably provoke race riots, demonize the White race as domestic terrorists, as they destroy the Constitution , Bill of Rights , and standing law.
    Just think of what the World would be like if these Entities prevail . Their Spokespeople come right out and tell you what their plans are, and their plans aren’t nice. Dr Fauci now saying Boosters are necessary, with a straight face admitting vaccines don’t stop transmission or getting Covid. Just take more of the failure unsafe vaccines.
    This is what they claim is “Build Back Better”, all leading to their planned Great Reset, and 4th Industrial Revolution of their design, never voted for. Trans humanism where they chip you and other methods of altering the human race , nobody would want.
    The Agenda of these creepy psychopaths is so outrageous and aggressive and evil, that its extremely difficult to believe, but its happening, they are going for it.

  14. Also, they have been broadcasting and documented their crazy agendas for years, such as Agenda 21.
    They put Agenda 21 under a Sustainable Earth objective.
    The plans states that 500 million is the idea population number. That means that 7 billion has to be eliminated or what?
    Agenda 21 called for all populations to be taken to 5 city centers of dense population while all other territory be not populated and natural I guess.
    Just all kinds of goals of taking over populations and controlling them in dense populated Cities. I guess that’s the living in pods or whatever they say.
    Just a bunch of weird stuff, that was never voted on , that most people didn’t even know about.
    So, than this Agenda 21 was more perfected with time, to become the basis of this Innsurrection by the self serving Globalists Monopolies .
    So, you see world wide Governments acting in lock step on this so called new One World Order. So, its in operation tear down right now , for the “Build Back Better”, Great Reset, 4th industrial revolution , take all freedom from people, and control everything. So, of course they had to corrupt Governments World wide, rig elections, take over information, Medical Tyranny world wide by a contrived Global Pandemic. Basically faked emergencies to supersede peoples rights.
    Another talking head said in summary that its really a small amount of people , trying to take over .

    1. I was wondering … say the kill shot really does reduce global population to 500M. Most communities would be crushed. Only one out of every 16 houses would be occupied. I suppose that remaining populations would relocate to a few urban centers, while suburbs and entire cities would crumble and decay.

      Of course, there is the issue of infrastructure. Would tap water and electricity still be available? And supply chains would be non existent, as factories would lie in decay and ruin, not to mention that much of the know how required to produce products we take for granted would be lost.

      1. “electricity still be available?”

        When I install solar panels on my land in Southern Colorado, I will be stashing all variety of replacement parts and material for it, just in case.

          1. The same way everyone else does: by virtue signallingom fb, snap, and insta.

            And a few little metal things that go pew pew.

      2. “I was wondering … say the kill shot really does reduce global population to 500M.”

        The population killed off would be made up of those people who were compliant and thus willing to take the shot. The 500M who would be left alive would mostly consist of rebels, those who refused to take the shot.

        The anointed ones do not want the rebels left alive, they want the compliant ones left alive so another method would need to be utilized to reach their 500M goal.

      3. From what I understand they want to herd most the populations to Cities, so they can control them better, cram them into small space.
        I would think they would have utilities in the designated Cities. They aren’t going to let people spread out.
        They aren’t going to do their long term goals over night, its all done in steps. Establishing a Police State is necessary. Of course they get to live in Ivory Towers in the lap of luxury.
        They are pretty sadistic
        Now I don’t know if China will keep their huge population, or what the deal will be with China. Don’t think Russia is in on their plan.
        Seriously, their plans are so bizarre . I think the depopulation thingy is suppose to be spread out as they gain more and more control.
        And its no joke that the fact they are talking about soy and bugs is because that’s the diet they plan for us slaves, along with forced vaccines.
        It’s the crystallization of evil .

        1. The Communist Party of China actively encourages all families to have three children. I don’t think they are down with any depopulation plan.

    2. “they”. You can’t even say the name of the shylock tribe that has destroyed our economy, our culture and now the people via vaccines they funded and are manipulating people into taking via their media.
      Sick, evil bastards that just so happen to be sex deviants more often then not, which is why their media try to push normalization of their sickness.

    1. Were the pills dispensed without prescriptions? I took some prescription painkillers after my knee surgeries. I had a prescription. What of the pharmacy had said no?

      1. What of the pharmacy had said no?

        What if you presented a dozen prescriptions for the pain killers, all from different doctors?

        1. So you take only one prescription to one pharmacy. Even in my little burg there must be at least 20 pharmacies.

          But yeah, if CVS or WalMart were accepting 12 prescriptions and filling them, then there is a problem.

    1. They can go to hell. I can call looters what they are. That’s the problem with the control speech police who want to change perception and sanity for their fraudulent narratives.
      Its all about a 1984 type of taking away ability to think. Free speech is necessary for a sane Society.

      1. IIRC, one of the tenets of Newspeak was that if there wasn’t a work for a concept, then the people would not know the concept.

        So, eradicate looting, and the people won’t know what looting is, even if it happens right before their eyes.

    2. *Real Journalists*

      The looters are mostly black males in their teens and 20’s.

      To be fair, Pantifa is about 99% white, and just as destructive, but we’re not blind. The looters are almost all black males.

    1. I wonder if SF libtards understand that the costs of all this retail theft is being passed on to paying customers.

      I doubt they give a rat’s patootie.

  15. Are you feeling bullish about your mattress money investments?

    Cratering stocks and real estate normally is very good for the value of mattress money assets (US government debt and dollars).

    1. The Financial Times
      US Treasury bonds
      US bond bulls hold their ground in face of red-hot inflation
      Investors stick to bet that ageing population and high levels of debt will support prices
      The US Treasury building
      Federal debt held by the public in 2020 reached 100% of GDP for the first time since the wake of the second world war
      © Stefani Reynolds/Bloomberg
      Kate Duguid in New York and Tommy Stubbington in London yesterday

      A clutch of bond bulls is betting that the world’s biggest fixed income market will shrug off the surge in US inflation to a 30-year high as long-term shifts in the American economy keep yields depressed.

      Data showing that consumer prices rose 6.2 per cent in the year to October briefly jolted the US Treasury market earlier this month. However, yields on debt maturing decades in the future remain well below their 2021 peaks despite expectations for a protracted period of elevated price growth.

      For some longtime bond bulls, the market’s nonchalance in the face of surging prices — typically kryptonite for debt investors — is a vindication of the view that inflation will not leave a lasting dent on the market and, when the dust settles on the economic recovery, the pre-pandemic landscape of low interest rates will be largely unchanged.

      “What matters are not this week’s [gross domestic product] print or the next [consumer price index] print, or the next Fed meeting, the fundamentals are what drives the longer run,” said Steven Major, HSBC’s head of fixed income research. Those fundamentals, he argued, include America’s vast debt burden and an ageing population.

      Robert Tipp, PGIM’s head of global bonds, said the prices of US government bonds — which move inversely to yields — will be supported in the long run by demographic trends and fiscal headwinds.

      The argument floated by the bulls is that Americans approaching retirement — a large and wealthy generation — will increasingly be shifting into low-risk investments that provide consistent income streams over a long time horizon, such as Treasury bonds. This cohort is expected to grow rapidly in the coming years, with the proportion of Americans 65 years and older rising from about 17 per cent in 2020 to 21 per cent in 2030, according to projections by the US Census Bureau.

      1. Remember that Quantitative Easing is deflationary, and US Treasurys are a good choice for a deflation scenario when risk assets are cratering.

  16. Always amusing when Brandon ignores his MSM fluffers.

    ‘When will you answer our questions, sir?’ Biden ignores reporters before Thanksgiving after saying families can ‘rest easy’ because ‘shelves are full’ and warning it will ‘take time’ for prices to fall at the pumps

    https://www.dailymail.co.uk/news/article-10235429/Biden-ignores-questions-saying-families-rest-easy-shelves-full.html

    President Joe Biden sought to reassure Americans about rising gas prices, supply chain issues, and the availability of holiday presents – but didn’t take questions from White House reporters as he prepared to leave Washington for ThanksgivingTuesday.

    Biden once again sought to speak to reassure Americans who are focused on inflation or worried about the state of the economy – referencing mothers and fathers who are ‘asking will there be enough food we can afford to buy for the holidays. Will we be able to get Christmas presents to the kids on time and if so, will they cost me an arm and a leg?’

    1. Biden is the biggest clown we’ve ever had in office. THE WORST. Releasing oil from the strategic reserve to try to lower gas prices is like trying to drain the ocean with a thimble. It’s useless.

      Further, unless the FED actually stops QE immediately, and raises rates immediately, inflation will continue to roar. The FED can’t talk it down, and neither can Brandon.

    1. What does that mean?
      1) Buyers are still bidding crazy high?
      2) Sellers are tempering their list prices to reflect changing market conditions, resulting in falling list prices relative to buyer willingness to pay.

      Without an objective price measure, such as what Zestimates purported to be, it is hard to interpret the significance of the relationship between list and sale price.

  17. Is it safe to assume that if China succeeds with its chemotherapy program to eliminate the malignant cancer of real estate speculation in its domestic economy, it will be on track to overrun its real estate dependent competitors on the world economic stage?

    1. The Financial Times
      Chinese business & finance
      China eases pressure on property sector but reform remains priority
      Beijing’s policy loosening to prevent collapse of industry does not represent a retreat, say analysts
      A Kaisa property development in Shanghai
      Property group Kaisa has struggled to make interest payments on its bonds
      © Qilai Shen/Bloomberg
      Sun Yu in Shanghai
      November 22 2021

      Chinese regulators have eased pressure on property developers by loosening credit controls and allowing more bond issuance in recent weeks in an effort to prevent the sector from collapsing. But analysts and government advisers say the measures do not represent a retreat from President Xi Jinping’s crackdown on the sector.

      Real estate is estimated to account for as much as one-third of overall economic activity in the world’s second-largest economy, highlighting the wider implications of any significant shift in policy. The industry has been struggling in recent weeks to deal with a liquidity crisis that has driven some of the country’s biggest developers, such as Evergrande, to the brink of bankruptcy.

      “There are still systemic risks posed by a real estate meltdown to the broader economy,” said Deng Haozhi, a Guangzhou-based property analyst. “It is up to regulators to avoid that scenario.”

      A Beijing-based policy adviser said: “All of our previous attempts to regulate the real estate market have failed because we exited halfway through overhauls. This time the central government is determined to stick to the plan.

    2. ‘When investors are the biggest segment of your buyer base — no amount of supply is enough,’

      This is when real estate sector growth becomes malignant.

  18. Economy
    How China handled 3 high-profile corporate meltdowns, including companies considered too big to fail — and what that could tell us about Evergrande’s future
    Huileng Tan
    5 hours ago
    Evergrande skyscraper
    Evergrande headquarters in Shenzhen, China
    NOEL CELIS/AFP via Getty Images
    — Chinese property giant Evergrande is teetering on the brink of collapse, with $300 billion in debt.
    — The Chinese government is likely to step in to manage the company’s unraveling, experts say.
    — Authorities previously stepped in to manage meltdowns at Anbang Insurance, Baoshang Bank, and HNA Group.

    China Evergrande’s debt crisis has investors on edge.

    If the property developer defaults, it could send the world’s second-largest economy — and the rest of the world — into a financial crisis. But experts say the Chinese government is likely to step in to manage the situation, in the shadows or otherwise.

    “Evergrande is too big for the Chinese government to ignore,” Warut Promboon, head of credit research at research firm Bondcritic, wrote in a note published last month on the Smartkarma research platform.

    To get a sense of how the rest of Evergrande’s debt drama could play out, we took a look at how the Chinese Community Party has managed the collapse of three too-big-to fail private companies in the last five years.

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