thehousingbubble@gmail.com
Blog

It Means Another Lost Decade

It’s Friday desk clearing time for this blogger. “Christian Chapman, a former underwriter at Better.com, has worked in the mortgage business for almost 20 years and has been laid off by three other mortgage companies in the past. However, none of his previous firings were as ‘obtuse and dispassionate’ as this one, he said. ‘My heart just sank,’ Chapman told the BBC, adding that he is unsure on how to break the news to his five children. ‘How do I tell them I don’t have a job at Christmas?'”

“It comes as Better hopes to go public before the end of the year. It received $1.5 billion in debt and convertible notes earlier this week ahead of its planned debut. Better, which is backed by Softbank, received a $750 million cash infusion last week.”

“‘As an institutional investor, it is very difficult to explain to our clients why we would invest in SoftBank Group,’ said Makoto Kikuchi, chief investment officer at Myojo Asset Management Co. ‘We have to be aware of the worst possibility — that SoftBank’s business model will no longer make sense.'”

“Average sales price for Miami condos peaked at $643,000 in 2019, but fell to $553,000 in 2020. It bounced back to $607,000 by mid-2021. At least 4,470 condos in downtown Miami are ‘shadow’ rental inventory, meaning they are regularly listed for rent by owners. About 70% of them are available on monthly leases as opposed to annual leases. About 28% of them are furnished. Alica Cervera Lamadrid, president of Miami-based Cervera Real Estate, said investors usually list condos for rent to cover their expenses while depending on the appreciation of the condo’s value for their real profit.”

“‘As rental rates have gone up, very few people are upside down and some are making money renting in addition to the wonderful appreciation they have seen,’ Cervera said.”

“A roomful of Aspen residents, real estate agents and vacation rental representatives failed on Wednesday to persuade Aspen City Council to back off from a moratorium that bans new residential development for up to six months. ‘If you vote yes for a moratorium tonight, I would ask you to suspend your salaries from this city until you resolve it and the moratorium is lifted,’ said Bob Bowden, a luxury home builder and real estate agent. ‘Feel the pain.'”

“The Port announced Wednesday it will spend $14.5 million to buy almost 200 family homes from an out-of-town company that has struggled for several years to pay its taxes and maintain its properties. The homes, located throughout Hamilton County, are part of a portfolio of properties owned by Raineth Housing, a Los Angeles-based firm that has acquired hundreds of properties in cities across the United States. Raineth now is in foreclosure and its properties in receivership.”

“The city of Cincinnati sued Raineth in 2019 in an effort to force the company to pay fines and clean up several properties on Cincinnati’s West Side that had fallen into disrepair and, in some cases, had become so ‘blighted’ the city considered them a threat to public safety.”

“Scammers who defrauded a series of investors out of hundreds of thousands of pounds also destroyed families and marriages, according to one of their victims. Audrey Osborne and her three sons, ran a number of companies including Credence Finance and Dreamscape Homes, through which they fraudulently obtained mortgages. They also encouraged people, including family friends and employees, to invest in developments.”

“Another victim was one of their office managers, Claire Garland, who was hoodwinked and ended up losing more than £82,000. Explaining the impact on her, Claire said: ‘I worked for Credence for three years and they were like a family. I would never have agreed to work with them if I had known what they were doing. I had to sit a lot of exams in financial services to be able to get well paid work to afford the mortgage they’d left me with.'”

“Evergrande’s default marks a major structural adjustment to the Chinese economy, experts say. ‘We know that because Chinese policymakers are doing only just enough to keep it going without it turning into a major economic accident. The fact they’ve let Evergrande go under is the ultimate evidence they want it to go under – they want all of their Evergrandes to go under, because they want to stop overbuilding in the economy,’ said David Llewellyn-Smith, chief strategist at MB Fund.”

“He added Beijing knew that letting the property sector run was ‘simply setting themselves up for a much bigger accident in the not-too-distant future. China has built an enormous steel sector in part to service this construction economy that was a one-off.'”

“The loss of billions of dollars in commodity income will wipe out Australia’s current trade surpluses and current account surpluses. ‘It will be a huge hit to nominal growth,’ Mr Llewellyn-Smith said. ‘It will weigh very heavily on incomes, it’ll be very difficult to get wage rises, the budget will get hammered, you face the possibility of tax hikes to try to substitute for falling corporate revenue. It doesn’t have to be a catastrophe, but it means another lost decade. Most likely it will be another decade of bleeding out of living standards, which is what we faced after the last commodity crash.'”

“Concerned about moral hazard, and insisting that Evergrande’s problems won’t affect the financial system, regulators will be ‘happy to see the firm itself go under and investors take a haircut,’ said Louis Kuijs, head of Asia economics at Oxford Economics.”

“The defaults and slow-moving crises of companies in China’s property sector isn’t just hurting bond-holders and people waiting for their apartments – thousands of small suppliers of everything from tiles to cleaning services are waiting to get paid by the likes of China Evergrande Group. Feng Guoxun’s company is one such supplier. The 36-year-old says his advertising company is owed $200,000 by property developers including Evergrande, with those unpaid debts pushing him to the brink of bankruptcy. Feng said he is still waiting for the 489,500 yuan ($77,000) that the troubled developer — once the country’s biggest — has owed him since August.”

“He also claims Guangzhou R&F Properties Co., another major developer, has owed him around 800,000 yuan in payments for two years, and last month posted photos on Weibo of the contracts he signed with R&F and commercial acceptance bills Evergrande gave him in 2020 instead of immediate payment. ‘It’s an unimaginable number for us,’ said Feng, whose company was profitable until the pandemic hit in 2020 but has now lost all its staff. ‘If I can’t get my money back, I’ll have gone through all these years of hardship for nothing.'”

“Many small firms now find themselves in a situation similar to Feng’s. Late payments to small companies or paying for services with commercial acceptance bills instead of cash is such an issue that China’s cabinet recently vowed to crack down on it. Many highly-indebted developers only pay suppliers with the bills, which are a kind of IOU, and have now stopped repaying these amid an industry-wide liquidity crunch.”

“‘Evergrande’s problems are not just one company’s problem, but the problems of tens of thousands of small businesses that supply it,’ said Sun Wenkai, deputy director of the National Small and Medium Enterprise Research Institute at Renmin University in Beijing. ‘Small companies don’t have the power to set prices and they suffer from higher costs, so they are squeezed at both ends.'”

Related Posts

If Home Buying Were Honest

https://www.youtube.com/watch?v=xWqiE5GY4LI https://www.youtube.com/watch?v=mgODew-Iwog https://www.youtube.com/watch?v=Y-i7cawhw8s

Reality Always Strikes!

A report from KTNV in Nevada. "Las Vegas realtor Daniel Mahabir said Zillow was active…

This Post Has 179 Comments

  1. ‘Many small firms now find themselves in a situation similar to Feng’s. Late payments to small companies or paying for services with commercial acceptance bills instead of cash is such an issue that China’s cabinet recently vowed to crack down on it. Many highly-indebted developers only pay suppliers with the bills, which are a kind of IOU, and have now stopped repaying these’

    I’ll give you an example of how the HBB is smarter than Fitch and all the other clown ratings guys put together: the minute these “IOUs” showed up, it should have been game over for their bond markets.

  2. ‘If you vote yes for a moratorium tonight, I would ask you to suspend your salaries from this city until you resolve it and the moratorium is lifted…Feel the pain’

    Thanks for sharing Bob, now:

    Yip-yip-yip-yip-yip-yip, bmm
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na
    Ahh, yip-yip-yip-yip-yip-yip-yip-yip
    Mum-mum-mum-mum-mum-mum, get a job
    Sha-na-na-na, sha-na-na-na-na

    1. Ben, I double-dog dare you to put a video of you singing this on YouTube, since it’s a regular feature in here.

  3. ‘He added Beijing knew that letting the property sector run was ‘simply setting themselves up for a much bigger accident in the not-too-distant future. China has built an enormous steel sector in part to service this construction economy that was a one-off’

    Oh dear. So no more pouring a hundred years of concrete in 3? That’s gonna leave a mark Canada, Australia, Brazil.

    ‘It will weigh very heavily on incomes, it’ll be very difficult to get wage rises, the budget will get hammered, you face the possibility of tax hikes to try to substitute for falling corporate revenue. It doesn’t have to be a catastrophe, but it means another lost decade. Most likely it will be another decade of bleeding out of living standards, which is what we faced after the last commodity crash’

    Bubbles don’t create wealth. And when they pop, and they always do, the only thing left is the debt and fighting over the corpses. I said long ago, when China guberment went on the series of stupid bubble: commodities, A shares, bonds, that if their relying on bubbles it means they got nothing else. Behold the failure of globalism.

    2. I wonder how much money and tons of concrete went into building ghost cities or speculation-only apartment towers which will keel over in 20 years. It would have been nice if they had at least erected quality buildings, but no, they wanted massive profits…

      1. “Biden is revamping Public Service Loan Forgiveness—here’s when those student loans will get erased”.

        “The Education Department in early October announced changes to its largely unsuccessful Public Service Loan Forgiveness (PSLF) program, which was created to provide debt relief for public servants. Changes immediately wiped out $1.7 billion in student loan debt for 22,000 borrowers, bringing the total forgiveness announced since President Joe Biden’s inauguration to more than $11 billion”.

        https://fortune.com/education/business/articles/2021/12/06/biden-is-revamping-public-service-loan-forgiveness-heres-when-those-student-loans-will-get-erased/

      2. This cluster of beneficiaries had to have completed 10 yrs, e.g., 120 previous payments. It looks like these were people who went to graduate and Phd programs by borrowing not only school but also living expenses too. The private Universities are lobbying against any program changes!

  4. I was given a 45-day notice of my layoff …. and it still hurt badly. I cried more than once. I realized more strongly the 3 most important things to me: 1. Faith 2. Family 3. Friends.

    1. I discovered that the progressive diversity managers don’t include everyone in their acceptance and inclusion ideology, and I had two kids in University at the time. So yeah, I can relate.

    2. Having witnessed a number of layoffs in the biotech industry, the first to get laid-off typically fare the best despite the initial devastation. For those who aren’t, workloads increase while morale decreases. Over time, there’s further attrition but the other good jobs have already been taken by those who left before them.

    3. it still hurt badly

      These event tend to diminish greatly with the passage of time. It was a job, not your life.

    4. Been there / done that.

      The time after you lose a position can offer the opportunity for soul searching to find a more appropriate career path. At least that’s how I worked it through…and it worked!

  5. ‘My heart just sank,’ Chapman told the BBC, adding that he is unsure on how to break the news to his five children. ‘How do I tell them I don’t have a job at Christmas?’

    Christian, meet Bob:

    ‘Feel the pain’

    Bob, meet Feng:

    ‘It’s an unimaginable number for us…If I can’t get my money back, I’ll have gone through all these years of hardship for nothing’

    ‘it is very difficult to explain to our clients why we would invest in SoftBank Group…We have to be aware of the worst possibility — that SoftBank’s business model will no longer make sense’

    They’re renting f***in’ desks Makoto.

    1. “They’re renting f***in’ desks Makoto.”

      And it seems they are paying for those rented desks with IOUs

  7. ‘Average sales price for Miami condos peaked at $643,000 in 2019, but fell to $553,000 in 2020. It bounced back to $607,000 by mid-2021. At least 4,470 condos in downtown Miami are ‘shadow’ rental inventory, meaning they are regularly listed for rent by owners. About 70% of them are available on monthly leases as opposed to annual leases. About 28% of them are furnished. Alica Cervera Lamadrid, president of Miami-based Cervera Real Estate, said investors usually list condos for rent to cover their expenses while depending on the appreciation of the condo’s value for their real profit’

    ‘As rental rates have gone up, very few people are upside down and some are making money renting in addition to the wonderful appreciation they have seen’

    So this is pretty much the definition of speculating.

    ‘About 70% of them are available on monthly leases as opposed to annual leases. About 28% of them are furnished’

    Yeah, a STR that’s unfurnished! I went down there and it’s a ghost town after rush hour. And the article confirms what I saw in 2018: They are building more like crazy.

        1. downtown miami a ghost town after 5pm? build a lite-rail system that carts in all the wonderful peeps from everywhere.
          problem solved. (see sacramento for reference)

          1. They have one. It sux and doesn’t connect outside of downtown very well. If you have 2 hour waits for a connection, to try to travel an hours drive away, it’s pretty much useless.

            This is my short time there observation, but downtown/Brickell is not that large compared to other cities. Sprawl is prevented by the swamp. So the people who work there are apparently able to leave without much effort at night. Yet this area has some of the highest concentration of airboxes you can imagine. Locals will tell you it’s drug money laundering in a casual conversation.

  8. COVID-19 mRNA vaccines are poison.

    Europe and Australia are turning into medical tyranny prison societies, but here in the United States, the whole CCP Flu Narrative is collapsing, more and more people are waking up.

    The Day of the Rope is coming.

    Globalists, that rope is for YOU.

      1. I’m just going to put this out there, don’t jump down my throat please. If you’re absolutely forced to get a jab, you can still get legal with a single jab of J&J. No fading. No heart issues either. Clots are an issue, but they are a lot rarer, and I still think they can be avoided with aspiration.

        1. That’s the only thing that comforts me, my daughter having the J&J shot last July after me warning her against it repeatedly. I was alarmed at her mentioning some menstrual changes, but now she says that didn’t happen. (Between my husband and daughter I deal with a lot of revisionist history 🙄) She’s normal weight, doesn’t drink or smoke 👍🏻

          No fading.
          But a booster has recently become available, afaik? Now I’m worried she’ll get that.

          1. Yes, there’s a J&J booster. But even mroe, the FDA is allowing mix-and-match for the boosters. If she wants a booster, hopefully she’ll get another J&J.

      1. Speaking of suspicious deaths, it sounds like former Bronco Demaryius Thomas died from the vaxx. The official press release says that he died of a “medical condition”, though they didn’t specify just what that condition was, It was also very mum about whether or not he was vaxxed, which I will take to mean that he was, and that his medical condition was myocarditis.

          1. Yeah, his career was over. He went from being a Broncos idol to spending his last three season with three different teams. Being washed up has to be hard. But he was Hall of Fame material, it’s not like he had nothing to look forward to.

        3. I also notice that the news is not revealing which vaccine these people are getting, and when. And after all this crap with the Pfizer vaccine, I’m surprised anyone is still getting that one at all.

          1. And after all this crap with the Pfizer vaccine, I’m surprised anyone is still getting that one at all.

            Most people don’t have a clue. The problems certainly don’t get reported on the nighty news or any news website. Now if some prominent antivaxxer dies of Covid, that gets shouted from the rooftops.

  9. ‘The homes, located throughout Hamilton County, are part of a portfolio of properties owned by Raineth Housing, a Los Angeles-based firm that has acquired hundreds of properties in cities across the United States. Raineth now is in foreclosure and its properties in receivership’

    200 shacks, now that’s some red hotcakes!

  10. “The loss of billions of dollars in commodity income will wipe out Australia’s current trade surpluses and current account surpluses. ‘It will be a huge hit to nominal growth,’ Mr Llewellyn-Smith said. ‘It will weigh very heavily on incomes, it’ll be very difficult to get wage rises, the budget will get hammered, you face the possibility of tax hikes to try to substitute for falling corporate revenue. It doesn’t have to be a catastrophe, but it means another lost decade.”

    Oh, my.

    “Most likely it will be another decade of bleeding out of living standards, which is what we faced after the last commodity crash.’”

    What a bunch of dummies. They knew their commodity export-dependent economy enjoyed and suffered from the commodity cycle but nevertheless their attitude during the boom years was PARTY ON, as if the boom will never end because this time the boom is different.

    Now that the bust is arriving in all of its ugliness it’s Surprise! Surprise! time.

    Bahahahahahahahahahahahahahahahahahahahaha.

  11. Clown World Chronicles.

    Latino rights group wants to drop ‘Latinx’ term (12/10/2021):

    ” The oldest Latino civil rights group in the US is mulling dropping the word “Latinx” from its official communications. A fresh poll showed the term is perceived negatively by some 40% of Latino voters.

    Domingo Garcia, president of the League of United Latin American Citizens (LULAC), sent an email on Wednesday to other members of the group’s management, suggesting that they should stop using “Latinx” because it was “very unliked” by the very people they serve.”

    https://www.rt.com/usa/542777-latinx-hispanic-rights-group/

    Globalists promote trannyism because it is an affront to God and Christianity and Nature. Globalists want to take custody of your children and mutilate their genitals.

      2. Never mind the name of the group, I’m posting this out of my newly heightened respect for Spanish speaking (and the French) cultures who reject this idiocy.

        It is white, liberal, English speaking globalists who are pushing this agenda.

    1. No apologies or accountability will be forthcoming from the D-vermin.

      Joe Biden, Kamala Harris and a host of other liberal stars are lashed for supporting Jussie Smollett in wake of 2019 ‘racist and homophobic attack’ he has now been convicted of faking

      https://www.dailymail.co.uk/news/article-10289921/How-Jussie-Smolletts-lies-impacted-America.html

      The cream of liberal society, including President Joe Biden himself, have been mocked over old tweets backing Jussie Smollett in the wake of his conviction.

      President Biden, Vice President Kamala Harris and a host of other liberal celebrities face questions over their tweets, backing Smollett on the same day as the alleged January 2019 attack, which he was convicted of faking on Thursday.

    3. ** “There is some race-baiting going on I can Smollett”

      thats gottdang genius. gonna save that in a mayonaisse jar on the back porch of Funk & Wagnalls

    3. An email I received
      “ …I note that he waited to sell any Tesla shares until after he sold this property, his last in California as he loudly and repeatedly stated…he also waited to sell his Tesla shares until after Tesla moved its corporate headquarters from California to Austin,Texas…plus, he waited until after he was living in Texas for six consecutive months…it is all about establishing solid legal residence in Texas in order to not paying California’s onerous income and capital gains taxes, about an estimated billion dollars, on the sale of his Tesla shares …I’d also wager that he also has had a Texas Driver’s License for a little bit more than six months…”

      1. in order to not paying California’s onerous income and capital gains taxes

        It’s his MO. He’s notorious for pledging TSLA shares for personal loans to avoid taxation.

    4. They are going to be just fine.

      It’s us post-Millennial age people who are missing out by staying clear of stocks while daily gains make the Millennials ever richer.

  14. At least 4,470 condos in downtown Miami are ‘shadow’ rental inventory, meaning they are regularly listed for rent by owners. About 70% of them are available on monthly leases as opposed to annual leases. About 28% of them are furnished.

    What percentage of them have structural issues?

    1. Some of these ocean facing rentals with a large deck make an ideal porn shoot setting for some hawt blonde having an interracial daydream fantasy.

      1. While the globalists tell us the “Great Replacement” is a conspiracy theory, white couples seemed to have vanished from advertising circa 2020 as it became de rigor to depict all happy & successful couples as being black male-white female, or white male-Asian female. And all festive gatherings must feature a veritable Rainbow Coalition of races and ethnicities.

        1. I’m seeing a lot of black female/white male. In fact it seems to be somewhat of a fantasy. There’s an entire sub-genre in romance novels specifically for BFWM.

          1. white couples seemed to have vanished from advertising circa 2020

            I rarely watch broadcast TV, but when I do I’ve noticed that as well. Just another bit of propaganda and indoctrination.

  16. I would never have agreed to work with them if I had known what they were doing. I had to sit a lot of exams in financial services to be able to get well paid work to afford the mortgage they’d left me with.’”

    Think of it this way, Claire: the wisdom you gained is priceless.

  17. First World problems, Kate.

    Why Sydney woman can’t leave her ‘soul destroying’ $260,000 job

    https://www.news.com.au/finance/work/careers/why-sydney-woman-cant-leave-her-soul-destroying-260000-job/news-story/407c0e8f1648849ae7c2cbbd810dbae4

    A woman hates her “soul-destroying” corporate job, but can’t afford to leave it because of her $2.3m Sydney home and its “sky-high” mortgage.

    Kate Thomas* makes a whopping $260,000 a year, yet she likens her salary to “golden handcuffs” leaving her trapped in a job that makes her “miserable” because she needs to pay off a mega mortgage.
    She’s one of millions of Aussies in the same predicament, particularly as property prices have skyrocketed during the pandemic.

    New research has revealed two thirds of Australians feel they have to choose between their dream job and being able to pay off their mortgage or buy a home.

  18. The 36-year-old says his advertising company is owed $200,000 by property developers including Evergrande, with those unpaid debts pushing him to the brink of bankruptcy.

    What’s the Chinese character for “contagion.”

  19. Hey, remember how back during Housing Bubble 1.0 the three big ratings agencies gave AAA ratings to toxic-waste bundled MBS crap that Goldman Sachs was peddling to its “clients” while secretly betting against them? But after Eric Holder’s Justice Department send hundreds of these fraudsters to prison, I’m sure they mended their ways.

    Oh, wait….

    Evergrande slides into default while some ratings agencies keep quiet

    https://www.cnbc.com/2021/12/10/evergrande-slides-into-default-while-some-ratings-agencies-keep-quiet.html

    BEIJING — Indebted property developer China Evergrandedefaulted this week with hardly a ripple in markets as most institutions remained silent.

    Late Thursday, Fitch Ratings said Evergrande had not confirmed payment of its latest debt obligation, triggering a default. The developer’s shares traded 1% lower Friday. The Shanghai composite dropped 0.2%.

    1. Something stinks about this rating agency/default thing. Feng has been getting stiffed since last year, so lots of people probably have been. Issuing yer own private pesos is a red flag.

      Moodys?
      S&P?

      Bueller?

      1. “Something stinks about this rating agency/default thing.”

        An engineer stands to lose his license for errors and/or omissions, but these rating folks are apparently free to operate on emotions and feelings.

  20. Christian, your boss conducted a study before he fired you. You were cheating by booking 8 hours while actually performing 2. You deserved the boot. Merry Christmas. Merit mattered once again.

  21. I see where you’re going with this, globalist scum.

    It’s time to punish Britain’s five million vaccine refuseniks: They put us all at risk of more restrictions, says ANDREW NEIL. So why shouldn’t we curb some of their freedoms?

    https://www.dailymail.co.uk/debate/article-10294225/Its-time-punish-Britains-five-million-vaccine-refuseniks-says-ANDREW-NEIL.html

    Last night I took a friend out to dinner near my home in the South of France. At the restaurant door we were politely asked for our vaccine passports, the QR codes on our smartphones were scanned and we were ushered to our table.

    The check had taken seconds — a very minor inconvenience when a new wave of the coronavirus pandemic is sweeping across the Continent.

    1. Gotta love how they are now calling vaxx refusers “stupid”, “ignorant”, etc.

      I have been thinking about the so called “labor shortage” and it crosses my mind that it might possibly be driven by vaxx injuries, that the jab has injured millions to the point where they can’t perform a menial job anymore, which typically requires physical activity and being on your feet all day.

      1. My favorite insult they use (hat tip to Reddit) is “plague rat.”

        I’m cancelling people out of my life, permanently, over their CCP Flu hysteria.

        Go drink that Kool-Aid alone, without me, I don’t need or want you in my life.

          1. We are living in a time of cover ups. The 2021 deceased pilot list is quite staggering. Small wonder airlines are quietly cancelling routes and flights, their pilots are dropping dead. The same is probably true of cabin crew as well.

    2. “At the restaurant door we were politely asked for our vaccine passports, the QR codes on our smartphones were scanned and we were ushered to our table.”

      I like it. I would like it even better if the passports included information about their credit rating and if they are currently stiffing their bank.

      Perhaps next year.

    1. And it’s going to be even worse next year. The Dems are really gonna have to stuff the ballot box next election to not lose both the House and Senate.

      1. The silent majority has not been impressed with results of de-fund the police, retail flash mob looting, riots, etc., so I highly doubt that Zuckerberg will spend hundreds of millions to canvass the functionally illiterate next election.

        1. I highly doubt that Zuckerberg will spend hundreds of millions to canvass the functionally illiterate next election.

          Guess again. The globalist oligarchs will fund any and all agents of disintegration working to destroy what remains of heritage America. It’s no coincidence that the DNC and its FBI Chekists took a knee for the Soros Scum as they rampaged through American cities in the Summer of 2020.

          REVEALED: George Soros has plowed $3M of ‘dark money’ into BLM activists pushing to defund the police

          https://www.dailymail.co.uk/news/article-10292665/George-Soros-funneled-3M-dark-money-hub-activists-working-defund-police-grants-show.html

          Liberal billionaire megadonor George Soros supplied $3million last year alone to a ‘dark-money’ group supporting left-wing organizations such as BLM that are dedicated to defunding the police, it has emerged.

          The Foundation to Promote Open Society, which is one of two major grantmaking foundations funded by Soros’ network, Open Society Foundations, funneled a total of $3million in 2020 to the Community Resource Hub for Safety and Accountability (CRH), according to a search of the charity’s grant database.

          Soros’ foundation bankrolls CRH through New Venture Fund, the largest of four funds managed by Arabella Advisors that pulled in a combined $1.6 billion in secret donations last year, tax forms show.

  23. Looks like the butcher’s bill for all those years of illusory Keynesian debt-fueled “growth” are coming due.

    Evergrande chairman Hui Ka-yan forced to sell pledged shares in embattled developer

    https://www.scmp.com/business/banking-finance/article/3159291/evergrande-chairman-hui-ka-yan-forced-sell-pledged-shares

    Hui Ka-yan, the chairman of China Evergrande Group, has been forced to sell shares in the debt-ridden developer to fulfil an obligation.

    Hui, 63, saw his stake in Evergrande drop to 59.78 per cent from 61.88 per cent following the share sales between December 6 and 9, which was undertaken to enforce a “security interest”, according to a filing to the Hong Kong stock exchange.

    The disclosure came a day after the developer was officially labelled a defaulter for the first time.

  24. Record-high guns sales are a vote of No Confidence in the corrupt, incompetent Biden regime & where it’s taking us. Sorry, globalists, but I don’t think your Democrat-Bolshevik Quislings are up to the task of trying to disarm millions of the red-pilled who aren’t about to go gently into the Long Goodnight you have planned for them.

    <strong?FBI: Black Friday week saw 687,788 gun background checks

    https://www.washingtonexaminer.com/opinion/washington-secrets/fbi-black-friday-week-saw-687-788-gun-background-checks

    The yearlong frenzy of gun buying went into overdrive last week, guaranteeing that 2021 will be the second-best year for sales after last year’s record binge.

    Urged by the industry to extend sales over the week so the FBI wouldn’t be overwhelmed on Black Friday, the National Shooting Sports Foundation said there were 687,788 firearms checks last week.

  25. The compassionate Left strikes again.

    Of the 200 future Democrat voters crammed into the truck so far 54 are dead 105 injured.

    CRASH TRAGEDY Mexico truck crash – At least 54 dead as lorry container crammed with 200 migrants overturns and hits bridge
    Katie Davis

    3:45 ET, Dec 10 2021

    It’s not been confirmed where the lorry crash victims are from, but according to local officials most of the people on board were from Honduras and Guatemala.

    Volunteer rescuers hauled bodies off the pile by their arms and legs, while some migrants scrambled and limped to get themselves out of the twisted steel sheets of the collapsed container.

    Many were severely injured, and were carried by their arms and legs to plastic sheets set out on the road as ambulances and pickup trucks rushed to ferry people to hospital.

    Later, the dead were laid in rows of white sheets, side by side, on the highway.

    Rescue workers who first arrived said that even more migrants had been aboard the truck when it crashed and had fled for fear of being detained by immigration agents.

    One paramedic said some of those who hurried into surrounding neighborhoods were bloodied or bruised, but still limped away in their desperation to escape.

    About 200 migrants may have been packed into the truck, said Guatemala’s top human rights official, Jordan Rodas.

    https://www.the-sun.com/news/4243355/mexico-truck-crash-people-killed-migrants/

    1. “Of the 200 future Democrat voters crammed into the truck so far 54 are dead 105 injured.”

      The survivors should sue the U.S. for being an attractive nuisance, e.g., section 8 housing, snap grocery shopping, lifeline cell phone, etc., like moths to the flame.

    2. This crash occurred in southern Mexico, close to the Guatemalan border. From what I read in the Mexican media they were supposed to have been waiting for Mexican immigration papers, which weren’t coming, so they hired the semi to illegally transport them to the Texas border.

  26. Cut from article (linked above)

    “…that Hui was told by Chinese authorities to use his own money to repay Evergrande’s creditors as a way of maintaining social order….”

    Thousands of PO’d creditors stamping their little feet. Is that a problem?

    “…has been forced to sell shares in the debt-ridden developer to fulfil an obligation…’

    Who would buy such shares? Someone disconnected from reality?

    1. “Who would buy such shares? Someone disconnected from reality?”

      Bahahahahahahahaha … you just described my customer base.

      1. “…you just described my customer base…”

        This just in:
        An air shipment of custom fitted knee-pads will be arriving in Beijing this afternoon. Mr. Banker is refurbishing his office with new extra thick, plush carpet to handle the long procession of F’ borrowers arriving at his office. Chrysanthemum tea will be served. Early arrivals will be eligible for a door prize of well fed goldfish.

  27. Today is Friday, December 10th and I am officially a property owner with no mortgage!

    Debt is slavery.

    2. whoaa way to go, Deplorable: congrats!

      (I’m still in the “riff-raff” category myself with a death pledge)

      1. Any improvements I make to this property, which could be only installing septic and buying a RV, or if I go all out and build a cabin, will be paid for with CASH.

        No mortgage, no debt, no paying interest to banks.

        1. No mortgage, no debt, no paying interest to banks.

          Even though we could pay cash, we’ve been talking to the local Farm Credit. They hold on to the loans/don’t sell them off, and actually have standards/requirements.

      1. IIRC, Deplorable’s property is in western, not eastern Colorado. Not a humid place like where you live, but not a pancake desert either.

        1. I’d rather not get too specific because of doxx, but it’s raw land in Southern Colorado south of Pueblo at an elevation between 7,000 and 8,000 feet. This is the foothills of the Sangre de Cristo mountains, not up “in the mountains.”

          There is good cell phone service there and a gas station and full size grocery store within a 10 minute drive.

          1. I stayed at a friend’s cabin outside of Rye, CO in the summer of 2004. From the cabin we hiked to the top of Greenhorn Mountain one day, which was a tough climb but beautiful the whole way. That area is one of the few parts of Colorado left not yet destroyed by California trash.

      2. Enjoy your 18 inches

        Hey Snarky. Water storage/conservation is pretty simple compared to a life of debt donkery!

        As a boater/cruiser I consider 5 gal a day to be adequate stores. You can use less, or more, depending on your proclivities. A 200 ft2 catchment with a cistern would provide this with 18 in of rainfall/yr. The natives used to do just that.

        Yes, Enjoy! Each day living without debt is a very precious treasure.

  28. Heckova job, Jerome Powell, Yellen the Felon, & Brandon.

    Try to spin this, Joe: Inflation soars to highest level in 40 YEARS as ‘Bidenflation’ sees prices jump 6.8% in biggest rise since Reagan admin after White House had secret meetings with journalists begging for better press on economy

    https://www.dailymail.co.uk/news/article-10296485/Inflation-soars-highest-level-40-YEARS-prices-jump-6-8.html

    The US inflation rate has hit its highest level in nearly 40 years, adding woes for consumers and compounding the issue as a political liability for President Joe Biden.

    The consumer price index rose 0.8 percent last month after surging 0.9 percent in October, the Labor Department said on Friday.

    It pushed annual inflation to 6.8 percent in November, the highest increase since June 1982 and well above October’s 6.2 percent annual rate.

  29. They already told us that inflation is a good thing.

    You aren’t expecting them to apologize for skyrocketing prices?

    1. Has anyone died of Omicron? I don’t think so. But here they go again with their predictions of “this time it will be the black death for the unvaxxed, so all you idiot refuseniks out there, get jabbed, dammit!!”

  31. Evergrande Defaults Again, Domino Effect, More Unfinished Buildings Are Coming, Rotten Ended

    https://www.youtube.com/watch?v=TXXupsBbtpE

    11:40.

    ‘As Chinese media has reported, currently not many projects of Evergrande have resumed work, and most of them are paused or suspended. Some netizens even said many of Evergrande’s projects that are advertised to the public as having resumed work are actually done by sending three-five people to make some noise and pretend to be working. The local governments are also helping the real estate company to cover up and lie in order to calm the public.’

    ‘Therefore, at present, many domestic projects in China do not have a date of delivery at all. However, the real crisis has not arrived yet, as most of these projects from defaulted companies were expected to be delivered in 2022.’

    1. Some netizens even said many of Evergrande’s projects that are advertised to the public as having resumed work are actually done by sending three-five people to make some noise and pretend to be working.

      Sounds like most FedGov offices.

  32. “‘Evergrande’s problems are not just one company’s problem, but the problems of tens of thousands of small businesses that supply it,’…”

    They are also Kaisa’s problem, according to my copy of the dead tree edition of the Wall Street Journal.

    Plus who knows how many other Chinese real estate developer cockroaches are on the brink?

    1. The Financial Times
      Chinese politics & policy
      Beijing seeks to orchestrate slow-motion collapse for Evergrande
      Officials face challenge untangling heavily indebted group while minimising damage to property sector
      Residents cycle through the Evergrande City development in Wuhan
      An Evergrande development in Wuhan. The developer’s shares fell to a record low on Monday after it said it might not be able to meet its financial obligations Tom Mitchell in Singapore, Sun Yu in Changzhou and Thomas Hale in Hong Kong
      December 7 2021

      Any pretence that Hui Ka Yan, once China’s richest man, remains in control of events at China Evergrande Group ended this week as state representatives took the majority of seats on a new risk management committee established by the heavily indebted developer.

      In a statement issued on Monday night after shares in Evergrande fell to a record low in Hong Kong trading, Hui said the new committee would not report to the board “but will play an important role in mitigating and eliminating the future risks of the group”.

      While Hui is nominally chair of the seven-seat committee, four slots are held by representatives of state-owned enterprises controlled by either the central government or regional governments in southern Guangdong province. Evergrande is headquartered in Shenzhen, the high-tech manufacturing and services centre bordering Hong Kong.

      Liu Zhihong, a senior executive from Guangdong Holdings, a conglomerate controlled by the Guangdong provincial government, was named co-chair of the committee. According to two people involved in Evergrande’s restructuring, the Guangdong government has assumed responsibility for Evergrande in part because the officials in Shenzhen have been preoccupied with similar problems at Baoneng, a local property and financial services group.

      The Chinese government has taken control of other heavily indebted companies through similar mechanisms — most notably HNA, the aviation, logistics and tourism conglomerate based in southern Hainan province that was effectively taken over by local officials early last year.

      But none have been as big as Evergrande, whose total liabilities exceed $300bn, or as interconnected with the Chinese economy. Untangling its debts while minimising collateral damage to the rest of the property sector will be a daunting challenge.
      …

      1. “Beijing seeks to orchestrate slow-motion collapse for Evergrande”

        A CR8R at whatever speed is still a CR8R.

  33. Why does Pfizer want its vaccine research protected?

    https://www.americanthinker.com/blog/2021/12/why_does_pfizer_want_its_vaccine_research_protected.html

    Go look at the VAERS COVID Vaccine Mortality Report to know why Pfizer wants FDA protection for its vaccine research along with 75 years of document secrecy. While there are all sorts of ways to interpret the VAERS data, and it’s entirely possible that the vaccine is safer than COVID, not only have many people probably died from the vaccine, but there’s also still no way of knowing what the vaccine’s long-term effects are.

    Some experts have calculated that only about 1% of adverse reactions are ever reported for various reasons in the U.S. This could be due to minor symptoms, unfelt symptoms, or the amount of time and bureaucracy a doctor must go through to make a report. Some reasonable conservative estimates are that deaths due to the COVID vaccine in the U.S. are around 140,000. Keep in mind that this analysis does not distinguish the factor that deaths are much more highly likely to be reported in VAERS than more minor symptoms.

    1. Pfizer’s recently released safety report is quite damning, yet it was not covered at all by the MSM. which instead sent it to the memory hole.

      1. “not covered at all by the MSM”

        Corporate media is complicit in what is becoming a genocide.

        We are writing down names, 4chan can get all the addresses of where all these people live and work. Do these globalists really think they can get away with this with no consequences?

        1. Do these globalists really think they can get away with this with no consequences?

          Uh … yeah … I think they do. Don’t most criminals believe that they won’t be caught and will get away with their crimes?

  34. Oh dear….

    China’s unsold housing stock hits five-year high

    https://www.aljazeera.com/economy/2021/12/10/chinas-unsold-housing-stock-hits-5-year-high

    Unsold housing stock in China’s 100 biggest cities rose to the highest in five years in November, according to a private sector survey, as weak demand in smaller centres added to headaches for the country’s property market.

    Inventories expanded 2.1 percent at the end of last month from a year earlier to 521.10 million square metres, a report from E-house China Research and Development Institution showed on Friday.

    1. With millions upon millions of vacant housing units, it sounds like China may not need to build any more for years and years.

  35. Peasants! Globalist oligarchs buying up all the farmland and ranch land is nothing to be concerned about! It’s only the means of food production, and since you’ll be eating bugs, a globalist monopoly on the food supply shouldn’t concern you!

    Fox News mogul Rupert Murdoch and wife buy Koch family’s $200 million Montana ranch

    https://www.cnbc.com/2021/12/09/fox-news-owner-rupert-murdoch-buy-koch-familys-montana-ranch-.html

    Media mogul Rupert Murdoch and his wife Jerry have paid around $200 million to buy a massive Montana working cattle ranch owned by a subsidiary of Koch Industries named Matador Cattle Co. a new report revealed Thursday.

    The mega-land deal between two pillars of the American conservative establishment was first reported by the Wall Street Journal, which is owned by Murdoch’s News Corp., and which is a sister property to his right-wing Fox News network.

    2. What are those traders thinking? Did they miss the memo that the Fed plans to take away the inflation punchbowl over the next few months?

      1. Punchbowl ain’t gone yet. They plan to drink it all down so that when the bowl is taken away, there’s nothing left in it. Only then will they figure out that they’re massive alcoholics, with no more booze refills forthcoming. Get ready for the DTs.

      2. Did they miss the memo that the Fed plans to take away the inflation punchbowl over the next few months?

        They’ll believe it when they see it. Brandon and his cronies want to spend, spend, spend.

        I saw an article on CNN’s business page. It claimed that Build Back Better will help the poors cope with the inflation. Of course we all know that it will just make things even worse.

  38. Stunning: Facebook court filing admits ‘fact checks’ are just a matter of opinion

    In a court filing responding to a lawsuit filed by John Stossel claiming that he was defamed by a “fact check” Facebook used to label a video by him as “misleading,” Meta’s attorneys assert that the “fact check” was an “opinion,” not an actual check of facts and declaration of facts. Under libel law, opinions are protected from liability for libel.
    . . .
    Meta’s attorneys come from the white shoe law firm Wilmer Cutler Pickering Hale and Dore, with over a thousand attorneys and more than a billion dollars a year in revenue. They obviously checked out the implications of the matter for Section 230 issues, the legal protection Facebook/Meta have from liability for what is posted on their site. But at a minimum, this is a public relations disaster, revealing that their “fact checks” are not factual at all and should be labeled as “our opinion” or some such language avoiding the word “fact.”
    . . .
    So-called “fact-checking” is a fraud used to cover up the censorship of opinions that that differ from those of the powerful Silicon Valley oligarchy. And now we have proof attested to in a court filing by one of the richest companies in the world, represented by some of the most elite lawyers in the world.

    (emphasis added)

    2. Anything that is non-Narrative Compliant is going to be labeled “disinformation” by the globalists.

  39. Austin, TX Housing Prices Crater 24% As Toxic Stew Of Subprime Mortgages And Mortgage Deliquenices Ravage Texas Capital

    https://www.movoto.com/tx/78732/market-trends/

    As one Austin broker disclosed, “There are no bidding wars here nor has there ever been… It’s just something we deliberately misrepresent to get the buyer to pay far more.”

  41. My Democrat, Woke, 63 year-old ex-Bostonian, now Florida resident, trying to ruin Florida politics too, co-worker left early today all giddy that she was going for a booster said goodbye.

    I replied “Can I have your Keurig after the booster kills you?”

        1. Ben you can’t keep posting these Bitchute links.

          Too many people read this blog (wink for the SPLC and Alphabet Agency minders) and they could watch these Bitchute videos and start getting ideas…

        2. What about what he says?

          I think he’s a Satanist. And not the kooky kind who pretends, but the real thing. When you think about it, Obama took the ticket. He went from unknown to Prez in no time flat. That requires help from either someone in a very high place, or in a very low place.

          1. George Soros and Goldman Sachs were responsible for plucking Obama from well-deserved obscurity as an apparatchik in the most corrupt Democratic Party machine in the country and grooming him for the White House. It turned out to be a lucrative investment.

        3. What about what he says?

          What he says is an abomination. Obamanation? I am of the Scotts. My father and his father were Masons. I declined the indoctrination. They were upright and honest men, believed in the Bible. Both offered their lives up to defend freedom and Liberty. I believe they were sincere. Not of what Obama said at all.

          1. I believe they were sincere.

            From what I understand, most at the lower levels are. As one ascends the hierarchical structure, specifically the 33rd degree, more is revealed.

          3. Hey, maybe my dad was the best satanist faker that took Iwo Jima. He was top something something in the Masons, worked to bring money to the Shriner’s Childrens Hospital. I’ll never know more. We haven’t had a conversation in years.

            Beware strange narratives. The Marxists seek to destroy all our traditions. ALL OF THEM.

          4. “The Marxists seek to destroy all our traditions. ALL OF THEM.”

            Yep, this they want to do. Their next step is for them to build them back better.

          5. Beware strange narratives. The Marxists seek to destroy all our traditions.

            Luciferians funded Marxism and Nazism. They’re also behind our Federal Reserve. It’s not a narrative when I follow numerous research paths and reach the same end point.

      3. Hello BlueSkye,
        I have no personal knowledge, but a very good friend of mine has studied this topic extensively. Actually you would be quite surprised to know that the truth may be the opposite of what you think. However to be fair, my friend used the term Luciferian to describe the Masonic, which is not exactly the same as Satanic.

        1. From what I understand, Luciferians hide behind Jesuits, Masons, Mormons, Kabballah and Satanists. But all rabbit holes ultimately lead to the Rothschild banking dynasty.

          1. But all rabbit holes ultimately lead to the Rothschild banking dynasty.

            Some would argue that they lead to the Devil himself. As to whether Lucifer and Satan are different or the same, I think that both are best avoided.

          2. I personally don’t believe in a higher power but recognize that others do in the name of God/Christ or Lucifer/Satan. I’m just trying to make sense of our nonsensical existence right now but keep coming back to these themes.

    2. Whoomp! (There It Is)

      No wonder they want to disarm the ordinary men and women who are too small minded to govern their own affairs.

    5. Isn’t it interesting how your point got buried under a pile of BS. Happens a lot here…… and it’s deliberate.

  43. Donk’s hoofin’ down the road
    She flirtin’ with bankruptcy
    Feds’ got the pedal to the floor,
    her life is another disaster
    She’s out of money and out of hope,
    It looks like self destruction
    Well how much more can she take,
    With all of this corruption

    Donk’s flirtin’ with disaster,
    Ya’ll know what I mean
    And the way she ruined her life,
    It makes no sense to me
    I don’t know about yourself or what you want to be, yeah
    When we gamble with our life,
    We lose our destiny

    Donk’s travelin’ down that lonesome road
    Looks like she’s dragging a heavy load
    Yeah I’ve tried to turn my head away,
    She hauls the same load every day

    Molly Hatchet – Flirtin’ With Disaster
    https://youtu.be/MOhGgRgRsmo

    Littleton, CO Housing Prices Crater 15% YOY As Median Price Slips To 2012 Levels

    https://www.movoto.com/littleton-co/market-trends/

  45. Coroner investigating whether Dunedin man’s death connected to vaccine days earlier

    https://www.news.com.au/lifestyle/health/health-problems/coroner-investigating-whether-dunedin-mans-death-connected-to-vaccine-days-earlier/news-story/611e2ec30328377d0e0ca26b0009d2fd

    The death of a Dunedin man is being investigated by New Zealand health officials and the coroner to ascertain whether it could be connected to the Covid-19 vaccine he received 12 days earlier.

    Rory James Nairn, 26, died on November 17 at the home he shared with his fiancee Ashleigh Wilson.

    1. I used to live in Edwardsville. Reading this story brings back a vivid memory of a tornado warning sounding when I was a resident. It gave me a trapped feeling, like I was in the path of disaster with no escape.

      1. When I was house hunting, I insisted on a house with a basement. I lived in an apartment in the Midwest for a while and the sirens sounded too often for my comfort.

  47. “Workers killed…”

    Likely best financially for the surviving spouse to lose your other half in an Amazon facility rather than…

  49. The interesting thing about inflation is that the wealthy political and financial elites just don’t feel it. They don’t track in close detail the price of each item they purchase. However, people with closer to median incomes, do. And that could make things interesting in the election.

    “Let them eat cake.”

Comments are closed.