thehousingbubble@gmail.com
Blog

Alright, Pack Up Ship And Then Cut The Fat

A report from Mortgage Orb. “For the fifth consecutive quarter, a plurality of mortgage lenders expect near-term profitability to decrease, according to Fannie Mae’s Q4 2021 Mortgage Lender Sentiment Survey. ‘Mortgage lenders’ profitability outlook has significantly weakened over the past several quarters from its early pandemic run-up,’ observes Doug Duncan, Fannie Mae’s chief economist.”

From The Street. “Mortgage refinancing applications plunged 41% last week from a year earlier, as higher interest rates kept homeowners from acting, the Mortgage Bankers Association said. Mortgage applications slid in every category, dropping 4% last week from a week earlier. Purchase applications dropped 10.3% from a year earlier. Many analysts see the housing market in a bubble, with prices surging and inventory tight.”

From Housing Wire. “In November, Interfirst Mortgage issued pink slips to hundreds of non-commissioned loan officers at its call centers in Charlotte, North Carolina and Rosemont, Illinois, according to WARN notices in both states. The layoffs take effect on Jan. 21, 2022. ‘They were trying to capitalize on the refinance boom,’ said Cullen Gandy, a classically trained opera singer who had been hired as an LO at Interfirst and left in July. ‘I think 99% of the loans that I was writing there were refinances. And then when, you know, when they felt like that was going to not be viable anymore, they were just like, alright, pack up ship and then cut the fat.'”

From USA Today. “Just last month, the Federal Reserve was set on keeping its key interest rate near zero to boost the economy and help more Americans return to work. The Fed on Wednesday agreed to clear the way for earlier and faster interest rate increases in 2022 by accelerating the phaseout of its bond-buying stimulus. It’s now forecasting three rate increases next year.”

From Newsday in New York. “Sale prices in Nassau reached their record levels in July and August when the median hit $670,000 two months in a row. Suffolk set its own record in August, when the median was $531,000. Homeowners sold far fewer properties in November than at that time in 2020. ‘We were at record highs — that’s really not the case anymore,’ said Jim Speer, CEO of OneKey MLS. ‘We’re seeing a leveling off. We’re really not seeing a decrease.'”

The San Francisco Business Times. “One factor driving the population loss was a drop in people moving to the Golden State, with a particularly severe decline in those moving to the Bay Area, where the study found new arrivals fell 45%. In total, 150,000 more residents on average left California than moved into the state in the third quarter of 2021, the study found. That compares with 60,000 net exits in the first three months of 2020. For the first time in California history, the state lost population last year, according to Census Bureau data.”

The New York Post on California. “After Black Lives Matter protesters last year demanded that cities ‘Defund the Police,’ San Francisco Mayor London Breedheld a press conference to announce that her city would be one of the first to do exactly that. This week, Breed reversed herself in dramatic fashion, announcing that she was making an emergency request to the city’s Board of Supervisors for more money for the police to support a crackdown on crime, including open-air drug dealing, car break-ins and retail theft.”

“‘It is time for the reign of criminals to end,’ she said. ‘And it comes to an end when are we more aggressive with law enforcement and less tolerant of all the bulls–t that has destroyed our city.'”

From Radio New Zealand. “Change is in the wind with the new year expected to see price growth slow. ‘Sales volumes have already turned a corner and are likely to be much quieter in 2022, with the pace of annual value growth surely set to continue to ease from a figure of more than 25 percent for calendar-2021 to perhaps single digits, even low single digits, in 2022,’ CoreLogic property economist Kelvin Davidson said.”

“Key data from the CoreLogic report has identified four key emerging issues for the market to consider, including further lending restrictions, rising mortgage interest rates, a growing inventory of houses for sale and a potential cooling of the construction sector as rising prices put more people off building a new home. ‘It might take a while for vendors to respond to changed conditions, and some might pull their listing rather than accept a lower price than they were hoping for,’ Davidson said.”

From Bloomberg. “China Fortune Land Development Co. said it has been unable to get hold of a money manager that it gave $313 million for investment, the latest blow for the debt-laden developer. Fortune Land has ‘lost contact’ with China Create Capital Ltd., a British Virgin Islands-registered firm to which it handed over $313 million in 2018 in hopes of receiving an annual return of 7%-10% through 2022, it said in a filing with the Shanghai bourse late on Wednesday. The developer, which has headquarters in Beijing, has reported the matter to the local police.”

“The company defaulted on a $530 million dollar bond in March this year, becoming the nation’s first real estate firm to suffer a repayment failure since Beijing tightened controls of the debt-burdened sector. Shanghai-listed shares of Fortune Land ended down around 0.8% Thursday, after losing about 90% of their value from a record high in early 2018. Its dollar bond prices have plunged since its default, and are indicated at deep distressed levels of around 30 cents on the dollar.”

The South China Morning Post. “Chinese developer Shimao Group Holdings has found itself in a spot of bother after the Shanghai Stock Exchange raised questions over an asset sale, while investors continue to sell down the stock. The inquiry came after an announcement by Shimao Group earlier on Tuesday, saying that it would cancel transactions of 93 flats at Shanghai’s bustling Lujiazui finance and trade zone because of technical issues.”

“The Shanghai-based developer has laid off employees this year and even earlier, mainly in marketing, sales, engineering and operations, multiple sources said, adding that the lay-offs were as high as 20 per cent in some departments. ‘All signs show that Shimao is grappling with cash flow problems,’ said Yin Ran, a Shanghai-based angel and property investor. ‘The inquiry and the cancellation of the transactions are bad news to the developer.'”

“With Shimao reneging on the transactions of 93 flats, buyers have lodged complaints with authorities, which could taint its reputation. Shimao acquired those flats from residents about a decade ago and resold them in the past two months. However, the ownership could not be transferred to the new buyers as these flats had already been pledged as collateral to a trust. The flats were good buys based on the price of 80,000 yuan per square metre, nearly a 20 per cent discount to homes in the same area, according to Xu, a buyer who only gave his surname.”

“You Liangzhou, owner of Baonuo, a property agency in Pudong, Shanghai, said the move indicated Shimao was desperate for cash.”

Related Posts
This Post Has 82 Comments

  1. ‘China Fortune Land Development Co. said it has been unable to get hold of a money manager that it gave $313 million for investment’

    Annnd it’s gone.

    ‘The flats were good buys based on the price of 80,000 yuan per square metre, nearly a 20 per cent discount to homes in the same area, according to Xu, a buyer who only gave his surname’

    You got schlonged Xu. They didn’t have the right to sell these airboxes. Probably crumbling junk anyway.

    1. “…China Fortune Land Development Co. said it has been unable to get hold of a money manager that it gave $313 million for investment…”

      “…The developer, which has headquarters in Beijing, has reported the matter to the local police…”

      No worries. The ‘local police’ reports that their best man, Inspector Won Clouseau is right on top of it. In fact, Inspector Clouseau has already booked a one-way flight to the British Virgin Islands.

  2. ‘We were at record highs — that’s really not the case anymore…We’re really not seeing a decrease’

    Yes you are Jim.

    2. “In November, Interfirst Mortgage issued pink slips to hundreds of non-commissioned loan officers…”

      Nothing spells decrease like pink slips Jim!

  3. ‘It is time for the reign of criminals to end…And it comes to an end when are we more aggressive with law enforcement and less tolerant of all the bulls–t that has destroyed our city’

    So how can I tap that sweet equity London? What a bunch of clowns.

  4. ‘further lending restrictions, rising mortgage interest rates, a growing inventory of houses for sale and a potential cooling of the construction sector as rising prices put more people off building a new home’

    Try saying that 3 times fast. Doncha hate it when that happens – at the same time?

    ‘It might take a while for vendors to respond to changed conditions, and some might pull their listing rather than accept a lower price than they were hoping for’

    Don’t give it away Kelvin.

  5. ‘refinancing applications plunged 41% last week from a year earlier, as higher interest rates kept homeowners from acting…Mortgage applications slid in every category, dropping 4% last week from a week earlier. Purchase applications dropped 10.3% from a year earlier’

    The REIC has been downplaying the crater in loans, but it’s too widely published to hide. They pulled demand forward and now what?

    ‘Mortgage lenders’ profitability outlook has significantly weakened over the past several quarters from its early pandemic run-up’

    It never made sense to have a shack boom with the CCP virus. Let’s not forget where we were when this all started:

    March 26, 2020

    “As America heads into a deep recession, the $11 trillion residential-mortgage market is in crisis. Investors who buy home loans packaged into bonds are dumping even those with federal backing because of panic that millions might not make their payments. Yet one risky sector had started to show cracks long before the coronavirus pandemic sparked the worst financial meltdown in 12 years: the federal government’s largest affordable-housing program, whose lenient terms are geared toward marginal borrowers.”

    “As real estate prices soared in recent years, working-class adults everywhere have increasingly relied on mortgages backed by the Federal Housing Administration — and U.S. taxpayers. Since 2007, the FHA’s portfolio has tripled in value to more than $1.2 trillion, almost 11% of the market. While private lenders make these loans, they are packaged into Ginnie Mae bonds, common in mutual funds and pensions.”

    “Before Covid-19 started roiling China, a November FHA report found that 27% of borrowers last year spent more than half their incomes on debt, a level it describes as ‘unprecedented.’ The share of FHA loans souring in their first six months has doubled over the last three years to almost 1%.”

    “Not long ago, Alex Castillo drove his shiny black Infiniti SUV through an office park north of the San Antonio airport, along a busy seven-mile stretch of highway that loan officers call ‘Mortgage Row’ because of its abundance of small independent mortgage companies that dominate FHA lending. Castillo, who has the words ‘The Dream Starts Here’ stitched into his jacket, works for Pennsylvania-based American Residential Lending. Oddly, amid the pandemic, his business is booming. His customers locked in FHA mortgages after interest rates plunged this month — adding to federally backed mortgage debt.”

    “‘If the government tells me you’re good enough to get a loan, I have to trust and believe in the government,’ Castillo said. ‘Then we just hope and pray that the client doesn’t get foreclosed on.’”

    “In downtown San Antonio, scores of investors stood on a parched lawn beside the city’s historic granite-and-red-sandstone courthouse. It was the first Tuesday of February, the day of the foreclosure auction. Matt Badders, a San Antonio lawyer who represents lenders, auctioned off two houses. The failed mortgages remind him of the run-up to the financial crisis 12 years ago, when lending to customers with spotty credit nearly brought down the world’s financial system. ‘We’re almost back to 2007, when mortgage originators are waking people up on park benches, saying sign here,’ Badders said.”

    “At the auction, the crowd bid on 338 homes, a third with FHA mortgages, according to Roddy’s Foreclosure Listing Service. One house had dual master bedrooms, a game room and granite kitchen counters. It sold for $202,000 — $52,000 less than the homeowner borrowed only two years ago. The taxpayer-backed FHA insurance fund will take a loss.”

    “Dave Stevens, FHA commissioner under President Barack Obama and former chief executive officer of the Mortgage Bankers Association, said a recession will expose hidden risks in home lending. ‘This should be an alarm bell to policymakers,’ Stevens said. ‘Sometimes you get blinded by a good economy and suddenly look at it and see a bubble of defaults coming.’”

    “The federal government has decided it doesn’t want to pursue — and has asked a judge to dismiss — a lawsuit against Utah-based Academy Mortgage Corp. The judge refused. The suit claims the company’s staff would repeatedly feed information into an automated federal underwriting system, manipulating it until the computer gave the green light. ‘Decline is a curse word,’ Plaintiff Gwen Thrower, a former underwriter, quoted a manager as saying. ‘We don’t use it.’”

    http://housingbubble.blog/?p=3070

    So it was already a disaster, and we throw the biggest bubble in history on top?

    1. refinancing applications plunged 41% last week from a year earlier

      No wonder I’ve been barraged with spam callers pressuring me to refi, even though I closed on a refi in October. I guess the bots saw my refi and flagged me for targeting. High FICO, high equity (I didn’t take cash out), professional FedGov job. That’s like heroin to these vultures.

    2. “It never made sense to have a shack boom with the CCP virus.”

      Indeed. With unemployment higher than the Great Depression of 1929, the fed creates another rally in housing values to enable another round of home equity loans so that debtors can make their mortgage payments. It’s welfare for the middle-class.

          1. On deck, the multi-generational 100 year mortgage.

            It’s the gift that keeps on giving to Mr. Banker and his unborn
            great-great grandchildren.

    3. “It never made sense to have a shack boom with the CCP virus.”

      My biggest handicap as an investor is that I keep underestimating human stupidity.

  6. I got some good news. The owner of the lot adjacent to the lot I just purchased in Southern Colorado is willing to sell.

    Just need to negotiate the price then I will be making a CASH offer.

    Debt is slavery.

    1. The owner of the lot adjacent to the lot I just purchased in Southern Colorado is willing to sell

      Nice! More land is better than less land…

    2. Very nice, Deplor! I guess you found someplace to throw all the cash you’ve been saving from your renter days.
      Land is one of the best investments to make.

  7. Denver, CO Housing Prices Crater 27% YOY As Colorado Economy Grinds To A Crawl

    https://www.movoto.com/co/80230/market-trends/

    As a noted economist stated so eloquently, “You can ask $50k for your run down 10 year old Chevy pickup but where is the buyer at that price? So it is with all depreciating assets like houses and cars.”

  9. The inquiry came after an announcement by Shimao Group earlier on Tuesday, saying that it would cancel transactions of 93 flats at Shanghai’s bustling Lujiazui finance and trade zone because of technical issues.”

    “Technical issues”? Sounds like those flats were pledged as collateral on a loan.

  10. If there’s anything more satisfying than seeing high-net-worth libtards getting culturally enriched via follow-home robberies or getting robbed at their favorite upscale eateries, it’s seeing “woke” retailers like Apple, Nike, and Nordstrom getting their stores in Democrat-Bolshevik malgoverned cities cleaned out by vibrants.

    California Retailers Association fighting for additional retail crime task forces: ‘It’s not letting up’

    https://www.foxbusiness.com/lifestyle/california-retailers-association-additonal-retail-crime-task-forces

    The California Retailers Association (CRA) is pushing for more organized retail crime task forces in Northern California in an attempt to quell organized crime rings attacking retailers of all sizes.

    CRA President Rachel Michelin told FOX Business that the association is seeking funding for two additional task forces – one in Sacramento, which is one of the top 10 cities with the most organized retail crime, and one for the Central Valley region.

    1. California is such a sh*thole.

      Is there any way we could detonate the San Andreas Fault and make that place slide into the ocean?

    2. San Francisco smells like poo.

      LOL@ any of those clowns crowing “muh world’s fifth largest economy.” Could you even imagine paying property taxes to that place?

  13. a plurality of mortgage lenders expect near-term profitability to decrease
    If the 10 year goes up in lockstep with the short term rates I don’t see how any lender could have a profitability increase. Rates go down and Volume goes up and MARGINS go up. Rates go up and volume goes down and margins go down. How can anyone increase profitability when volume and margins go down? Pricing can get real competitive. Back in 2004 for a while we were pricing our Correspondent business at Marginal cost (we were eating the fixed costs) to try and maintain volume. Basically waiting for the competition to “blink.” Obviously not a long term viable strategy

  14. CNBC pimping the fear porn (12/16/2021)

    “Symptoms associated with the omicron Covid-19 variant could be similar to those that normally accompany a cold, but experts are warning people that they should not underestimate the risks posed by the more transmissible variant.”

    https://www.cnbc.com/2021/12/16/omicron-symptoms-cold-runny-nose-headache-london-cases-shows.html

    My stonks all tanked when they announced this nonsense on the day after Thanksgiving, but I’ve made it all back and then some.

    There is no “omicron variant” and there is no such thing as a “case” of COVID, not when they can manipulate the PCR tests into saying anything they want.

    COVID is over. We’re moving on.

      1. “She’s 12 years old,” Biden said as he wrapped his arm around her and ogled her.’

        Just more examples of how the MSM ignores this stuff right in front of cameras.

    2. I just don’t think this is the same senile

      One of the pictures looks like a bad job of Phyllis Diller facial surgery. Maybe the James Bond movie’s Blowfeld double was really a thing.

  16. You’d have to be crazy to buy a shack in a Democrat-malgoverned urban center where the vibrancy is out of control.

    ‘It’s just crazy’: 12 major cities hit all-time homicide records

    https://abcnews.go.com/US/12-major-us-cities-top-annual-homicide-records/story?id=81466453

    At least 12 major U.S. cities have broken annual homicide records in 2021 — and there’s still three weeks to go in the year.

    Of the dozen cities that have already surpassed the grim milestones for killings, five topped records that were set or tied just last year.

  17. Color your money gone, baggies.

    Chinese creditors sue Evergrande for claims totalling $13bn

    https://www.ft.com/content/941c0e96-ebf1-42ee-97ec-ad6764f35cbf

    Chinese creditors have sued Evergrande for more than $13bn in allegedly overdue payments, as domestic companies owed money by the embattled property developer race against offshore bondholders to secure repayment.

    A Chinese court assigned to handle civil lawsuits against Evergrande has accepted 367 cases with claims totalling Rmb84bn ($13.2bn), according to official records reviewed by the Financial Times. The claims were submitted between August 24 and December 9, when the group was declared to be in “restricted default” by Fitch Ratings.

    1. on NOOO, lawsuits! yeah, whatever. Chinese gonna’ experience soon enough what the round eyes already found out, as in the govt can/will change the “law” in a NY minute to suit their needs.

      real estate law dictated by the Center for DISEASE Control !?
      who would ever have imagined THAT would stand.

  20. From USA Today. “Just last month, the Federal Reserve was set on keeping its key interest rate near zero to boost the economy and help more Americans return to work. The Fed on Wednesday agreed to clear the way for earlier and faster interest rate increases in 2022 by accelerating the phaseout of its bond-buying stimulus. It’s now forecasting three rate increases next year.”

    “The Fed is in a difficult position,” Barclays said.

    Yet another puff piece from the MSM that obfuscates the truth about what’s really going on.

    “To set the stage for earlier rate increases, the Fed said it would pare back its Treasury and mortgage bond purchases by a total of $30 billion a month, up from the $15 billion it announced in November.”

    – The Fed announced it’s reducing QE by $30B/mo. now instead of $15B/mo. it announced in Nov., but, it’s still doing QE, only just a little less. In Fed-speak, this is called “tapering.” QE is still ongoing until fully “tapered” from $120B/mo. to $0, sometime in the first half of 2022.

    – The Fed, however, did not announce any interest rate hikes near-term, which would be the primary level to pull in order to even attempt to slow the current high inflation. This would be called “tightening” in Fed-speak. Jay Powell is no Paul Volcker. Inflation is due to a combination massive “money printing” at the Fed (just check out their “balance” sheet), and reckless fiscal stimulus by Government (see National Debt). BTW “Debt Ceiling” is a joke; it’s Kabuki theatre. All of this artificial stimulus is being financed with debt, which is being bought by the Fed in the shell game of monetizing the debt.

    – Based on their actions, the Fed’s dual mandates aren’t price stability and maximum employment, but rather are high stonk and housing prices. Watch what they do and not what they say.

    – It’s now (slowly) becoming common knowledge that the Fed has created the third, and largest, asset bubble in 20-odd years, “The Everything Bubble,” and they’re deathly afraid of it popping. Raise rates to kill inflation and the bubble bursts; stratospheric stonk and housing prices fall back to earth, leaving a wake of economic carnage and devastation that would likely this time, since “too big to bailout,” IMHO, be blamed on its creator, the Fed. Since all of this “prosperity” is actually based on record levels of debt and leverage (i.e. debt is not wealth), even small rate increases will further accelerate the decline, as the economy “can’t handle the truth” of higher rates. Torches and pitchforks at the Eccles building must be avoided at all costs. Oh dear, it looks as if the Fed has (once again) painted itself into a corner. Two options: Don’t raise rates and inflation kills the economy; Raise rates and the ensuing defaults and price discovery at (much) lower prices kills the economy. No “door number three” option.

    – Meanwhile, in the real economy vs. the bubble, Potemkin economy, inflation is running at 40 year highs. Welcome back to “That 70’s [sh$t] Show.” While nominal wages are up, real wages are down due to this high inflation. Capital again wins over labor, as the Fed is pro capital. The rich continue to get richer with wealth and income inequality soaring. If “social unrest” seems bad now, just wait until this bubble bursts in earnest. It’ll make the zombie apocalypse look like a child’s birthday party.

    – In my view, and as based on history, asset bubbles always burst, and at that point the high inflation suddenly turns into deflation as all of the misallocated capital and malinvestments suddenly go “poof!” Yellen bucks go to money heaven. We’re starting to see some of this now, but very early in the cycle here.

    – So, one may ask, “What are our duly elected Representatives” in Congress doing on our behalf? Don’t worry, Senators Karen/Fauxcahontas/Running Dear and Stonk Trader Pelosi are on top of this, I’m sure. The corruption inside the beltway is so thick one can cut it with a knife. How else could someone like Brandon get elected to our nation’s highest office?

    1. “So, one may ask, ‘What are our duly elected Representatives’ in Congress doing on our behalf?”

      Speaking for myself they are doing exactly what I instruct them to do. No more, no less.

      BTW, I greatly enjoy your humor; Refering to my pre-selected lackeys as “duly elected Representatives” is great stand up material. Reminds me of something George Carlin would have said.

      Bahahahahaha … the fun thing about the George Carlin phenomenon is many people paid big money to go listen to – and laugh with – George Carlin as they learned how they were getting screwed.

      At root people are quite stupid.

    2. The scary thing to visualize is the size of bankruptcies needed to overtake the amount of pumping. I believe the losses in China will spread around the world enough to do it and then they will cascade in epic fashion but this process takes time. No one wants to admit they are bankrupt until they are forced to. Central Truck Lines is a great example of what is going to happen on a large scale. 100 year old company with 60 terminals that is so indebted that no one will touch it. They just announced that they are turning off the lights and liquidating. Luckily we have the most transparent resident ever and there wont be any mean tweets to make people sad in the soup lines.

    3. – The Fed’s policy is inflation; the least economically painful option to reduce the ginormous steaming pile of debt that was enabled by – wait for it – the same Fed via excessive fiat currency printing. “Inflate away” the debt. No way to pay it down at this point. Let those poor slobs Joe and Jane Six Pack bear the burden. Inflation is a covert, regressive tax, pure and simple. Well, don’t forget that it can also lead to a Bastille Day / flying guillotines scenario. The Fed = “The smartest guys in the room.” “You will have nothing an like it!” A little push-back from Les Deplorables is in order.

      https://www.cbsnews.com/news/inflation-real-wages-raises-workers/
      Frontline workers are getting raises, but inflation is whittling the gains to “pennies”
      By Aimee Picchi
      December 14, 2021 / 3:59 PM / MoneyWatch

      “The U.S. labor shortage during the pandemic has helped boost wages for frontline employees like grocery clerks and retail workers at their fastest pace in years. Many restaurant workers have seen their wages jump 12% over the last year, a pay raise of more than $2 an hour.”

      “Because of rising prices, however, those seemingly robust wage gains amount to an increase of only “pennies” per hour once inflation is included, according to a new analysis from the Brookings Institution.”

      – And then there’s this gem in the ginormous steaming pile of BS dept. Propaganda, pure and simple, directly from one of the leading mouthpieces for the Left.

      https://theintercept.com/2021/11/10/inflation-economy-debt-milk-prices/
      Inflation Is Good for You
      “Don’t panic over milk prices. Inflation is bad for the 1 percent but helps out almost everyone else.”
      Jon Schwarz
      November 10 2021, 1:25 p.m.

      “That’s because inflation is often good for most of us, but it’s terrible for the kinds of people who own corporate news outlets — or, say, founded coal firms. And a panic about inflation usefully creates the conditions to weaken the power of working people.”

      1. good for most of us

        Only in that “most of us” are deeply in debt. For any honest person, living modestly and only spending earned money, it is a crime.

    4. I bet the FED keeps inflation high they cant risk higher interest rates on the government debt and the government controls the FED

      Pay low interest on bonds by being the biggest buyer. How long they can keep doing this ? maybe not much longer

      1. Dalio: Yes. There’s two types of inflation. There’s inflation when the demand for goods and services rises against the capacity to produce them. That’s normal, cyclical inflation. Then there’s monetary inflation — the creation of a lot of money and credit relative to the quantity of goods and services. The U.S. is having both.

        When I look at the country’s financials going forward, what the size of the deficit will be and how much money is produced, that’s a concern. There’s also the risk, or even the probability, that those who are holding cash and bonds will choose to sell those to move into other things. If that happens, the U.S. central bank will have to decide if it raises interest rates, which will hurt the economy — and I don’t believe they can do that in a significant way. It would be bad for the economy, politics and the markets if they tried to rectify that by allowing interest rates to rise. So they’re probably going to have to print more money, and that causes more monetary inflation.

        2. These fund managers like Ray Dalio talk about the housing crash of 2008 or the covid-19 shutdowns, but they never mention the $trillions spent during 20-yrs of fighting two wars in the middle-east while neglecting our country’s infrastructure and the millions of jobs to repair it.

  21. The globalists’ creepy Orwellian tech giants are stepping up their efforts to censor any and all non-Narrative Compliant information and to ban truth-tellers from getting their message out. #FJB

    YouTube Censors Bombshell Joe Rogan Interview With Cardiologist Peter McCullough

    https://summit.news/2021/12/16/youtube-censors-bombshell-joe-rogan-interview-with-cardiologist-peter-mccullough/

    <em<Doctor urged that COVID treatments are being sidelined in order to “create acceptance for, and then promote, mass vaccination.”

    In a move that will come as a shock to absolutely no one, YouTube is censoring clips of Joe Rogan’s interview with cardiologist Peter McCullough wherein the doctor laid out how early treatment of COVID is being actively suppressed by governments and big-pharma in favour of a blind pursuit to vaccinate everyone.

    Texas-based McCullough urged that treatments including ivermectin and monoclonal antibodies are being sidelined in order to “create acceptance for, and then promote, mass vaccination.”

    1. I know someone who received a legitimate prescription for ivermectin in July, and was recently denied getting it refilled by a large corporate grocery pharmacy.

          1. There might be a Safeway affiliated grocer in Ohio. In Clownifornia Safeway owns Vons.

            She can also try calling mom-n-pop pharmacies, to see if they will fill it. That’s what my sister did.

            Don’t expect insurance to cover it. 24 pills are about $80.

  22. Video: DeSantis Introduces ‘Stop WOKE’ Act, Says CRT Is “Elite-Driven Phenomenon”

    by Steve Watson
    December 16th 2021, 5:56 am

    In crackdown on “cultural Marxism,” Governor says “no taxpayer dollars should be used to teach our kids to hate our country”

    DeSantis emphasised that proponents of CRT “want to tear at the fabric of our society and our culture, really things we’ve taken for granted, like the ability of parents to direct the upbringing of their kids,” displacing it with a “militant form of leftism”.

    Gov. DeSantis Introduces the Stop W.O.K.E. Act

    Ron DeSantis Published December 15, 2021 23,142 Views

    https://rumble.com/vquavk-gov-desantis-introduces-the-stop-w.o.k.e.-act.html

  23. “Many analysts see the housing market in a bubble, with prices surging and inventory tight.”

    It ony took them a couple of decades of schooling to achieve this insight.

    Progress!

  24. Russian central bank is fixing to ban investment in cryptocurrencies. It’s still a bit nebulous what they’re going to do. Currently in Russia, crypto is legal but can’t be used for payment. One analyst said the bank just wants to ban new investment but allow people to keep existing crypto coins. The other analyst says “complete rejection.”

    https://www.reuters.com/markets/currencies/russian-cenbank-seek-ban-investment-cryptocurrencies-sources-say-2021-12-16/

    China has already banned crypto, and I think India has too. In the US, crypto is either going to be regulated or manipulated by futures ETFs.

    In this whole thing, IMO the most vulnerable government will be El Salvador. As there is more and more reverse adoption, everyone will be “visiting” there to spend some of their rapidly depreciating bitcoin on stuff (drugs?) and trade the remainder for dollars. El Salvador will be left with no dollars and a bunch of Bitcoin that only they can use. Not a good proposition.

    1. Try not to catch yourself a falling knife. Don’t make the same mistake as Zillow did, snapping up housing investments right and left like a drunken sailor, just before a major CR8R event.

      1. Forwarded this to a friend to find out that she’s living in Austin in an Airbnb while waiting for her new build to finish sometime between March and June because of supply chain issues. Her parents house was supposed to be done in November but is pushed out until February.

          2. Last we communicated, she thought a house in Austin was a good long-term investment. She currently works for Alameda County and is finding out that Austin jobs don’t pay as well. Duh!

      1. Yay on Boise dropping! 70% increase in home prices in 2 years is, uh, not quite normal. Now I realize there are more people moving here than moving out, but there is no shortage of homes or land here, save for the speculators HODL’ing onto everything in an effort to reap them sweet gainz. Plus I’m sure many Clownifornians will experience their first winter and decide not to stay, especially once their idiot goobermint decides to reopen the state when the CCP flu subsides.

        1. when the CCP flu subsides

          Never if Newsom and his globalist masters have anything to say about it.

  28. Inflation Is Starting to Chip Away at the World’s Debt Burdens
    BloombergQuint|18 hours ago
    High inflation rates aren’t bad news for everyone. They can be helpful for debtors — which in today’s world economy means almost everybody.

  29. Ha Ha Ha, Ho Ho Ho and a couple of housing hens…….

    Reston, VA Housing Prices Crater 21% YOY As Every Northern Virigina Town Registers Falling Prices Year Over Year

    https://www.movoto.com/reston-va/market-trends/

    As one national broker conceded, “I wouldn’t be shocked if prices fell 50% or more. In fact we’re forecasting it.”

  31. ‘Twas the night before Christmas, when all through the house
    Not a creature was stirring, not even a mouse;
    The stockings were hung by the chimney with care,
    In hopes that St. Nicholas soon would be there;
    The children were nestled all snug in their beds;
    While visions of Covid tests danced in their heads;

    Tom Elliott
    @tomselliott

    CNN regular Dr. William Schaffner: “Please wear your mask” at Christmas with your family “whether you’re vaccinated or not”

    https://twitter.com/tomselliott/status/1471573270080151554?s=20

    1. How about the immunocompromised family member simply excuse themself from the gathering, save everyone else the hassles?

Comments are closed.