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There’s A Huge Supply But No Demand

A report from Investor Place. “Opendoor Technologies just released its Q4 financials, including its full-year 2021 results. It is likely to stay down as long as the company keeps digging itself into a hole. The $5.8b billion in home purchases was covered by the debt raised – not by any profits. Remember, the company lost a ton of money both on a GAAP and adjusted basis. Therefore, the bottom line is that all the company did was leverage itself.”

The Los Angeles Times in California. “The mega-mansion known as ‘The One’ has become something of a Rorschach test for L.A.’s luxury real estate scene: Some think it’s the ultimate trophy home, others are convinced it’s a giant white elephant clad in marble and glass that one local broker has sarcastically dubbed ‘100,000 square feet of drywall.’ Listing agent Rayni Williams said the hope is that the prospective overseas buyer will bid at the auction, which doesn’t have a reserve, or minimum bid price.”

“To call the auction a total success, The One must set the state record given that it carries some $191 million in total debt, largely in loans from L.A. billionaire Don Hankey and other property lenders, according to Bankruptcy Court records. Otherwise, in one of the world’s most expensive and hot real estate markets, where it’s been hard not to sell a home for a profit, some of the industry’s biggest names could take a bath.”

From Mortgage Grader. “Can the condo world live without mortgage giants Fannie Mae and Freddie Mac and their more affordable financing terms? Fannie and Freddie rightfully want to know if America’s condo complexes have deferred maintenance or structural safety issues. To that end, the agencies on Jan. 1 and Feb. 28 instituted new questionnaires for certain applicants regarding the structural integrity of the condo community and whether any code violations are anticipated.”

“‘The questionnaire is draconian. It’s freaking out boards of directors and managers,’ said Adrian Adams, managing partner of law firm Adams-Sterling, who advises and represents condo boards. Last week, Community Associations Institute sent a survey to its condo and co-op boards and managers. Early results from 48 respondents indicate 36.8% of mortgage applicants in their HOAS were denied credit because of the new Fannie, Freddie questionnaire. Separately, 31.5% of borrower closings were delayed, according to survey results. Seven of the 48 HOA respondents were from California.”

“Mortgage lenders are in the business of making mortgages. Every lender I’ve interviewed (all off the record) about this new HOA issue is hopping mad. They complain Fannie and Freddie are providing little clarity and direction. They are leaving it to subjectivity and underwriter judgment when they receive these wonky HOA responses.”

The Globe and Mail in Canada. “Today, Calgary renters have more choice than ever. According to CMHC data, more than 2,400 new purpose-built rental units have become available since 2017 in the city’s downtown neighbourhoods; and about 1,650 units are currently under construction. But these units no longer target the low end of the rental market. Today, purpose-built rental buildings have amenities comparable to those available in higher end condos. This new rental stock is affecting some Calgary landlords. ‘It’s a very saturated and it’s a very competitive market,’ Shamon Kureshi, CEO of Hope Street Management says, adding that ‘… there’s a huge supply but no demand.'”

“Shane MacDonald is a Calgarian who owns property in the city but who currently lives in Montreal. He owns a unit at Union Square, a high-end condo tower completed in 2009 in Calgary’s Beltline. But despite being located in a relatively new building and having high-quality finishes, Mr. MacDonald’s one-bedroom condo has been vacant since November. MacDonald is currently asking $1,775 a month for the unit, which includes parking and heating).”

“‘I was getting about 100 views a day,’ he says about his listing. ‘But nobody was calling me, then I dropped the price – I’ve dropped it twice now. If I can’t rent it for $1,700 or above, then I start to think about selling the unit,’ Mr. MacDonald says. ‘Otherwise I’ll be losing money every month.'”

The Daily Telegraph on Australia. “Mortgage holders in some parts of Sydney will need to fork out thousands of dollars more each month once the cash rate returns to pre-pandemic levels, a new analysis has found. The results were varied, with borrowers in suburbs such as Manly, Vaucluse and Rose Bay likely to pay about $2,000 more each month. It followed the results of a national survey commissioned by the comparison site which found 80% of borrowers were worried about interest rates rising, with seven per cent believing they would need to sell their property once this occurred.”

“Mozo spokesman Tom Godfrey said it was time for borrowers to start stress-testing their ability to make higher repayments. ‘With fixed interest rates continuing to rise and speculation intensifying around when the banks will hike variable rates, many borrowers will be in for a shock before the year is out,’ he said. ‘The last time the cash rate was 1.5 per cent in May 2019, Mozo’s database shows the average variable interest rate 4.32 per cent which is significantly higher than the 3.06 per cent it is today. While some suburbs might be harder hit by a rate rise than others, no matter where you live, the pain you feel will ultimately come down to your servicing capacity.'”

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This Post Has 120 Comments

  1. I had to cut this a little short cuz I’ve got a meeting early this morning.

    ‘Otherwise, in one of the world’s most expensive and hot real estate markets, where it’s been hard not to sell a home for a profit, some of the industry’s biggest names could take a bath’

    Whatever LA Times. Yer a$$ poundings are posted here regularly.

    1. I actually like shorter, more relevant content.

      and btw, as a long time resident agent provocateur (had to spell check that one) thank you for not churning out endless graphs & charts, like it’s some gottdang lecture on the laffer curve in ben steins class on voodoo economics on “another” site.

      (I also claim the right to occasionally use “gottdang” & “y’all” having lived in Texas in my youth, I tellyawhat!)

      1. On that other site, I think I know which one you’re referring to. The owner’s initials are W.R.; he always gets his panties in a twist over the slightest disagreement.

  2. ‘I was getting about 100 views a day,’ he says about his listing. ‘But nobody was calling me, then I dropped the price – I’ve dropped it twice now. If I can’t rent it for $1,700 or above, then I start to think about selling the unit…Otherwise I’ll be losing money every month’

    You are losing money Shane. Why they are building so many airboxes in downtown Calgary after all the crater?

    1. If I can’t rent it for $1,700 or above, then I start to think about selling the unit…Otherwise I’ll be losing money every month’

      There will be a line around the block to purchase your money-losing rental, I’m sure of it.

    1. Ukrainian MP says she is fighting not just for Ukraine but for the New World Order

      https://www.bitchute.com/video/zvfQtccFzdwR/

      12 seconds. All you neocon wanna-be’s out there: you can support them, vote for them, they’ll take yer money. But you’ll never be one of them. This is that same tired clintonista BS that these sh$thole counties matter. Oh, and don’t mind the ongoing genocide!

      2. fighting not just for Ukraine but for the New World Order

        BINGO! Putin hates NWO so Putin BAD like Orange Man.

        1. Putin’s a puppet of the control grid too. He’s just playing his part in this whole thing. Russia is in complete lockstep with the quackccines, lockdowns, masks and all that jazz implemented by every other government around the world. ALL governments are concerned only with concentrating their power. Plus, when you poison 60-80% of your population with clot shots, you need one hell of a distraction afterwards. As an added bonus the incoming economic carnage can now be blamed on war. The advanced tactics of modern warfare, like cyber attacks, will make CYBER POLYGON (a tabletop exercise similar to Event 201) an awfully handy and prescient undertaking by the WEF and its corporate cronies…

          2. Putin’s a puppet of the control grid too. He’s just playing his part in this whole thing.

            If that’s true, we should all just swallow a bullet tomorrow. I have yet to see any evidence to support it.

    2. The Ukrainian nation and the Ukrainian government are two very different things. The Ukrainians who are doing the fighting and dying to remain a sovereign country, especially the armed civilian resistance fighters, are not sacrificing themselves so Ukraine can be a WEF looting colony. The nationalist forces there will come out of this conflict greatly strengthened.

      2. Current headline banner on Yahoo news:

        “Ukraine seeks immediate EU membership”

        Uh-huh. This is so transparent. The globalists are a scourge. Go Putin!

    4. Russia is going to win.

      The globalists are getting desperate. Notice how now they’re going after Russia’s money. They are freezing their assets – almost a trillion dollars. Remember what that cvck Trudeau did to the truckers? He took their money. How? Because the banks are controlled by globalist focks.

      People: Be VERY careful about what you say on any social media platform, because your bank account could be instantaneously frozen. That’s there this is headed. Dissenters were first silenced through social media, as we have seen, and now they will be bankrupted.

      Any money you have in a bank, Paypal, Venmo, crypto, etc. – anything digital – can and will be seized if you are identified as an irredeemable deplorable.

      1. agreed. I keep no important assets in financial institutions.
        I do have a few credit union acts, one to pay bills, but they all carry a whopping .01 average daily balance. haha!

        it’s all tied up in beanie babies & pet rocks. they’re coming back eventually. shoeshine kid confirmed.

  5. ‘Mortgage lenders are in the business of making mortgages. Every lender I’ve interviewed (all off the record) about this new HOA issue is hopping mad. They complain Fannie and Freddie are providing little clarity and direction. They are leaving it to subjectivity and underwriter judgment when they receive these wonky HOA responses’

    Behold, the GSE’s will lend you into a bubble then bail with short notice. Here’s a tip from last decade: they don’t want to make these loans and will continue to squeeze their way out.

    1. Looks like they’re slapping these new questions only on new applicants, not existing loan holders. I can’t say I blame Freddie/Fannie. They should have been doing this from the beginning. I guess they got triggered by the falling beach condo.

  6. ‘The $5.8b billion in home purchases was covered by the debt raised – not by any profits. Remember, the company lost a ton of money both on a GAAP and adjusted basis. Therefore, the bottom line is that all the company did was leverage itself’

    Any fool can do this: borrow money to sell at a loss. This writer has an accounting angle worth reading. Have a look at the cash flow statement. It’s what did Enron in.

    1. A good article/analysis – with so much laid out in detail. I am so surprised that it was actually published in the financial press. Usually they are just yammering about the new business model and the brilliant founders etc.

      Imagine if they did this on just 5% of the zombie companies out there.

      1. Interesting item on the balance sheet………….A nonrecourse debt (loan) does not allow the lender to pursue anything other than the collateral. … For example, if a borrower defaults on a nonrecourse home loan, the bank can only foreclose on the home. The bank generally cannot take further legal action to collect the money owed on the debt.

    2. the company lost a ton of money both on a GAAP and adjusted basis.
      Notice how none of the articles even mention an ROE. Not only do you need to make a profit you must generate a + ROE for shareholders. And yes it might be 80% debt funded but there has to be some equity someplace. Every proforma I did had to have a + ROE within 3 year (most within 1 or 2 years) or no go on the project. I’d love see the proforma and assumptions on all these I buyers.
      Typical required ROE for a project to work was usually a low of 10% to 15%. Also note, ROE is calculated AFTER-TAX.

      1. there has to be some equity someplace

        Can’t overshadowing debts result in negative Equity? Then what do you calculate?

        1. Can’t overshadowing debts result in negative Equity? Then what do you calculate?
          It can you can have negative equity.
          My limited knowledge of companies with negative equity is either BK or buy out. They don’t usually hang around long. Ben might have more insight.

  7. ‘The founder of a cryptocurrency company was charged by a San Diego federal grand jury Friday in a wide-ranging indictment alleging he defrauded global investors out of more than $2.4 billion in what prosecutors said is believed to be the largest swindle of its kind ever criminally charged.’

    ‘Satishkumar Kurjibhai Kumbhani, 36, a citizen and resident of Surat, India, is charged with numerous conspiracy counts relating to wire fraud, money laundering and commodities fraud, as well as one count of operating an unlicensed money transmitting business. His whereabouts were unclear Friday night.’

    ‘Kumbhani, who used aliases to hide his identity, is accused of running BitConnect, the company he formed in 2016, as a “textbook Ponzi scheme,” according to the indictment.’

    ‘Investors around the world, including those in San Diego, were encouraged to buy BitConnect’s open-source, decentralized cryptocurrency, called BCC, using Bitcoin for the purchase.’

    https://www.latimes.com/california/story/2022-02-26/cryptocurrency-founder-charged-in-2-4-billion-fraud

    1. So – there were absolutely no red flags 🙁

      The new biz model is to ‘lend’ pseudo-currency, and there was no way to validate / audit the platform, among other things. OK – i am going to get a cash advance on my credit card – where do i send the wire transfer.

      Investors would then “lend” their BCC tokens to Bitconnect, which would purportedly invest the proceeds using proprietary technology known as the Trading Bot and Volatility Software. The technology was supposedly designed to trade automatically, and profitably, by buying and selling on the volatility of Bitcoin, according to the indictment.

      But much of the technology remained a mystery to investors. When someone asked for a demonstration at an event in 2017, Kumbhani was evasive: “So you ask me very hard question,” he told one interviewer. He added later, “For privacy reasons we are not disclosing anything …”

    2. “Satishkumar Kurjibhai Kumbhani”

      authorities should double the penalty, when caught, just for the aggravation of typing that Wheel Of Fortune stumper long-ass-name into all the reports!

    3. This whole space is one giant fraud. And now Wall St. algos are the main driver. They’ve basically assigned value to air or nothingness.

  9. I just got another email about build to rent:

    ‘New or Recently Constructed 355 Home SFR Portfolio in Southern California/Imperial County’

    Yer gonna give up all that sweet equity?

        2. America’s Ukraine Hypocrisy

          AUGUST 6, 2017 • COMMENTARY
          By Ted Galen Carpenter

          The extent of the Obama administration’s meddling in Ukraine’s politics was breathtaking. Russian intelligence intercepted and leaked to the international media a Nuland telephone call in which she and U.S. ambassador to Ukraine Geoffey Pyatt discussed in detail their preferences for specific personnel in a post‐​Yanukovych government. The U.S‑favored candidates included Arseniy Yatsenyuk, the man who became prime minister once Yanukovych was ousted from power. During the telephone call, Nuland stated enthusiastically that “Yats is the guy” who would do the best job.
          Nuland and Pyatt were engaged in such planning at a time when Yanukovych was still Ukraine’s lawful president. It was startling to have diplomatic representatives of a foreign country—and a country that routinely touts the need to respect democratic processes and the sovereignty of other nations—to be scheming about removing an elected government and replacing it with officials meriting U.S. approval.

          The two diplomats also were prepared to escalate the already extensive U.S. involvement in Ukraine’s political turbulence. Pyatt stated bluntly that “we want to try to get somebody with an international personality to come out here and help to midwife this thing [the political transition].” Nuland clearly had Vice President Joe Biden in mind for that role. Noting that the vice president’s national security adviser was in direct contact with her, Nuland related that she told him “probably tomorrow for an atta‐​boy and to get the details to stick. So Biden’s willing.”

          Both the Obama administration and most of the American news media portrayed the Euromaidan Revolution as a spontaneous, popular uprising against a corrupt and brutal government.

          https://www.cato.org/commentary/americas-ukraine-hypocrisy

          1. Given Ukraine vs. Russian, somehow saying Russia is going to win is anti-US. MSM brainwashing ✅

  12. All of a Sudden, Dems are:

    *Pro-Militia
    *Pro-arming civilians with automatic weapons
    *Pro-Border Protection..

    But only for Ukrainians. They still want U.S. conservatives and patriots put in camps

    1. Russia, and a small handful of Eastern European countries, are the only nations that protect the rights of their Christian citizens, and the practice of Christianity.

      Globalism is anti Christian.

      1. I agree, the Globalists are the true enemy of mankind . They have been the forces behind all that is unjust , rigged, and fraudulent going way back to 1870. They are parasites and looters playing a big chest board game with the lives of people . The last thing they want is Government by the people .
        What could be more deranged and evil than these Entities wanting to alter humans genetically against their consent, like we were cattle or lab rats, or slaves. I hate them with a passion.

    1. Ironically, they haven’t cut internet or cell phone communications. It’s the most kid glove scorched earth ever.

  16. “Mozo spokesman Tom Godfrey said it was time for borrowers to start stress-testing their ability to make higher repayments.”

    No worries, the bank already did it for me! They assured me I can handle an additional $2000 per month in mortgage payments with the $200 per month in discretionary income I have. It’s called new math.

  17. Ukrainian resistance fighters who captured a Russian motorcycle dispatch rider say he was carrying an urgent, highly classified warning from the Russian Supreme Command to its field commanders warning them that realtors are liars.

  18. “Listing agent Rayni Williams said the hope is that the prospective overseas buyer will bid at the auction, which doesn’t have a reserve, or minimum bid price.”

    With war raging in Europe and the Chinese real estate sector sliding into a ginormous crater, I think the overseas bid might not be acceptably high, reserve or no.

  19. I’m sick of fake news regarding this conflict with Russia and Ukraine.
    Currently the New World Order Great Reset forces agenda is what I oppose. As long as we have Corporate owned fake and censored news, and a Puppet in the White House, with people being killed by Big Pharmacy injections, that’s the attack on citizens I’m concerned with.
    I see it that the USA and other Countries have been highjacked by these 1% Private Parties/ WEF , that is the most important agenda to prevent.
    How dare these liars talk about freedom and Sovereignty for Ukraine, with what they plan in terms of tyrannical Dictorship.
    USA is under attack by a different kind of warfare than what’s going on with Russia and Ukraine and more sinister in terms of objectives.

    2. “I’m sick of fake news regarding this conflict with Russia and Ukraine.”

      Well that’s all you’re gonna get.

      EU Head Says Ukraine “Belong[s] To Us” As She Announces TOTAL BAN On RT and Sputnik News Broadcasts

      by Steve Watson
      February 28th 2022, 6:16 am

      “The state owned Russia Today and Sputnik, as well as their subsidiaries, will no longer be able to spread their lies to justify Putin’s war and to sow division in our union,” the Commission head proclaimed, adding that the EU is further “developing tools to ban toxic and harmful disinformation in Europe.”

      In other words, only Western EU bureaucrat approved media broadcasts will be available for consumption throughout the bloc from now on.

      https://youtu.be/flEM5TG-dZc

      1. the while russia v. ukraine mess resembles a long messy (but deadly) bickerfest, like lucille ball/desi arnez.
        you don’t really know WHO to believe, you just know that they both were not saints, had a lot of talent, loved but can’t really live with each other, and you want them to just.
        get.
        along.

        . . . for the love of rodney king!

  22. Is anyone else watching this guy’s (Gary?) youtube housing reports? He makes a bold prediction after time marker 6:20
    Do you think he could be right?
    https://youtu.be/-aE53IYYfLs
    I don’t think Gary’s wrong about most data driven assumptions he makes but this bold prediction of his… I’m not so sure if he’s right about this one… Inventory has been lower and prices have moved scary higher since January in Utah. The market calmed in late summer ’21 through the fall. Inventory was highest in the last week of September then I watched lots of price drops and homes sitting slightly longer but eveything still sold or was pulled from the market by Christmas. Realtors have told me the market slowed into November. I figure I missed an October-November buying window. Then once the interest rates started spiking hard 1/17/22 the market was set on fire again. Buying has been really strong pulling fear & panic demand back into the market for those who think it’s a good idea to buy at highest all time prices and higher rates. Dummies…

    So. I compared the rate jump in January 2022 to March 2021.
    March 2021 the 10 yr yield quickly climbed to 1.7ish by 3/17/21 and it was buyer mania with even lower inventory than there is now. I watched the market and saw a noticeable shift by 5/9/21. The time spread was 7 weeks & 4 days from March to May. Inventory continued to trend up but the 10 yr yield slowly dropped again through the summer back down to 1.5ish = 3%ish/ 30 yr rate.
    Fast forward to 1/17/22 the 10 yr yield spiked higher from 1.5ish to 1.7-1.8ish and sat near 1.9/2.0 in recent weeks for a 4%+ 30 yr loan. So, considering inventory is slightly higher Feb/March ’22 compared to same time ’21. Prices are waaay higher yoy by 15 to 20%. The buyer pool is shrinking due to higher prices and higher rates. Buyer demand is lower per Redfin Q4 reports at least for buyers wanting to move into the SLC metro. New construction supply should steadily rise throughout the year in the mountain states (abd AL, NC, FL, TX among others – all red states…). These are all head-winds.

    If I take last year’s 7 week, 4 day spread before a noticeable shift was seen in the market and apply the same 7 week spread starting at 1/17/22 (10 yr spiked), that puts us at 3/11/22 before we can possibly see another sideways or down shift in the market. 3/11/22 very closely coincides with when the FED stops buying MBS’s pushing the 10 yr yield higher AND the FED will raise their key rate by at least .25 bps (hopefully they’ll raise it by .50 bps). These FED moves should both push the mortgage interest rates higher shrinking buyer pool even more. By my estimation, we should see a shift in the housing market by mid March. Existing homes traditionally really start hitting the market in March as well which should add to the shift.

    So based on my comparison we should see a violent reversal 😁🤣 in real estate by mid March… Be watching for it.

    1. Bitcoin is off to the races, likely because HODLers think Putin is going to trade in Bitcoin to circumvent the sanctions. I dunno, ISTM he would do better to trade by straight barter.

      1. He’s got oil, which he won’t be selling to Europe we guess.

        They’ve also spent the past decade stockpiling gold. The Russians are not idiot enough to go Bitcoin.

        1. My thoughts exactly. They’re in bed with China and have no need for speculative digital tulips.

        2. “The Russians are not idiot enough to go Bitcoin.”

          Heh heh…1 Russian Ruble =
          0.00 Bitcoin.

          1. Cryptocurrency
            Veteran investor Mark Mobius explains why bitcoin is rallying amid Ukraine crisis
            Published
            Tue, Mar 1 2022 2:53 AM EST
            Weizhen Tan

            Key Points
            — Veteran investor Mark Mobius said the recent rally in bitcoin can be attributed to Russians buying into the cryptocurrency.
            — Bitcoin prices surged 10% on Monday as sanctions were imposed on Russian institutions, including banks, in response to the country’s invasion of Ukraine.
            — Mobius urged investors to diversify their portfolios and buy some gold as geopolitical tensions spill over into markets.

            https://www.cnbc.com/2022/03/01/mark-mobius-on-bitcoin-price-rally-after-sanctions-on-russia.html

      2. Bitcoin is off to the races, likely because HODLers think Putin is going to trade in Bitcoin to circumvent the sanctions.

        Hardly. BitCON is “off to the races” because billionaire pigmen are heavily into the con, and are engaging in massive pump and dump, dump and pump operations where they can make 10% in a day. In a world of zero rates and pigmen starving for yield, this is what you get.

      3. Uh, no.

        The reason money was invented is that it is a far more efficient technology for trade than barter. Even though crypto doesn’t really qualify as a currency for reasons we’ve gone over here time and again, it’s still greatly superior to barter as a technology to support trade.

        Both crypto and actual money solve the double-coincidence-of-wants problem which barter poses (if either I don’t have what you want or vice versa, we don’t trade), greatly increasing opportunities for trade.

    2. I was doing a road trip last week and saw a car with (I think) Virginia plates with “HDOL”.

      Cracked me up.

  24. The Financial Times
    Opinion Markets Insight
    Emerging markets recoil from Ukraine war shock
    Russian invasion adds to concerns over impact of higher prices for oil and other commodities
    Jonathan Wheatley
    A food delivery man leaves an exchange office with a screen showing the currency exchange rates in Moscow
    From Asia to Latin America, stocks, bonds and currencies fell sharply as markets woke up on Thursday
    © AP
    Jonathan Wheatley 5 hours ago

    The collapse of the Russian rouble has provided another reminder for investors in emerging markets that contagion persists as a risk.

    From Asia to Latin America, stocks, bonds and currencies fell sharply as markets woke up to Russia’s invasion of Ukraine last Thursday. Some of those markets extended their losses on Monday after sanctions against Russia’s central bank at the weekend sent the rouble plunging as much as 29 per cent.

    “We’re entering a new phase where we get broader EM risk-off given the Russian shock over the weekend,” said Kevin Daly, a debt portfolio manager at Aberdeen Standard Investments. “The sub-Saharan Africa complex is down 1 to 3 [percentage] points,” he added, referring to sovereign bond prices in the region, which dropped in a flight to quality across global markets.

    So-called risk-off events, when investors rein in exposure to riskier markets are, it turns out, still bad for EMs as a group.
    …

    2. Well, he won’t be going out in public next time without some goons.

      At work, I’ve been told that even lower level VPs cannot meet the CEO or the Chairman of the Board without being frisked and wanded first by security.

    3. 😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍

    5. That was just beautiful.

      Take Mad Maxine Waters’ advice, and GIVE IT BACK TO THEM TURNED UP TO ELEVEN. If I’m in Vegas anytime soon I want to buy this guy a beer 🙂

      1. RR
        Loved to have been there. As usual the local PTB are wringing their hands at the inappropriateness of it all. This place is very small and they all know each other. Even those who criticize Gov. Sisolak regularly are moaning.

        This was great, and we need more of it. My wish to run into binging Nicholas Cage has now been replaced by hoping to see more local politicians embarrassed in public 😁

  26. I know we’re supposed to be obsessed with Russia, Russia, Russia.

    Anyway, from what I have observed, flights are packed like sardines these days. An empty seat is a rare sight. Yet I keep seeing headlines like this one:

    United is cutting 17 routes and leaving one US city entirely

    So why are they cancelling routes? Is it because of a pilot shortage? And don’t virtually all airlines have a “no jab, no job” policy? I think the pilots who quit rather than get jabbed did so months ago. So what is happening? Are jabbed pilots failing their physicals?

    1. Anyway, from what I have observed, flights are packed like sardines these days. An empty seat is a rare sight. Yet I keep seeing headlines like this one:

      Lower demand and fewer flights leads to “more packed” flights as they force people onto the same aircraft filling the seats up vs spreading them out over multiple aircraft.

      1. But I’ve also been reading stories about how air travel is up. According to the local airport, passenger counts are back to pre pandemic numbers.

        What is odd is that I frequently see articles about how the big 4 are cancelling routes. Not just flights, but entire routes. One week it’s Delta, then American or United.

        Of course there was that other article that chronicled how hundred of pilots died last year. No cause any other info provided, just that the number had skyrocketed. Is this continuing into 2022? Of course, we are kept in the dark.

    1. Although there was no mention of boosters when sheltering from Nuclear explosions I went to the link, clicked on Nuclear Explosions and there it is…

      STAY INSIDE

      Stay inside for 24 hours unless local authorities provide other instructions. Continue to practice social distancing by wearing a mask and by keeping a distance of at least six feet between yourself and people who not part of your household.

      https://www.ready.gov/be-informed

        1. I have read that there are 5 nukes for every metro area in the developed world. If it comes to that, there won’t be many Democrats left.

  28. Canada’s Freezing of Protesters’ Finances Shows How the “War on Cash” Ends.

    Robert Fellner
    02/26/2022

    The Canadian government is now freezing the bank accounts and personal assets of those who donated to support the Freedom Convoy, which is an organized political protest of the vaccine mandates. The deputy prime minister announced that they will retain these so-called emergency powers permanently going forward and will also seek to implement additional measures to further restrict the ability of political protestors to raise funds or otherwise use the banking system.

    Free speech rights and the right to assemble are of little use to those who have no ability to access their money. Organizing an assembly requires being able to afford the costs associated with travel. Exercising free speech rights, at least if one wishes to do so effectively, requires at least some funds to ensure that the message reaches a large audience.

    Prime Minister Justin Trudeau understands this fact, which is why his administration has chosen to freeze the bank accounts of those directly involved in the protest, as well as those who merely donated to help support the protest efforts. When a similarly power-hungry tyrant seeks to do the same here in the United States, the Constitution will be utterly powerless to stop them. Good luck mounting an effective protest to an unjust and tyrannical government without having access to money or the banking system.

    https://mises.org/wire/canadas-freezing-protesters-finances-shows-how-war-cash-ends

    1. 02/26/2022 The Canadian government is now freezing the bank accounts

      The Emergency was called off on Tuesday I think which was 02/22. Freeland’s statement that these “tools” need to be permanent became a pipe dream (for now). Might the banks which went along with this action be in a pickle? We’ll see.

      Don’t forget that the US did this to Assange earlier. Monkey see, monkey do.

      1. “The Emergency was called off on Tuesday”

        I wasn’t aware of that, I was also relieved to find out the old woman who was trampled by the thugs on horseback survived.

        Pauline Hall
        @Pauline51734996
        This is the woman trampled by an RCMP horse in Ottawa. She is alive but has shoulder injuries, her family has said. Her name may be Candice Sero and she is full-blood Mohawk. If i have any of this wrong please inform me

        https://twitter.com/Pauline51734996/status/1495057100308951048?s=20&t=bzs25aKgYiwZRVUMLOVRuw

        1. And the bastards that spoke/did such things also remain, not the least of which is Chrystia Freeland. The protest was against government overreach. In response the government gave them a shocking big portion of the same as an answer. Quite the reveal. Freedoms are not guaranteed.

  29. Re-post of a long read published a few months ago.

    Michael Anton — Unprecedented (12/2021):

    “I have been in some part inclined to the opinion that present arrangements are unstable and may be approaching their end. Yet in thinking it through further, I am forced to admit that our times are marked by so many unprecedented trends and events that making predictions seems foolhardy.

    But before going into those differences, let’s first consider the one historical parallel that all sides of this debate draw on for precedent: the rise, peak, decline, and fall of Rome. At first glance, the two cases seem to have a lot in common. Not only was the United States founded by men educated in the classics who took Roman pseudonyms and named the government’s top legislative body after Rome’s, and not only did those founders revive republicanism after centuries of abeyance following the transformation of the Roman republic into an empire, but our country’s history itself seems to have tracked Rome’s, if not precisely then certainly thematically.

    Both Rome and America were founded by kings—or, in our case, under the auspices of a king. In both instances, the descendants of those kings ruled in ways their subjects found intolerable and were overthrown. Both peoples then established a mixed-republican form of government, with monarchical, aristocratic, and popular elements. Both of those governments were, at first, weighted toward their aristocratic elements but gradually—owing in part to popular discontent and strife—became more balanced and eventually biased toward the popular element. Both societies fought constant wars, self-justified as “defensive” but more often than not expansionist. Both rapidly conquered what we might call their immediate “neighborhoods”—the Italian peninsula and major Mediterranean islands, the North American continent, respectively—and then went on to win major wars against competing “superpowers,” in the process becoming world-bestriding hegemons. Indeed, we may say that no other power in history, save for perhaps the British Empire, acquired such extensive spheres of influence and so dominated their respective eras for so long. If other empires held more territory, or perhaps technically lasted longer, none exerted nearly as much enduring influence on the rest of the world.”

    https://newcriterion.com/issues/2021/12/unprecedented

  31. British FBs might soon face a choice between paying their mortgages or heating their shacks.

    ‘British Gas telling me my bills will be going up by £700…It’s ok, I didn’t want to be warm anyway’: Families are sent emails from the energy giant warning them their bills will soar by up to 54%

    https://www.dailymail.co.uk/news/article-10560575/I-didnt-want-warm-Families-British-Gas-emails-warning-bills-soar-54.html

    British Gas customers have reacted with fury after receiving emails from the company informing them their bills will be going up by up to 54 per cent.

    The energy company has come under fire after families, who have already been hit hard by rises in the cost of living, were told they need to find hundreds of pounds in spare change to afford their gas and electricity bills.

    1. I was shocked by high prices in the UK 5 years ago. How anyone can get by there is beyond me. Even riding the tube was pricey.

  32. Globalist media outlets have launched a concerted campaign to pitch Michelle Obama as The People’s Choice to be our next president. Sorry, globalists and DNC, but to pull that one off, you’ll need to import millions more Democrat-on-Arrival voters AND resort to massive electoral fraud.

    Republicans fear Michelle Obama presidential run, ex-Trump aide says

    https://www.theguardian.com/us-news/2022/feb/27/republicans-michelle-obama-presidential-run-trump-monica-crowley-cpac

    Former treasury spokeswoman tells CPAC ex-first lady is popular and ‘immune to criticism’ – though Obama has ruled out politics

    1. Global Investing: A Closer Look at the Russian Debacle
      By Bryan Hayes
      February 28, 2022
      This story originally appeared on Zacks

      The geopolitical event that is taking place in Russia serves as a stark reminder of the risks we must account for in the investing world. One of the risks of international investing is what is known as country risk, or the risk arising from uncertainty associated with investing in a particular country.

      This is a more general term and can include various components such as economic and political instability, limited liquidity, and other events that adversely impact a country’s business and trade environment.

      Substantial volatility involving severe fluctuations in exchange rates is also a grave concern. The Russian Ruble, for example, is crashing to new all-time lows and has lost over 70% of its value versus the U.S. dollar since its peak in 2008.

      The recent international response to the Russia-Ukraine conflict in terms of sanctions and banking restrictions has been fast and furious and is contributing to a run on the Russian stock market. The Russia Equity ETF RSX has tumbled over 60% from its peak this past November and is currently down nearly 25% just today:

      https://www.entrepreneur.com/article/421005

  36. Russia’s ruble crashes as its banking system reels
    Live Updates
    Dow tumbles as Russia threatens the West
    By CNN Business
    Updated 4:05 p.m. ET, February 28, 2022
    What we’re covering here

    US stocks tumbled and oil prices surged as Wall Street grew increasingly concerned about the consequences of Russia’s invasion of Ukraine.

    President Vladimir Putin ordered his country’s deterrence forces — including nuclear arms — be placed on high alert. That unnerved investors, concerned that the war could spill over to other countries outside of Ukraine.

    Putin’s threat came after the White House and several EU nations announced the expulsion of certain Russian banks from the SWIFT banking system Saturday evening.

    11 hr 32 min ago
    Citigroup has $5.4 billion in exposure to Russia
    From CNN Business
    Paul R. La Monica
    A Citibank AO branch in Moscow, Russia, on Thursday, Feb. 24.
    (Andrey Rudakov/Bloomberg/Getty Images)

    Citigroup is looking to pare back its business in Russia. But the banking giant still has a significant presence there…and that is hurting the company and its investors.

    Shares of Citi (C) fell 4% Monday morning after the company disclosed in its annual report filing with the Securities and Exchange Commission that it had $5.4 billion “in Russia credit and other exposures” as of the end of 2021. That’s down from $5.5 billion at the end of the third quarter but still up slightly from 2020 year-end levels.

    Citi said in the filing that it has a total of $8.2 billion in third-party exposure to Russia when cash and placements with the Bank of Russia and other financial institutions and reverse repurchase agreements with various counterparties are also included.

    Citi noted in the filing that it is “pursuing the exit” of its global consumer banking business in Russia but it still expects to have a presence in Russia through its institutional clients group for businesses.

    https://www.cnn.com/business/live-news/stock-market-news-russia-ukraine-22722/h_257fe3a49d8604d173a8cb54781ff6a4

  38. Czechs Could Face 3 Years in Prison For Supporting Russia on Social Media

    by Paul Joseph Watson
    March 1st 2022, 5:46 am

    Police warn they are monitoring Internet discussions about the war.

    People in the NATO-member state of Czechia have been warned that they could face up to three years in prison if they express support for Russia on social media.

    Yes, really.

    The country’s Attorney General Igor Stríž announced in a press release that it was “necessary to inform citizens that the current situation associated with the Russian Federation’s attack on Ukraine may have implications for their freedom of expression.”

    The limitations are being imposed under the umbrella of criminal code measures that make it a crime to approve a criminal offence or deny, question, approve or justify genocide.

    “[F]reedom of speech also has its limits in a democratic state governed by the rule of law,” asserted Stríž, announcing that anyone who “publicly (including at demonstrations, on the Internet or on social networks) agreed (accepted or supported the Russian Federation’s attacks on Ukraine) or expressed support or praised the leaders of the Russian Federation in this regard, they could also face criminal liability under certain conditions.”

    1. I sure am glad to live in the “West”, where I can express my thoughts without concern of government retribution. Because “Democracy” or something. /sarc

      I’m sure Brandon’s smiling SC nominee has some interesting thoughts on what the First Amendment really means.

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