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A Common Denominator In These Financial Calamities Is Timing

A report from Socket Site in California. “The sale of 765 Market Street#30C has now quietly closed escrow with a contract price of $1.2 million, down 29.4 percent from its 2017 value and an even greater loss when accounting for the cost of the remodeling.”

The New York Post. “A 25-foot-wide mansion built in 1899 is now in contract. It was last asking $12.2 million — which is less than what the sellers paid in 2015. The limestone residence at 17 Prospect Park West has 6,500 square feet of space. Jennifer Connelly and her husband bought the home for $3.7 million in 2003 and sold it for $8.45 million in 2008. It then sold for $12.4 million to a family trust, who first listed it for $12.9 million in 2018.”

From Bisnow New York. “One of the largest hotels in New York City has traded at a massive loss, an ominous sign for the owners of Manhattan’s big hospitality properties. Host Hotels & Resorts has sold its Sheraton New York Times Square hotel for $365M, far less than the $738M it paid for the 1,780-room property in 2006. Host was struggling to sell the property at the price it purchased the hotel for long before the pandemic, asking for $550M in 2018, according to REA. In 2020, Host admitted that the Times Square Sheraton’s value had sunk even lower, to $495M. The Times Square Sheraton sale adds Host to the list of several NYC hotel owners to sell their properties at a discount.”

The Real Deal on Texas. “After a long-fought legal battle, the original developer of a plagued Wade Park project had his claims of fraud dismissed by a federal judge, according to the Dallas Business Journal. A New York federal court on Friday dismissed fraud and other claims against the lenders with prejudice, meaning the same claim cannot be refiled. The project formerly called Wade Park or ‘Project X’ was a $2 billion, 112-acre development at the corner of the Dallas North Tollway and Lebanon Road.”

“Thomas had laid out plans in early 2017 for one of the largest mixed-use projects in the Dallas-Fort Worth area, complete with a high-rise office, an entertainment venue, 1 million square feet of high-end retail space, roughly 2,400 luxury residential housing units, and five hotels. Around this time, Gamma made a four-month $82.75 million bridge loan to the Wade Park developer. However, construction was completely halted by the summer of 2017, leaving just a giant pit and two partially constructed buildings in its place. It was repeatedly posted and removed from foreclosure listings throughout 2018, and thus never made it to auction.”

The Globe and Mail in Canada. “Action in the Toronto-area real estate market is a little more sporadic in early March as some pockets and price ranges remain high-octane while others are cooling off. Anita Springate-Renaud, broker with Engel & Volkers in Toronto also sees plenty of unrealistic sellers. ‘A lot of sellers say, ‘the market is crazy, I’m just going to put my house up at a ridiculous price.’ Buyers are savvy. You’re just going to end up shooting yourself in the foot.’ Sellers need to understand that the market averages do not apply to every property, she adds. ‘You won’t always get five offers – you might only get two – some only get one.'”

From The Tribune. “A prominent accountant has urged Bahamian financial institutions not to leave clients ‘holding the bag’ by selling them repossessed properties in unapproved subdivisions. Kendrick Christie, president of the Association of Fraud Examiners (ACFE) Bahamas chapter, told Tribune Business had had personally ‘suffered damage’ when he was unable to sell land previously acquired from a bank because the area it was located in lacked the necessary approvals under the Planning and Subdivisions Act.”

“Mr Christie revealed to this newspaper, while not naming the bank involved. ‘I can speak from experience. The reason I know about this is that I attempted to sell a piece of land that I bought from the bank, and could not sell it.’ While asserting that he was not seeing ‘to attack the banks,’ Mr Christie added that too often purchasers were left ‘holding the bag’ in such situations as they lacked the necessary financing to resolve the subdivision/title issues or seek potential legal recourse in a court system where cases were likely to be tied up for years.”

The Sydney Morning Herald in Australia. More units than houses sold under the hammer in almost all major cities in February in another sign the housing boom is losing steam. Affordability constraints and the return of investors meant clearance rates for units were higher than houses in Sydney, Brisbane, Adelaide and Canberra, according to Domain’s February auction report.”

“Domain’s chief of research and economics Nicola Powell said it was a turning point in the Sydney property market in particular. ‘What we’re seeing here is a solid data point to mark a turning point within the Sydney market,’ she said. ‘Not only have we got higher levels of homes, so much more choice for buyers and better buying conditions, we are also seeing softening of clearance rates, particularly we’ve got a turning point in units outperforming houses.'”

“Arch Staver, auctioneer at Nelson Alexander Fitzroy said he could not recall another time with as many cranes building residential units in Melbourne’s inner-city suburbs. ‘A buyer of a unit in Melbourne has never had so much to choose from. I’m not trying to say units are not a good purchase. [But] the pressure on rents is there.'”

From Forbes. “China’s real estate industry used to be a goldmine, minting one billionaire after another. Today, it has become a debt trap for shareholders and investors. The industry’s billionaire founders are facing their day of reckoning. They need to honor payments for a mountain of dollar bonds they have issued to international investors, which will come due in the next four years, with outstanding balances of $27.33 billion in 2022, $18.28 billion in 2023, $19.03 billion in 2024, and $ 17.99 billion in 2025.”

“Twenty one Chinese property developers have been ensnared in a vicious debt spiral in recent years, according to Fitch Ratings. They have defaulted on the payment of domestic or offshore dollar bonds, or both. Their method of dealing with their financial woes offers a hint at how this drama might play out. Tellingly, none of these companies has gone into bankruptcy proceedings, according to Fitch Ratings. Many of them are publicly listed stocks that continue trading on dwindling valuations.”

“These financial calamities in China’s real estate space differ in size, shape, and tone. A common denominator is timing. The bulk of the defaults, be they onshore or offshore, occurred in 2020 and 2021. Chinese securities brokerage Essence Securities estimated that of the 14 mainland real estate developers that defaulted on their payments of dollar bonds, totaling $8.65 billion as of year-end 2021, 10 took place last year, involving $6.34 billion.”

Related Posts

We Need This Train To Stop

https://www.youtube.com/watch?v=ZWGCCekTlgo https://www.youtube.com/watch?v=NFDBd3lvKbM&t=86s https://www.youtube.com/watch?v=Mk0EbKIVn8I

This Post Has 116 Comments

  1. ‘ensnared in a vicious debt spiral in recent years, according to Fitch Ratings. They have defaulted on the payment of domestic or offshore dollar bonds, or both’

    I love a good vicious debt spiral to start the day.

    Fitch guy: So how many billions do you owe?

    Developer: Around 30.

    Fitch guy: No really how much?

    Developer: 100. It’s no more than 150, 200 tops.

  2. ‘with a contract price of $1.2 million, down 29.4 percent from its 2017 value and an even greater loss when accounting for the cost of the remodeling’

    That’s some red hotcakes right there.

  3. ‘‘I can speak from experience. The reason I know about this is that I attempted to sell a piece of land that I bought from the bank, and could not sell it.’ While asserting that he was not seeing ‘to attack the banks,’ Mr Christie added that too often purchasers were left ‘holding the bag’

    Well it was cheaper than renting Kenny.

  4. Looks like the globalist Quisling regimes in NZ & Australia better start recruiting for new regime protection security forces, since many police aren’t happy with their role as globalism’s armed enforcers.

    ‘Disgusted’: WA Police speak out against vaccine mandates in controversial survey

    https://www.news.com.au/finance/work/at-work/disgusted-wa-police-speak-out-against-vaccine-mandates-in-controversial-survey/news-story/712060056ba7162f0132900a4bcdac6e

    WA Police officers claim they have been “bullied” into getting vaccinated, while describing morale as dangerously low due to Covid-19 enforcement.

  5. U.S. inflation rate climbs again to 7.9%

    Another day of the Fed sitting on their ass*s.

    What is it with these guys?

    Is a bong party going in the Fed conference room?

      1. Just as we’re recovering from the pandemic they decide to gamble with Putin, a high stakes wager that Biden and Blinken lost.

        1. Gas closing in on $5 a gallon round these parts. When it hits $10, it’s gonna be Mohawks & ass-less chaps from here to the far horizon.

    2. It’s all by design. Jay Powell told everybody he was going to “let inflation run hot.” What, you didn’t believe him? These people stole a bunch of money and are now putting the screws to the poor to try to pay for it.

  6. “Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures. Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports,” Musk tweeted.

    https://conservativebrief.com/hate-60851

    1. Understandable since he needs a tremendous amount of oil to build and run his carbonless vehicles.

  7. Poor globalists. All of their puppet regime figureheads seem to be experiencing plummeting approval ratings as they ram through their puppetmasters’ agendas. Are the cucks & sheeple in the WEF looting colonies of New Zealand and Australia belatedly realizing what they voted for?

    New Zealand PM Jacinda Ardern Slides to Lowest Poll Rating Since Taking Office

    https://www.bloomberg.com/news/articles/2022-03-10/n-z-s-ardern-slides-to-lowest-poll-rating-since-taking-office?sref=ibr3A0ff

    New Zealand Prime Minister Jacinda Ardern has slipped to her lowest poll rating since taking office in 2017.

    Ardern’s Labour Party fell three percentage points to 37% in a 1News/Kantar poll published Thursday in Wellington. Labour now trails the main opposition National Party, which rose seven points to 39%. The next general election is due in late 2023.

    1. Ardern’s Labour Party fell three percentage points to 37%

      That’s unpossible! She’s supposed to be the most popular Kiwiland PM of all time! The newspaper said so!

      1. thats why all the fancy pants leaders are running around showing that they are doing ‘something’

        Trudeau Jr was in the UK, Latvia, and Poland to do photo ops to show that he was really, really, really concerned about Ukraine. But not doing anything really

  8. For those perturbed by soaring inflation, fear not! Yellen the Felon has assured us that such high inflation (even as measured by our fake, Soviet-style CPI data) is “not acceptable” and that she “hopes” it will go back down to 2% in the second half of the year. She also assures the peasantry that Brandon’s Build Back Better fiscal lunacy will in no way be inflationary, even though it’s being paid for with borrowed & printed money. Forward, Soviet!

    1. Mr. Banker

      What is your gut telling you which way the 10YR is going?

      (Since mortgage rates tend to track the 10 YR)

          2. Interest rates need to go up in order to fight inflation.

            They don’t want to fight inflation. Inflation was the goal. They are lying to the people to try to make it look like they are doing something.

            “We could raise interest rates in 15 minutes if we have to.”

            ~Ben Bernanke, 2010

            Don’t listen to what they say, watch what they do. The FED is intentionally stoking inflation.

        2. A year or so ago “informed” people were talking about interest rates going negative- negative interest rates. People who bought into this scenerio would be willing (and grateful) to be able to lock a two percent rate for ten years and the 2 Year Treasury Note was priced accordingly.

          Now the fantasy of negative interest rates has vaporized and has been replaced by the spectre on ever-increasing rates due to ever-increasing prices.

      2. “Down”

        A clarification my be necessary: When I opined that the direction of the 10 Year Treasury note is down I meant the value of the note itself and not the interest rate that gives the note it’s value.

        IOW I believe the interest rate of the 10 Year Treasury Note will go up.

        1. “…IOW I believe the interest rate of the 10 Year Treasury Note will go up….”

          Correct.

          This just posted on MarketWatch a few minutes ago.

          10-year Treasury yield tops 2%, and 30-year hits 9-month peak, as U.S. consumer prices rise to fresh 40-year high

  13. Tucker Carlson On Secret US Biolabs In Ukraine – Why Are We Funding This?

    by Kelen McBreen
    March 10th 2022, 9:17 am

    Carlson started his show with the subject, looking first at the establishment media, politicians and “fact checkers” confidently stating accusations of US biolabs in Ukraine are total conspiracies.

    Next, the Fox host played footage of State Department Under Secretary for Political Affairs Victoria Nuland confirming the existence of Ukrainian biological facilities during a Senate Foreign Relation Committee on Tuesday.

    Carlson began, “‘Not only does Ukraine have secret biolabs,’ Victoria Nuland said, Whatever they’re doing in those labs is so dangerous and so scary that she is quote, ‘Quite concerned,’ that the research material inside those biolabs might fall into the hands of Russian forces.”

    As Tucker pointed out, the State Department’s fourth highest ranking employee confirmed under oath of perjury that the “Russian disinformation” the establishment has been claiming is a lie is in-fact true.

    #FoxNews #Tucker

    Tucker: Why are we funding this?

    1,038,805 views

    https://youtu.be/AugzqXPYaOc

    1. These are the same people who brought us the Iraq war, the Syrian war, the Libya war. Their current hero’s include Mitt Romney and John McCain. Kinda odd since democrats opposed all this at one time.

        1. The US likely has WMDs in Ukraine.

          One would think that we would have quietly shut down all those labs months ago, that is until we realize who is “in charge”.

      2. And some of those Dems red-pilled when the core Dems made it clear they only cared about demographics. The rest are blinded my TDS.

    1. How many Brandon voters are weeping bitter tears of regret, like Nancy Pelosi watching all that Russian vodka being poured out.

      2. How many Brandon voters are weeping bitter tears of regret

        Was chatting with a coworker yesterday. He’s a true believer and thinks Brandon is doing a great job. He also believes that the high fuel prices are solely because of greedy oil companies. New drilling lease bans and other restrictions have nothing to do with it.

        Then again, he’s also a true believer in the jab.

        1. When you’ve got to justify your terrible decisions most people will resort to incredible mental gymnastics rather than admit their error. Even to themselves.

        2. “He’s a true believer”

          The “vote blue no matter who” TDS in Colorado is sickening, these people are depraved.

          One of our foremen is leaving Colorado and moving to Florida, tomorrow is his last day. We have had a few brief conversations about the woke sh*t being forced on his middle school and high school age children.

          I’m jealous, but I would miss my mountains too much to follow him there (sorry, Jeff). Maybe when I retire…

          2. The “vote blue no matter who” TDS in Colorado is sickening, these people are depraved.

            FWIW, the guy I was talking about is in Clownifornia. But yeah, he could have been a Coloradoan.

            Before the great RIF in Broomfield, I had about 12 local colleagues. Three of us were not insane. The rest were libtards. There is something about the profession that attracts this sort of people, because it’s been this way every place I have worked.

  16. ** “Anita Springate-Renaud, broker with Engel & Volkers in Toronto also sees plenty of unrealistic sellers. ‘A lot of sellers say, ‘the market is crazy, I’m just going to put my house up at a ridiculous price.’ Buyers are savvy. You’re just going to end up shooting yourself in the foot.’ Sellers need to understand that the market averages do not apply to every property, she adds. ‘You won’t always get five offers – you might only get two – some only get one.’”

    WOW! that’s a surprising change from placing the blame of declining/stalled markets squarely on buyers.
    at the last RE bust, realtors were gnashing & thrashing about the crashing as all those damn fence sitting, non-trigger pulling, greedy buyers dared to not fund a commish.

    I mean, pure emotion sez you should always insult, scold, & harass your potential customers into action, right ms. realtor housewife?
    after all, a well placed browbeating & scolding works so well when used on young kids, PTA, husbands, managers, etc. and that Telluride payment is looming while that young hotty at hubbies work is creeping into his convo more & more often . . .

    (damn that chip & joanna for such a perfect lifestyle. I should just move to TX ‘n cowboy up)

    why, I believe that attitude might have helped fuel the “Karen” label. whoucouldaknowed?!
    better go feed the squirrels before they gnaw the a/c wiring.

  17. People are stupid.

    Elon Musk Goes Nuclear – Michael Shellenberger
    https://michaelshellenberger.substack.com/p/finally-even-elon-musk-goes-nuclear?s=r

    (snip)

    “Many people were surprised to learn that Europe produced more natural gas than Russia 15 years ago. Then, two things happened. First, Russia built nuclear plants so it could export its natural gas abroad, rather than use it at home to produce natural gas. Second, Europe reduced its natural gas production, including from fracking, under pressure from climate activists. It now turns out that some of those anti-fracking activists were funded by Putin.”

    1. It now turns out that some of those anti-fracking activists were funded by Putin

      Wouldn’t it be funny if St. Greta had a secret dacha on the Black Sea?

  19. 100,000 student borrowers eligible for debt cancellation: DOE
    https://www.yahoo.com/news/100-000-student-borrowers-eligible-155225516.html

    (snip)

    “Nearly 100,000 people are eligible for student loan debt cancelation, the Department of Education announced on Wednesday.

    “The cancellations would apply to people who were affected by changes the agency made to the Public Service Loan Forgiveness program (PSLF) last year. In total, the cancellations would amount to almost $6.2 billion in student debt relief, according to CNN.

    “Under the Public Service Loan Forgiveness program, eligible borrowers were promised that their student loan debt would be canceled after they pay on the debt over the course of 10 years. Since it was established nearly 15 years ago, only a small portion of people who qualified for the program were granted forgiveness prior to 2021, the news outlet noted.

    “More than 90 percent of applicants to the program have been rejected.”

    Bahahahahahahahahahahaha.

    “The Biden administration widened eligibility requirements for the program temporarily last year after borrowers complained that they discovered they were ineligible for the program after they had already repaid their loans for at least a decade.”

    Baahahahahahahahahahaha.

    “Education Secretary Miguel Cardona lauded the move at the time, saying that it signified ‘meaningful relief’ for borrowers, CNN reported.”

    Bahahahahahahahahahaha.

    “‘The PSLF announcement made today means more of our dedicated teachers, nurses, first responders, service members, and many other public service workers will get meaningful relief,’ he said at the time.”

    Yeah? Well he lied.

    Bahahahahahahahahahahahahahaha.

  20. People are stupid.

    ‘I’m so confused.’ I’m a school nurse who took out about $30K in student loans — but over the years they have ballooned up to $96K. How could this even happen and what can I do about it?

    https://www.yahoo.com/news/m/e04b881f-65c9-3c92-af87-c5ed6522e2d6/%E2%80%98i%E2%80%99m-so-confused-%E2%80%99-i%E2%80%99m-a.html

    (snip)

    “Question: I’d like to obtain advice on tackling student loan debt. I do not have private loans, and I owe approximately $96,000. I’m so confused because initially my loans were less than $30,000, but I think the rest of it comes from interest. I’m not sure what I am looking at with my loans. My loans have been in forbearance, and I want to investigate loan forgiveness options. I am a school nurse and support my family, so my income is limited. Can you provide direction? It would be greatly appreciated.”

      1. Also, didn’t she get statements every month, showing her balance steadily growing due to non payment? Or did she just toss them into the trash, unopened, because “forbearance”?

  21. Another “person who matters” dies of a sudden heart attack.

    Victorian Labor senator Kimberley Kitching dies suddenly in Melbourne aged 52 .

    The ABC understands Senator Kitching, 52, died of a suspected heart attack on Thursday afternoon.

    How jabbed “little people” suddenly die of heart attacks, and we never hear about it because they are nobodies? How many of them have death certificates that say “cause of death: COVID”?

  22. “‘I’m so confused.’ I’m a school nurse who took out about $30K in student loans — but over the years they have ballooned up to $96K”

    Ironically my youngest daughter who is 24 just received notice this morning that she had passed her National Council Licensure Examination (NCLEX) (Registered Nurses exam). She got her RN degree in December and took the exam 2 days ago.

    Her total student loan amount is $0.00

    When she graduated from high school she wanted to take out student loans and go away to school. Fortunately, using advice from my father and this blog I managed to persuade her to live at home, get a job and take classes at the local state college.

    Today she has a nearly paid off 2021 Nissan Versa SR (not my first choice for her but the damn thing gets nearly 40 mpg which has turned out to be a big plus) 2 degrees which includes her RN, job offers at the hospital where she’s been working and others that include signing bonuses and no student loan debt.

    I’m proud of her.

    1. Outstanding ‘coaching’ – Not the BS mentoring stuff that you find in the corporate environment.

      Congrats to daughter and father.

    3. In the “Old Days” when I attended college, student loans were incredibly difficult to get since they were all based on need. And they were all government based loans–your parents needed to fill out a “financial aid” application, etc. My brother couldn’t even get a low interest subsidized loan of $1000 (National Direct Student Loan) because my family’s income wasn’t in the poverty spectrum.

      Private loans didn’t exist–getting a personal loan from a bank was virtually impossible.

      Nobody I knew had a NEW car. Many students had no car, and if they had a car it was a beater. Nobody lived away from home unless they had wealthy parents. Only one of my close friends went away to college–he attended Stanford and his dad was a PhD chemist.

      The rest of us attended the local junior and state colleges.

      Young people today were sold a big bag of manure when the student loan spigots were opened. Most of my nieces and nephews and other young people I’ve known went away to school only to end up with useless degrees and big debts. A secretary at work got her BA in music from an expensive private college. She lamented that she had a $700/mo. loan payment. Can you say, “Stupid”?

      1. “Can you say, ‘Stupid’?”

        What I most enjoy saying is:

        1. Dumb ’em down.

        2. Profit.

        😁

      2. “…student loans were incredibly difficult to get since they were all based on need.”

        IIRC, they also had to be repaid.

    4. This is the best post I’ve read on this HBB in a long long long time. I’ve given similar advice to my now high school age nieces about don’t bother with college unless you’re going into something specialized and in (actual) demand, and to not take debt, *ANY* debt.

      CONGRATULATIONS !!!

      1. Thank you for the well wishes and for doing such a nice job of articulating the advice that my daughter received from this blog and hopefully will be passed on to another young person before they put their name on a student loan,

  23. But what the hay – Its final four season, and we are richer than ever. Based on extrapolation of the worth of all these assets priced by the stock market and property assessors. Was Dec 2021 the peak?

    Household net worth in the fourth quarter eclipsed $150 trillion for the first time, rising at a healthy 8.2% pace from the previous quarter for the fastest growth period since the first quarter of 2020. The increase came thanks to a combined $4 trillion increase in holdings from corporate equities and housing.

    The total level — $150.29 trillion, to be exact — represented a 14.4% increase from a year ago. The boost came with U.S. economic growth running at its fastest pace since 1984 and the stock market enjoying another robust year

    Total nonfinancial debt came to $65.1 trillion, including $17.9 trillion at the household level, $18.5 trillion in the business world and $28.6 trillion from government. Each category saw substantial rises.

    Household debt jumped at an 8% annual rate, owing to a 6.9% rise in consumer credit and an 8% jump in mortgages. Nonfinancial business debt increased at a 6.7% clip, while federal government debt leaped by 10.8% after declining 1.3% in the third quarter.

    The first quarter numbers for 2022 are unlikely to be as flattering for net worth.

    https://www.cnbc.com/2022/03/10/household-wealth-tops-150-trillion-for-the-first-time-despite-surge-in-debt.html

    2. unless I am mistaken, $150T / 331M people is $450K/person. It does not sound bad – until you realize that 50% of the folks have less than $10K net assets.

      1. until you realize that 50% of the folks have less than $10K net assets

        They can’t even come up with $500 for an unplanned expense.

        Deadbeat nation.

    3. Household net worth in the fourth quarter eclipsed $150 trillion

      Ironically, about what the FedGov owes. Are we there yet?

      1. Redpilled,
        Thanks for dropping good stuff on the Russian/Ukraine conflict.
        As with the Covid Saga your information has been priceless. in the discovering of truth in a world of fraud.

        1. I’m glad to hear someone is finding it useful. I was initially reluctant to watch Ukraine on Fire, but after seeing a number of people who I follow post it I figured I should take the time. It was worth it.

          3. Apparently banned now on YT.

            Some very uncomfortable facts: US-backed Nazis going back decades; and, Victoria Nuland front and center.

  25. I’m proud of her. Nice 👍🏻
    That was my argument to my daughter, didn’t work. She has a nice nest egg, but I’m sorry that she won’t be able to save as much $, if any, in a town (Las Vegas) where they’re raising rents $200, 400, 600 without batting an eye.

    1. “I’m sorry that she won’t be able to save as much $, if any, in a town (Las Vegas) where they’re raising rents $200, 400, 600 without batting an eye.”

      Same thing with rent and house/condo prices around here, beyond insane at this point. Quite honestly I don’t see how any kids starting out (unless they are the children of Joe Biden or another member of the ruling political class) can pay for a place to live and the associated bills that come with it in a decent neighborhood and still afford to buy food and gas to get to work.

      1. I may be of some help. Come visit me at my bank and inquire about my “Real World Reality Check” loan.

        😁

      2. “Quite honestly I don’t see how any kids starting out (unless they are the children of Joe Biden or another member of the ruling political class) can pay for a place to live and the associated bills that come with it in a decent neighborhood and still afford to buy food and gas to get to work.”

        – Lack of affordable rent (shelter) and food are primary factors leading to “social unrest.” High petrol prices are probably a close second. This isn’t “rocket science,” but when our “betters” say “let them eat cake,” then you know that the social contract is broken and the social fabric of society is unraveling big time.

        – In the limited case, this is redressed peacefully through a highly functioning and responsive political system (Ha! Ha!). In the extreme, this leads to revolution. Think Arab Spring. Think Second Amendment.

        – Where we are in the cycle:
        “The peasants are revolting.”
        “You will own nothing and like it,” deplorable!

        https://twitter.com/JeffWeniger/status/1501328407023415301?cxt=HHwWisCr_eqO5dUpAAAA
        Jeff Weniger
        @JeffWeniger
        Right on schedule

        ✅Morocco: 3-day trucker strike over fuel prices
        ✅Italy: Heavy goods truckers planning March 19 protest
        ✅Yemenis protesting fuel crisis today
        ✅Irish truckers planning a fuel strike
        ✅Pakistan protest against inflation and unemployment

        3:46 PM · Mar 8, 2022·Twitter Web App

        1. Back in the 70’s and 80’s there was a lot of discussion about over population especially in places like Los Angeles. Miraculously all discussion of that evaporated and the borders were flung wide open. It is more important now than ever.

          Using the rule of 70 we can get a pretty close idea of how long a city or region will take to double without using any complicated equations. Just divide 70 by your growth rate and you will have a very close approximation of how long to double. For example, a 5% population growth rate gives you 14 years to double the population. (approximately one real estate cycle!) <—important factoid. Historically, 5% growth rates were considered reasonable.

          Why does this matter? It matters because every city with a positive growth rate is trying to double in x amount of years. Why it REALLY matters is because every time you double the population you are using more resources and gaining more people than all of your past doublings COMBINED!! The harsh reality is Los Angeles is trying to double. So is Phoenix. So is San Diego… and people are streaming in from all corners of the globe. Once you understand this natural phenomenon you can see a city by its growth rings and gauge where it is going.

          NIMBYism and focusing on building granny cottages is simply not going to fix the problem. All of the places where people are being priced out is a function of this population surge that is occurring. It deserves far more attention than anyone is giving it. This is the real power behind the cycle, not the FED. The FED/GSE's are just riding it and amplifying it. This is how you get so far above inflation. All of the millions and millions of people who have arrived over the past decade and more haven't just disappeared, they are packed into every nook and cranny they can find. I know there will be opposition to this post but if you can wrap your head around the formula and try to guess the real growth numbers (not the state's fake numbers), you will begin to see the scope of the problem is much bigger than most people realize and it gets worse daily. Unfortunately, it would be racist to stop it. Plan accordingly.

      3. It could be worse. Just heard on the radio news some LL raised the rent $1,000/mo. Didn’t catch if it was here or elsewhere in the US.

  26. “The sale of 765 Market Street#30C has now quietly closed escrow with a contract price of $1.2 million, down 29.4 percent from its 2017 value and an even greater loss when accounting for the cost of the remodeling.”

    …and an even still greater loss when accounting for red hot inflation. I guess they don’t teach the concept of real dollar value in real financial journalism school?

  27. Other HODLing costs not accounted for:
    – origination fees and interest on the loan
    – transactions costs on the sale and purchase
    – taxes
    – insurance
    – repairs and maintenance, unless covered under “remodeling”
    – other!?

  28. Does anyone else out there feel like this is all a “managed collapse of the dollar” sequence of alleged events, within which all of the People Who Matter will always have their assets and lifestyles preserved, but the Little People must suffer, and suffer more?

    The pivot from the CCP Flu Scamdemic, to #MuhRussia, it’s all such a sad, stale lie.

    P.S. the Arab Spring started when a street merchant, a fruit seller in Tunisia set himself on fire because of inflation.

    1. all a “managed collapse of the dollar” sequence of alleged events

      Destroying our money is only one of many prongs in the relentless attack on our great country.

    2. The dollar has been in a managed collapse since the Federal Reserve was established.

      But, yeah, now it’s jumping the shark. Homelessness, which has grown tremendously, should become exponential soon. Some are saying that a “recession” is coming in 3Q. It should make the Great Recession look like a rehearsal.

      1. One could argue that the Great Recession was a rehearsal.

        And I agree we’re going to see much more homelessness soon, with rents doing what they are doing now. And it won’t be only addicts who prefer the streets. It’s going to be the employed homeless and the employable homeless. Even $15/hr isn’t going to be enough.

    3. Of course this is intentional. They even telegraphed it before and during.

      “We are going to let inflation run hot.”

      ~Jay Powell

      P.S. the Arab Spring started when a street merchant, a fruit seller in Tunisia set himself on fire because of inflation.

      Nobody ever talks about the mass suicides in India and abroad after the Monsanto con job. These globalists are evil, irredeemable aszholes. They deserve to die gruesome deaths.

  30. Dr. John Campbell seems quite disturbed over the Pfizer data release.

    “It’s destroyed trust in authority.” @ just before 22 min.

    About that red pill John: Some of us were there all along.

    1. The good Doctor seems disturbed about the Plizer information drop. 1,200 adverse reactions to the jab, including death. Now we know why informed consent was supressed and censored.
      Who would of taken the jab if they were handed this long list of risks of side effects in taking the jab?
      Unbelievable.

    1. The Financial Times
      European Central Bank
      Hawks in control at ECB as inflation fears dictate policy shift
      Eurozone prices have risen far faster than expected, outweighing uncertainty over impact of Ukraine invasion
      Christine Lagarde, ECB president.
      Christine Lagarde, ECB president: ‘[There] were different views around the table — in all directions’ but in the end everyone decided to ‘rally’ behind the decision.
      © Bloomberg
      Martin Arnold in Frankfurt yesterday

      The balance of power at the European Central Bank has shifted decisively in favour of hawkish officials determined to tackle the risk of inflation spiralling upwards, despite fears that the war in Ukraine could drag Europe into recession.

      Several ECB governing council members argued at Thursday’s meeting that it should wait before speeding up the withdrawal of its bond-buying stimulus due to uncertainty over the economic fallout from Russia’s invasion of Ukraine. But they were outnumbered by more hawkish voices.

      “The argument about inflation dominated and prevailed over anything else, including the war, the uncertainty and the fears about growth,” said one person involved in the meeting.

      “The risks of inflation are now seen as greater than other concerns by a majority of the council,” the person said, after the ECB announced it planned to stop net bond purchases in the third quarter in response to the recent surge in prices of energy and many other goods.
      …

    2. March 10, 2022 4:26 PM PST
      Last Updated 12 hours ago
      Wall Street closes lower as inflation hits 40-year high, inviting aggressive Fed tightening
      By Stephen Culp
      4 minute read
      Summary
      — Year-on-year CPI hits 40-year high
      — Banks, big tech stocks fall after sharp rally
      — Amazon surges following stock split, buyback plan
      — Indexes down: Dow 0.34%, S&P 0.43%, Nasdaq 0.95%

      NEW YORK, March 10 (Reuters) – Wall Street resumed its slide on Thursday, ending in the red as inflation hit a four-decade high, cementing expectations that the U.S. Federal Reserve would hike key interest rates at the conclusion of next week’s monetary policy meeting to prevent the economy from overheating.

      https://www.reuters.com/business/futures-fall-inflation-nerves-amid-ukraine-crisis-2022-03-10/

    1. “Police Department suggest drivers take precautionary steps, such as purchasing a locking gas cap and parking in a visible well-lit area.”

      Gas caps? LMAO 🙂

      In the 1970s, it wasn’t a pandemic that brought Baltimore to a standstill

      By MIKE KLINGAMAN
      BALTIMORE SUN |
      MAY 27, 2020 AT 4:36 PM

      “It’s turning us into animals. It’s back to the caveman,” said John Wanken, of Cockeysville, who spent an entire morning in 1974 hunting for gas. He finally got $2 worth, giving him half a tank — just what he’d left home with four hours earlier.

      Lines for service stations snaked through business districts and residential neighborhoods, blocking private driveways and stores’ parking lots. People camped overnight at the pump; Bill Connolly, 22, slept in the back of his Volkswagen bus for six hours at a station on 36th Street to be first in line when it opened at 7.

      Gas thefts were rampant; Baltimore County police logged 46 complaints one day. Auto parts stores, including a Pep Boys on Eutaw Street, sold out of both siphons and locking gas caps; the latter were no match for an ax. Woodlawn Brooks, of Mary Avenue, found his car drained of 20 gallons overnight.

      Thieves got bolder as the crunch dragged on. In northeast Baltimore, two 16-year-olds were arrested for siphoning fuel from a charter bus. At the Wilkens Police Precinct in Catonsville, thieves emptied the tanks of several officers’ private cars parked in the station’s lot. In Anne Arundel County, they swiped gas from a police car itself.

      https://www.baltimoresun.com/features/retro-baltimore/bs-fe-retro-gas-crunch-20200527-to4adozlk5caneq4zyjw6r2rxu-story.html

    1. The Financial Times
      BlackRock Inc
      BlackRock hit by $17bn in losses on Russian exposure
      Sharp markdowns at world’s largest asset manager show broad impact of sanctions and shuttered markets
      Larry Fink
      BlackRock’s chief executive Larry Fink. The asset manager has marked down the value of its largest Russian ETF from about $600mn at the end of last year to a total value of less than $1mn
      © Lucas Jackson/Reuters
      Brooke Masters in New York
      2 hours ago

      BlackRock, the world’s largest asset manager, has taken about $17bn in losses on its Russian securities holdings because of the attack on Ukraine.

      Clients held more than $18.2bn in Russian assets at the end of January, the firm said, but shuttered markets and worldwide sanctions imposed after Russian president Vladimir Putin invaded Ukraine have made the vast majority unsaleable, leading BlackRock to mark them down sharply.

      The firm suspended all purchases of Russian assets on February 28 and disclosed at that time that its holdings related to the country had fallen to less than 0.01 per cent of assets under management. A BlackRock spokesperson said the total value was around $1bn on February 28, when markets were effectively frozen, and the change was because of markdowns rather than asset sales.

      The enormous value destruction reflects both BlackRock’s scale — it has more than $10tn in assets under management — and the damage that the Russian invasion of Ukraine has wreaked on the wider financial system.

      Other large asset managers are also having to write down billions of dollars in exposure. Pimco, for example, held at least $1.5bn of sovereign debt and about $1.1bn of bets on Russia via the credit-default swap market before the war. Janus Henderson, Ashmore and Western Assets also have exposure to Russian debt, according to Morningstar.

      US banks Goldman Sachs and JPMorgan announced plans on Thursday to pull their businesses out of Russia, saying they were acting in compliance with government instructions.
      …

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