thehousingbubble@gmail.com
Blog

The Property Sector Is Now In The Darkest Moment With Lots Of Defaults And Consolidations

A report from Reuters. “With the Fed poised to hike further, the MBA forecasts that total mortgage originations will fall 35.5% this year, with a 64% decline in refinancings. ‘We have a classic case of a mortgage boom to bust cycle,’ said Gerard Cassidy, Head of U.S. Bank Equity Strategy at RBC Capital Markets. ‘As the rates go higher the refinancing business is cooling, which it always does, and is going to force a massive shrinkage in the mortgage banking business.'”

National Public Radio. “Last month, Fannie and Freddie began accepting desktop appraisals nationwide for all eligible transactions. While some questioned whether remote appraisals could be accurate, they kept deals on track at a time of wariness over in-person interactions. ‘They [Fannie and Freddie] understood they needed to keep the flow of money going and without the appraisal, [it] was going to stop the mortgages,’ said Sandra K. Adomatis, vice president of the Appraisal Institute.”

From WNDU on Indiana. “It’s a sure-fire sign of how hot the housing market is. The crowds at St. Joseph County’s Sheriff Sales are growing. ‘I had 34 sales that day and I think all but three went, sold to, you know, outside people,’ said Lt. Paul Weisser with the St. Joseph County Police Civil Division. The one-hour auction took in more than $1 million. Many of the homes sold for far more than was owed on the mortgage. ‘It’s sad to see people lose their homes but then, you know, it’s good that these investors are willing to keep these houses going, and instead of let them go down, and you know, so that part is good to see there are investors out there trying to make things better for us, you know,’ Weisser said. An additional 28-foreclosed homes are on the docket for the next sheriff’s sale May 19th.”

From The City on New York. “Squeezed by higher property taxes, soaring energy costs and unpaid rent during the pandemic, landlords of regulated apartments are hoping for the biggest increase from the city Rent Guidelines Board in at least a decade. The research also showed that 6.5% of rent-stabilized buildings in 2020 were ‘distressed,’ or had costs higher than their gross income. The percentage of distressed buildings rose one percentage point between 2019 and 2020, the report found. More than half of the distressed buildings in 2020 were in Manhattan.”

“For an eight-unit building she owns in The Bronx, Valentina Gojcaj is facing a 40% increase in her tax bill for 2022 over the previous year, she said. Many buildings are barely breaking even. For her eight-unit building, Gojcaj’s said her annual revenue is $144,000 if all the apartments are occupied and the rent is paid on time. Her actual expenses for 2021 on that building were $38,000, the property tax bill for the coming year is $57,000 and her mortgage is $48,000, leaving a cushion of $1,000.”

The Inter-Mountain. “A closer look at the numbers by LendingTree tells a more patchwork tale. Yes, the market is hot in some states. In others, there is considerably less demand. The online lender looked at the number of homes sitting vacant in each state and found that West Virginia has the fourth-highest vacancy rate in the country, at 18.12% of our 896,570 housing units. Homes in certain markets in the state — Morgantown, Wheeling, Charleston and Martinsburg, to name a few ­– don’t last long once listed for sale. But overall, West Virginia is struggling with vacant homes.”

From WFTS. “According to the U.S. Census Bureau, the state of Florida leads the nation with 1.68 million vacant houses. However, just because they are not occupied, doesn’t mean they’re not owned. ‘When you say 1.6 million vacant homes, that means to me there is someone controlling the market artificially,’ Tampa Bay area real estate agent Louie Talacay said. Jen Simmons is frantically trying to move to Tampa Bay from her home in New Jersey. On the surface, it appears there is a sea of empty homes for Simmons and her family to move into, but in reality, they are fighting tooth and nail to win out on just one.”

From USA Today on California. “Ron Wyghtman has watched L.A. and his small corner of Venice change drastically over decades. The 66-year-old remembers when the city saw violent crime reach historic highs in the 1990s with gangs, murders and a crack epidemic. It got safer. But now, Wyghtman says he sees it both backtracking and moving toward a new crisis. Tents and a disheveled RV now line his streets. Feces often mark the black fence that surrounds his small community. The sounds of emergency sirens echo during the dead of night and in the middle of the day.”

“Misty Keyser, 51, hears sirens almost every evening along Venice Boulevard in L.A.’s Venice neighborhood. She says for years she’s watched in frustration as leaders statewide and in the Greater Los Angeles area promise change that never comes. Instead, she says, lower-income homes were replaced by mansions and vacation homes, only further crippling the state’s housing crisis. ‘It just feels like it’s only getting worse,’ she said from the stoop of her one-story bungalow. ‘I don’t know what is needed, but we need change. We have people living outside like a Third World country. I mean, that just sounds insane. How is it still happening?'”

From CFJC Today in Canada. “Right now in B.C., buyers are at risk. Out-of-control bidding wars are putting pressure on people to waive standard conditions just to have their offer considered. Sources in the industry say that as many as 70 per cent of offers made in B.C. over the past year were without conditions, meaning people are waiving home inspections or financing approval. Even in Kamloops, realtors say more sales are being completed with no conditions.”

“One family in Nanaimo found out the hard way just how risky that can be. After paying over the asking price and waiving an inspection on their first home, they found out it had damage that would cost up to $100,000 to repair. This could easily happen to any family throughout B.C.”

The Vietnam Investment Review. “The unprecedented cancellation of the Tan Hoang Minh private bond issuance has caused an uproar in the market. The cancellation occurred after the bidding process to buy a land lot in Ho Chi Minh City’s Thu Thiem Peninsula for a record $106,521 per square metre late last year. The company soon thereafter decided to pull out of the transaction in January, forfeiting millions of dollars in deposit money.”

“SSI analyst Trinh Thai stated, ‘Some are concerned that Tan Hoang Minh might face default risk from the scandal, which could trigger a domino effect in the property sector as seen with Evergrande in China. We might need to wait for the response by Tan Hoang Minh to see how it could resolve its obligation balance to pay off debt holders in the event claims from investors come due.'”

“On the flip side, bondholders are concerned about whether their investment money will be lost and, if so, how they will recover their funds from the cancellation.”

From Bloomberg. “China’s worst Covid-19 outbreak in two years is prolonging the country’s property slump, starving stressed developers of cash and weighing on the economy. ‘One major loser amid lockdowns is the property sector, which is now in the darkest moment with lots of defaults and consolidations,’ said Larry Hu, head of China economics at Macquarie Group Ltd. ‘I’m now worried about being fired,’ said You Zheng, a 26-year-old real estate agent who had been handing out leaflets to passers by with his mask on for months. ‘It was difficult enough last month when prospective buyers were afraid of being locked in a compound during apartment viewing. Now who knows when sales can resume.'”

From Stuff New Zealand. “REINZ ambassador for Palmerston North Andy Stewart said this doesn’t necessarily mean a prolonged drop. ‘I think what we’re seeing here is a correction. We need to think about this as being the norm, as opposed to the increases in the past few years which have been abnormal. It’s a buyer’s market at the moment and so sellers need to be attuned to what the actual price of their house is. Otherwise, these properties are just left to sit.'”

“Stewart went on to say that even with this drop in prices, most buyers were already property owners, with first home buyers still struggling with increased deposit criteria and interest rates. ‘First home buyers are almost non-existent here.'”

“Youm mortgage advisor and director Craig Seton expressed a similar sentiment around first home buyers, saying the increase to a 20% threshold for first time borrowers remained a difficult obstacle to overcome. ‘It’s getting really hard to get a loan above 80% and so that deposit is really hard for people to put together.'”

Related Posts
This Post Has 101 Comments

  1. ‘ The company soon thereafter decided to pull out of the transaction in January, forfeiting millions of dollars in deposit money’

    But they were the winnahs?

  2. Tracey Gold Housing Market Ready for Action. You’ve seen the binge. Now comes the purge.

  3. ‘The sounds of emergency sirens echo during the dead of night and in the middle of the day’

    This is what I noticed last decade when I visited San Francisco. The sirens almost never stopped. I’m sure it’s much worse now.

    ‘Her actual expenses for 2021 on that building were $38,000, the property tax bill for the coming year is $57,000 and her mortgage is $48,000, leaving a cushion of $1,000’

    How does that 5% cap rate look now?

    2. This is what I noticed last decade when I visited San Francisco. The sirens almost never stopped. I’m sure it’s much worse now.

      Same in London in 2017. Plus walking around I’d constantly see police trying to calm down agitated locals. The city felt very unsafe.

    5. I’m not sure where in the bronx she owns but her info is not accurate I own a 4 family and pay close to 14k and 5 family its a little over 15k I know someone thats owns and 8 family in East harlem with a store and they pay 50k, that lady is giving fake news, ask her the address its easily verifiable

  4. ‘They [Fannie and Freddie] understood they needed to keep the flow of money going and without the appraisal, [it] was going to stop the mortgages’

    I was thinking about how most people look at the mania yesterday. It’s typical to compare last decade to these times. “Oh that was a bubble lending is strict!” Now they’re phoning in appraisals – rock solid lending!

    in 2014, the market tried to correct, Mel Watt put the pedal to the metal. In the last half of 2018, we saw ebola!! sweep the US. Even foreclosure auctions suddenly started to make sense in Arizona anyway.

    Then CCP virus and more money was created than existed in the 90’s. The REIC and guberment started this fire – again. How can one compare a bubble and collapse to a time when trillions are juiced repeatedly into a staggering market just to keep it going another month? This is the best they’ve got? If so, China is what awaits.

  5. The tales of woe from DebtDonkeys just pile up higher and higher and prices go lower and lower.

    Sonoma, CA Housing Prices Crater 18% YOY As Foreign Investors Dump MBS

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

    As one real estate economist said in jest, “You’d have to have rocks in your head to have bought a house in the last 15 to 20 years.”

  6. ‘I think what we’re seeing here is a correction. We need to think about this as being the norm, as opposed to the increases in the past few years which have been abnormal. It’s a buyer’s market at the moment and so sellers need to be attuned to what the actual price of their house is. Otherwise, these properties are just left to sit’

    Because it’s harder to get a loan. For years I read guberment plans to “make” shacks more affordable. (While they really do everything they can to stop that). But how many of these plans have ever worked? Foreign buyers ban, below market rate construction rules. More supply!! I find it odd no one in California has asked, how many gotdam years of this horsesh$t do we have to listen to before you realize it’s the loans.

    But this is globalism. They use shacks as commodities cuz the labor market sux and will never get better until we get rid of them.

    2. “But this is globalism. They use shacks as commodities cuz the labor market sux and will never get better until we get rid of them.”

      – The labor market sux because of globalism. Good mfg. jobs went to CCP China. You will eat bugs and like it. People blame Capitalism and clamor for Socialism, but the elites/globalists are driving the U.S. and the rest of the developed world (OECD) to Socialism. A few elites and the masses as debt serfs. Banana Republic. Look at Venezuela, Cuba, NK, CCP China for your future. #Resist. Keep stacking those 2A supplies…

  7. ‘Jack Dorsey called out his social media platform’s board on Saturday, saying “it’s consistently been the dysfunction of the company.”

    “It’s consistently been the dysfunction of the company,” Dorsey replied.’

    “Are you allowed to say this?” another user tweeted. “No,” Dorsey replied.’

    https://finance.yahoo.com/news/jack-dorsey-rips-twitter-board-225516616.html

    I don’t know about you guys, but I don’t like this part of China.

  8. ‘Airline cabins erupted in applause as jubilant pilots informed passengers they were free to remove their face coverings. ‘Pilots wasted no time in letting pandemic-weary passengers know via intercoms that they could remove their masks — setting off sky-high celebrations in the cabins, Newsweek reported.’

    ‘KSAZ-TV reporter Erica Stapleton posted a video on Twitter in which Kool & the Gang’s “Celebration” is heard being played over the loudspeaker. “When you’re actually on a flight & they tell you the federal mask mandate is lifted for travelers. Lots of cheering from passengers on board,” Stapleton wrote Monday night.’

    ‘Ben Dietderich, press secretary for Sen. Dan Sullivan (R-Alaska), posted a short clip of passengers applauded a similar announcement from the flight deck. “A wonderful moment mid flight on @alaskaair today!” he wrote.’

    https://nypost.com/2022/04/19/judges-decision-to-void-mask-mandate-prompts-mid-flight-cheers-among-fliers/

    1. The fact people willingly comply with that bull$hit is the bigger problem…… like a herd of DebtDonkeys funneled into the mortgage scammers office.

      1. Why did they? You have to look back to the time: I began to see it as a hoax when they went on a fear blitz 24/7, month after month, with changing goal posts. If you got a respiratory virus, does making people afraid help? No. So why did they do it? Control. Don’t notice the mass murder. And why did they jump on the death injection? To kill even more people.

        People are waking up from the mass formation psychosis.

        1. “Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.”

          ― Charles MacKay

          1. Covid fear has been floated about with generous amounts of non stop nonsense. And it has been said that…

            “The tree of nonsense is watered with error, and from its branches swing the pumpkins of disaster.” ― Nick Harkaway

            (Hi Ben, its been a few years. I was an visitor here very early on before the last bubble, At the time, Joesixpack)
            (I see Professor Bear is still bearish, and I fear, for good reason LOL)

        2. “People are waking up from the mass formation psychosis.”

          😑

          Depends where you are. There are areas in NE that are completely unhinged. Being there requires deliberate and thoughtful passive non-compliance.

          1. Can confirm liberal areas of Vermont enjoy their muzzles and will do anything to keep them.

          3. I’m seeing a fair amount of people still wearing masks outside in Brookline and Cambridge, next to Boston. Despite being tempted to ask WHY I realize there is no point in doing so. Last week I walked into a second hand clothing store that caters to 20-somethings…every young person in the place was masked – despite the indoor mask mandate being dropped weeks ago. I was the oldest person in the store and the only one not masked. Sighed and walked out.

        3. South Denver is mask freak central.

          They are freaks, and they are permanently afflicted with a Mass Formation Psychosis.

    2. That said, I am considering wearing a paper mask on a plane in fall/winter. Not because of COVID, but because I believe masks do prevent colds and flu. I’d rather not catch a cold from the plane, which people have been complaining about for decades.

      1. Masks don’t prevent anything. I wish they did, but they do not. Early in the pandemic there was some fake science out of China that said masks worked – a bus study in particular where the people wearing masks didn’t catch corona but the unmasked did. Likely totally fak

  10. This was posted late last night and covered up.

    Tranny gotta glass jaw. 🙂

    Drew Hernandez
    @DrewHLive

    BYE FELICIA: A black Pittsburgh police officer LAYS OUT a BLM protester that refused to clear an intersection after warnings, resisted arrest and clearly interfered with an arrest at a BLM protest yesterday

    https://twitter.com/DrewHLive/status/1515729785720213506?s=20&t=niVYzSP9v6u7c6jCE29rUQ

    This was posted directly below and showed the then bearded tranny in a Muumuu attempting some kind of 2 rep get off the couch exercise video. Clicking the link now reveals…

    This Tweet is from a suspended account. Learn more

    teak_tree_turmoil
    @teaktreeturmoil

    exercise instruction from the person who caught that left hook 😂😂😂

    https://twitter.com/teaktreeturmoil/status/1515920653454651396?s=20&t=IPjXlhf8z267O-KVlY_EIA

    1. I need to watch this video a second time. But from only watching it once I can affirm “they’re not sending their best.”

  12. This is how ridiculous the housing market is in western WA:

    https://www.movoto.com/home/16219-27th-street-ct-e-lake-tapps-wa-98391-501_1914920

    Houses on tiny lots that sit right on top of one another going for $1,000.000.00…and selling (at the moment). Hot money is looking for a place to land, and now that the allure of eastern Washington is beginning to fade and peeps are being asked to return to office, it’s looking for a place to land back on the westside of WA.

    During the housing crash that began in 2008, this area was hit HARD with foreclosures and trash outs. It’s going to be twice as bad this time as artificially inflated prices pushed values up for existing homes. So many cash-out refis went to pay for second homes, 80k Ford Raptors, and other stupid toys. No one learned a thing – no one bought a house, they purchased a payment that happened to be tied to a depreciating asset.

    1. My countrywide mortgage was 5.5%, and I thought that was a fantastic deal since I’d been used to double digit rates most of my life.

      1. I refi’d last year into a 15 year 2.25% loan, no cash out. That’s looking pretty good in this inflationary economy right now. And I bought a little crapshack in 2011 for the lowest price my street has seen in a generation because of this blog. debt sucks yes but not being independently wealthy I make do with the economy I’m dealt.

        1. My house was paid-off over 10-yrs ago, and those former mortgage payments have been helping to put my kids through college. Recently though, a wind storm scattered about a third of my roof shingles across the backyard, so there goes another $10k. 🙂

  16. As I mentioned yesterday, these Covid articles are easy peasy to find, you don’t even have to look for them. This one was in Fortune magazine:

    The threat of long COVID means we can’t pull punches on vaccines, tests, and masks

      1. The level of Mass Formation Psychosis in South Denver is *DEEP* these people just can’t let go of it, it’s become their identity, their personality, their (non-soul) alleged NPC “personality” defined by CCP Flu.

        “they’re not sending their best”

    2. Another headline today:

      The Pandemic Isn’t Over Yet, No Matter How Much We Want To Believe It

      The joist of that article is that unless you get your boosters and mask up, that you’re killing grandma and are just plain selfish.

  17. Bank of Canada is Wrong on Housing Market Again

    Apr 16, 2022

    Steve Saretsky

    ‘It was over a year ago when the Bank of Canada said inflation was transitory and housing was just a bit of pent-up demand. This time around they believe housing can withstand rapidly rising interest rates. They will be wrong, again.’

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

    12 minutes long. “Central banks are not your friend.”

    1. Steve is all over the place … sometimes he has common sense, but sometimes he panics and gets into realtor hype mode. I will be happy for him to settle down in a consistent analysis

  18. “With the Fed poised to hike further, the MBA forecasts that total mortgage originations will fall 35.5% this year, with a 64% decline in refinancings.”

    Good morning, Oxide. Do you agree this will translate into a big leftward shift in the housing demand curve? Freshmen economics students can explain what that means in terms of future prices.

    1. Leftward shift, as in pulling demand forward? Not likely.
      But note that a 35% drop is not a 100%. There will always people getting mortgages, enough to keep at least some mortgage companies in business.

      1. But note that a 35% drop is not a 100%.
        My guess would be a reduction of 50% not 35%.
        Fannie Mae’s forecast reduction from 2021 vs. 2023 is 46%
        Freddie Mac’s forecast reduction from 2021 to 2023 is 42%
        (GSE data is from April releases)
        Freddie forecasts Purchase origination to be up 16% from 2021 vs 2023 (????what???)
        Fannie has purchase volume flat in 2023 vs 2021.
        My guess is purchases will be down 10-15% in 2023 vs 2021.
        Fannie is forecasting a recession beginning in Q3 2023 (could not find Freddie’s econ forecast)

      2. And there it is.

        This is why we have a housing bubble.

        Total economic ignorance.

        30 minutes on ACDC econ or mjm-foodie’s channels and people might understand curve shifts and, more importantly, price floors.

  20. WOW. Just wow! “Going to get worse” Well perhaps not in the sense that you might think Craig

    Craig Ferraro, adjunct professor in real estate at the University of Colorado, said the current housing market often makes dual income a necessity.

    “From a society standpoint, that’s probably a good thing that (single women) can afford it,” he said.

    He estimates the pandemic has driven people to look for more certainty in their living situations, on top of single women feeling more comfortable in their jobs. He pointed to potential buyers – men and women, singles and couples alike – hurrying to find houses before the market becomes more unaffordable.

    “We’re getting close,” Ferraro said in a telephone interview. “As interest rates go up, people are saying, ‘I’ve got to do it now because it’s only going to get worse.’ ”

    https://www.denverpost.com/2022/04/18/denver-single-women-buy-homes-real-estate/

  22. I don’t understand why investors are pushing to buy up every home in the suburbs. Don’t they realize that rising interest rates are likely to result in them losing boatloads of money, like Zillow already did last year?

    Maybe they assume they will be able to sell before the CR8R.

    Or perhaps they are investing other people’s money.

    1. The Wall Street Journal
      The homeowner association in the Whitehall Village neighborhood in Walkertown, N.C., wants to require new buyers to live in a home or leave it vacant for six months before renting it out.

      Property Report
      Homeowner Groups Seek to Stop Investors From Buying Houses to Rent
      Suburban neighborhoods are rewriting rules as rental investors’ purchases surge
      By Will Parker and
      Nicole Friedman | Photographs and videos by Angela Owens/The Wall Street Journal
      Updated April 18, 2022 3:38 pm ET

      Small groups of neighborhood volunteers are blocking companies from buying single-family homes, rewriting homeownership rulebooks to thwart investor purchases of suburban housing.

      These groups, called homeowner associations, spend much of their time enforcing rules related to things such as lawn care and parking. But they often have broad powers to regulate how homes are used.

      Some of these associations now believe that the rise in home purchases by rental investors has led to a decline in property maintenance and made their neighborhoods less desirable. Investors are also making it more difficult for local families to buy houses, these groups say.

      Homeowner tactics include placing a cap on the number of homes that can be rented in a particular neighborhood, or requiring that rental tenants be approved by the association board. In most cases, associations need at least a two-thirds majority to pass these measures.
      …
      https://www.wsj.com/articles/homeowner-groups-seek-to-stop-investors-from-buying-houses-to-rent-11650274203

  23. One of my earliest memories is going to Venice Beach, CA with my parents to walk along the beach. It was always weird, lots of artists and other bohemian types. But it was fun. It wasn’t unsafe, just weird.

    I spoke with my mom recently who still lives in CA and she said it’s horribly dangerous there now and she won’t go near it. Very sad.

  24. “China’s worst Covid-19 outbreak in two years is prolonging the country’s property slump, starving stressed developers of cash and weighing on the economy.”

    Time for another Great Proletariat Cultural Revolution! Onwards, little Red Guards!

    1. Dont worry 🙂 – it either grew more than expected or the hype statisticians goosed the numbers (does it even matter to central banks anymore)


      BEIJING — China’s first-quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March, according to data released by the National Bureau of Statistics Monday.

      First-quarter GDP rose by 4.8%, topping expectations of a 4.4% increase from a year ago.

      Fixed asset investment for the first quarter rose by 9.3% from a year ago, topping expectations for 8.5% growth. Investment in manufacturing rose by 15.6% in the first quarter from a year ago, and infrastructure saw an 8.5% increase over the same period.

      Industrial production in March rose by 5%, beating the forecast for 4.5% growth.

      However, retail sales in March fell by a more-than-expected 3.5% from a year earlier. Analysts polled by Reuters anticipated a 1.6% decline.

  25. I was just reading about the Bill Gates sponsored release of genetic modified mosquitoes in California. But , they were releasing these mosquitoes in Texas in 2021, and in Florida prior to that.
    So , these mosquitos were being released right before and during a Covid Pandemic . So rather than water being a delivery system for a bio weapon could mosquitoes be a delivery system?

    They pretty much know that the black plague was caused by fleas and the rats they were bitting that spread it world wide.
    I just think that its odd that the mosquitoes program was going on during Covid and its claimed to be a program of disease control, expiermental not tried before.
    Bill Gates talks about terrorist releasing bio weapons at airports, and he is just so sure another pandemic is coming.
    Its all very odd and suspicious.
    They genetically modified seeds and plants, and Gods knows what else, and they are now trying to do it to humans.
    First corruption of the EPA, and now the FDA.

  26. And Gates wants to bio engineer fake meat, wants us to eat bugs , etc . Take vaccines that alter the genes , like the mosquitos they altered.
    Dangerous people .

  27. WaPo “Tech Reporter” Taylor Lorenz Under Fire For Doxxing ‘Libs Of TikTok’, Harassing Family

    by Zero Hedge
    April 19th 2022, 11:02 am

    Post ‘tech reporter’ Taylor Lorenz has come under fire for doxxing the person behind ‘Libs of TikTok’ – a Twitter account dedicated to amplifying unhinged TikTok rants by Democrats and other leftists, including shocking clips of public school teachers who harbor extreme views.

    The crux of Lorenz’s hit piece is that Libs of TikTok spreads “anti-LGBTQ+ sentiment” and should be outed and shamed for “acting as a wire service for the broader right-wing media ecosystem” and “affecting teachers’ ability to feel safe in their classrooms.”

    She did it again.
    Apr 19, 2022

    Comments

    J Ecker
    3 hours ago

    If you are attacked by a servant of the corporate media, you’re doing something right

    https://youtu.be/YobkwNXC-g0

  28. “She says for years she’s watched in frustration as leaders statewide and in the Greater Los Angeles area promise change that never comes… ‘I don’t know what is needed, but we need change. We have people living outside like a Third World country. I mean, that just sounds insane. How is it still happening?’”

    How is it still happening? Cuz idiots like you listen to Democrats and keep voting for them.

    1. “and keep voting for them”

      The encampment under the awning of the now closed Kaufman’s clothing store in South Denver in front of the Englewood King Soopers is permanent.

      They live there, on South Broadway, all day every day. Smoking meth, shooting fentanyl, whatever.

      “They’re not sending their best”

  31. US Army doctor reveals medics were told not to report adverse COVID jab reactions

    https://www.lifesitenews.com/news/us-army-doctor-reveals-medics-were-told-not-to-report-adverse-covid-jab-reactions/

    (LifeSiteNews) – A U.S. Army lieutenant colonel and combat physician has described how fellow medics in the Army were told not to enter records of COVID jab adverse reactions into official databases.

    “They either look the other way or they just say, ‘Well, I can’t do that. It doesn’t exist’,” said Dr. Peter Chambers, a lieutenant colonel in the U.S. Army, Special Forces Green Beret, and combat physician.

    1. US Army doctor reveals medics were told not to report adverse COVID jab reactions

      One of the great coverups of all time. I still remember my doctor telling me that the jab was safe and that NO ONE had died of it. I guess his employment depended on him not understanding that.

  33. Cathie Wood’s flagship ARK fund tumbles more than 60% from its 2021 peak

    “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” —Mark Twain

    1. “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” —Mark Twain

      “I expect Tesla shares to more than quadruple to $4,600 per share by 2026 once robotaxis come online” — Mark Twain

      How anyone believes anything fElon Musk says about robotaxis is beyond me.

    2. Would now be a good time to buy the dip?

      Or would it be prudent to wait for the Fed to finish crushing the risk asset HODLers’ hopes and dreams?

  34. Did the Fed wait until it was too late to take away the punchbowl this time around? It seems like the drunkards shot the bartender and took over bar operations.

    1. Opinion US Inflation
      The Fed is too late to remove the punchbowl
      Policy is still aggressively loose, even though the recovery and surge in inflation have long been clear
      Martin Wolf
      February 1 2022

      On November 22, US president Joe Biden renominated Jay Powell as chairman of the Federal Reserve. Eight days later, Powell told Congress that it was “probably a good time to retire that word and try to explain more clearly what we mean”. The magic word he was about to retire was “transitory”. That incantation had permitted the Fed to persist with an extremely expansionary monetary policy during a strong recovery accompanied by soaring inflation. A cynic might think there was something more than accidental about the timing of the word’s retirement. I could not possibly comment. Let us hope instead that the shift is not too late.
      US consumption is back on the pre-Covid trend unlike last time.

      In 1955, chairman William McChesney Martin remarked that the Fed “is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up”. It was sound advice, as the monetary turmoil of some two decades later demonstrated. Losing control over inflation is politically and economically damaging: restoring control usually requires a deep recession. Yet the Fed has been running this risk lately, because it has not even started to remove a highly alcoholic punch bowl.
      …

    2. Hot Economy, Rising Inflation: The Fed Has Never Successfully Fixed a Problem Like This
      Central bank says it is possible, but many factors are out of its control; ‘they are strikingly behind’
      Traders worked at the New York Stock Exchange as Federal Reserve Chair Jerome Powell delivered remarks on screen in March. BRENDAN MCDERMID/REUTERS
      By Jon Hilsenrath
      and Nick Timiraos
      Apr. 18, 2022 11:07 am ET
      https://www.wsj.com/articles/inflation-jobs-fed-recession-economy-11650294297

    3. Real Estate
      Up and Down Wall Street
      A Buoyant Housing Market Complicates the Fed’s Job of Taming Inflation
      By Randall W. Forsyth
      April 20, 2022 3:30 am ET
      Housing remains a hot market.
      David Paul Morris/Bloomberg

      Housing activity is showing minimal effects from the sharp rise in mortgage interest rates. That could complicate the Federal Reserve’s task of reining in galloping inflation.

      New housing starts increased 0.3% to a seasonally adjusted annual rate of 1.793 million units in March, the Commerce Department reported Tuesday. That is on top of upward revisions of 41,000 in the two preceding months and contrary to projections of a slight dip to 1.74 million pace. The gains this past month were in the multifamily category, which were up 4.6%, while single-family starts were off by 1.7%.

      The starts data don’t tell the whole housing story, however. The backlog of houses under construction and the large number that have been authorized but haven’t started construction means homebuilders will remain busy through the year. That will keep the economy growing but also may continue to put upward pressure on prices, contrary to the Fed’s efforts to cool things off.

      There was a time the Fed could regulate the economy by virtually turning housing off and on like a tap by manipulating interest rates. That relationship broke down during the housing bubble of the early 2000s as homebuilding went wild even through the central bank raised its key federal funds target rate 17 times in one-quarter percentage-point increments, to 5.25%.

      So far, the Fed has raised its funds rate once, by a quarter point to a range of just 0.25%-0.50%. But 30-year fixed-rate mortgages have soared from just over 3% at the turn of the year to over 5%. Much of that jump has come just in recent weeks; in early March, long-term mortgage rates were still under the 4% mark. Clearly the market is anticipating the Fed’s future tightening moves, including half-point hikes in the fed funds targets at its May 3-4 and June 14-15 policy meetings, plus the reduction in in the central bank’s mortgage-backed securities holdings.

      The surge in borrowing costs surely will deter some prospective homebuyers who already have been coping with soaring house prices, up over 19% in the 12 months through January in the most recent S&P Corelogic Case-Shiller national data.

      https://www.barrons.com/articles/housing-market-federal-reserve-inflation-51650412192

  36. DOJ Extracts Settlement Out of UPS For ‘Discriminating’ Against Non-Citizen by Seeking Proof of Legal Status

    Chris Menahan
    InformationLiberation
    Apr. 19, 2022

    Attorney General Merrick Garland successfully shook down the United Parcel Service (UPS) for the alleged “crime” of “discriminating” against a non-citizen by asking for too much proof of his legal status in order to work.

    http://www.informationliberation.com/?id=63032

  38. Today is Wednesday, April 20th and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

      1. This is an election fraud article.

        The Atlantic — Trump Supporters Explain Why They Believe the Big Lie (4/18/2022):

        “Some 35 percent of Americans—including 68 percent of Republicans—believe the Big Lie, pushed relentlessly by former President Donald Trump and amplified by conservative media, that the 2020 presidential election was stolen. They think that Trump was the true victor and that he should still be in the White House today.

        I regularly host focus groups to better understand how voters are thinking about key political topics. Recently, I decided to find out why Trump 2020 voters hold so strongly to the Big Lie.

        For many of Trump’s voters, the belief that the election was stolen is not a fully formed thought. It’s more of an attitude, or a tribal pose. They know something nefarious occurred but can’t easily explain how or why. What’s more, they’re mystified and sometimes angry that other people don’t feel the same.”

        https://www.theatlantic.com/ideas/archive/2022/04/trump-voters-big-lie-stolen-election/629572/

        The name of the writer who authored this piece is Sarah Longwell, who’s author bio states is “is the executive director of Republicans for the Rule of Law, publisher of The Bulwark, and host of the Focus Group podcast.”

        The Bulwark is what replaced neocon William Kristol’s publication the Weekly Standard when it collapsed due to lack of readership or subscriptions.

        The Bulwark, and the Lincoln Project, are the ideological home of N.A.M.B.L.A. Republicans, adult men who prey on underage boys.

        Their sexual deviancy is so depraved that even the New York Times was forced to report on it:

        https://www.nytimes.com/2021/01/31/us/politics/john-weaver-lincoln-project-harassment.html

        The 2020 election was, in fact, stolen.

        “They’re not sending their best”

        2. “They know something nefarious occurred but can’t easily explain how or why.”

          Yes they can explain it. Globalist rags just pretend they cannot as a means to discredit reality.

        3. Ya, there is no video of votes being double and triple counted or of people dropping off bundles of ballots at drop boxes. It’s all just an “attitude.” Always funny when leftist rags like the Atlantic try to put on an air or moral authority while denying the existence of incontrovertible evidence that the election was stolen.

          1. “Always funny when leftist rags like the Atlantic try to put on an air or moral authority while denying the existence of incontrovertible evidence that the election was stolen.”

            Hell, the local news carries the same message put out by the Globalist Mother ship.

            Multiple local news stations say the same thing verbatim

            https://youtu.be/ksb3KD6DfSI

  39. The Financial Times
    Global Economy
    Fiscal relief from inflation is transitory, IMF says
    Surge in prices will not produce any long-term improvement in public finances
    IMF and World Bank spring meetings signage outside the IMF headquarters in Washington, DC
    The IMF now expects global prices to rise by 7.4% this year — much higher than the 3.2% it forecast for 2022 in late 2020 © Al Drago/Bloomberg
    Chris Giles in London
    57 minutes ago

    The IMF has warned governments against relying on short-term improvements to their public finances stemming from higher inflation, saying these rarely provide lasting relief from fiscal pressures.

    The fund’s Fiscal Monitor, published on Wednesday, showed the surge in inflation over the past year had lowered both borrowing and debt burdens in advanced and emerging economies. But this benefit was not sustainable, especially with higher food and energy prices adding to pressures on government budgets caused by Russia’s invasion of Ukraine, it said.

    Vitor Gaspar, the IMF’s head of fiscal policy, said “many countries are facing narrowing fiscal space”, with public budgets likely to come under more pressure as interest rates rise across the world.

    The fund now expects global prices to rise by 7.4 per cent this year — much higher than the 3.2 per cent it forecast for 2022 in late 2020.

    The IMF’s report showed this unexpected resurgence in inflation had lowered both public debt and borrowing levels as a share of GDP, compared with expectations made in October 2020 when the fund expected no rise in global prices compared with normal trends.

    Higher than expected inflation had already reduced the US debt-to-GDP ratio by 2 percentage points and 4.1 percentage points in emerging economies.
    …

    1. inflation had lowered both public debt and borrowing levels as a share of GDP

      That’s odd. Just the other year when prices were falling, we were told that doesn’t change GDP, because the calculation is price neutral. Now that prices are rising, it’s the other way around. Better credit scores for everyone!

Comments are closed.