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A Wave Of Buyer’s Remorse Is Taking Shape

A report from Fox Business. “‘We are starting to see more and more potential buyers walk away and say they just can’t afford to pay these prices,’ National Association of Home Builders  Chairman Jerry Konter, a builder and developer from Savannah, Ga told Varney on Tuesday. ‘We’ve had escalator clauses in the contracts, builders have been trying to eat some of the increased costs, but now we are at a point where we can’t do that anymore,’ he continued. He also noted that increasing mortgage rates have ‘a significant impact’ on the industry ‘and once you get over a 5% mortgage rate, you see a real decline in demand, and we are seeing that start to happen.'”

From CNBC. “‘We’re seeing an inflection point,’ housing analyst Ivy Zelman said in an interview on CNBC. ‘Our survey did see a pickup in cancellation rates,’ Zelman said. ‘We did see a tick up in incentives, and some of the cancellations, we’ve heard from some of the hotter markets, were actually private investors.'”

A press release. “‘Added RE/MAX Masters real estate agent Josh Horner, who is based in Salt Lake City, UT, ‘The [local] real estate market has shifted in April. With the inventory of established homes or new construction homes for sale still in short supply, the recent and expected rate hikes have sent a segment of homebuyers to the sidelines to sit it out a bit.'”

From KXAN in Texas. “April home sales in the Austin area decreased for the second month in a row, according to a new report from the Austin Board of Realtors. Active listings jumped 52.5% year over year to 2,763, marking the biggest gain in housing inventory year over year since the summer of 2017.”

The Ukiah Daily Journal in California. “For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,686 homes and condominiums for sale at the end of April. Inventory is slightly above that of a year ago (1,635) and it is 19 percent above the inventory last month (1,423). This is the first time in two-and-a-half years where inventory in a current month has exceeded inventory one year prior. This indicates a shift in the market.”

“The inventory of homes and condominiums available in Mendocino County at the end of April stands at 246.  This is 92 percent above the inventory in April 2021 (128) and it is 15 percent above the inventory last month (214). The inventory of homes and condominiums for sale at the end of April in Redwood Valley and Calpella is 29 homes. This is the highest that we’ve ever seen in this area. The inventory of homes and condominiums available in Lake County at the end of April stands at 440. Approximately 30 percent of the inventory (114 homes) is in the communities of Clearlake. The countywide inventory is 75 percent above the inventory in April 2021 (251) and it is 29 percent above the inventory last month (341).”

The Ahwatukee Foothills News in Arizona. “‘Your negotiation power is dissipating at a rapid rate,’ the Cromford Report warned sellers in a post last week. ‘It will take several months of this trend continuing to reach a balanced market, but this no longer looks like such a far-fetched idea.’ One sign of a sea shift in the market – and the reason for the Cromford Report’s pessimistic message to sellers – is its market index.”

“‘All 17 cities are cooling quickly and their CMI is dropping 10% or more over the past month. 9 cities have fallen by 20% or more over the last month and one – Queen Creek – by as much as 30%,’ the Cromford Report said. Stating that its index as early as May 9 ‘was the first indicator to sound the alarm about the current market direction,’ the Cromford Report adds, ‘We can now see several other early indicators fall like a sequence of dominoes toppling over. Supply is growing in almost all areas thanks to a plentiful and growing flow of new listings, while homes are going under contract at a slower rate than we have seen for a long time. While all the numbers are low in absolute terms, the 2022 line is shooting skywards like a missile. This tells us that supply is increasing very quickly relative to demand.'”

From Reuters on Canada. “There’s a big risk that asset markets such as the housing sector ‘end up collapsing as rates rise,’ said David Rosenberg, chief economist & strategist, at Rosenberg Research. ‘The bottom line is (that) central banks … overestimated the amount of stimulus that was required last year,’ said Darcy Briggs, a portfolio manager at Franklin Templeton Canada. ‘They overstayed their welcome.'”

The Canadian Press. “A wave of buyer’s remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months. Realtors and lawyers in Toronto and Vancouver say they have noticed buyers looking at what options they have to get out of a purchase and sellers hoping to ensure one goes through because conditions have shifted dramatically from the previous highs and frenzied pace.”

“‘With today’s real estate prices, there’s really no option but to go all in and if you’re going all in, and then suddenly you’re realizing that perhaps you made a bad bet and there’s a way out of that bet, you’re going to do whatever you can to get out,’ said Mark Morris, a Toronto real estate lawyer. In recent weeks, he has seen nine cases where buyers want to back out of deals but on Monday alone was approached by three sellers keen to use legal channels to keep purchasers from walking away.”

“Morris doesn’t call the encounters a trend because it’s unclear how many other lawyers are seeing the same spate, but three queries in a day is his new record. He used to see one case of that nature every few months. ‘Purchasers are looking at the existing crisis, and in the best of times, they feel they overpaid, but now they have objective proof that they’ve done so because markets have started to pummel and fall and really shows no signs of slowing down,’ said Morris. ‘Many of those buyers are faced with the option of moving forward or upping and walking.'”

“While Tirajeh Mazaheri hasn’t seen legal action in Vancouver, the Coldwell Banker Prestige Realty agent has seen buyer’s remorse and worry crop up among investors who purchased pre-construction homes a few years ago but have yet to take possession of them. ‘A lot of those people are thinking, ‘Is the market going to be able to justify this price or keep up with the price I paid and can I get this money back if I want to sell in a year?’ she said.”

The Daily Telegraph in Australia. “Home sellers have had a tough time trying to offload their properties at auction this weekend as buyers spooked by interest rate rises and a falling market pulled back from bidding. In Waverley, a cottage described as ‘blank canvas’ for renovators or builders, sold for $2.95m but only after a lengthy pause in proceedings during which it’s understood the vendors dropped their reserve. The auctioneer could be heard telling bidders: ‘if this was last year we’d be fielding offers around $3.5m.'”

“Auctioneer Michael Garofolo said there would be more results like these until vendors started to drop their expectations to ‘meet the market,’ but he warned some perspective was needed. ‘You might be going lower than what you’d get a few months ago, but if you compare it to two years ago, you’re still going to get a fantastic price.'”

From Scoop in New Zealand. “The latest QV House Price Index shows the housing market is under increasing pressure from rising interest rates. Loan affordability constraints are limiting buyers, and those who are in the market are spoilt for choice as listing levels far outstrip demand. Wellington posted the second largest home value drop of New Zealand’s main centres this quarter.”

“QV property consultant Derek Turnwald said Tauranga’s peaking property market was old news for increasing numbers of sellers. ‘There are more and more properties coming to market as owners who have held off until now realise that the market has reached its peak. Listing periods are also extending as supply increases and demand decreases,’ he said. ‘Demand for housing of all values has declined and is now generally subdued. It is a buyers’ market now, with agents also experiencing noticeably less interest from Auckland buyers. With the international borders opening, returning expats could pick up some of the slack, but equally we can expect to see many Kiwis head off overseas as soon as they’re able.'”

The South China Morning Post. “China’s home prices fell across the board last month, with newly completed abodes marking their first monthly decline in almost seven years, as a resurgent Covid-19 outbreak in several major cities exacerbated the slumping property market. ‘The signal is very meaningful,’ said Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute. ‘The turning point in housing prices fully shows that the real estate market is facing downward pressure.'”

“The data shows the lack of interest by buyers to commit to big-ticket financial commitments like property, said Li Yujia, senior economist at the Guangdong Urban and Rural Planning and Design Institute, a policy advisory body. The second-hand housing market, which suffers from the lack of cachet and marketing support, discounts and promotions for new launches, is even more vulnerable than new projects, Li said. In cities such as Hangzhou, new homes are priced cheaper than lived-in property, putting pressure on the second-hand market, Li added.”

This Post Has 144 Comments
  1. ‘All 17 cities are cooling quickly and their CMI is dropping 10% or more over the past month. 9 cities have fallen by 20% or more over the last month and one – Queen Creek – by as much as 30%’

    17 cities sitting cheek to jowl – joy! The REIC is sweating out there. This report is the main source of cheer-leading and it’s saying yer fooked. And they are! You managed to repeat the biggest mistake in Phoenix history guys, salute! See ya at the courthouse.

      1. Some might say that. I didn’t go out there until a few years ago to make a video. What I gather is it was a bunch of new shacks, drive til you qualify with out a reasonable story on how people were going to get to work and back. That didn’t matter to speculators cuz they weren’t living out there. Crater and lots of jingle mail.

        What I did notice is QC is not very big. Not yet. So the foreclosure central was definitely in greater Phoenix (all 17 cities!) and Tucson – all over the map.

  2. ‘In cities such as Hangzhou, new homes are priced cheaper than lived-in property’


    1. Seismic sensors worldwide are being updated with algorithms that can distinguish between earthquakes and the similar seismic signature caused by the massed stamping of little feet.

    2. Seismic detectors in the Asia-Pacific region are being updated with new algorithms that can distinguish between earthquake activity and the similar-sounding noise signature created by the massed stamping of millions of little feet.

    3. Do they mean real detached houses? Or more likely condos (95%+) of the market.

      New condo units in China typically do not have appliances, interior wallboard etc at sale time? The owner has to have that installed. So this is very surprising.

  3. ‘With today’s real estate prices, there’s really no option but to go all in and if you’re going all in, and then suddenly you’re realizing that perhaps you made a bad bet and there’s a way out of that bet, you’re going to do whatever you can to get out’

    But Mark, these were the winnahs!

  4. ‘We are starting to see more and more potential buyers walk away and say they just can’t afford to pay these prices…Our survey did see a pickup in cancellation rates…We did see a tick up in incentives, and some of the cancellations, we’ve heard from some of the hotter markets, were actually private investors’

    More winnahs! Incentives, what does that do to recent buyers?

    1. The answer is simple. As Will Rogers had famously advised – buy some good stock, and hold it till it goes up, then sell it. If it don’t go up, don’t buy it. – On the market crash of 1929. NY Times, Nov 1, 1929.

      It holds good for real estate too . . .

    2. some of the cancellations, we’ve heard from some of the hotter markets, were actually private investors’
      This is the part I find most interesting. If investors are walking away on new product will they soon be selling their rental homes once the HPI goes negative?

        1. Sell them to who?
          Everything has a potential sales price and if the investors providing the money for the investors Need their money back. Houses will need to be sold.

          1. If they are willing to take a haircut. If they can rent the shanties out at a profit (a big if) they might hang onto them.

          2. Let us not forget what happened last time: corporate buyers had first dibs on the mom n pop foreclosures.

  5. ‘This is the first time in two-and-a-half years where inventory in a current month has exceeded inventory one year prior. This indicates a shift in the market’

    How did you lose yer shack?

    An inflection point.

  6. Soaring inflation – especially energy costs – is going to put a serious squeeze on all the FBs who just had to get up on that property ladder. It’s also going to increase pressure on the Keynesian fraudsters at the BoE to get serious about rate hikes – pop goes the Ponzi markets & asset bubbles.

    UK inflation hits 9%, highest since 1982, amid Russia-Ukraine war

    The UK has the highest inflation rate of Europe’s five biggest economies, with soaring energy bills being the biggest inflation driver.

    1. this is friggin scary/amazing. Working class folks are going to get slaughtered here, as will many small businesses.

      I dont think that there is even fix that doesnt take (3+ years) to work its way through the system. Hopefully they did not take out too many HELOCs etc.

    2. The UK has the highest inflation rate of Europe’s five biggest economies, with soaring energy bills being the biggest inflation driver.

      My UK relatives tell me that their home electric bills arwe up over 50%. Nat Gas is also through the roof. Gasoline is about $8/gallon.

      And they don’t have long term fixed rate mortgages.

  7. Neighbors helping neighbors, cleaning graffiti off of buildings, keeping the bad element out of the neighborhood, et cetera.

  8. ‘We did see a tick up in incentives, and some of the cancellations, we’ve heard from some of the hotter markets, were actually private investors.’”

    Die, speculator scum.

  9. Active listings jumped 52.5% year over year to 2,763, marking the biggest gain in housing inventory year over year since the summer of 2017.”

    Is that a lot?

  10. The inventory of homes and condominiums for sale at the end of April in Redwood Valley and Calpella is 29 homes. This is the highest that we’ve ever seen in this area.

    I fear this rapidly increasing inventory is a leading indicator of a bursting housing bubble. Gosh, I sure hope that no FBs who overpaid end up underwater on their rapidly depreciating shacks.

  11. Replacement theory is not a theory, it is the blueprint for the globalist campaign to exterminate whitey.

    Half of humanity is East Asian or South Asian. Whitey is only about 15% of living humanoids. But that’s too much for globey to tolerate.

    And the reason why, is because whitey is the only one capable of resisting, and overthrowing, tyrannical government.

    Globey can not tolerate this, globey demands submission…

    1. This article should be titled: How To Lose The 2022 And 2024 Elections:

      Tucker Carlson hosts the most popular show on American TeeVee.

      Did you know that the Southern Poverty Law Center and the Anti Defamation League were, in fact, never elected to govern anything?

      Nobody ever anointed them to be the language police. They have zero authority or jurisdiction over anything.

      This blog can not be silenced.

      Globey can not silence us.

      1. Jon Tester (D, MT) pointedly did not join in the Democratic fun. He was swept into the Senate in 2006 at the crest of the anti-Iraq blue wave, with a LOT of grassroots help. He was always moderate, which at the time was good enough. Looks like knows which way the political winds are blowing.

    2. Citizen! While the globalists and their Democrat-Bolshevik Quislings have openly stated their demographic agenda and desired outcome, globalist media outlets assure us that the Great Replacement is a baseless conspiracy theory. Not that I’ve been keeping score, but over the past two years the “conspiracy theorists” are up about 16-0 over the Approved Narrative.

      Tucker Carlson fires back at Biden saying Democrats have decided to change the electorate and plays clip of President boasting that fewer than 50% of Americans will be ‘white European stock’ soon

    3. When you say “globey,” I think I know which group you really mean. So I’ll stay civil and give you a virtual thumbs up in agreement.

      1. Globey =/= Glowie, and vice versa.

        The only people who talk about “groups” are Feds.

    4. This is a pearl clutching article.

      Politico — How Extremist Ideologies Are Morphing (5/17/2022):

      “It’s kind of like a weather warning,” she said. “What extremist researchers are saying is, ‘The conditions are ripe for violence,’ because of all of these factors are at play in a volatile environment.”

      Among those factors: Increasing globalization creates uncertainty that makes people everywhere more vulnerable to hateful arguments and the solutions presented by those arguments.”

      Let’s play a little game.

      Substitute the word “the unvaccinated” into the rhetoric that this article is allegedly arguing against. Specifically the othering, the dehumanization, the exclusion from society and the economy.

      It’s no different than what happened in Germany in the 1930’s.

      There are globalists of every race, religion, ethnicity, and they are united in one core ideology: anti freedom, anti sovereignty, and anti humanity.

      1. The globalists are a virtual United Nations of races, creeds and ethnicities. Kind of like the actual United Nations. Wait a minute here, maybe I’m on to something ….

  12. “‘All 17 cities are cooling quickly and their CMI is dropping 10% or more over the past month. 9 cities have fallen by 20% or more over the last month and one – Queen Creek – by as much as 30%,’ the Cromford Report said.

    Wut? Cooling real estate prices? But…but that means that recent buyers are already underwater. And if FBs with no skin in the game start walking away en masse from their shacks, or in the spirit of Democrat-enabled parasitism just squat in place and stop paying their mortgages, I fear this could have a cascading effect that would only intensify the downward velocity of the market. If I owned any pearls, I would be clutching them….

    1. Yeah, here’s where we find out if $400,000 shacks were the result of “sound lending” in Phoenix.

      1. Superstition Blisters

        Love this readers comment:
        “To all those who live in the Phoenix-Tucson area. The FACT that this guy said, “We can handle a million more people” says everything you need to know. When your house is worthless and you can’t move–remember this program. When you can’t move and you have no water for showers, laundry and drinking–remember this program. When the area has an AVERAGE summer temperature of 105 degrees and you can’t leave–remember this program. Until then…Don’t Look Up!”

        1. That stretch is even more got-forsaken than Queen Creek. By all means DR Horton, start swingin’ them hammers!

          1. Is it more got-forsaken than the Golden Valley? I never could figure out why we needed to colonize Mars. We could just colonize Arizona and no one would be the wiser. At least AZ has air, and gravity.

          2. To live, I would choose GV over this area. Not saying I would live in either. GV has it’s moments weather wise. In the cool months, and there are a lot, it can be beautiful when the sun is rising or falling. The mountains/valleys have so much color. Sure, it sux to drive through, but hey?

            This crap they are talking about in the video sux all the time. Isolated, low income. The dust storms alone are a deal breaker. And they got no water, Joy!

          3. I never could figure out why we needed to colonize Mars.

            Musk has grandiose plans. Still, it will take a dangerous six month journey to get there and you will have to remain indoors all the time. There won’t be any real food and unlike with the ISS, where the crew can quickly abandon ship and return to Earth in just a few hours, if something goes wrong on Mars, you’re on your own.

          4. if something goes wrong on Mars

            Things are wrong on Mars before you get there. Unless it’s a supply station before a greater adventure, it makes no sense.

        2. It doesn’t get anywhere as hot here and we get far more precipitation, yet:

          Aurora may ban sprawling lawns, new golf courses to save water. Other Denver-area cities could follow.

          The proposal also cuts traditional grass in medians and unused decorative areas, and limits new home yards to 750 square feet of grass.

          I never understood Phoenix’s or Tucson’s appeal . They are blast furnaces half the year.

          1. I haven’t watered a lawn in the NE, ever. Why would you grow grass if grass doesn’t grow there.

          2. Why would you grow grass if grass doesn’t grow there.

            Grass grows here, but it’s not the pretty Kentucky bluegrass favored here by many. The state government is putting together an incentive program for people here to remove their lawns. If the front range continues to expand, green lawns will become unsustainable. Given that aquifers supply a big chunk of Denver’s water, we are probably already there.

          3. but it’s not the pretty Kentucky bluegrass

            Grampa used to praise “Buffalo Grass” in central Kansas.

          4. I just might Xeriscape our front yard this year as the sun and wind do their damnedest to dry it. The back yard has some shade, is fenced, and it should be a place where kids and pets can develop, play and feel safe from the wildlife.

  13. The ongoing UFO hearings are actively suppressing evidence of communication from alien beings who for years have sought to warn the human race that realtors are liars.

    UFO hearings reveal a disturbing discrepancy

    A rather peculiar moment occurred during the Congressional hearings on Unidentified Aerial Phenomenal (UAPs, aka, UFOs) Tuesday (May 17). Congressman Mike Gallagher (R-Wis) asked a question about the 1967 Malmstrom Air Force Base incident, and got a rather astonishing, shall we call it, non-reply. Scott Bray, the deputy director of Naval Intelligence, responded that he knew nothing of the event, other than that it has received some publicity outside of official channels.

  14. ‘FBI agents tasked with analyzing claims about Donald Trump and Russia took less than a day to figure out that the data didn’t support the allegations, one of the agents testified in federal court on May 17.’

    ‘Agent Scott Hellman was part of the team that examined white papers and data on thumb drives handed in 2016 to FBI lawyer James Baker by Michael Sussmann, an attorney who was representing the campaign of Hillary Clinton—Trump’s rival for the presidency.’

    ‘On the first day of Sussmann’s trial for allegedly lying to the FBI when he said he wasn’t bringing the information on behalf of a client, Hellman told the court that he and another agent took less than a day to ascertain that the information didn’t support the allegations that Trump’s business and Russia’s Alfa Bank had a secret connection.’

    “I think the person who drafted [the main white paper] was suffering from a mental disability,” Hellman said.’

    ‘Before filings in the Sussmann case, the FBI’s determination regarding the allegations was unclear. In one of the filings, special counsel John Durham said that the bureau and the CIA had concluded that the allegations were “untrue and unsupported.”

    Less than a day. I remember this went on for quite a while on tee vee.

    1. “I think the person who drafted [the main white paper] was suffering from a mental disability,”

      Not according to select committee member investigating the violent Jan. 6 Capitol riot Adam Schiff, D-Calif who also recently said… “as intelligence panel chair, he was particularly focused on making sure Ukraine is getting the U.S. intelligence support it needs to “defeat Russian forces.”

      Schiff: ‘More Than Circumstantial Evidence’ Trump Associates Colluded With Russia

      March 22, 2017, 7:11 PM EDT / Updated March 22, 2017, 10:20 PM EDT
      By Kailani Koenig

      WASHINGTON — The top Democrat on the House Intelligence Committee claimed Wednesday evening that he has seen “more than circumstantial evidence” that associates of President Donald Trump colluded with Russia while the Kremlin attempted to interfere with the 2016 presidential election.

      Rep. Adam Schiff, D-Calif., the Ranking Member on the committee, was asked by Chuck Todd on “Meet The Press Daily” whether or not he only has a circumstantial case.

      “Actually no, Chuck,” he said. “I can tell you that the case is more than that and I can’t go into the particulars, but there is more than circumstantial evidence now.”

      1. Yesterday I watched a brief video from Patrick Lancaster on the fall of the factory in Mariupol. The Russians had them surrounded for more than a month and took them all prisoner or to the hospital (same thing). What was unusual was a lack of random gun shots or mortar fire. It was dead quiet.

        A couple of things: this part of the “war” has been over for weeks. And if they had wanted, couldn’t the Russians have shelled/bombed the place flat? Runs counter to the “war crimes” narrative. It wouldn’t have even been a war crime to kill every one of the holdouts – it’s war. What we see on tee vee regarding this conflict isn’t real.

        1. a brief video from Patrick Lancaster

          Growing claims that the internet is the enemy of the state. I can’t think of anything the MSM has harped on over the past several years that was full of truth.

        2. “it’s war. What we see on tee vee regarding this conflict isn’t real”

          I enjoyed the ready, set, action bitchute “news” clip you posted a week or two ago where the reporter told the machine gunner to start firing as they started filming their propaganda piece.

        3. What we see on tee vee regarding this conflict isn’t real.

          What’s going to happen, with no warning, is that one day we will wake up and the media will tell us that Ukraine has fallen and Zedensky is in exile.

        4. “What was unusual was a lack of random gun shots or mortar fire. It was dead quiet.”

          Soldiers cannot carry much ammo and/or munitions to do any real damage except in Hollywood. The Russians have huge stockpiles of “dumb” but powerful artillery shells that they have been firing 24/7 at target-rich municipal infrastructure. Lacking the resources to take-out these artillery units, the Russians have been very successful in causing widespread destruction.

    2. HBB donation coming your way.

      The 2020 election was stolen.

      And we will never stop discussing it here. The 2020 election was stolen, stolen, stolen.

      This isn’t Facebook, this isn’t Twitter. Globey and Glowie can not censor us from stating the irrefutable fact that the 2020 election was stolen.

  15. After two weeks on the market and no bites, the grandma-finally-died house on my block is now showing a $20K price drop. Meanwhile, the Zestimate went UP. Go figure.

    1. I’ve noticed a lot more price drops and they seem to happen a week to ten days after the home is listed. That’s some great pricing strategy. No wonder Realtors earn their 3%.

      1. This price drop happened after 3 weeks. Looks like the realtor wanted two weekends of open houses to wow the prospective buyers. Not that it helped. After 10 years, the ultra-clean Minimalist Millenial Gray Flipper Special look loses its luster.

        I took another look at the basement pix. Sexi-Trux flipper guy renovated the existing bathroom and put in a bedroom, but he did NOT put in a kitchenette. Big mistake in this neighborhood. The ONLY way anyone would pay over a half-mil 😮 🙄 in this blue collar barrio is if you can rent out the basement, and this basement does not appear rentable. A kitchen is easy… really it’s just a sink drain, and this basement had one ready.

    2. “Meanwhile, the Zestimate went UP. Go figure.”

      The Zestimate is adding a sparkle to the low hanging fruit just like those huge advertising searchlights at the car dealership on the weekend when it’s time to clear out the inventory to make room for next year’s models.

  16. Lone Tree, CO Housing Prices Crater 19% YOY As Denver Suburbs Stagger On Soaring Mortgage Defaults

    As a noted economist explained, “I can ask $50k for my 10 year old Chevy pickup but where is the buyer at that price? So it is with all rapidly depreciating assets like houses and cars.”

  17. Don’t they know its a bad time to buy RE ? 🤑

    “The $6m BLM mansion: After the sickening George Floyd murder, $90m poured into Black Lives Matters coffers in just one year. Now, very awkward questions are being asked about how it’s been spent – including on this luxurious Californian home”

    1. Don’t they know its a bad time to buy RE ?
      Isn’t this just more proof that LA housing is going, one of the last greater fool. But of course if you are essentially “laundering” money do you really care?

    BIG BAD JOHN ~ Jimmy Dean (1961)

    Every mornin’ at five you could see her arrive
    She stood six-foot-six and weighed two-forty-five
    Kinda broad at the shoulder and narrow at the hip
    And everybody knew she was losing her grip Big Donk
    (Big Donk, Big Donk)
    Big bad Donk (big Donk)

    Nobody seemed to know why she bought a home
    She just called a realtor on her cell phone
    He didn’t say much, just let out a lie
    And she fell for it all, you just have to cry for Big Donk

    Somebody said she’s angry and mean
    She’s always in a fight cuz her wallets lean
    And a crashin’ market from a huge event
    She sent a letter to her lender it said go get bent, big Donk
    (Big Donk, big Donk)
    Big bad Donk (big Donk)

    Clearwater Beach, FL Housing Prices Crater 16% YOY As Desperate Sellers Send Inventory Soaring And Prices Plunging Across South Florida

    As one broke seller lamented, “Whenever I think about how much money I lost on this house I just want to kill myself.”

    1. I haven’t even started building some of what I’ve ordered the last 18 months!

  19. Scary financial market today – At 2PM EST …

    Dow down 1100 Points, S&P down to 3930.
    Target down 25% – Costs for distribution centers and transport, compensation and inventory drawdown.

    Is there a wealth effect that impacts folks that might consider making a bid on a step-up home? I think so (at least after they get their May brokerage statements)

        1. It says consumer spending is the same as a year ago. Not sure a “YIKES!!” is appropriate.

          1. same as a year ago

            I see 2020 COVID slowdown, spike for 2021 reopening and crashing back to 2020 COVID levels.

    1. Not just a step-up house, but for everything else. I think this summer everyone is going to have one post-pandemic fling and then hunker down for the winter.

    2. There goes the rate hiking and qt.
      “Get to work Mr Chairman!”

      James Cramer just creamed his pants.

      1. They can’t pander to Wall Street without creating the impression that they are favoring the 0.1%, while tossing les deplorables into a raging inferno of inflation. It’s a central banker’s nightmare of a conundrum.

        Got popcorn?

      1. Good that it didnt tank during open hours, as that might have spooked investors.

      2. Their guidance looks really bad.

        ‘We did not have a plan for a country to shut down’ — Cisco stock plunges more than 15% as China lockdown affects supply and outlook

  20. In other news:

    On Monday, it was announced that the Department of Homeland Security’s Disinformation Governance Board would be “paused.”

    The partisan leftist appointed to lead President Joe Biden’s de facto “Ministry of Truth” resigned from the project, according to the Washington Post.

    Nina Jankowicz resigned as the executive director of the Disinformation Governance Board on Wednesday.

    1. Stupidity and greed of democrats see no bound. They were getting such a nice cooperation from private companies in suppressing information, they had to go create a govt agency. These people are NOT real.

      1. It’s gonna clown harder than you ever thought possible. Look at Western Europe, Canada, Australia and New Zealand.

        They think they’re gonna do that here.

        And half of Amerikwa wants them to.

    1. The Body Positivity movement is basically obese women throwing in the towel, and I can’t say I blame them. We’re supposed to eat less and exercise more. But they tried that, and it didn’t work, and so they’re giving up and learning to love what they are…

      …except that’s a medical disaster. Eating less and exercising more don’t work because that’s not how we got fat. Modern obesity is a product of eating high fructose corn syrup, eating junk seed oils, snacking all day, and stressing out over the computer.* Especially for young people.

      These ladies need to simply reverse that process; no crap oils, no HFCS, eat in a 4-6 hour eating window, get off the social media, and get some real sleep. I’m not expecting miracles, but that should get almost anyone down to within ~20 pounds of goal.

      *all of these things, BTW, gained wide use in the 1980s. And when did the obesity epidemic take off.. the 1980s.

      1. But they tried that, and it didn’t work, and so they’re giving up and learning to love what they are…

        But when their doctors tell them they can forget about longevity, they get angry and spout nonsense about “healthy at any weight.”

      2. The main issue is that they are not cooking at home. You can still get fat on home cooking, but it’s a lot easier when eating out multiple times per week and making fast food trips to the drive through. Next time you’re at the grocery store, look at what other people are buying. Absolute garbage processed frozen junk food in most cases.

      3. Or just be a rich old lady, they are the skinniest demographic in all of America. Followed interestingly enough by young black men.

      4. I just learned that baby formula is 10% sugar and 20-30% high fructose corn syrup. Way to create another generation of obese diabetics.

        1. Just checked Amazon to look at ingredients. The baby formulas, even the good ones, are made with sunflower or corn oil. And for some reason there are a lot of “toddler” formulas. Parents, help me out.. how old is a “toddler?” I thought toddling was past weaning age. Is toddler formula used for transition to real food?

          1. toddler

            It starts when the little rug rats begin to get up on their feet and stagger (toddle) around like a drunken sailor. About age 1. The end of this phase is unclear.

          2. The end of this phase is unclear.

            Probably preschool when the focus becomes year in school.

        2. Luckily for our kidz, Mother Nature’s bounty was in good working order when they were babies.

  21. Has Mr Market fully priced in the future effects of inflation, unresolved conflict in Ukraine, Chinese economic implosion, Fed rate hikes, Quantitative Tightening, and a possible future US recession? I own no crystal balk, but it seems to me like it might take quite a while for Mr Market to digest all of that bad news.

    1. The Financial Times
      Markets Briefing Equities
      US stocks suffer worst day since early months of pandemic
      S&P 500 closes down 4% in biggest daily loss since June 2020 following weak results from retailers
      A US flag waves outside the New York Stock Exchange
      Weak earnings reports by retailers stoked concerns about the impact of inflation and choked-up supply chains
      © AP
      Naomi Rovnick in London and Nicholas Megaw in New York
      4 hours ago

      US stocks on Wednesday suffered their sharpest fall since the early months of the coronavirus pandemic as weak results from consumer bellwethers stoked concerns about the impact of inflation and choked-up supply chains on corporate earnings.

      The benchmark S&P 500 share index fell 4 per cent, its biggest loss since June 2020, with 98 per cent of stocks in the index declining on Wednesday.

      Target, the retailer, led the declines, plunging 25 per cent after it said higher freight, wage and fuel costs and disrupted logistics would hit its profit margins. The warning came a day after Walmart, the world’s largest bricks-and-mortar retailer, cut its earnings guidance and said it had also been wrongfooted by broad inflationary trends.

      The lacklustre quarterly reports sparked selling across US exchanges as investors, fearing an economic slowdown, cut positions across their portfolios. Tech giants including Apple, Nvidia and Amazon all dropped more than 5 per cent, with the tech-dominated Nasdaq Composite down 4.7 per cent.

      “There’s a beginning of a deterioration in the [economic] growth story,” said Michael Metcalfe, head of macro strategy at State Street Global Markets. “And it’s started to get picked up in [corporate] earnings.”

      1. Amateur Investors Rode the Bull Up. Now the Bear Looms.
        An estimated 20 million people started trading on their own during the pandemic. Some are shifting strategies as stocks tumble, while others are getting out.
        By Tara Siegel Bernard
        May 18, 2022

        Millions of amateur investors got into the stock market during the pandemic — some gingerly, some aggressively, some determined to teach Wall Street bigwigs a lesson — and almost couldn’t help but make money, riding a bull market for the better part of two years.

        Now they may have to wrestle with a bear.

        “It definitely isn’t as easy to trade in this market,” said Shelley Hellmann, a 47-year-old former optometrist in Texas who began actively investing in April 2020 while isolating from her family.

        Tracking stock movements on an iPad Mini in her bedroom, she banked big gains as the market soared. Within a couple of months, she was considering making day trading a full-time gig. But since the S&P 500 peaked on Jan. 3, profits have been harder to come by.

        “Sometimes I am glad to not be red for the year,” she said.

      2. ‘Big Short’ investor Michael Burry warns stocks will crash and rallies won’t last. Here’s a roundup of his recent tweets and what they mean.
        Theron Mohamed
        21 hours ago

        — “The Big Short” investor Michael Burry expects a far steeper decline in the stock market.
        — The Scion Asset Management chief’s view is based on how past crashes have played out.
        — Burry warned brief rallies were likely, and joked about his penchant for premature predictions.

    2. Business
      Stocks slump again. This time, it’s retailers such as Target spooking investors
      Updated May 18, 2022 4:29 PM ET
      David Gura
      Traders work on the floor during the opening bell of the New York Stock Exchange in New York City on May 16. Stocks slumped on Wednesday as earnings from major retailers such as Target reinforced concerns about the U.S. economy.
      Timothy A. Clary/AFP via Getty Images

      The stock markets dropped again on Wednesday, extending their miserable run this year as earnings from retailers including Target and Walmart reinforced worries about the health of the U.S. economy.

      The Dow Jones Industrial Average tumbled 1,164 points — its largest decline since June of 2020, while the S&P 500 fell by 4%. The Nasdaq sank by 4.7%.

      The sharp declines were sparked by a warning from retailers that they have been facing higher costs and slowing sales, both of which have been eating into their profit margins.

      They represented the latest in a series of corporate results and economic indicators showing how inflation is starting to dent the economy’s prospects.

      On Wednesday, Target said earnings fell for the first three months of the year compared to 2021. The company said it had been hit hard by supply chain issues and higher fuel costs, and although consumers continued to spend, they were buying fewer expensive items, like televisions.

      Target said it’s not raising prices but is absorbing the costs, even if they are hitting its bottom line.

      “Throughout the quarter, we faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time,” Target Chairman and CEO Brian Cornell said in a statement accompanying the earnings report.

    3. Is it time to freak out about the stock market and the economy?
      Traders work on the floor of the New York Stock Exchange on Wednesday. The Dow Jones Industrial Average fell more than 1,100 points as markets continue their volatile trend.
      (Spencer Platt / Getty Images)
      Experts say we’re coming off an extraordinary bull market and investors need to moderate their expectations.
      By Rob Nikolewski
      May 18, 2022 6:02 PM PT

      With inflation surging, the war in Ukraine roiling global markets and the after-effects of the pandemic still clogging supply chains, everyday investors have been jittery. But some had their nerves pushed to the edge on Wednesday after the Dow Jones Industrial Average took a swoon of more than 1,100 points.

      “There are more and more clients being nervous,” said Anthony Valeri, director of investment management for California Bank & Trust, headquartered in San Diego. “And that happens when you have a severe selloff. It’s nerve-racking, it’s never fun.”

      Tech giants have taken a pounding this year, with Netflix down 70 percent, Meta (Facebook’s parent company) off 42 percent and Amazon down more than 25 percent. But on Wednesday, weaker than expected first-quarter numbers by many retailers led to a rout.

      Shares of Target dropped 25 percent after it reported first-quarter net profits shrinking 52 percent. After falling 11.4 percent Tuesday, Walmart stock dipped another 7 percent Wednesday.

      The losses have stoked fears that a recession is coming. A recession is defined as two consecutive quarters of negative growth in gross domestic product.

      GDP dropped 1.4 percent in the first quarter of this year. In 2020, at the start of the pandemic, GDP went negative in the first and second quarters before sharply rebounding.

    4. Government stimulus concerns are causing China’s stock market to crash
      By Patrick Huston

      Following a recent rally, China equities slumped on Wednesday, pulled down by concerns that Beijing’s initiatives would not be enough to rescue the coronavirus-ravaged economy. The CSI300, China’s blue-chip index, ended the session 0.4 percent lower after rebounding more than 6% from a low on April 27. The Shanghai Composite Index fell by 0.3%.

      Property shares, which had rebounded on signs of policy easing, fell on gloomy April data. “Housing prices dropped in more cities in April. The sector is going through a crisis,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.

    5. Our Columnists
      The Slow Crash on Wall Street Likely Isn’t Over Yet
      As tens of millions of Americans watch the values of their retirement savings decline, many of them are asking what is causing the sell-off and when it will end.
      By John Cassidy
      May 14, 2022
      Traders look at numbers on screen on Black Monday at the Stock Exchange when Dow plunged 508 points.
      In any period of rising interest rates and volatile markets, there is a danger that something can snap and spark a fast crash.Photograph by Anthony Pescatore / New York Daily News / Getty

      After falling for six days in a row, U.S. financial markets rebounded on Friday, with all the major stock indices posting gains, and the Nasdaq enjoying its biggest rise in percentage terms—3.8 per cent—since November, 2020. Some beaten-up cryptocurrency assets also rose sharply, and the appearance of green on trading screens provided much-needed relief for investors. However, all of this needs to be put into perspective.

      Even after Friday’s bounce, the Dow, the S. & P. 500, and the Nasdaq all closed down at least two per cent on the week. The Dow has fallen for seven weeks in a row, its longest losing streak since 1980, according to Reuters. If you look back further, the picture is even grimmer. In the past six months, the Nasdaq Composite has fallen twenty-six per cent, the S. & P. 500 is down fourteen per cent, and the Dow has slid eleven per cent. A lot of individual stocks have tumbled further: Netflix and Peloton are both down about seventy per cent.

    6. Business
      The Big Take
      End of Easy Money Brings a $410 Billion Global Financial Shock
      Inflation is pushing central banks to shrink their balance sheets as they hike interest rates, adding a new risk for the world economy.
      Recession More Likely Than Not
      By Enda Curran,
      Liz McCormick, and
      Anchalee Worrachate

      The global shift away from easy money is poised to accelerate as a pandemic bond-buying blitz by central banks swings into reverse, threatening another shock to the world’s economies and financial markets.

      Bloomberg Economics estimates that policy makers in the Group of Seven countries will shrink their balance sheets by about $410 billion in the remainder of 2022. It’s a stark turnaround from last year, when they added $2.8 trillion — taking the total expansion to more than $8 trillion since Covid-19 arrived.

    7. How the Bank of England’s money printing spree paved the way for inflation crisis
      Threadneedle Street’s largesse during Covid has contributed to higher prices now, economists say
      By Tim Wallace 19 May 2022 • 6:00am
      Left to right: Successive governors Mervyn King, Mark Carney and Andrew Bailey Credit: L-R copyrights: Daily Telegraph/Eddie Mulholland; Jason Alden/Bloomberg; Hollie Adams/Bloomberg

      Printing money to prop up economies is not, traditionally speaking, considered to be good practice.

    8. Opinion FT Alphaville
      Quantitative troubles
      The Fed is hot for QT, but the Bank of England seems weirdly wary
      Nick Peterson
      May 11 2022

      On both sides of the Atlantic, central bankers are faced with the unenviable task of hiking rates into a possible recession. The higher rates go, the greater the risk that the Federal Reserve and the Bank of England control inflation at the expense of jobs.

      There is, however, a (partial) solution: using their bloated balance sheets — swelled by financial crisis and pandemic crash-fighting as an alternative to blunt interest rate increases.

      After all, quantitative easing was used to stimulate economic conditions after the financial crisis and the pandemic. So why not actively use the balance sheet now as a means of tightening things? It might result in price stability with lower short term rates than would otherwise be the case.

      Interestingly, that seems to be what the Fed is doing, while the BoE appears to shun the idea. Why?

    9. Wall Street plunges as global recession looms
      Nick Beams
      4 hours ago

      Yesterday’s large-scale sell off on Wall Street, in which shares of major retail companies experienced their biggest decline since the October 1987 Black Monday stock market crash, was in response to clear indications the US and global economy are moving rapidly into recession.
      A television screen on the floor of the New York Stock Exchange, Wednesday, March 16, 2022, shows the Federal Reserve’s decision to raise interest rates. [AP Photo/Richard Drew]

      Wall Street has been falling since it reached record highs at the start of the year as increasing interest rates hit high-tech companies whose rise has been fuelled by the pouring in of virtually free money by the US Federal Reserve. But this supply is now being cut off as the Fed lifts interest rates in response to the highest inflation in 40 years to clamp down on workers’ wage demands.

      As a consequence, the tech-heavy NASDAQ index has fallen by more than 25 percent this year amid signs the speculative bubble is being deflated, increasing the risks of a major crisis in the financial system.

      But yesterday’s sell off, in which the Dow lost more than 1,100 points in its worst day in almost two years, the S&P dropped by 4 percent and the NASDAQ was down by 4.7 percent, marked a qualitative new turn as growing fears of recession took hold.

      The shares of Target, one of the biggest US retailers, plunged by 25 percent after the company reported its costs had risen by $1 billion due to higher gas prices and transportation costs.

      At the same time, it was hit by falls in discretionary spending as working-class families have had to divert growing portions of their declining real wages to spending on essential items, such as food and gas, in the face of an inflationary spiral which has seen the price of these items rise faster than the official inflation rate of 8.5 percent.

      The Target crash was mirrored by Walmart whose shares fell 6.8 percent after dropping by 11 percent the previous day.

      Numerous statements by Federal Reserve chair Jerome Powell and other officials have made clear that, if necessary, the Fed will induce a recession on a scale equal to, or even greater than, that instigated by its chair Paul Volcker in the 1980s which created massive social and economic devastation.

      Speaking at a conference on Tuesday, Powell made it clear the central bank would push ahead with its lifting of interest rates to suppress growing wage demands.

      “Restoring price stability is a non-negotiable need. It is something we have to do. There could be some pain involved,” he said.

  22. I had a list of what I wanted when I was looking to purchase a shack here in SE Region IV

    CBS construction
    Hip roof
    City water/Sewer
    NO HOA

    Henderson man threatened with HOA fines for anti-Biden sticker

    4,322 views May 18, 2022

  23. 22 hours ago – Economy & Business
    The Fed’s $2.7 trillion mortgage problem
    Neil Irwin
    Data: Federal Reserve; Chart: Axios Visuals

    If you took out a mortgage over the last couple of years, there’s a good chance the holder of that loan is America’s central bank — a consequence of its monetary stimulus efforts throughout the pandemic.

    Why it matters: The Fed will face a series of political and economic headaches as it attempts to move away from subsidizing home lending by shrinking its portfolio of mortgage-backed securities.

    The problem: Extracting itself from this market risks crashing the housing industry and creating intense political blowback for incurring financial losses.

    By the numbers: Back in February 2020, the Fed owned $1.4 trillion in mortgage-backed securities, and the number was falling rapidly. But when the pandemic took hold, the central bank began a new round of bond purchases (known as “quantitative easing”), swelling that number to $2.7 trillion.

    The policy contributed to ultra-low mortgage rates that stimulated home buying and refinancing activity until recently.

    State of play: Now, as the Fed seeks to tighten monetary policy to combat inflation, it wants to shrink that portfolio. It may turn out to be easier said than done.

    The bottom line: The Fed’s pandemic actions fueled a housing boom. As it tries to withdraw that support, it could be bad news for housing — and the Fed’s standing on Capitol Hill.

  24. Epoch Times — Businesses Sue Whitmer for Losses Due to COVID Shutdown, Allege Uncompensated ‘Taking’ (5/17/2022):

    “A coalition of five bowling alleys and family entertainment centers is suing Michigan’s Gov. Gretchen Whitmer, a Democrat, for losses incurred due to her mandatory COVID-19 shutdowns in 2020.

    Scott Bennett, executive director of the Independent Bowling and Entertainment Centers Association, told The Epoch Times: “The governor’s actions were devastating to our industry. Things went from ‘two weeks to slow the spread’ to indefinite shutdowns.”

    COVID did not destroy the economy.

    Government destroyed the economy.

    HBB donation sent to help pay for Ben’s Epoch Times subscription. We will not be silenced, these tyrants will be held accountable.

  25. The vaccine is the virus.

    Gateway Pundit — “Effective”? Latest CDC Data Shows FULLY Vaccinated Children Have Higher Covid Infection Rates Than Unvaccinated Children (5/18/2022):

    “As the Biden Administration green-lights another experimental jab of mRNA for 5-11-year-olds, the latest CDC data reveals children of that age have a higher Covid infection rate than their unvaccinated peers. In other words, kids who are jabbed are more likely to catch Covid, which also means the vaccinated are spreading the virus more than the unvaccinated.”

    It’s a medical genocide

    “In addition to the poor results, the mRNA vaccine has been directly linked to serious and life-threatening side effects that have become prevalent in the wake of its rollout. Most concerningly of which – myocarditis – is popping up at an unprecedented rate in otherwise healthy children and young people all across the world. According to heart experts like Dr. Peter McCullough, who is the most published Cardiologist in the world, “an extraordinary number of young individuals that are going to have permanent heart damage” because of this experimental jab.”

    Everyone who supported vaccine mandates will face a new round of Nuremburg Trials for medical genocide.

    If you support vaccine mandates, you are a murderer.

    1. COVID vaccines are poison.

      Steve Kirsch Newsletter — Statistical analysis shows that NOBODY under 60 should take the COVID vaccine (5/17/2022):

      “The first 1,700+ results are in and Joel Smalley had time to do the analysis. It is stunning. The conclusion is very clear: nobody under 60 years old should get the vaccine because there is no evidence of a benefit. In fact, if you are between 40-60, it’s clear that vaccination makes it more likely you’ll die, not less likely. It’s statistically significant. The result that the younger you are, the less sense it makes, is consistent with what pretty much everyone has been saying.”

      This is a medical genocide.

      1. “Why isn’t there a study that follows 100,000 unvaccinated people over time vs. 100,000 vaccinated in equally matched groups and observing how many people are alive after each week in the two groups and categorize each death as COVID or not …

        Nobody has asked for this. Why? Do we not want to know?

        Any sane society should be DEMANDING such an analysis before even considering approving such a drug. Mandating a drug with no risk benefit analysis that is obviously not being done is the height of irresponsibility.

        Why is nobody speaking out about this?”

  26. Real Journalists.

    “Former FOX News correspondent Carl Cameron to MSNBC host Nicolle Wallace on Tuesday: “It really is kind of horrible to think that journalists with national and international capacity are putting together this type of nonsense. I think the president did a great job. I wish he had done a lot of this a lot sooner, and we need a lot more from the left and the middle, and we got to watch out because the Republicans have become the purveyors of misinformation, and when our two-party system is broken like that, democracy is seriously in trouble. The president acknowledged that it’s time to actually start doing things and maybe taking some names and putting people in jail.”

    Purveyors of misinformation?

    COVID was created in a lab and funded by U.S. taxpayers.

    COVID was leaked from the lab to steal the 2020 election.

    George Floyd died of a fentanyl overdose.

    The 2020 election was stolen.

    COVID vaccines are not just poison, they are a medical genocide.

    There are only two genders, and only women can get pregnant and give birth.

    Replacement theory is not a theory.

    The war in Ukraine is not actually a real war.

    HBB donation sent, Globey can eat a bag of d*.

  27. New York Post — El Paso could soon face migrant surge, shelter boss warns ahead of potential Title 42 end (5/18/2022):

    “The sixth-largest city in Texas is on the precipice of being overwhelmed by migrants and asylum-seekers as the Biden administration prepares to lift the Title 42 health authority that has allowed the summary expulsions of millions of border-crossers, the head of a system of immigrant shelters told The Post on Wednesday.

    Ruben Garcia, the director of Annunciation House and its network of 15 shelters in the area, said his facilities were already stretched to their limit by Sunday, when 118 immigrants were released by the federal government to a downtown bus depot due to lack of space.

    If Title 42 goes away as scheduled May 23, Garcia warned, such releases will become a regular occurrence.

    This week, the Department of Homeland Security revealed that 234,088 migrants had been stopped at the US-Mexico border in April — the most in the department’s history.”

    234 thousand, is that a lot?

  28. If you want disinformation, read the New York Times and the Washington Post.

    Russia Today — ‘I’m wondering when we voted to go to war?’ – US Congressman (5/18/2022):

    “Congressman Chip Roy (R-Texas) has condemned House Majority Leader Steny Hoyer for stating that the US is “at war,” presumably with Russia. Roy hammered Democrats and Republicans alike for deepening America’s involvement in the Ukraine conflict in order to “feel good about ourselves.”

    In a video clip posted by Roy’s press office on Wednesday, the Texas Republican took aim at Hoyer for declaring on Friday that the US is “at war,” and that critics of the Democratic Party should “focus on the enemy” instead of rising energy costs at home.

    “When I hear the majority leader of the other party say ‘a time of war’…I’m wondering when we voted to go to war?” Roy said.

    “If we’re gonna have a proxy war, and we’re gonna give $40 billion to Ukraine, because we want to look all fancy with our blue and yellow ribbons and feel good about ourselves, maybe we should actually have a debate in this chamber”

    Russia is winning.

  29. Climate ‘Marshall Plan’ — U.N. Joins World Economic Forum Call to End Oil, Gas, and Coal Use

    18 May 2022

    U.N. chief Antonio Guterres on Wednesday called for an end to oil, gas, and coal use in favor of renewable sources as part of a self-described global climate Marshall Plan.

    The veteran Portuguese Socialist spoke ahead of the upcoming World Economic Forum (WEF) annual meeting in Davos, Switzerland, which has already issued its own call for net-zero carbon emissions to be driven by a wider embrace of solar and wind power sources without delay.

    To avoid catastrophic climate change, humanity must “end fossil fuel pollution and accelerate the renewable energy transition, before we incinerate our only home,” Guterres said in his pre-recorded remarks timed to coincide with the release of a major U.N. state-of-climate report, AFP reports.

    1. a wider embrace of solar and wind power sources without delay.

      This is why engineers cannot succeed as politicians. You have to weed out the thinking.

      Solar and wind equipment cannot produce enough energy to make solar and wind equipment. “Renewables” don’t happen without subsidy, which means more government, more taxes, more grifting, more loss of natural habitat and more waste of oil, gas and coal.

      1. more grifting

        This is what it’s all about. Meanwhile, the rest of us will have to get used to rolling blackouts.

      2. “Solar and wind equipment cannot produce enough energy to make solar and wind equipment.”


    2. “California energy officials issued a sobering warning this month, telling residents to brace for potential blackouts as the state’s energy grid faces capacity constraints heading into the summer months. And since the state has committed to phase out all new gas-powered vehicles by 2035 — well ahead of federal targets — the additional load from electric vehicle (EV) charging could add more strain to the electric grid.”
      Article from Today from Yahoo finance. The article tells how CA will be without enough Power this summer. Then points our how the hell can they even think about EVs? I hope most of the people from CA didn’t vote for this and have a back up CO2 producing generator. Gonna be a hot summer in LA LA Land.

      1. Wouldn’t it be great if Disneyland were paralyzed by blackouts?

        You just dropped a wad to bring the family to spend the day then at say 2PM the lights go out, and everyone is instructed to leave the parks as it is expected the power will be gone for the next 6 hours.

        The greens will drag as many as they can, kicking and screaming, into their green dystopia, where the lights are off more often than they are on.

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