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We Went From Everybody Freaking Out To Hey, Maybe I Should Walk Away From A Deposit

A report from Market Place. “‘Mortgage payments are going to be higher. They’re up more than 40% now from what they were last year for the median-priced home,’ said Daryl Fairweather, chief economist at Redfin.  Demand is starting to fall, Fairweather said. ‘We are seeing more homes having price drops. We’ve also noticed a drop in competition for two months now.’ ‘People should not anticipate another double-digit price appreciation. Those days are over,’ said Lawrence Yun, chief economist at the National Association of Realtors.”

From WFXT Boston in Massachusetts. “‘There’s no 80 to 100 people at an open house there’s only 30 now,’ said Jonathan Libman, who works at Fairway Independent Mortgage Corporation. ‘You’re seeing some pricing adjustments out there,’ said Libman.”

From WFLA Tampa in Florida. “‘Homes that would have received 10 offers several months ago are now getting two or three. That’s because the jump in mortgage rates has forced a huge pool of first-time buyers to drop out,’ said Elizabeth Rodriguez, a seller’s agent with Redfin. Prices are reportedly dropping, leading to ‘some relief from competition,’ according to Redfin agent Rin Barrett. Some of the homebuyers who had been outbid ‘are starting to get their offers accepted.’ He said some are settling for a home that needs work or might not be located exactly where they want, but they’re taking the opportunity ‘because a few months ago even those seemed impossible to win.'”

From WESA in Pennsylvania. “‘One of the only silver linings of the housing market in 2021 for homebuyers was that mortgage rates fell to record lows, and many people were able to get a 30-year loan with an annual interest rate under 3%,’ Zillow senior economist Jeff Tucker said. ‘Those days are long gone now.'”

“‘We are an extremely affordable place to live,’ said Jarrett, who serves clients throughout southwestern Pennsylvania. ‘So you have people moving in from the West Coast, and you’re showing them a half million dollar home, a three-quarter million dollar home, whatever it is. That home would be several million dollars from where they’re coming from. So they’re thinking, ‘Oh, this is great.’ The problem is it’s our own yinzers that we have here living in Pittsburgh that are [getting outbid].'”

The Atlanta Business Chronicle in Georgia. “Competition for metro Atlanta home listings decreased in April, giving respite to buyers and real estate agents worn thin by intense bidding wars. In some cases, buyers have paid premiums north of 20% for their homes. ‘This market is driving out a lot of buyers who could have qualified for a reasonable purchase price but no longer do,’ said Annah Bailey, a loan officer with Homestar Financial Corp.’s Marietta office.”

From Reuters. “Permits for future U.S. homebuilding tumbled to a five-month low in April. ‘Higher mortgage rates would at a minimum create uncertainty over the path of housing demand and discourage builders from taking out speculative housing permits,’ said Isfar Munir, an economist at Citigroup in New York.”

From Richmond Bizsense in Virginia. “Business appears to remain strong among the area’s busiest homebuilders as the region’s housing market begins to show signs of a relative cooldown. HBAR CEO Danna Markland said many builders put holds on or capped home sales in certain communities to balance out their production levels. She added that some builders are now opting to build solely on spec to better manage those levels and price fluctuations. ‘That is a far departure from summer/fall 2020 when spec inventory was unheard of,’ Markland said.”

From Mortgage News Daily. “Construction activity continues to operate near its best levels since before the housing meltdown more than a decade ago.  Building permits technically dropped 3.2% from last month, but that’s after an upward revision of 1.2%.  More importantly, despite the drop, the outright pace of 1.819 million units per year means the last 5 months been over 1.8 million.  January 2021 was the only other month over 1.8m going back to 2006.  The story is similar for the next construction phase, Housing Starts (a measure of when construction actually begins).  Starts held fairly steady at 1.724m, making April the 4th best month since 2006.”

The Globe and Mail in Canada. “BMO chief economist Doug Porter reported that the Toronto housing market is softening very quickly. ‘Notably, the market that reported the lowest ratio in the country just happens to be the largest market — Greater Toronto. The GTA sales-listings ratio plunged to just 45% in April, which is suddenly getting into buyers market terrain. And, it compares to an average of over 70% in the prior 12 months (firmly sellers market). Decades of history show that this ratio is an excellent leading indicator for average transactions prices, leading prices by about three months. And what the ratio is now telling us is that prices are about to go from 20%+ gains to a sudden stall. And that’s assuming the sales/listings ratio doesn’t fall further in coming months.'”

The Delta Optimist in Canada. “Metro Vancouver home prices are falling, Oakwyn Realty Ltd. broker Steve Saretsky told BIV. He said he is seeing some homes in areas such as Coquitlam’s Westwood Plateau that have sold for about 15 per cent less than similar neighbouring houses did a few months ago.  Saretsky has also seen some homebuyers consider walking away from their deposits and cancelling purchase commitments. Those buyers have to be told of the risks of such a move, which could scuttle several real estate transactions and invite lawsuits from others involved to compensate for any lost money.”

“‘It’s interesting to see that we went from having everybody freaking out, just frothing at the mouth to get into the housing market four months ago, to all of a sudden, having them say, ‘Oh, hey, maybe I should walk away from a deposit,’ he said. ‘It’s a pretty big change.'”

“Saretsky dismissed the REBGV’s benchmark index as an unreliable indicator of the current market because of its algorithm for determining what constitutes a benchmar’k property. You won’t see price declines in that home price index for six months, minimum,’ he said. ‘It’s a lagging indicator. It looks in the rearview mirror.’ Saretsky is convinced that the Bank of Canada will be too aggressive at raising rates, thereby causing a recession. ‘I think they will go too far,’ he said. ‘They didn’t see 2008 coming.'”

From ABC News in Australia. “There are signs Tasmania’s real estate market has started to soften. ‘The amount of people coming through open homes is significantly less than say, six to 10 months ago,’ said Hank Petrusma from real estate firm Eis Property. ‘The frenzy has gone and the market appears… to have levelled out a little bit. ‘If you go back 12 months ago, it’s nothing like having 60, 80 [buyers] through a property and that sort of frenzy of eight, 10, 12 contracts,’ he said. ‘From a buyers’ perspective that was not pleasant [and] that’s certainly right now no longer the case.'”

“‘There are not as many people out there as there were before; people are being a bit more selective, he said. ‘I think even a year ago people would buy anything and everything. Now they’re being a bit more selective, taking their time to make observations and comparisons, whereas 12 months ago, if you didn’t buy you wouldn’t buy so people were desperate to get inside the real estate market.'”

From Stuff New Zealand. “Rahul Srivastav​ says he broke down in tears when he received an email saying the construction company building his family’s first home, Jonesy Construction Ltd​, had entered liquidation. He and his wife, Ritika Srivastav’s​ new home in the Wellington suburb of Newlands now has a ‘temporarily closed’ sign outside it, and despite having paid off nearly all of the construction cost, the couple do not know whether they will receive their home, or get their money back.”

“Srivastav​ said he had paid roughly $474,000 already for the house, under a progressive payment regime. ”We are in a situation we never wanted to be. We trusted that guy, and it’s not just me,’ Srivastav​ said. ‘ I broke into tears to find out that my dream to own a house is shattered. I am finding the situation extremely stressful, having sleepless nights since then.'”

“Srivastav said he had joined 31​ other affected buyers on a WhatsApp group, and many were in a worse position, having paid large amounts towards builds that were less complete. Srivastav said he was an unsecured creditor, and he did not know what would happen to his home. ‘We are on fire. Savings gone, loan amount drawn, rising inflation and interest rates. Being first home buyers, we must pay rent, mortgage, day care and rising living cost, yes petrol too,’ Srivastav said.”

This Post Has 170 Comments
  1. ‘And what the ratio is now telling us is that prices are about to go from 20%+ gains to a sudden stall…we went from having everybody freaking out, just frothing at the mouth to get into the housing market four months ago, to all of a sudden, having them say, ‘Oh, hey, maybe I should walk away from a deposit’

    This activity suggests a classic bubble popping.

  2. ‘We are on fire. Savings gone, loan amount drawn, rising inflation and interest rates. Being first home buyers, we must pay rent, mortgage, day care and rising living cost, yes petrol too’

    Petrol too? You mean they don’t give you free gas if you just took an a$$ pounding? I’d say it was cheaper than renting Rahul, but you are renting!

    1. “You mean they don’t give you free gas if you just took an a$$ pounding?”

      Careful there Ben. The congresscritter from Commie Cali wanted Congress to do just that, to the tune of $300/mo.

        1. “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.”
          From Today’s Yahoo Finance.
          Gonna be a long hot summer in LA LA Land well before they mandate EVs. Hope all you CA residents have a back up generator or two. (re-post from bottom of prior day)

          1. Also you need a couple months of supplies (food, water, etc) and *ahem* home security. Vibrant cities do not tolerate summer power outages well and you might be bugged in for a while.

          2. Also you need a couple months of supplies (food, water, etc) and *ahem* home security.

            California libtards! Please disregard the “advice” above! Per your ideology, you can always trust The Gub’mint to see you through any natural or man-made disaster! Prepping is a sign of extremism – the DHS said so. Remember: “Diversity is our strength” so there is no need to fear roving bands of looters taking advantage of the breakdown of law and order. Also, “weapons of war” should only be held by police, who will be a phone call away if you need them. So no need to prepare – this is why we pay taxes, so we can count on Big Brother’s strong supporting arm.

          3. Think that’s bad?

            Diablo Canyon nuclear power plant, located near Avila Beach in San Luis Obispo County, California, and operated by utility company PG&E, is slated to cease operations by Aug. 2025.
            In a conversation with the LA Times’ editorial board on Thursday, California Gov. Gavin Newsom said the state would pursue federal funding the Biden administration made available in its Bipartisan Infrastructure Law to keep uneconomic nuclear power plants open.
            But any effort to extend the life of Diablo Canyon faces significant challenges, especially politically.

          4. Diablo Canyon nuclear power plant

            It can be challenging to keep a 50 year old machine running smoothly.

          5. Diablo Canyon nuclear power plant

            There are several pumping stations that lift 4,500-cfs over roughly 3,700-ft of the Tehachapi mountains near the Grapevine on Interstate 5. Green energy can’t do that job, and So Cal needs that water!

        2. But that will contribute to we’re all gonna die from climate thingy?

          Everyone gets a free Tesla. Yours is scheduled for delivery on March 1st, 2065.

          1. Tesla should incorporate a PTO and supply attachments. Lawn mower, snow blower, rototiller & etc.

          2. I was thinking of getting a new lawn mover this year. As I researched I looked into battery powered mowers. In the review sections a lot of people mentioned that the batteries are good for 40 charges at most. So, you have to periodically replace the batteries, which are not cheap.

  3. Now that Mr Market has fully priced in the future effects of future Fed tightening measures, is it finally safe to tiptoe back into stonks?

    1. Dow tumbles 1,160 points in worst trading day since June 2020
      By Nicole Goodkind, CNN Business
      Updated 5:47 PM ET, Wed May 18, 2022
      The Target logo is displayed on shopping carts outside of a Target store on January 15, 2020 in San Francisco, California. Shares of big box retailer Target fell after the company reported that same-store sales during November and December inched up only 1.4%, compared to a more robust growth of 5.7% one year ago. (Photo by Justin Sullivan/Getty Images)
      ‘It feels overwhelming’: Business owner on the impact of inflation
      People shop at a grocery store in Monterey Park, California, on April 12, 2022. – Americans paid more for gasoline, food and other essentials last month amid an ongoing wave of record inflation made worse by Russia’s invasion of Ukraine, according to government data released Tuesday.
      (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

      New York (CNN Business) The old joke goes like this: Two friends are at a resort and one says, “The food here is really terrible.” The other replies, “And the portions are so small!” Today, it’s investors who dislike the taste of the Federal Reserve’s interest rate hikes — but seemingly want more anyway.

      Markets have plummeted over the past month as the Federal Reserve telegraphed that it would regularly hike interest rates by half a percentage point for the foreseeable future to combat persistent inflation. On Wednesday, the Dow (INDU) shed more than 1164 points, or 3.6%, its biggest loss since 2020. The broader market lost 4%, putting the S&P 500 (SPX) on the precipice of bear market territory. The Nasdaq Composite lost 4.73%.

      Now, investors are asking for more. They’re calling for a three-quarter-point rate hike at the conclusion of the Fed’s June meeting, despite Fed Chair Jerome Powell’s assurances that an increase that high isn’t on the table.

      Bank of America analysts wrote in a note that they fear there will soon be a wage-price spiral in the US ​​because of risks that “the Fed hikes too little.” The current market reaction, they said, suggests that “investors see the Fed as moving too slowly on the inflation fight: a 75 [basis point] hike might have been feared but it appears it would have been preferred.”

      Nomura Securities has predicted that the central bank will hike the fed funds rate by three-quarters of a point in June and July after the half-point rise in May.

      “We recognize Fedspeak has not outright endorsed a 75 basis point hike yet, but in this high inflation regime we believe the nature of Fed forward guidance has changed — it has become more data dependent and nimble,” said Rob Subbaraman, Nomura head of global markets research, in a note.

      The Fed could hike rates to 5% by the time it ends the current bout of tightening, ​​Deutsche Bank’s chief economist said. That would be the highest level since 2006.

      Fed-funds futures traders see a 9% likelihood that the Federal Reserve will raise its main policy rate target by three-quarters of a point in June, to between 1.5% and 1.75%, according to the CME FedWatch Tool.

      1. ‘they fear there will soon be a wage-price spiral in the US ​​because of risks that “the Fed hikes too little’

        I’m seeing this sentiment more. What if the fed can’t stop inflation? Ohh, we’d be fooked then!

        I was little during the 70’s inflation, but I remember it ran out of control for years.

        The unknown price of unprecedented. That’s what yer gonna pay Jerry.

        1. I was also little during the 1970s, but I have a vivid memory of grocery shopping with my mom, and overhearing a little old lady murmuring under her breath about how high food prices were while she inspected the price tags on packages of bread. And for the record, I believe those rising grocery prices in the 1970s were accompanied by a 50% or so drop in stock prices at one point.

          It will be interesting to see whether the Fed tries to protect Wall Street or Joe Sixpack this time around.

          1. It will be interesting to see whether the Fed tries to protect Wall Street or Joe Sixpack this time around.

            We already know the answer.

          2. If the Fed actually doesn’t want to bring inflation under control, they certainly have me fooled.

          3. The problem for Joe Sixpack is that he’s f__d if inflation remains high but would also suffer if successfully controlling inflation came at the cost of a future recession.

            There are lots of ways the next few years could be economically rough for Joe Sixpack.

          4. “1970’s I remember empty shelves because of Nixion’s price freezes.”

            Gas lines for the same reason.

            Note to whomever is in the WH over the next few years: Price freezes don’t work.

          5. “Gas lines for the same reason.”

            That was due to the Arab’s OPEC embargo in response for the U.S. arming Israel with the latest tank killing TOW missiles, satellite reconnaissance, etc., during the Yom Kippur war much like we’re currently doing for Ukraine.

        2. I was little during the 70’s inflation, but I remember it ran out of control for years.

          Inflation in Mexico was as high as 50% per year at that time. It was surreal.

          1. I was little during the 70’s inflation

            We had a recession but when it was over wages started going up fast. That was fine for some, but really hard on my grandmother with her little fixed retirement.

          2. Given the currently strengthening dollar, I would guess any number of third world nations are similarly struggling with much higher inflation than in the U.S. at the present.

          3. “…really hard on my grandmother with her little fixed retirement.”

            Sadly, Granny is likely to get thrown under the inflation bus again this time. It’s what happens to people with fixed dollar incomes and cash savings during a period of high inflation.


        3. I worked part-time in grocery stores during the 70’s recession. Little old people were shoplifting all the time. One store was pretty small, only six aisles. We would laugh when we’d see a young, tall black guy “shopping” for hours in among five foot tall 70 year olds (security).

          I think I posted this before. One time I got called to the back. Assistant manager told me to frisk this bawling old lady. I refused, left. Don’t remember how it turned out.

          Since I was a teenager, still in school and living at home I was pretty oblivious to the whole thing. My mother was worried.

          1. I was a six foot tall security guard at a lumber yard/hardware under construction in ’72 for the summer. Caught several contractors trying to walk out power tools in buckets of murky water. It was hilarious. Nabbed an old immigrant guy shoplifting. He couldn’t stop crying. I told him just don’t come back and walked away.

            Sometimes night watchman. One night my SOB boss did a flyby in the parking lot to mess with me. I followed him into a blind spot, parked my ’60 Chevy and went to call the cops. No sense of humor that guy.

          2. 🤪👍🏻 it’s crazy what goes on, then and now.

            When I was little, my uncle told me a story about a lady who, quick as a flash, disappeared a giant roast (keep it clean) under her skirt. They placed something at the exit that was not too high, but had to be stepped over. She reversed course and put it back. Ya never know what you’re getting in the supermarket 🤣

            A friend of mine did some work on our house in NY. When we’d shop in Home Depot, I was horrified at the stuff he’d do, no stopping him, like pull up to the front and just start loading squares of grass turf (whatever you call it) into the trunk. He’d laugh, say “green side up” and drive away. I wouldn’t go with him anymore.

        4. I was little during the 70’s inflation, but I remember it ran out of control for years.
          I was in college in the late seventies. House prices were cheap but nobody could afford the interest rates (I think 15%+). And then there were the long gas lines. One night I ran out of gas in my ’66 Mustang and was pushing it in line at night–I can’t remember exactly how I ended up filling the tank. Those were not happy times.

          I worked part time at Jack in the Box for minimum wage right out of high school and one of the night shift guys lived in a cheap motel down the street–he couldn’t afford to rent an apartment. He rode a motorcycle. Those were different times.

          1. One night I ran out of gas

            Ran on almost empty so much I carried a gallon can in the back.

      2. “amid an ongoing wave of record inflation made worse by Russia’s invasion of Ukraine”

        That is a lie.

        Zelensky was installed by the CIA, and the criminal Biden regime started this phony war.

        Russia is winning.

        1. At least 20 federal lawmakers or their spouses hold stock in Raytheon Technologies and Lockheed Martin, which manufacture the weapons Western allies are sending Ukraine to fight Russian invaders, according to an Insider analysis of federal financial records. Members of Congress stand to personally profit off Russia’s war on Ukraine.

          1. +1

            In a previous lifetime, I worked in the belly of the beast of the civilian wing of the Military Industrial Complex.

            President Dwight Eisenhower was right.

            And so is Senator Rand Paul.

    2. A ‘summer of pain’? The Nasdaq Composite could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim’s Scott Minerd.
      Mark DeCambre – Yesterday 9:34 PM

      The carnage playing out in the U.S. stock market on Wednesday is likely an amuse-bouche compared with the devastation on the menu for the bulls in the coming months and years, Guggenheim Partners Global Chief Investment Officer Scott Minerd told MarketWatch in an interview.
      Related video: Wall Street ends sharply lower as Target and growth stocks sink (Reuters)

      Dow Jones Futures Sell Off After Stock Market Dive; Cisco Plunges 12% On Earnings
      9:17 AM ET 05/19/2022
      Dow Jones futures headed lower Thursday, threatening to extend Wednesday’s heavy losses, as the stock market steered toward a test of correction lows. Synopsys (SNPS) and BJ’s Wholesale Club (BJ) were lonely advancers in early trade. Cisco Systems (CSCO) led the declines among Dow Jones stocks, plunging 12% on a disappointing earnings outlook.

      Kohl’s (KSS) and Sociedad Química y Minera de Chile (SQM) were also among the earnings movers Thursday morning. Kohl’s shares slid 5%, while SNPS shares jumped and SQM stock rallied 4% in early trade.

      Electric-vehicle giant Tesla (TSLA) traded down around 1.5% Thursday morning, as Wedbush cut its price target from 1,400 to 1,000. Elsewhere, Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) fell less than 1% each in today’s stock market.

      Amid an already-struggling stock market rally, Dow Jones leaders Chevron (CVX) and Merck (MRK) — along with Northrop Grumman (NOC), Eli Lilly (LLY) and Exxon Mobil (XOM) — are among IBD’s top stocks to watch for Thursday.

      Merck and Microsoft are IBD Leaderboard stocks. Eli Lilly and Merck were featured in this week’s Stocks Near A Buy Zone column.

    4. Does it seem like the Fed has put the kibosh on the bull market in risk assets?
      noun | KYE-bosh

      What It Means

      Kibosh refers to something that serves as a check or stop. It is usually used in the phrase “put the kibosh on.”

      // The rain put the kibosh on the Fourth of July fireworks display.

    1. A must watch video.

      Video contains some sage commentary from the REIConplex:

      “how are they going to pay”

      “a way nicer house across the street and sold for cheaper”

      “with prices this high that’s a big change in the monthly payment”

      Clearly these astute REIConplex agents

      1) Did not pass English grammar

      2) Are not members of Mensa.

      3) Are followers of Lawrence “Rip Van Winkle” Yun

      1. I always laugh at realtors who proclaim that they have an MBA. Why get an MBA when you can become a realtor as a HS graduate? That would put me off using that person right then and there.

    2. 🤣🤣🤣

      Now the very criminals that facilitated this looming disaster say, “It’s not an investment”.


      1. “Just sit tight. We’ll get through this in 5 or 6 years.”

        Lying before, lying now.

    3. (paraphrased)

      “The people across the street have a way nicer house that sold for cheaper?”


    4. “you bought it because you loved it enough to put an offer on it and just sit tight and, and we’ll hopefully ride this out”

      It shouldn’t take any longer than 2 or 3 decades.

    1. Ron Butler

      ‘Minor Appraisal Failure: Just $40K Under Purchase Price. In an area experiencing a decided retreat from the Feb Market Top. Client insisted on a new appraisal, can’t believe the market dropped so we order a new one. 10 days new appraisal arrives now $70K less’

      Sounds like a bowling ball going down wooden stairs.

      1. Sounds like a bowling ball going down wooden stairs.

        Reminds me of my best friend as a kid, RIP, who had a bit of a wild streak. We were teenagers at the bowling alley and he got carried away and bowled a 16 pounder through the front door of the place. It didn’t even slow down.

        1. LOL, somehow I’m picturing this bowling ball yelling “I’M FREE!” as it smashes its way across town and heads into the boonies.

  4. “…People should not anticipate another double-digit price appreciation. Those days are over,’ said Lawrence Yun, chief economist at the National Association of Realtors…”

    Some breaking news from Lawrence “Rip Van Winkle” Yun.

    Your years late on this one, Lawrence, just like your friends over at the Fed.

    Time to go take another nap. See you in the year 2028.

  5. It feels like the Biden regime, the Democrat Party, and all of the unelected globalist bureaucrats associated with them are trying to criminalize dissent.

    *ALL* dissent. They are going full on accelerationist with their assault on the United States Constitution and the individual liberties that it protects.

    We will not be silenced, we will not be censored.

    Ben, it’s time to take our country back.

    1. The globalists and their treasonous Democrat-Bolshevik Quislings have a pathological hatred of Heritage America, the Constitution, and our legacy of freedom. They will never “let a crisis go to waste” when it comes to assaults on the 1st and 2nd Amendments in particular.

      Politicians have long viewed tragedies and crises as opportunities not to be “wasted.” Most recently, Samantha Power, Biden’s Administrator of the United States Agency for International Development, told ABC that they did not want to waste the war in Ukraine as a way of pushing green initiatives. She explained to George Stephanopoulos that you should “never let a crisis go to waste.” Governor Kathy Hochul (D-NY), adopted the same approach to the massacre in Buffalo in renewing calls for censorship on the Internet. While many drew the connection between the shooting and the need for greater gun control measures, Hochul notably went further to demand the curtailment of free speech protections. Speaking later at a church, she pledged to “silence the voices of hatred and racism and white supremacy all over the Internet.”

      1. Ted Kaczynski was able to write a manifesto and blow people up just fine decades before there was any social media. For all we know, the censorship of common sense social media posts might have been what triggered this guy in Buffalo.

        1. this guy in Buffalo

          I don’t follow these things intentionally, but the guy was from Binghamton, which is over three hours from Buffalo. Makes no sense.

        2. For all we know, the censorship of common sense social media posts might have been what triggered this guy in Buffalo.

          No need for guesswork when it comes to figuring out this guy’s motivations – he spelled it out explicitly in his manifesto, including the role played by online radicalization while he was stuck at home during COVID lockdowns.

          Imagine these young white guys – systematically marginalized by the Powers that Be, told everything wrong with society is their fault, and facing a bleak future as debt serfs on the globalists’ incorporated neoliberal plantation – becoming angry and radicalized. No one could’ve seen it coming….

          1. +1 great summary.

            These young people have had their future stolen from them.

            Some Minecraft game playing advice: don’t target innocent people shopping for groceries. Channel that energy into targeting Real Journalists and other globalists (waves at Glowie 😉 )

  6. ‘That home would be several million dollars from where they’re coming from. So they’re thinking, ‘Oh, this is great.’ The problem is it’s our own yinzers that we have here living in Pittsburgh that are [getting outbid’

    ‘Yinz is a Pittsburgh equivalent to y’all. It is used to address two or more people as a second-person plural pronoun’

        1. it’s taken me 2 decades to figure out “yutes”. now this update?
          i need marissa tomei to testify.
          i need lucy to s’plain.
          i need my meds

        2. “Sorry, “Yuins”.”

          I was gonna correct it but I said meh…. yooins indeed…… a distant cousin to Brooklyns “yooz”.

  7. ‘the outright pace of 1.819 million units per year means the last 5 months been over 1.8 million. January 2021 was the only other month over 1.8m going back to 2006. The story is similar for the next construction phase, Housing Starts…Starts held fairly steady at 1.724m, making April the 4th best month since 2006’

    I don’t spend much time on permits, etc. But despite the REIC never ending spin, shack building is way higher than they’ll admit.

  8. Russian TV goes there. The epic incompetence of Little Red Lyin’ Hood’s diversity hire replacement is on full display every time she opens her pie-hole.

    Putin’s mainstream TV propagandists target new White House press secretary Karine Jean-Pierre and say ‘she only got the job because she is black and gay’

    1. Hey…. the US media won’t report the truth and it doesn’t get anymore truthful than that.

      Touchdown for Putin.

    2. We have to admire her courage though as this is easily one of the toughest jobs in the country that the ladies perform. Fingers crossed!

  9. “‘Mortgage payments are going to be higher. They’re up more than 40% now from what they were last year for the median-priced home,’ said Daryl Fairweather, chief economist at Redfin.

    That shouldn’t be a problem, as wages went up by a similar amount.

    Oh, wait….

  10. “‘There’s no 80 to 100 people at an open house there’s only 30 now,’ said Jonathan Libman, who works at Fairway Independent Mortgage Corporation.

    Sure there is, Jonathan.

  11. He said some are settling for a home that needs work or might not be located exactly where they want, but they’re taking the opportunity ‘because a few months ago even those seemed impossible to win.’”

    And in a few months from now, underwater FBs will be walking away from their underwater shacks en masse, while famished realtors will be refusing to deal with greedhead sellers who turn down “lowball” offers.

  12. Oh dear. Downward spirals mean vaporized Yellen Bux property valuations.

    Metricon denies collapse as fears for Aussie builders intensify

    Australia’s biggest builder has been forced to deny claims it’s in financial trouble, but experts warn construction industry collapses are “accelerating”.

    1. That means properties in Oz are becoming more affordable. That’s good, right?

  13. The globalist stooges who are enabling the Fed’s fiat currency fraud must be held fully accountable when our financial house of cards comes tumbling down.

    Spread the Blame Around for Fed’s Lack of Accountability

    After presiding over the biggest Federal Reserve failure in 40 years and with inflation rating as the top concern among Americans, Jerome Powell’s nomination to a second term as chairman was approved this past week by the Senate, 80 to 19.

    I know the usual arguments for ignoring the Fed’s spectacular errors, even at a time when inflation is such an issue. Most common are that other candidates would be even worse or that we need continuity. Maybe. The truth, though, is that a good person facing bad incentives in that job will make poor choices. Add in a lack of accountability and you repeatedly get bad policies. That type of continuity is not that appealing to me.

    1. Never mind Steve Wynn. What about Hunter Biden? Or Fang Fang Fu– ? Or all the local pols who invited China into their towns? Or every university that takes in Chinese students because they pay full freight?

    1. As of noon it’s down about 225. The market is recovering on PPT and hopium. I think we’ll trade volatile sideways until the next interest rate hike. Then we’ll get the bear trap bottom.

        1. OK wait, it might be a bull trap. Basically it’s a local minimum. Market corrects a little bit, investors freak. Market recovers, investors pile back in, thinking the bad times are over. THEN the real meltdown begins. See December 1929.

          1. The other thing I recall about 1929 is how the collapse was made far worse by the unwinding of massive amounts of margin debt used to finance stock market speculation. Luckily that practice is not a factor this time around.

            Oh, wait…

          2. “…margin debt used to finance stock market speculation.”

            Of course there are made in heaven products like CDS, but their underwriters, who typically backup their bets with commercial real estate, also call upon bailout Sam when “it’s contained” turns out to be category 5 storm.

  14. The globalist oligarchs & “woke” corporations who funneled tens of millions to BLM via “pass-through” organizations like Thousand Currents must be seething that funds intended to sponsor Communist insurrection instead were diverted for high living by the BLM Comrades.

    Black Lives Matter co-founder Patrisse Cullors claims her mistakes with $90M in ‘white guilt money’ are being weaponized against her and she didn’t profit from $6M LA mansion and $6M Toronto ‘arts center’

  15. With Fed rate hikes taking a meat cleaver to risk asset prices, would it be safer to HODL your cash in dollars or in cryptocurrencies?

    1. The Economist
      The tide goes out
      The cryptocurrency sell-off has exposed those swimming naked
      And investors are beginning to discriminate
      May 18th 2022 (Updated May 19th 2022)

      Financial aphorisms are trotted out by investors in every financial cycle. Think of “Buy the rumour, sell the fact”, or “Markets can stay irrational longer than you can stay solvent”. These sayings have staying power because they often ring true. Today, amid a general market rout, cryptocurrency assets are collapsing in value, and the aphorism of the moment is “When the tide goes out, you find out who is swimming naked”.

      The crypto slump has been brutal. In November the market value of cryptocurrencies was almost $3trn. That fell to $2trn by mid-April before plunging by another 35% to just $1.3trn now. Bitcoin has briefly dipped below $29,000, its lowest since late 2020. Crypto’s detractors have long argued that it is useless—unless you are a money-launderer or con-artist—and predicted its demise. The crash will convince many that they are right.

      1. When I started seeing ads for NFT’s and how it empowered people of color I knew the jig was about up . Sports millionaires buying NFT what could go wrong.

          1. Buttcoin was $30,000 the last time I checked.

            Simply amazing. Pure speculation. At least gold and platinum have industrial uses.

    2. What does a strong dollar mean for the U.S. and world economies?
      Sabri Ben-Achour 2 days ago
      A pound and a euro sitting on top of a dollar bill.
      Matt Cardy/Getty Images

      By some measures, the U.S. dollar is at its strongest relative to the euro and yen in 20 years. As is often the case with market forces, that is good news for some and bad news for others.

      The dollar is strong right now for a few reasons. After years of easy money, the Federal Reserve is raising interest rates.

      “We saw this back post-great financial crisis and we’re seeing this now as we move past the pandemic,” according to Win Thin, global head of currency strategy at Brown Brothers Harriman.

      Higher interest rates mean higher returns for investors, and money goes where money grows. So that’s been bidding up the price of the dollar.

      Things have hit the fan in a few places around the world and the U.S. is looking pretty good by comparison, said Rajesh Nakadi, head of investments at BNY Mellon Wealth Management’s global family office.

      “There was the Russia-Ukraine war and then secondly the zero-COVID policy in China,” he said. When freaked out, global investors typically pile their cash into the U.S. for safekeeping. Again, bidding up the dollar.

      What does all this mean for economies everywhere? For the U.S., there is at least one clear benefit.

      “It actually helps us with the inflation problem because the stronger the dollar is, the lower import prices are,” said Vassili Serebriakov, an FX strategist at UBS.

    1. “Kyiv Evacuates” 1700 Ukrainian Soldiers From Azovstal In Mariupol

      Report by Patrick Lancaster

      ‘May 19, 2022 Over 1700 Ukrainian military members have been “evacuated” from the Azovstal plant in Mariupol with the “assistance of Kyiv” is what Kiev is telling the world but it’s a lie.
      I’m Patrick Lancaster and in this report, we’re in Mariupol at the location where the Azov and Ukrainian military members have been surrendering in mass.’

      ‘Let’s talk about the facts. 3 days ago there were well over 2000 Azov and Ukrainian soldiers in the last stand, the last position of the Ukrainian military in Mariupol, the Azov Azovstal Plant.
      3 days ago there was a temporary ceasefire called to allow the Azov Ukrainian military to surrender. Let’s talk about what the word is surrender: to stop resisting an enemy and submit to their authority
      and that is what 1700 Azov battalion members and Ukrainian military members have done. They have walked out of this plant and submitted to the authority of the Republic people’s republic and Russian forces. Yes there was a small amount that was injured and one could say can a person that is totally
      incapacitated surrender? Maybe those handfuls of injured Azov battalion Ukrainian military that was
      totally incapacitated and injured one could say they might have been evacuated(by definition) by the Donetsk People’s Republic and Russian forces but certainly not the Ukrainian authorities. So the fact that Kiev keeps trying to push the fact that they’ve done all this to help the Azov and Ukrainian military evacuate the Azov plant here in Mariupol is a total lie and misinformation created to just mislead the world.’

      ‘Facts are facts and Kiev continues to try and lie about them to fit their agenda’


        1. Here’s a guy with very little budget, and he can get to the front of this fight (standoff really) for weeks, shows that it’s over and surrender ongoing, yet the globalist scum media keep up this theater. It’s clear who is lying.

          A sane person would say, the best way forward is for the fighting to stop and find a non-violent solution. The natziz are not going to prevail, so lets stop the unnecessary killing. Nope, we fill the space with nonsense, throw weapons/money in so even more people can die.

          And what are we left hearing day after day: the ubiquitous MORAL SUPERIORITY!

          1. “ubiquitous MORAL SUPERIORITY!”

            Ukrainistan flags are *everywhere* in Denver now (which voted 79.55% for Pedo Joe).

            “They’re not sending their best”

          1. we are sending them $40 billions

            I don’t think we’re going to actually send the money to them. We’re already obliged to replace all the surplus WWII weapons we cajoled Europe to dump into Ukraine with modern stuff.

            Is 10% still to be recycled for the “Big Guy”?

    2. This is why the Constitution requires a declaration of war from Congress. It was supposed to prevent idiots like Dubya, et al under the influence of foreign lobbying by Nutanyahoo and AIPAC from engaging in pointless quagmires.

    1. Maybe with housing demand taking a swan dive, plus a massive inventory dump of investor-owned properties,
      there will be little incentive to construct new housing for the next little while?

      Seems like that might result in a drop in lumber demand.

  16. The more I study history , the more it becomes obvious that most disease was caused by tainted water, insects and infected vermin, and lack of modern day plumbing systems.
    You got to wonder about the virus theory when history details it was never proven by the Scientific Method . But a Rockerfeller based Pharmacy system of treatment of diseased emerged , while that monopoly wiped out other schools of thought about health care.
    Rockerfeller was the destroyer of competition of truth and advancement for his self serving assault on progress by corruption of Science .
    I watch the insanity of the medical system in the last thirty years turn into a reduction of health .
    In the food system , they replaced solid foods with bad seed oils and processed junk. People were not sick when I was a kid and I watched the medical system make people believe that Big Pharmacy was the key to health, and didn’t have anything to do with nutrition and life style.
    Now the prospect of being mandated and forced into poison vaccines that don’t work but harm , by a corrupted system is my worst nightmare being a person who rejected the Big Pharmacy Monopoly over a half century ago , knowing something was wrong .
    Medical tyranny was the pre planned method to take over , to override freedoms and Constitution protections . They are literally murdering people in the millions or injuring them by these false vaccines , or killer medications.
    A depopulation agenda is the only conclusion you can draw, with the FDA and all Health Agencies becoming agents of death , destruction and cover up.
    How much more evidence do you need of this pre planned attack on humanity by a small group of killer highjacker psychopaths who want a One World Order of controlled genocide by one means or another.

    1. “pre planned attack on humanity by a small group of killer highjacker psychopaths who want a One World Order of controlled genocide”

      Sounds about right.

      Ben, get the ropes ready…

    2. I have a very hard time these days at doctors’ visits these days thinking about this sort of thing.

      I was in the hospital ER about two weeks ago. Got there about 8 PM, released at noon. Periodically surrounded by young surgeons anxious to get some practice and make some bucks at the same time. I declined, felt much better in a few hours. Enjoyed the morphine. Right before I left, a doctor rushed in and said “You’re getting out already? I just heard you were here.” Didn’t examine me or say much else. His bill was a couple of hundred dollars, hospital bill $48K. My cost a few co-pays, total as yet undetermined. Almost the same story as one person told in this article.

          1. Was it Dilaudid? I could seriously watch someone saw off one of my limbs and not care on that stuff!

          2. I don’t know, they just said morphine. I told them I really didn’t need it, the pain wasn’t that bad, but the nurse kind of pushed it on me along with something to prevent nausea (from the morphine.) She came back a few hours later with another round. I decided not to fight it 😁 Had a great conversation with an extremely red pilled nurse; that was fun.

  17. My little burg just passed a camping ban ordinance. There is a small Hooverville growing on one of the river banks (the river is more like a creek). I suspect that the homeless will move downstream, past city limits, and the county will ignore their new encampment.

    I think the real reason for the ban is that they were camping in the downtown area (the creek flows through it), and the city council wants to shoo them away from the redeveloped downtown, with its tony and pricey new apartments, hotels, restaurants and other amenities.

  18. OK, I’m gobsmacked. A shanty down the street that went on the market about 3 weeks ago with an asking price of 850K just closed for 635kK.

    I was convinced that some sawing and slashing would be in order when it was listed. I was right.

    1. 2013 Oldie from conspiracy world, not sure exactly when recorded. I picked the earliest date.

      Barbara Lerner Spectre on Jews and European Multiculturalism
      Apr 23, 2013

      I’ve read she’s a crank without much influence. Good thing, or Scandinavia and Europe would be in a lot of trouble by now.

    1. When a journalist

      No they don’t. Too bad you embrace the Woke use of that title anyway.

      Aside from your video game imagination, what do you actually do IRL to make a better community? Just wondering!

  19. Alt-Market — Ukraine Is A Proxy War That Will Lead To Wider World War (5/19/2022):

    “Does the presence of US and European troops in Ukraine mean a global nuclear war is imminent? It’s unlikely.

    That said, I would not be surprised to see at least one mushroom cloud somewhere in the world this decade within a regional conflict. Also, world war does not have to become nuclear to be disastrous.

    Sadly, because of Hollywood movies a large number of people have misguided notions of what World War III might actually look like. Entertainment media always depict WWIII as happening in a flash, an instant in which missiles are launched and a broken civilization of survivors is left to pick up the pieces. What they never show is a long grinding war of financial attrition, supply chain disruptions, cyber attacks, and drawn out regional battles in which Americans are shipped overseas to die for no purpose other than to pretend that these territorial disputes are somehow “our responsibility.”

    Our responsibility?

    All these virtue signalling f*s in Denver flying the Ukrainistan flag in your front yard, you need to have at least one child or grandchild DIE in Ukraine.

    You want to virtue signal? I want your children to DIE, you f*ing hypocrites.

    Let’s re-enact the Gold Star Mother scene in the film Saving Private Ryan, except you need to one-up that and have *ALL* of your children die in Ukraine.

    Russia is winning.

  20. Today is Friday, May 20th 2022 and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

    The criminal Biden regime has no legitimate authority to govern, because it is an unelected presidency.

    January 6th was a LARP that turned into a riot.

    The real insurrection was $2 billion of property damage after a convicted felon died of a fentanyl overdose.

    The real insurrection was 100 consecutive days of violent rioting in Portland Oregon at the United States Federal Courthouse.

    The real insurrection was the unlawful seizure of actual territory in Seattle and declaring its existence as a sovereign state.

    The 2020 election was stolen.

    1. Gateway Pundit — House Passes Domestic Terrorism Bill to Use the FBI to Silence Conservatives Who Disagree With Them (5/19/2022):

      “Democrats used the mass shooting by a lunatic on Saturday in Buffalo, New York to justify the legislation that will allow the FBI to continue to spy on and harass conservatives and critics of their radical agenda.

      The new law is nothing new, throughout history brutal regimes have suppressed criticism from their detractors.

      And the Biden regime has been cracking down on conservatives who attended the January 6 protests in Washington DC. Dozens of Trump supporters still languish in prison and many of the political prisoners did not participate in any violence. Many did not even enter the US Capitol that day.”

      The 2020 election was stolen.

  21. NBC is actually reporting this?

    Analysis of Hunter Biden’s hard drive shows he, his firm took in about $11 million from 2013 to 2018 (5/19/2022):

    “From 2013 through 2018 Hunter Biden and his company brought in about $11 million via his roles as an attorney and a board member with a Ukrainian firm accused of bribery and his work with a Chinese businessman now accused of fraud, according to an NBC News analysis of a copy of Biden’s hard drive and iCloud account and documents released by Republicans on two Senate committees.

    “No government ethics rules apply to him,” said Walter Shaub, a former director of the U.S. Office of Government Ethics who is now an ethics expert with the Project on Government Oversight. Shaub added, however, that “it’s imperative that no one at DOJ and no one at the White House interfere with the criminal investigation in Delaware.”

    The apple never falls far from the tree.

    Joe Biden is a pedophile and serial sexual predator.

    Hunter Biden is a crackhead degenerate.

    P.S. the 2020 election was stolen.

  22. Here is some good news for a Friday.

    Russia Today — With a $40 billion plan, the US is setting itself up for an expensive failure in Ukraine (5/19/2022):

    “when Democrat House Speaker Nancy Pelosi pushed through a massive $40 billion appropriations bill for aid to Ukraine, she did so in a single day. The text of the proposed legislation was released in the morning, a ‘debate’ was held throughout the day (in actuality, little more than a series of speeches by lawmakers on why this legislation was so important), and then a vote was taken that saw the bill approved by a 368-57 margin.”

    The United States is losing

    “It was then sent on to the Senate, where both the Democrat’s majority leader, Chuck Schumer, and the Republican minority leader, Mitch McConnell, were ready to similarly chaperone the legislation through their chamber and onto the desk of President Joe Biden, who had indicated he would sign it immediately.”

    The United States has already lost the war

    “When looking at the rush to provide Ukraine with tens of billions of dollars of US aid and assistance, one cannot help but be struck by a sense of déjà vu that Washington is repeating the same mistakes that helped produce the Afghanistan debacle. In particular, it is a failure to operate with an “adequate sense of context” regarding Ukraine while proceeding to fund programs devoid of anything resembling a properly mandated and organized monitoring and evaluation system.”

    Russia is winning

    “This isn’t a one-time payment – the government of Ukrainian President Volodymyr Zelensky has indicated that up to $7 billion per month will be needed to keep Ukraine functioning.”

    The United States is a bankrupt empire in terminal decline. Russia is energy and food independent, and has the capability to sustain itself indefinitely.

    The United States is only a few decades, years, or even months, from terminal collapse.

  23. Even more good news for a Friday.

    New York Times (the New York Times is disinformation) — Hooked on Cheap Oil, Hungary Resists an Embargo on Russia (5/19/2022):

    “Prime Minister Viktor Orban has promised voters to keep energy prices low. The dividends from taking Russian fuel also help fund the policies that have made Hungary a beacon for right-wing groups.”

    Why is that a bad thing?

    “More than $65 million of that will go to a privately managed education foundation that last year hosted the Fox News host Tucker Carlson at a festival of right-wing pundits in Hungary. It has also provided stipends and fellowships to conservative Americans and Europeans looking for a safe haven from what they bemoan as the spread of “cancel culture” back home.

    Some of them featured this week at the first Hungarian edition of the Conservative Political Action Conference, or CPAC, a gathering of the right wing of American politics. The event, attended by Mr. Orban, opened in Budapest on Thursday under the slogan “God, Homeland, Family.”

    Hungary has for years served as a beacon for foreign conservatives who admire Mr. Orban’s hostility to immigrants, L.G.B.T.Q. rights, George Soros and liberals in general. Russia’s invasion of Ukraine, however, has put severe strain on that role, stirring anger among some conservatives about Mr. Orban’s cozying up to the Kremlin.”

    Archive link provided because we do not give clicks and revenue to globalist scum media.

    I stand with Hungary.

    The moral decay of The West is beyond salvation.

  24. New York Times (the New York Times is disinformation) Republicans Are Officially the ‘Stop the Steal’ Party Now (5/19/2022):

    “Republicans in the foreground today are foundationally resentful. Recrimination, rage: Those are the fuels they run on. Those are the emotions they till.”

    Frank Bruni, that sounds like a reasonable reaction to the 2020 election being stolen.

    “the party’s current appetite for bratty and kooky …

    voted to nullify the results of the 2020 election …

    conservative Christians are waging a battle of good against evil”

    The New York Times, is, in fact, evil.

    “cozied up to QAnon adherents and called for mask-burning parties to protest Covid-related restrictions …

    the naming and slaying of liberal monsters”

    Frank Bruni, the 2020 election was stolen.

    “More and more Republicans are “Stop the Steal” politicians even if they never attended or endorsed a “Stop the Steal” rally, because that scowling, sneering phrase taps into and touches on more than vote counts. It encourages a rebellion against cultural dynamics that offend some traditionalists. It blesses a revolt against the sorts of demographic trends that have given the “great replacement” theory such traction. It validates the complaint that some elite cabal is making decisions and hoarding riches at the expense of other Americans. It’s about all these things that are being taken away, all these things that must be taken back.”

    Archive link provided because we do not give clicks and revenue to globalist scum media.

    And yes, the 2020 election was stolen.

  25. This is a urine soaked mattress article.

    Washington Post (the Washington Post is disinformation) — How covid complacency and ideology killed 1 million Americans (5/19/2022):

    “imagine yourself part of a country seeking to help the United States with its covid-19 crisis. You are trying to deliver a miraculous vaccine that deters most infection and nearly guarantees freedom from severe disease. The key, as always, is adherence. But there is a powerful Red Faction — dominant in much of the country — that is partial to quack treatments, distrustful of modern medicine and resistant to vaccines (and mask-wearing) as a point of political pride.”

    COVID vaccines are poison.

    “Surely, over time, the Red Faction would witness the health benefits of three or four jabs of a needle. Surely it would refuse to take health advice from wacko politicians and unreliable community healers. Surely the stigma would fade as the vaccine proved safe and effective.”

    The vaccine is the virus.

    “In any normal vaccination campaign — with the goal of 80 to 90 percent uptake — this would be judged a failure.”

    It’s not a vaccine, it’s a medical genocide.

    Archive link provided because we do not give clicks and revenue to globalist scum media.

    1. Now that you’ve had your misinformation, let’s have some actual information.

      Alex Berenson (who got fired from the New York Times and banned from Twitter for sharing actual information) — The most powerful evidence yet that mRNA vaccines hurt long-term immunity to Covid after infection (5/19/2022):

      “A bombshell study – from the National Institutes of Health and Moderna, no less – should end debate.

      Unvaccinated people are much more likely to develop broad antibody immunity after Covid infections than people who have received mRNA shots, a new study shows.”

      COVID vaccines are poison.

      BTW, reading the New York Times and the Washington Post feels like I’m wading through a sewer.

      I do it to bring you their disinformation (via Archive links), so it can be analyzed and discussed.

      You need to understand these globalist scum, if you’re ever going to defeat these globalist scum.

      The Day Of The Rope is coming…

  26. Even *MORE* good news for a Friday.

    Reminder, the Colorado State Legislature decriminalized fentanyl in 2019.

    11 indicted for allegedly operating auto-theft ring that stole more than $3M-worth of vehicles, other property (5/19/2022):

    “The ring allegedly stole at least 130 motor vehicles, including camping trailers that they then lived in. The group also stole firearms and committed identity theft across the Denver metro area to support their methamphetamine, heroin and fentanyl habits as well as support their lifestyles, the district attorney’s office said.

    According to the distirct attorney’s office, the ring would allegedly use electronic key programmers to defeat authorized key fobs. The group would then allegedly substitute after-market key fobs to steal new and high-end cars. The ring would burglarize auto dealerships and repair shops to access keys that they would then use to steal vehicles, the district attorney’s office explained.”

    And now the list of names, all future doctors and astronauts, every one of them:

    Esequiel Gomez, 33
    Sergio Casimiro-Mejia, 24
    Susana Garcia, 23
    Olivia Talamantes, 29
    Jonathan Valdivia III, 19
    Fabian Varela-Castillo, 28
    Jonathan Baeza Delgado, 29
    Karina Carbajal, 25
    Dianna Laura Gaucin, 19
    Felix Lopez, 34
    Debbie Rachel Valdivia, 22

    It’s almost like there is a pattern there, but your betters would prefer that you not be noticing these things.

    Listen to your betters.

    1. The Wall Street Journal
      What Is a Bear Market? As the S&P 500 Skids, How Bad Could It Get?
      The S&P 500 is almost 20% below its record, a level that would place it in a bear market for the first time in more than two years
      The S&P 500 recently neared a bear market, based on the benchmark’s daily closing levels.
      By Caitlin Ostroff
      May 19, 2022 12:09 pm ET

      The benchmark S&P 500 stock index is falling, flirting with what investors call bear-market territory. If you’re just tuning in or watching your retirement savings shrink, here’s what you need to know about the grizzly decline.

      What is a bear market?

      Stocks enter a bear market when widely followed indexes such as the S&P 500 or the Dow Jones Industrial Average sink 20% from their high points. There is nothing official about the determination. The designation is a shorthand way for Wall Street to mark when markets have taken a tumble. It also gives investors a moment to reflect on how the current action in markets compares to previous downdrafts.

      The S&P 500 on May 19 neared levels that would place it in a bear market for the first time in more than two years. What this basically means is that stocks have fallen quite a bit, and that decline has gained momentum. Most analysts base their calculations on closing levels of the index, rather than intraday levels.

    2. The Financial Times
      Markets Briefing Equities
      Wall Street stocks dip, Treasuries gain as investors seek out safe assets
      Investors assess risks to economic and corporate earnings outlook after ‘vicious’ pullback
      People walk on Broadway at Wall Street
      Some disappointing corporate earnings reports have added to fears that global growth is slowing
      Ian Johnston in London, Kate Duguid in New York and Hudson Lockett in Hong Kong yesterday

      US stocks dipped and Treasury bonds rose on Thursday as investors sought to navigate a tricky outlook for global equities marred by inflation and signs of slowing growth.

      The S&P 500 index fell 0.6 per cent, closing at its worst level since March 2021, while the tech-heavy Nasdaq Composite fell 0.3 per cent. Both gauges had come under heavy selling pressure in the previous session, with the S&P shedding 4 per cent in the worst sell-off since June 2020 and the Nasdaq tumbling 4.7 per cent.

      Earlier in the day, both stock indices had risen into positive territory. The swings on Thursday reflect the deep uncertainty among investors over the outlook for growth and inflation at a time when central banks, led by the US Federal Reserve, are unwinding the stimulus measures that have helped prop up the world economy over the past two years.

      Disappointing earnings reports in recent days from big US companies including retailers Walmart and Target and networking group Cisco have shown how corporate America is struggling with headwinds including soaring input costs, the war in Ukraine and cooling growth in China.

    1. Most Popular

      Elon Musk calls report that he exposed himself to Financecryptocurrency
      Crypto contagion? What Terra’s ‘Lehman Brothers’ moment means for markets
      By Will Daniel and Taylor Locke
      May 12, 2022 3:09 PM PDT

      It’s been a dark start to the year for the crypto market.

      Taken as a whole, cryptocurrencies’ market cap is down roughly 45% year-to-date, and in just a week’s time, the world’s leading digital assets, Bitcoin and Ether, have plummeted 23% and 31%, respectively.

      Even worse, since November 2021’s highs, cryptocurrencies have given back around $1.6 trillion in value, and some of the most respected names in the industry are arguing this week’s blow-up of the algorithmic stable coin TerraUSD (UST) is a “Lehman Bros event.”

      But unlike the events leading to the subprime mortgage crisis of 2008, the financial community is divided on whether a crypto blowup could lead to systemic risk for financial markets.

      “It will probably be a ‘Lehman Bros’ event for the Terra ecosystem,” the billionaire founder of FTX, Sam Bankman-Fried, told Fortune on Thursday. “But the contagion to the rest of the crypto industry is going to be more limited.”

      While Bankman-Fried isn’t worried about the fallout from UST’s collapse, risks from a serious downturn in crypto are definitely something U.S. Treasury Secretary Janet Yellen has on her mind.

      In front of the Senate Banking Committee on Tuesday, Yellen argued that “digital assets may present risks to the financial system and increased and coordinated regulatory attention is necessary,” specifically citing turmoil in the crypto markets and the collapse of the TerraUSD stablecoin.

      On the whole, most experts agree that, as of now, the risk of a domino effect trampling through financial markets akin to what was seen in the Great Financial Crisis is limited.

      “The realm of crypto has been dominated by a handful of larger investors and small retail players. The odds that this meltdown becomes a source of contagion to the financial system is thus remote,” Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence, told Fortune.

      But that doesn’t mean another type of contagion risk isn’t possible.

      A different kind of contagion risk

      Cryptocurrencies’ recent downturn could hurt retail investor sentiment and further the ongoing, partly Fed-induced, risk asset sell-off, DiMartino Booth told Fortune.

      “The overarching and justified concern is that this first major confidence crisis sends a shiver through smaller investor sentiment as margin calls of any ilk tend to do,” DiMartino Booth said. “Retail investors have traditionally played the role of the canary in market selloffs. Because crypto is where so many smaller investors have placed their bets, the losses sustained could become a driver of a broader risk-off move in the stock market.”

      She’s not the only one sounding the alarm.

      “Contagion here is not via linkages between the crypto ecosystem and the traditional financial system, but via retail investors’ sentiment,” Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, told Bloomberg on Thursday. “If the $1 trillion capital loss in crypto markets causes broad-based retrenchment by retail investors in other risk assets such as equities, then that’s where the spillover is.”

      1. That inadvertently humourous bad edit was unintended.

        Use the link for the correct version.

    2. The Financial Times
      Luna collapse highlights crypto exchanges’ role as gatekeepers
      Platforms act as key decision makers on which digital assets are accessible to mainstream traders
      Montage of logos of Coinbase, Binance, Kraken, Gemini, FTX and a chart
      Coinbase, Binance, Kraken, Gemini, FTX and other crypto exchanges have come under the spotlight as digital assets such as terraUSD and its sister coin Luna faced extreme turbulence
      Joshua Oliver in London and Miles Kruppa in San Francisco yesterday

      The $40bn collapse last week of popular crypto token Luna underscores the crucial role exchanges play as gatekeepers that rule on which digital assets are readily available to mainstream traders.

      Fierce competition among exchanges has led to a sharp rise in the number of tokens available on platforms that are popular with have-a-go investors.

      But the risks of listing newer tokens — and the lack of regulation around these assets — was highlighted last week when terraUSD, a coin that promised to match the value of the US dollar, became nearly worthless, also wiping out the value of its sister token Luna, in what research firm CryptoCompare called “the largest destruction of wealth in this amount of time in a single project in crypto’s history”.

      1. All crypto is worthless.

        I close on my third lot today. I own acreage (double digit acreage), and I don’t pay interest to a bank.

  27. Does Hollywood take orders from the CIA or does the CIA take orders from Hollywood? Moving lower on the chain of command, who does Joe ShitBritches take his orders from?

  28. Lotsa Powell bux in the cryptosphere are taking a one-way ride up to money heaven.

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