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We’re Hearing People Can’t Qualify Now

A weekend topic starting with the Financial Post. The key question is not why inflation has broken out: the monetary expansion since winter 2020 made that inevitable. The key question is why inflation didn’t take off after the monetary expansion in the aftermath of the 2008 banking crisis. That it didn’t may have convinced economists monetary expansion no longer causes inflation. As we’re now seeing, that was the wrong lesson to learn.”

“When the shutdown occurred and federal spending soared the Fed flooded the market and by May 2020 the monetary base had reached US$5.1 trillion. There was a brief pause in the second half of 2020, but then, starting around November 2020, the base began growing again, hitting US$6.4 trillion in November 2021. That’s a 7.5-fold increase in the U.S. monetary base from 2008 to 2021.”

“In March 2020, to encourage more lending, the Federal Reserve enacted a rule change that eliminated reserve requirements. Most people think banks are required to hold a fraction of deposits on reserve in case customers want to withdraw money. That used to be true, but no longer. In Canada we haven’t had reserve requirements since the 1990s. And since March 2020 they haven’t been required in the United States, either. This expansion of liquidity in the U.S. banking system, coupled with the elimination of reserve requirements, is an unprecedented monetary stimulus that makes the post-2008 measures look like chump change.”

From Market Watch. ‘The meaningful impact of rate hikes will likely be felt toward the end of this year,’ said David Petrosinelli, a senior trader at InspereX in New York, which has underwritten more than $670 billion in securities. Meanwhile, the Fed is ‘losing the room,’ or public confidence, ‘pretty quickly because there’s really no light at the end of the tunnel on inflation. We are in the first or second innings of market volatility because it’s not just what the Fed is doing is, it’s what the Fed is not doing,’ he said, referring to the policy makers’ decision to not begin shrinking its portfolio until next month. ‘There’s growing skepticism about Powell and the Fed’s current game plan. The window or corridor for a soft landing is narrowing by the day, and there’s a growing scenario in which inflation doesn’t meaningfully abate during the next few months of Fed hikes.'”

From Geek Wire. “High-tech real estate brokerage Redfin confirmed Friday that it has ‘made the difficult decision to freeze hiring and rescind a small number of job offers’ in an effort to adapt quickly to ‘economic uncertainty and a rapidly cooling housing market caused by the fastest jump in interest rates in history.’ One recent U.C. Irvine informatics graduate wrote that a job offer she signed in December with Redfin was rescinded this week, less than a month before she was to start work as a product designer in San Francisco.”

“Facebook parent company Meta, which employs more than 7,000 people in the Seattle region, also indicated Friday that it’s tentatively tapping the brakes on its growth companywide. Uber CEO Dara Khosrowshahi’s widely cited memo last week was a flashpoint for the tech industry, adding to existing concerns by warning of a ‘seismic shift’ in the markets, signaling tougher times and tighter belts ahead.”

From Better Dwelling in Canada. “Over the past 40 years, economic downturns have been followed by a drop in home prices. The researchers found this decline usually lasts 4 quarters, following an economic shock. During the pandemic, home prices launched higher and completely ignored the downturn. Not even a temporary dip, wrote the researchers — you can almost hear the shocked tone.”

“Another anomaly occurred during this recent recession as well — credit contraction. Or rather, a lack of credit contraction. Typically people reduce the amount of leverage they carry during a recession. Rather than pulling back though, central banks injected mass liquidity. They essentially flooded the market with cheap credit, resulting in rising liabilities. This may have been the only recession in history where households came out even more levered up.”

“To say this was an unusual path for home prices during a recession would be downplaying how unusual it was. In at least 40 years, home prices have never reacted this way.”

The Globe and Mail. “When people think about how high the Bank of Canada needs to lift rates today, the natural comparison is with the late 1970s/early 80s. The typical counterargument to that comparison is that consumers are far more sensitive to rate hikes today than in the 70s because of higher indebtedness, so rates can’t go up as much. And these folks are absolutely right.”

“Canada can’t tolerate the same degree of rate tightening today. The problem is that we don’t know how much it can tolerate compared with the seventies – and neither does the Bank of Canada. ‘The bank hasn’t done these calculations because our model would not capture structural differences [in the economy] between the two periods,’ BoC spokesperson Rebecca Spence wrote in an e-mail.”

“The worst part is the BoC no longer has the luxury of hiking rates slowly, unless core inflation magically subsides, and pronto. That’s unfortunate, because when it comes to housing values and consumer adaptation to higher borrowing costs, fast rate hikes are the absolute worst kind of rate hikes.”

The Ormond Beach Observer. “Florida’s housing market may be showing some beginning signs of cooling in April. ‘ Florida Realtors Chief Economist Dr. Brad O’Connor pointed to the rapid rise in mortgage interest rates this year, particularly in March and April, as a major factor slowing home sales last month, along with still-rising home prices and restricted supply.”

“‘Remember, 2021 was characterized by near-record low mortgage rates that allowed for a huge surge in homebuying demand,’ he said. ‘So it’s simply unreasonable for us to expect that the market will perform just as well this year, now that we are in a higher interest rate environment.'”

The Deseret News. “Home price increases continue to be mind-boggling while high mortgage rates are only starting to cool the market, according to the latest spring data on Utah and the nation’s housing market. Utah is not immune from what appears to be the beginning of a cooldown. Sales slowed down again in April — which was the 11th consecutive month year over year, Dave Anderton, spokesman for the Salt Lake Board of Realtors, told the Deseret News on Friday.”

“‘Sales were down 16%, and I think that’s due to the 5% interest rates, to the higher prices, so we’re hearing people can’t qualify now,’ Anderton said.”

The San Francisco Business Times in California. “San Francisco’s housing market is beginning to show signs of cooling, with accounts of less-crowded open houses and fewer offers on new listings becoming the norm. With two more federal interest rate increases likely coming down the pike in June and July, and rates already way up over pandemic levels, buyers of less expensive homes are feeling the heat, and when hot markets shift cooler, effects are typically first reflected in reductions in multiple offers, overbidding and the number of homes going into contract, said Compass Chief Data Analyst Patrick Carlisle. He added that gradual increases in active listings, time-on-market and slow declines in year-over-year appreciation rates tend to follow.”

“Bay Area real estate tracker SocketSite noted earlier this week that the net number of homes on the market in San Francisco ticked up another 3% over the past week from what was already an 11-year seasonal high with the pace of sales currently down 15% on a year-over-year basis. ‘Even the hottest markets eventually cool,’ Carlisle stated. ‘This does not necessarily imply a large ‘bubble and crash.'”

The Ahwatukee Foothills News in Arizona. “After the past couple of crazy years in the Phoenix Real Estate market, we are finally seeing some significant growth in the supply of homes on the market. The supply of homes is up 45% in the past six weeks! While this is good news, the increase in mortgage rates has slowed down demand for these homes – they are staying on the market longer. Buyers are taking a step back and waiting to see what interest rates do.”

“So, how is this impacting sellers? With buyers stepping back, the crazy multiple offer situation we have been seeing, and offers coming in way over asking price, Sellers are having to take steps to sell their property and in a lot of cases this means price reductions. We have been seeing price reductions in all sectors of the market, from $400,000 homes to luxury homes over $1 million.”

“This is all indicative of a shift in the market for sellers and buyers. Homes are staying on the market longer for sellers, giving buyers more choices and more negotiating power. We are still in a very strong sellers market, but we are seeing a shift away from the insanity of the past few years.”

This Post Has 147 Comments
  1. ‘In March 2020, to encourage more lending, the Federal Reserve enacted a rule change that eliminated reserve requirements. Most people think banks are required to hold a fraction of deposits on reserve in case customers want to withdraw money. That used to be true, but no longer. In Canada we haven’t had reserve requirements since the 1990s’

    One thing I’ve noticed about this QE stuff: nobody ever added it all up. I mean from the beginning. China, Europe, Asia and North America: how many phony pesos did they gin up? Was it 10 or 30 or 100 trillions?

    1. Who knows what the real QE figures are? It’s an open secret that the Fed maintains two sets of books: one for public release, and the other kept far from prying eyes. There’s a reason these gold collar criminals and their political toadies like Elizabeth Warren have successfully resisted a real audit for decades.

    2. Notice how once the money printing took off everything was “shortage!” Doesn’t matter if it was houses, cars, lumber, semiconductors or anything else under the sun. All of that money was turned loose in the way of mass speculation, which is bad for people and bad for the economy as a whole. This was the most reckless, stupid policy the world has ever seen.

  2. I read this morning that stock losses are now at 12 trillion$.

    ‘In the two weeks since Terra’s U.S. dollar-pegged stablecoin terraUSD (UST) lost its peg, causing massive investor losses, billions of dollars have been taken out of the ecosystem.’

    ‘The chief executive of Galaxy Digital Holdings Ltd., a leading cryptocurrency company listed on the Toronto Stock Exchange, has issued a mea culpa for his role in the collapse of two popular currencies – and warned that the sector is likely to struggle in the near future.’

    ‘Risky assets in general have fared poorly over the past six months because of rising interest rates, with the tech-heavy Nasdaq Composite Index tumbling 29 per cent, and the prices of bitcoin and ether have dropped about 60 per cent each. But the prices of two popular cryptocurrencies, Luna and TerraUSD, have crashed even more violently in the past few weeks, wiping out US$40-billion.’

    ‘Mike Novogratz, the outspoken CEO of Galaxy Digital, was one of the top promoters of both assets, and had gone so far as to get a tattoo of a wolf howling at the moon with the tag “Luna” on his arm in January. He tweeted the pic and added the line “I’m officially a Lunatic!!!” in a show of total belief in their future.’

    ‘Yet after the value of Luna collapsed last week, he seemed to disappear – a rare silence for someone who is normally a hard core defender of the crypto sector. On Wednesday, Mr. Novogratz re-emerged with a public letter that acknowledged his poor judgment in backing Luna and TerraUSD so forcefully. “It was a big idea that failed,” he wrote.’

    ‘In his letter, Mr. Novogratz stressed that Galaxy had taken some profits off the table while Luna was on its meteoric rise. Many unsophisticated investors, however, did not. “Reading the stories of retail investors who lost their savings in one investment is heart-wrenching,” he wrote.’

      1. He sure led an army of greedy, stupid lemmings down the primrose path. You’d have to have a heart of stone to read about their huge losses and not laugh.

    1. “…stock losses are now at 12 trillion$.”

      Is that alot?

      Sadly for risk asset HODLers, this party is just getting started. See my post below about housing.

      This is THE BIG ONE.

        1. You will eat zee bugs and sleep in zee pods along with a dozen of your closest friends. You will ride zee public transportation to your Metropolis-like job. When you cease to generate wealth for zee oligarchy, you become disposable and redundant. We have zee “solution” for zat, too, but we will unveil that detail after we have disarmed you…for the children.

  3. ‘The supply of homes is up 45% in the past six weeks!’

    I’ve watched several UHS videos out of Phoenix. They are nervous, but there’s not lot they can do.

    1. Wouldn’t more inventory eventually lead to more home sales, when investors dump en masse?

  4. Some good news for a Saturday.

    Crime & Housing Among Factors Dragging Mile High City Down On List Of Best Places To Live (5/17/2022):

    “It used to be the source of bragging rights in Denver; a ranking in the top five of the best places to live in the country as ranked by US News and World Report. But, last year Denver dropped to 14th on the list. This year, the Mile High City is all the way down to 55th.

    No doubt the cost of living in the city has hurt its reputation.

    “In particular, the housing affordability is one factor that is weighted more heavily this year in the best places to live ranking,” said Devon Morsby, real estate editor for US News and World Report. That’s not all.

    “Crime is one factor within that larger index that we look at where Denver doesn’t perform that well. It ranks 137th out of 150 for crime.”

    Vote like California, become California.

    1. Real Journalists are allowed to write about the symptoms, but not the disease itself: Democrat-Bolshevik malgovernance.

    2. Vote like California, become California.

      Sure, blame Californians rather than your Soros-backed Secretary of State.

      1. “It is enough that the people know there was an election. The people who cast the votes decide nothing. The people who count the votes decide everything.” – Joseph Stalin

  5. Even more good news for a Saturday.

    Russia Today — Azovstal ‘fully liberated’ – Russian military (5/20/2022):

    “The entire territory of the Azovstal factory complex in Mariupol has been liberated, the Russian Defense Ministry announced on Friday. More than 2,400 people surrounded inside for almost a month, including Ukrainian servicemen and members of the neo-Nazi Azov unit, have laid down their arms and surrendered.”

    Russia is winning.

    And here’s the best part of the article:

    “Both Ukraine and most Western media outlets avoided the word “surrender,” even when the Russian military published videos clearly showing the militants laying down their weapons.”

    To any United States citizen reading this who claims to “stand with Ukraine” please answer the question: why have you not had one of your children die with their boots on the ground in Ukraine?

    Answer the question, hypocrites. If you haven’t lost a child in Ukraine yet, what exactly are you “standing” with or for, hypocrites?

    Everything about this phony war is a big lie.

    1. Would you like some waffles for breakfast?

      New York Times Editorial Board — The War in Ukraine Is Getting Complicated, and America Isn’t Ready (5/19/2022):

      “The Senate passed a $40 billion emergency aid package for Ukraine on Thursday, but with a small group of isolationist Republicans loudly criticizing the spending and the war entering a new and complicated phase, continued bipartisan support is not guaranteed.”

      Not guaranteed? Are you waffling on “stand with Ukraine” because you are beginning to realize that nobody in the U.S. who isn’t globalist scum actually supports Ukraine?

      “In March, this board argued that the message from the United States and its allies to Ukrainians and Russians alike must be: No matter how long it takes, Ukraine will be free.”

      Answer this: when was the last time any member of the New York Times Editorial Board themselves, or a family member, enlisted and wore the uniform of the United States military? Vietnam? Korea? World War II?

      “Is the United States, for example, trying to help bring an end to this conflict, through a settlement that would allow for a sovereign Ukraine and some kind of relationship between the United States and Russia? Or is the United States now trying to weaken Russia permanently?”

      Who cares!!! As long as it’s *somebody else’s* child who dies for this big fat lie, right?

      Here comes the hot fresh waffle, right off the griddle:

      “Is the United States, for example, trying to help bring an end to this conflict, through a settlement that would allow for a sovereign Ukraine and some kind of relationship between the United States and Russia? Or is the United States now trying to weaken Russia permanently?”

      Russia is winning.

      And on the subject of waffles, here a picture of Tim Pool for no reason but for the LOLZ:

      1. Posted that last paragraph twice, in error. It should have been:

        “A decisive military victory for Ukraine over Russia, in which Ukraine regains all the territory Russia has seized since 2014, is not a realistic goal.”

        The New York Times is admitting that Russia is, in fact, winning.

        When you say you “stand with Ukraine” what you’re really telling us is that you are a loser, that you stand with the losers.

        Russia is winning.

        The United States, and The West, are just about played out, as far as civilizations go.

        Russia, Hungary, and maybe a few others, will be the only remnants of European civilization within a century, or even a few decades.

        Russia is winning.

        1. can’t help but suspect Ukraine sez “Send $ and weapons or we release the names of corrupt traitors!”

        2. “Russia is winning.”

          The only Russian who are winning live in the U.K. in “Londongrad.”

  6. Why do I think there’s a lot more CR8R ahead on Wall Street before it stops?

    1. Housing hasn’t even entered the discussion yet on The Street.

    2. Housing is going to CR8R, big time.

    3. Last time, the O Sh!t moment didn’t happen until when housing imploded.

    4. This time is different: It’s much worse.

    5. October is five months out.

    Let me know at year-end 2022 how my prediction turned out!

    1. Load up on long term puts. Auto dealership aggregators is my drug of choice. They haven’t started their real crash yet.

      1. The “big three” wouldn’t exist were it not for government bailouts since they have more retirees than employees.

        1. After the current greedfest, I hope they all go bankrupt. They are building vehicles for rich people and nobody else.

          1. They are building vehicles for rich people and nobody else.

            I think that is the plan: cars for the upper middle class and the people who matter, the bus for everyone else.

            Disrupting supply chains will be a great way to get older cars permanently off the road in a very timely manner. Need a new engine control module for your 2005 car? Sorry, it’s unobtanium. Even the junk yards will be picked clean of usable parts.

          2. Sorry, it’s unobtanium

            The Chrysler 318s in my boat are 50 years old and still running like champs. There are no “modules”.

          3. There are no “modules”

            As you mentioned, 50 years old (the 318 was a good engine).

            While I don’t have hard data, I would guess that the percentage of cars on the road with fuel injection and ECMs is in the high 90’s. It won’t be hard for the gooberment to get rid of the old ones, without actually banning them.

            So, the working poor and lower middle class will be the first to find themselves without wheels, and thus riding a bus. Then it will creep up and knock out most of the middle class. Only the managerial class and above will have cars, if the people now in charge have it their way.

          4. “…Only the managerial class and above will have cars, if the people now in charge have it their way….”

            Kinda the way they do things in North Korea..

  7. Wall Street Journal — More Subprime Borrowers Are Missing Loan Payments (5/19/2022):

    “Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.

    The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax Inc. In March, those delinquencies rose month over month for the eighth time in a row, nearing their prepandemic levels.

    Delinquencies on subprime car loans and leases hit an all-time high in February, based on Equifax’s tracking that goes back to 2007.”

    All-time high since 2007, is that a lot?

    “This sucker could go down” — George W. Bush

    1. Even more good news for a Saturday.

      Wall Street Journal — The Market Is Melting Down and People Are Feeling It. ‘My Stomach Is Churning All Day’ (5/21/2022):

      “Stocks, bonds and other assets are getting hammered this year as investors wrestle anew with the possibility that the U.S. is headed toward recession. On Friday, the Dow Jones Industrial Average recorded its eighth straight week of declines, its longest such streak since 1932. The S&P 500 flirted with bear-market territory.

      Families are watching the investments they meant for down payments or college tuition or retirement shrink, day after day. They’ve seen big retailers like Walmart and Target record their steepest stock drops in decades this week, after earnings that signaled an end to the pandemic spending boom.”

      You will own nothing.


  8. I’ve been trying to envision safe companies to invest in case of a recession. Would consumer staples like Walmart and Target be safe bets?

    1. Oh, wait…

      The Financial Times
      The Long View
      Investors spooked as gloom grips markets
      Even veterans accept we are at a historic juncture as inflation surges
      Katie Martin
      Shoppers at a Target store in Brooklyn, New York, US
      US retailer Target, which suffered a 25% cratering in its share price just in one day this week, has really alarmed investors
      © Reuters
      Katie Martin yesterday

      One of the more annoying things that investors do when they have been in the game for a really long time is to pooh-pooh market skirmishes.

      “You think this is bad? Pah! You should have seen Black Monday/Soros taking down sterling/the dotcom crash,” etc. If this happens to you, my advice is to change the subject at precisely this point, before the segue into how much more fun markets were “back in my day” and how young people nowadays “know nothing”.

      The veterans do have a point: a generation of traders and fund managers have never seen full-blown inflation and are accustomed to the mantra that stocks only go up (or to central banks saving the day if they stumble). But even the old-timers accept that right now we are at a historic juncture.

      In part, that is because of the sheer scale of some of the market moves. The S&P 500 benchmark index of blue-chip US stocks has fallen by 19 per cent already this year. This pace may not continue. But if it does, it will be heading towards 2008’s 38 per cent fall. More tech-heavy indices like the Nasdaq Composite have fared even worse — it is down 27 per cent. Pass the smelling salts.

      Individual stocks are taking a beating, particularly when companies release iffy numbers. Pandemic lockdown-era favourites such as Peloton have gone into meltdown. The manufacturer of domestic perspiration is down 90 per cent over the past year. Coinbase, Robinhood . . . take your pick. It is a mess.

      But what has really spooked investors now is US retailer Target, which suffered a 25 per cent cratering in its share price just in one day this week when it said profits had halved in the first quarter and warned that profits in future quarters would suffer as a result of rising costs.

      Fellow retailer Walmart had sounded a similar alarm on the previous day, driving its shares down by 11 per cent — not to be sniffed at. Still, for some reason Target cut through. Suddenly investors accept that the slide in asset prices triggered by the US Federal Reserve’s arguably belated response to soaring inflation will prove deep and broad.

      1. Another canary in the coal mine moment: I ordered a pizza last night, expecting to be told there would be an hour+ wait, it being Friday night. Nope, I was told it would be ready in under 20 minutes.

    2. Exxon has done well. At a certain point I suppose all assets are correlated. The LEAP puts somebody posted could be a good idea or 3x ultra bear funds that move the opposite of the market.

  9. Washington Post — CDC tells doctors to be on alert for monkeypox as global cases rise (5/20/2022):

    “The Centers for Disease Control and Prevention issued an alert Friday urging doctors and state health departments to be vigilant for cases of monkeypox as an unprecedented global spread of the virus raises alarm among public health authorities.

    The alert comes two days after the agency confirmed a monkeypox case in Massachusetts, where a patient with skin lesions associated with the rare virus was treated. New York City officials said Thursday they are investigating a potential case. Federal officials say they expect to identify additional infections in the coming days.”

    Monkeypox is a hoax. They’re only doing this to steal the 2022 midterm elections.

    Local anecdotal: indoor mask mandates are coming back around the Denver metro area, because all the people who received 3, 4, 5 MRNA vaccine doses have immune systems that are now failing.

    They literally gave themselves A.I.D.S. with these phony vaccines that are not vaccines.

    “They’re not sending their best”

  10. “Monkeypox: Gay and bisexual men warned to take precautions”

    There was no mention of this as the Washington state school board director is set to host ‘Queer Youth Open Mic Night’ for children (0 to 18 years old) at her sex shop at WinkWink on June 1.

    Emma Colton
    Thu, May 19, 2022,

    The event for children will be hosted at WinkWink on June 1 and is billed as an opportunity to “celebrate youth pride” by holding a space and “stage for young queer voices in our community.”

    Monkeypox: Gay and bisexual men warned to take precautions as experts fear virus transmitted through sex

    May 17, 2022 4:39 pm(Updated May 20, 2022 5:57 pm)

    Health officials are investigating whether a number of monkeypox cases in the UK were sexually transmitted – in what one expert fears could be the first recorded instances of their kind.

    The UK Health Security Agency (UKHSA) has detected seven monkeypox cases in total, all of which were diagnosed between 6 and 15 May. Four new ones were confirmed last week. Three of the new cases are in London and one linked case is in the north east of England. All four sufferers are men who identify as gay, bisexual or as men who have sex with men (MSM).

    1. You need to be cancelled.

      Posting this nonsense ten days before Pride Month begins? We gotta get this guy cancelled.

      BTW, when did the widely shared libertarian attitude of “nobody cares what consenting adults do in the privacy of their own bedroom” become “give us your children, OR ELSE” ?

      Clown World gonna clown 🙁

    2. Monkeypox: Gay and bisexual men warned to take precautions as experts fear virus transmitted through sex

      No sex for two weeks to flatten the curve.

      1. * “Health officials are investigating whether a number of monkeypox cases in the UK were sexually transmitted – in what one expert fears could be the first recorded instances of their kind.”

        monkeypox: ribbed for his pleasure.

        (sooo, whats the problem . . . !?)

        1. “monkeypox: ribbed for his pleasure”

          You can probably pick them up at the ‘Queer Youth Open Mic Night’ for children next week, I’m sure they sell them at the Washington state school board director’s sex shop WinkWink where she will be hosting the “stage for young queer voices in our community.”

      2. “No sex for two weeks to flatten the curve.”

        There’s no such thing as two weeks in the Castro district.

      3. No sex for two weeks to flatten the curve.

        What they do isn’t sex. And I know I risk having the deep state come after me for saying that.

  11. One recent U.C. Irvine informatics graduate wrote that a job offer she signed in December with Redfin was rescinded this week, less than a month before she was to start work
    Back in the early 80’s I knew several people who had their jobs rescinded in the Oil industry. They may have been the lucky ones as a total decimation of oil geologists AND petroleum engineers occurred over the next 4 years. Along with the closing of a lot of start up oil and poorly capitalized oil companies and related industries. I wonder if the same thing is going to happen in the high tech arena in 2022-23. Before you say it can’t happen, Petroleum Geologists and engineers were the “high tech” of the early 80’s. And as everyone “knew” “people will always need oil so you have a secure job!”

    1. I knew an “informatics” grad. Her job was to audit customers to see if they had enough licenses for the software they ran. She never wrote a line of code. Eventually she grew to hate the job and went back to school to study nursing.

    2. As a software engineer of 30 years for banks fintechs, etc the slow down is guaranteed as will be the layoffs.

  12. Free sh*t article for all the free sh*tters.

    Huffington Post — Black Lawmakers Urge Biden To Cancel Student Debt (5/20/2022):

    “The Congressional Black Caucus is calling on President Joe Biden to use his executive powers to enact “broad-based student loan debt cancellation,” saying doing so would help reduce the racial wealth gap.

    In a statement Friday, the group of Black lawmakers described the $1.7 trillion student loan debt crisis as “a racial and economic justice issue disproportionately impacting Black communities.”

    There have been an incalculable number of articles like this in the past year, and what they all share in common: they never report what these students majored in.

    They never report what these students majored in.

    Marketing is what business majors change their major to when they can’t pass two semesters of intermediate accounting.

    Any major that contains the word “studies” in its title is, by default, worthless.

    “They’re not sending their best”

    1. I have said for a long time cancel the debt cancel your degrees….return them to the college it gets canceled you are no longer a graduate or alumni, you have no transcript or GPA….. and any job that requires a valid college degree you can never apply for and you can be fired asap. So now you can start your life over Debt FREE at starbuxxxxx

      1. cancel the debt

        I guess to make that work my old Organic Chemistry prof will have to give back the wages they paid him. I never liked that course anyway. Also the cooks and Sadie the Cleaning Lady.

        Oh wait, I don’t have any student debt. I worked 40 hours a week on a farm splitting firewood while I went to college.

        Your system of walking away from promises of payment sounds much easier.

        1. “I worked 40 hours a week on a farm splitting firewood while I went to college.”

          My son is in his 3rd year of a Mechanical Engineering program, and he had to budget every hour of every day. He’s home now for the summer and working again. He recently quipped over dinner that he will be in school longer than he originally planned.

    2. Along with those you can add psychology, sociology, social work, communications, business management, environmental science, and exercise science to the long list of worthless college majors.

      I don’t think they will even try to cancel student debt, because it would immediately end up in court. They will, however, use it for future campaign promises.

    3. “They’re not sending their best”

      What if they are?

      I do believe they are sending their best.

  13. “Who Cares If Miami Is Underwater In 100 Years” – HSBC Global AM Head Slams “Nut Job” Climate-Alarmists

    by Zero Hedge
    May 21st 2022, 3:42 am



    AGW is a $CAM . CO2 is Plant Food . Climate Change is a Natural Repeating Cycle .

    Paying ever increasing carbon taxes to the Global Elite will NOT Solve a problem that does NOT Exist ! !

  14. “The key question is not why inflation has broken out: the monetary expansion since winter 2020 made that inevitable.

    The Fed’s Zimbabwe-like monetary expansion has been going on a lot longer than winter 2020.

  15. “When the shutdown occurred and federal spending soared the Fed flooded the market and by May 2020 the monetary base had reached US$5.1 trillion. There was a brief pause in the second half of 2020, but then, starting around November 2020, the base began growing again, hitting US$6.4 trillion in November 2021. That’s a 7.5-fold increase in the U.S. monetary base from 2008 to 2021.”

    Zimbabwe R Us. Got gold?

  16. “Over the past 40 years, economic downturns have been followed by a drop in home prices.

    “It’s different this time.” — Every realtor everywhere.

  17. There’s a simple remedy for “wokeness”: refuse to give your money to any company that promotes it. When they start hemorrhaging subscribers and revenue, they’ll sit up and take notice.

    Netflix’s woke purge: Troubled streaming giant’s latest layoffs targeted staff who were among its most vocal social justice warriors working on original content about marginalized communities

    1. “Netflix claimed its latest layoffs were due to ‘a slow down in revenue and decline in subscribers.’ But critics online say many of those given the boot were from minority groups – and others have speculated that the firings were part of a woke clear-out.”

      AIPAC is aiming to keep elected officials in line, Smith postulated. “Increasing numbers of members of Congress are opposing AIPAC and Israeli government initiatives in Congress, and to AIPAC that just isn’t acceptable.” According to Smith, AIPAC may fear losing political relevancy to other pro-Israel groups like the Democratic Majority for Israel (DMFI), as well as wanting more pro-Israel politiicans in Congress to counter the wave of criticism coming from progressive Democrats.

  18. Swapping one set of globalist stooges for another, then expecting things to change, is the dictionary definition of imbecility. I’m going to enjoy watching these sheep and lemmings reap what they voted.

    Republican wins Australian election: Labor leader Anthony Albanese has previously backed a move to remove Queen as head of state and has vowed to tackle cost of living crisis with more public spending

    1. has vowed to tackle cost of living crisis with more public spending

      He should throw in some price controls as well. That’ll fix things.

  19. Fraudulently installing your stooge is one thing. Garnering popular support for your puppet as he imposes an alien globalist-authored ideology that benefits only the .1% and social parasites is another matter entirely.

    Biden’s approval drops to lowest of his presidency at 39% and just TWO in 10 adults think US is heading in the right direction: 100 days after president’s last press interview, teacher asks if it can get ‘any worse’ in latest dire poll with inflation and baby formula crisis

    1. I’m amazed that his approval rating is still 39%. That number has to be cooked. I would peg it at 29% or less.

      1. Listen to some of the callers on C-SPAN’s Washington Journal show. I don’t know where they find these people.

      2. I’m amazed that his approval rating is still 39%

        Note that we’ve been told repeatedly that his approval rating has dropped below 40%, for over a year. Always dropping, never falling!

        Polls are a political construct.

  20. Right on cue, a new disease is spreading. Watch the contortions Real Journalists and public health officials will go to to obfuscate the fact this “Monkeypox” (the “k” is silent) is spreading like wildfire among promiscuous gay and bi males, just like AIDS in the ’80s.

    Monkeypox outbreak is now Europe’s biggest EVER with more than 100 cases reported and a ‘significant rise’ is expected in the UK from current 20 infections

  21. Bill Gates was talking about some kind of smallpox released by terrorists over 6 months ago.
    Biden just purchased 13 million monkey pox vaccines, and New York is going to mask mandates against the new monkey pox threat.
    California TV news showing scary pictures of monkey pox victims with with skin lesions all over their body.
    So, like clockwork, and just in time to rig the midterms , and start the medical tyranny again the
    Monkey Pox narrative begins..
    Doesn’t Bill Gates have amazing predictive ability.
    All they have to do is show those scary pictures and claim that anyone could have it because it has a two week incubation period, and they are off and running with the next global pandemic.
    These criminals are trying to take over by medical emergencies that are contrived by them.
    Biden has no concern about his policies not being popular or having support by the voters, it all about the criminals implementing a One World Order Dictorship .
    And the damage that the Covid vaccines are causing will be confused with the new scare .
    Unbelievable, but predictable given the pre planned agenda of this insurrection by Globalist murdering criminals.

      1. I just heard Dr Peter McCullough say that Monkey Pox is mild and they have oral medication to treat it. The Dr. claims no need for max vaccination .
        Apparently the pictures being shown on TV are 30 years old from some extreme cases in Africa. .

  22. Saw this dude this morning, his story hasn’t changed one iota.

    Pay for play in the Kraine back in the House of Opie which in the light of current events reminds me of the line in that old Talking Heads song… “same as it ever was”

    Laptop repair shop owner at center of Hunter Biden scandal reveals everything

    Premiered Jan 21, 2021

  23. I was recently asked what my favorite one hit wonder was, after much (well some) thought I came up with this.


    Remembering the video from back in the day and how it ended gave this one the edge over Play That Funky Music by Wild Cherry, Hooked on a Feeling by Blue Swede and Wipe Out by the Surfaris.

    1. Welcome to Joe Biden’s America. And he’s only getting started. Get ready for gas station lines, bare shelves at the supermarket and rolling black outs.

      1. Censorship and intimidation for truth-tellers.

        Nullifying the 2nd Amendment; disarming potential resisters while doing nothing to curb rampant vibrancy

        Boxcars and gulags for the non-compliant.

        1. “Nullifying the 2nd Amendment; disarming potential resisters while doing nothing to curb rampant vibrancy”

          White males in the combat arms MOS completing their military service will have their testicles surgically removed prior to separation from active duty.

      2. And he’s only getting started.

        I’m hearing that fourth quarter is going to be ugly.

        1. That’s an understatement.

          The 2022 midterm elections *MUST* be stolen, regardless of any pesky distractions like phony pandemics and phony wars and $10 gas and empty grocery store shelves, a discussion of said distractions being of course, disinformation.

          Not only will you own nothing, but anything that you previously owned will be taken from you, or have its value as an asset reduced to zero.

          These globalists are playing for keeps.

          1. Peter Navarro is saying depression. Edward Dowd is saying the stage is being set for a new monetary system. Fugly might be the better adjective.

          2. but anything that you previously owned will be taken from you

            “But, but, we’re on your side! It says so on our yard signs.” – White Leftists who will have their shanties seized by Globalists and handed over to their replacements.

      3. Ah yes, I remember 1974-1976 in California, when we had the odd-even gas lines. If your license plate ended with the wrong number, you were sent away until tomorrow. They even looked at your gas gauge and if it read more than 1/2 full, sorry charley, you don’t need any today. The only excuse was if you were more than 100 miles away from the address on your Drivers license. Luckily for us, my truck ended in an odd number and my wife’s car ended in an even number. And I also rode a small commuter motorcycle. And I was skilled at using an Oklahoma Credit Card to transfer gas from my truck to the scooter.

      4. ready for gas station lines, bare shelves at the supermarket and rolling black outs.
        And he’d still get at least 48% of the vote no matter what if he runs again. Unbelievable as most of my family would still be voting for him!

      5. I doubt Biden will repeat the Nixon price control policy error, as Nixon was a piece of work without rival.

        However, I concede that it is only the first inning of this inflationary episode, so there’s plenty of time to experiment with bad policies.

  24. Silence, parents! Comrade Biden has explicitly affirmed to the Comrades of Proven Worth (D) in our NEA indoctrination mills that during the school day, “your” children belong to their groomers, er, educators. AG Garland stands ready to sic the DNC’s FBI Chekists on any parents who fail to grasp that simple concept. Forward, Soviet!

    High school’s decision to remove toilet doors to create ‘non-gendered’ facilities causes outrage among parents

  25. From the Daily Mail:

    Father-of-two, 29, DUMPS his partner after falling for 22-year-old Ukrainian refugee who came to live with couple to escape the war
    -Tony Garnett and his partner Lorna took in Sofiia Karkadym at the start of May
    -The pair quickly became close, much to the concern of his partner of ten years
    -Sofiia left their Bradford home after a row with Lorna just ten days after arriving
    -Tony followed and insists that he has fallen in love with the 22-year-old from Lviv
    -Sofiia says they are living their very own ‘love story’ despite the pain it will cause

    Tony really does stand with Ukraine!

    1. That’s another kind of Great Replacement, I suppose…Ukrainian hotties for the frumps!

      1. I’ll bet bringing the refugee into their home was the wifey’s idea. Perhaps when she showed up the Mrs. might have realized that she made a mistake.

    1. At what point did the FBI become the Deep State’s enforcers for the criminal enterprise known as the DNC?

      1. At what point did the FBI become the Deep State’s enforcers

        My guess: J. Edgar Hoover

  26. Ok, so smallpox was announced to be irradiated in 1980 and vaccines against small pox was basically stopped around 1972.
    So, the small pox vaccine is claimed to to provide immunity against monkey pox.
    So, I suspect that they will say that anybody born after 1972 is at risk for getting monkey pox.

    So, I’m guessing that this is going to be drummed up as grounds for mass global vaccines campaign , in spite of monkey pox being rare and more mild than smallpox.
    Just watch, its all about mass global vaccines mandated, and God knows what they really shoot you with.

    1. +1

      Except I don’t want to throw it because that involves picking it up. I’d rather grab a Realtor by the scruff of the neck and shove their face down into the steaming pile.

      “They’re not sending their best”

  27. So, Dr Malone saying monkey pox is ” fear porn”, and not a global Panademic threat. No doubt with more control on news by the powers that be, watch how they censor disputes to the new health emergency. .

    Also Dr Malone thinks Biden should be impeached for his his attempt to give up our sovereignty to W.H.O, with this proposed health treaty.
    Yes, they are attempting to destroy the USA Constitution and freedoms with handing over power to the bogus and corrupt W.H.O.. .

  28. The corporate heads and politicians who offshored our manufacturing base should be sent to the gallows.


    China holds the cards for the global supply chain

    1. I’m sure they are trying to resource stuff from other countries, maybe even bring some production home. But that will take time, as in years and even decades.

      Not long from now some poor sap is gonna walk into a car parts store, looking for a new water pump, a starter or some brake components for his older car, and will find out that they are back ordered, with no delivery estimate.

      Or your oven stops working and there are no spare parts, and new ranges are unobtanium.

      This is going to be a lot of fun.

      1. “a lot of fun”

        You have no idea what it is like right now trying to get lights delivered, or very specific parts from Siemens just for installing a breaker into the main distribution panel on the ground floor.

        We are working the job into a stopping point because we can not get material delivered, or even a projected date of when material can be delivered.

        Happy twenty-two month anniversary of “two weeks to flatten the curve.”

        1. Typo: twenty-six months.

          Remember the year 2019, when the United States had a functioning economy?

          Oh wait, your memories of that are all just “disinformation.”

  29. NEW YORK — A runner in the Brooklyn Half Marathon died and more than a dozen others were hospitalized on Saturday.

    Police responded to a 911 call just before 9 a.m. and found the 37-year-old man unconscious and unresponsive on pavement, according to NYPD.

    The man was pronounced dead at Coney Island Hospital. Details on what caused his death were not immediately available.

    FDNY said five runners were in serious condition and eight were in non-life-threatening condition.

    One runner refused medical attention.

    Golly gee, I wonder what they all had in common?

    1. The ability to sense danger is lacking in many. Experimental vax is the Cobra in the tall grass.

  30. Biden signs $40 billion Ukraine aid package

    The document approving a behemoth assistance package was flown to Seoul for the US president’s signature

    21 May, 2022 13:38

    Under the act, the US will provide nearly $20 billion worth of military aid to Ukraine to assist the country in its fight against Russia. The sum includes military hardware and funds to pay salaries to Ukrainian troops, along with money to pay US troops deployed in Europe and replenish US stocks of arms already sent to Ukraine.

    Russia attacked Ukraine in late February, following Kiev’s failure to implement the terms of the Minsk agreements, first signed in 2014, and Moscow’s eventual recognition of the Donbass republics of Donetsk and Lugansk. The German- and French-brokered protocols were designed to give the breakaway regions special status within the Ukrainian state.

    The Kremlin has since demanded that Ukraine officially declare itself a neutral country that will never join the US-led NATO military bloc. Kiev insists the Russian offensive was completely unprovoked and has denied claims it was planning to retake the two republics by force.

      1. When asked about Zelensky’s dance in leather pants and heels the new White House press secretary Karine Jean-Pierre responded said the richest taxpayers and corporations must pay their fair share.

        How does raising taxes on the rich lower inflation? Karine Jean-Pierre has no idea..

        May 16, 2022

      2. Leather Pants And Heels Edition

        It’s the Globalists’ way of giving us the finger.

    1. mentally subnormal

      Wow!! What stopped you from calling her a retard?! She’s clearly less affected than most. Thanks for confirming inclusion delusion.

      1. My mom used to work for a non-profit which had “retarded citizens” in the name of the org. What is wrong with saying “mental retardation?” I must be missing something.

  31. AIR FORCE ACADEMY, Colo. — Three cadets at the U.S. Air Force Academy who have refused the COVID-19 vaccine will not be commissioned as military officers but will graduate with bachelor’s degrees, the academy said Saturday.

    Well, it sure seems like that the Air Farce doesn’t want intelligent officers in their ranks.

  32. Good Sunday morning HBB.

    The Atlantic (which is globalist scum media) is forced to reluctantly admit that Russia is, in fact, winning.

    Ukraine’s Way Out (5/18/2022):

    “With both sides doubling down, NATO must engage in a forthright dialogue with the Ukrainian government about its goals and how best to bring the bloodshed to a close sooner rather than later. Russia has already been dealt a decisive strategic defeat. Ukrainian forces have rebuffed the advance on Kyiv and retain control of most of the country; the West has hit Russia with severe economic sanctions; and NATO has reinforced its eastern flank, while Finland and Sweden now seek to join the alliance. For NATO and Ukraine alike, strategic prudence argues in favor of pocketing these successes rather than pressing the fight and running the tantamount risks.”

    Translation: Russia is winning.

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

    Bonus content (Warning: pdf file) the list of all the attendees of the 2022 Davos World Economic Forum:

    Sure would be a shame if those nutters over on 4chan published the addresses of all these globalists, wouldn’t it now, eh Glowieboy?

  33. I wake up extra early to bring you your Globey and your Glowie, here the latest from globalist sh*trag the New York Times.

    Ukraine Live Updates: Zelensky Says Military Aid Could Free Exports, Easing Food Prices (5/22/2022):

    “President Volodymyr Zelensky pressed his allies for even more military aid on Saturday after the United States signed one of its biggest war packages in decades, arguing that winning the fight against Russia would also help tame rising global food costs.

    The weapons would allow Ukraine to open ports and transport routes shut off by Russia, freeing Ukrainian exports of grain and other food supplies.”

    Dump billions of U.S. taxpayer dollars (borrowed from communist China) into Ukrainistan, or we will inflict global famine?

    That sounds like extortion.

    “They’re not sending their best”

  34. You’ve had your disinformation, now have some real news.

    Russia Today — ‘Almost a quarter’ of humanity could go hungry – European leader (5/21/2022):

    “Nearly a quarter of the world’s population could run short of food if the war in Ukraine continues for much longer, Serbian President Aleksandar Vucic said during a speech at the 89th International Agricultural Fair in Novi Sad on Saturday.”

    Nearly a quarter? What is that, about 2 billion? Is that a lot?

    “If something does not change in the conflict in Eastern Europe, almost a quarter of the world will be in need of basic quantities of food, which will create new problems,” Vucic said in an address opening the week-long event in the Serbian city, which brings together exhibitors from 21 countries.”

    That Ukrainistan flag that you’re flying in your front yard has creases just as sharp as the creases in all of the Nazi flags that the Fed Glowies were carrying with their tiki torches at the Charlottesville LARP Fest in 2017.

    Oh wait, Ukraine is Nazis too? The Azov Battalion? You’re not supposed to talk about that part 🙁

    “This sucker could go down” — George W. Bush

  35. I crossed paths with this old retired Japanese guy I used to work with yesterday at someone else’s retirement party. He told me that he had taken up real estate investment as a hobby in retirement. He was clearly proud of how much money he had made.

    I tried to warn him about the incipient crash, and he just laughed in my face.

    Then I told him about parties where lots of alcohol is consumed, and how the drunk people can stay drunk for quite a while after the alcohol runs out.

    And then I told him about how the recent real estate price runup was a lot like a tsunami, where the incoming wave lifts all the boats high above sea level, but the receding wave washes everything away except for the naked swimmers left behind on the beach.

    The conversation left me with the realization that there are plenty of investors out there with dumb borrowed money who have no clue of what is coming their way.

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