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There Is Panic In The Market

It’s Friday desk clearing time for this blogger. “More and more homes in Citrus Heights and the Sacramento region are seeing reductions in prices from original list price. Appraiser Ryan Lundquist says it’s a different market today than just a few months ago. ‘We’ve basically said goodbye to the most aggressive housing market ever, and we’re in a new market now,’ Lundquist says. What Citrus Heights is seeing is on par with the region, where 33% of all active listings in the Sacramento region have seen price reductions, according to Lundquist.”

“‘We’re in the middle of a housing-market correction. Sellers can still get an excellent price for their homes with the right strategy, but buyers are also able to be more discerning,’ said Los Angeles Redfin agent Heidi Ludwig. ‘Buyers aren’t going to overpay for a home that needs a ton of work anymore.’ ‘I can’t promise multiple offers anymore and they may not come on the first day, but we are getting strong offers when the home is priced right,’ said Austin Redfin agent Crystal Lopez.”

“New data about the housing market in Austin is hinting at a cooldown for the area. Housing inventory in the Austin area is going up as there were nearly 86% more listings in May 2022 compared to last May. The report also stated that Austin saw the greatest growth in the number of homes on the market that had their prices reduced to entice buyers.”

“‘The housing market is clearly going to be weakened by the increase in interest rates, and I think that the data that comes out next month and the month after and the month after that will clearly reflect it,’ said Phoenix-area real estate consultant Elliott Pollack. ‘Anecdotally, people aren’t paying $25,000-$50,000 over asking price to get into a house.'”

“I was dropping off a friend of mine in her neighborhood in Cary and noticed at least four homes with for-sale signs in the yard. I asked her if something was going on in her neighborhood, and she replied that she hadn’t noticed one for sale sign in her neighborhood in the past couple of years. Could it be that homeowners are finally ready to cash in their gains even if that means moving out of the area? Are we in the middle of a FOMO (fear of missing out) syndrome? Yes, we are.”

“An increasing number of sellers in certain regional markets are ‘finally feeling forced to slash their prices,’ according to Realtor.com. Austin, Texas, was the city with the most price reductions, with instances of price cuts up 14.7%. Las Vegas, Nevada, with price cuts up 12.3%. Phoenix, Arizona, with price cuts up 11.6%. ‘This softening seen in these red-hot markets might mean that sellers’ expectations have not yet caught up with the realities of this rapidly shifting buyer-seller dynamic,’ stated Realtor.com’s post.”

“Redfin is advising sellers to list their homes for sale sooner rather than later and to price their homes for less than they would have earlier this year. ‘During the pandemic-fueled housing frenzy, sellers could count on getting more money for their home than a neighbor who sold last month,’ said Daryl Fairweather, Redfin’s chief economist. ‘Those days are over. Now, you should expect to get a bit less than what your neighbor got a month ago — and in a month, you may get less than you would get now.'”

“The Greater Toronto Area housing market is becoming more balanced as May home sales dropped 39 per cent from a year earlier. Many sellers now garner fewer offers and bidding wars for their home, pushing some to accept a lower price than they may have seen months ago. ‘There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer,’ Kevin Crigger, TRREB’s president, predicted.”

“May housing sales across Greater Vancouver fell for the second straight month and asking prices are being cut as month-to-month benchmark prices have dipped for the first time in at least two years. A three-bedroom house at 3831 Royalmore Avenue, Richmond was listed at $1,798,000 on May 26. On June 2 the asking price was reduced to $1,599,900. A Richmond condominium apartment at 4111 Bayview Street also saw a week-to-week priced reduction of $200,000 to $1,299,800.”

“Prices in New Westminster, Port Moody, Maple Ridge and Surrey were all at least 14 per cent lower as of May. ‘We’re now starting to see the full effect of rising interest rates on buyers and sellers’ habits,’ said Hao Li, a broker with House Sigma. ‘Double-digit dips in detached home averages in areas like Surrey and Maple Ridge highlight the pullback that’s happening in B.C.’s market.’ ‘There is panic in the market,’ said Kevin Skipworth, managing broker at Dexter Associates, ‘But there shouldn’t be.'”

“At the forefront of the industry’s recent dramas are the collapse of one building giant, Probuild, and the severe difficulties of Australia’s largest homebuilder, Metricon. Anthony Lococo, from Torquay, Victoria, will be shutting his building company Lococo Build later this year in what is the latest in a long line of tradesman feeling the pressure. ‘ I decided at Christmas that I just couldn’t face another year of it. I’m drained, and I’ve had enough. Reports from the trade industry said that it was going to be just as bad if not worse this year, and we just couldn’t do it,’ he said.”

“Some young workers succeed in buying a home in Ho Chi Minh City, but there are many others who cannot hold on to their dream for long due to unexpected events. Hoang Huy, a resident of Binh Thanh District, Ho Chi Minh City is another person who faced many obstacles while trying to secure an apartment here. His income was severely affected by the pandemic so Huy had no choice but to sell his dream apartment after he had already paid VND200 million ($8,621). Huy not only parted with the long-desired house but also suffered a loss of 20 percent.”

“‘I was luckier than others to be able to sell the apartment,’ said the young salaried worker. ‘Many people cannot and have to live with the debt and stress for a long time.'”

“Hopes for a return to tried-and-true strategies for making money in China have given way to the realization that a new era of slow growth has arrived. Longtime China watchers warn that sub-5% expansion or even lower may be the new norm. Chin Ping Chia, head of China A investments, business strategy and development at Invesco Ltd: ‘The way to think about China is from a mid-to-long term perspective. And when you do, you see that opportunities are abundant. Everything in China seems to be selling at a discount.'”

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This Post Has 107 Comments

  1. The last article on China is interesting.

    ‘Austin saw the greatest growth in the number of homes on the market that had their prices reduced to entice buyers’

    How do those 50% increases in price look now?

  3. ‘Prices in New Westminster, Port Moody, Maple Ridge and Surrey were all at least 14 per cent lower as of May…’Double-digit dips in detached home averages in areas like Surrey and Maple Ridge highlight the pullback that’s happening in B.C.’s market’

    ‘There is panic in the market,’ said Kevin Skipworth, managing broker at Dexter Associates, ‘But there shouldn’t be’

    I’ve been posting the carnage from BC for a while. Kevin doesn’t care that these FB’s just got a 25% a$$ pounding with “no end in sight!” as the REIC likes to say. These are little clusters of igloos and shacks in BF British Columbia.

    1. The cherry on top: these FB’s got two (count em – two!) shack loans. I think I’ve seen that before.

  4. ‘Hoang Huy not only parted with the long-desired house but also suffered a loss of 20 percent. ‘I was luckier than others to be able to sell the apartment,’ said the young salaried worker. ‘Many people cannot and have to live with the debt and stress for a long time.’

    Well it was cheaper than renting Hoang, but at least you got out alive.

  5. ‘The housing market is clearly going to be weakened by the increase in interest rates, and I think that the data that comes out next month and the month after and the month after that will clearly reflect it,’ said Phoenix-area real estate consultant Elliott Pollack. ‘Anecdotally, people aren’t paying $25,000-$50,000 over asking price to get into a house’

    I’ll have more on Phoenix this weekend. Not from the Arizona Republic, cuz they have their head up their a$$ as usual. Speaking of, has the Sacramento Bee covered the crater? I haven’t seen it. How about the LA Times?

    ‘the data that comes out next month and the month after and the month after that will clearly reflect it’

    Phoenix RE data comes almost entirely from the REIC. The reason Elliott says this is cuz they can see the May data right now, and it’s a bloodbath.

    1. Just turned down an offer at Beale Air Force Base this week. No way I’m paying those insane purchase/rental prices in Lincoln and Olivehurst and while prices may be getting cut, they’re not getting cut enough just yet. California is still nuts.

  7. This article (written by an Australian) is one example of why the United States will never allow the repeal of the Second Amendment.

    This article laments the ending of medical tyranny in Australia, it laments the restoration of freedom of movement and association.

    Why did Covid disappear from our collective consciousness so quickly? (6/2/2022):

    “we have done a remarkable and largely collective job of acting like the pandemic is over, and – even more – of trying to forget that it even happened.

    Sitting in a writers’ room last year for a television show, it was decided pretty quickly to not mention the pandemic in the series we were making; it would be too much of a downer to have our characters wearing masks or checking in with QR codes.

    Even our health and medical decisions seem somehow tainted with a backlash to the last two years. Take-up of the third dose of the vaccine is sluggish and people are slow to get the flu shot, maybe because they have jab fatigue.

    In the US, the Washington Post reported this week that despite “recording more than 100,000 infections a day — at least five times higher than this point last year” a sort of collective act of mass rejection of the pandemic is taking place.

    “Parents of children too young to be vaccinated are making cross-country travel plans,” they write. “Octogenarians are venturing to bars. And families are celebrating graduations and weddings with throngs of mostly unmasked revelers – mindful they may get sick. Again.”

    At a party in a crowded pub on Saturday night, the windows were steamed up and people were just sort of draped over each other. The birthday girl blew out the candles (saliva particles propelled through the air, across the cake) and then we all ate the cake.

    One friend, who is immunocompromised but has cautiously started venturing out, told me this week, “I was walking home late past the Imperial the other night and the dancefloor was packed. It was jarring to me though … so normal but it also felt extraordinary.”

    What feels extraordinary to me is that lockdowns were less than a year ago. The things of that time … the daily press conference and “the numbers”, police fining people for sitting alone on a bench eating a kebab, the 5km limit, the “LGAs of concern” – seem like they are from another era, one we’ve tacitly all just agreed not to talk about, or remember, or dwell on. It’s an era that somehow has a taint of embarrassment about it.”

    https://www.theguardian.com/commentisfree/2022/jun/03/why-did-covid-disappear-from-our-collective-consciousness-so-quickly

    The Mass Formation Psychosis is deeply entrenched in this author, as it is in many populations without the ability to resist and overthrow tyrannical government.

    Here on the HBB, we do not forget. We do not forget that as recently as a few months ago, millions of American citizens were being threatened with being fired from their jobs for not getting injected with an experimental gene altering poison.

    We will NEVER forget.

    And we will NEVER give up our guns.

    2. Yeah, the guberment fails and people die, so we all gotta give up our rights! It’s not related. My guns haven’t killed anyone and may save my life.

      ‘I was walking home late past the Imperial the other night and the dancefloor was packed. It was jarring to me though … so normal but it also felt extraordinary’

      What a bunch of urine soaked pantywaists. Grow some stones. Most of us never believed this horsesh$t.

    3. “recording more than 100,000 infections a day — at least five times higher than this point last year”

      Nice job cherry-picking the time frame for this comparison. “This point last year” was when the Alpha-targeted vaccines had (surprise surprise) pretty much wiped out the Alpha variant.* It was only later in the summer that the Delta wave began. Now, these same 100,000 infections per day are at least 10 times LOWER than this point SIX MONTHS ago. And the cases are sniffles, not intubations. But that doesn’t fit the narrative.

      —————
      *Not necessarily the opinion of HBB.

      1. Hello Oxide,
        Appreciate you footnoting that vexxine claim. This may be the MSM narrative, but personally I ain’t buyin’ what they’re sellin’.
        Thank you, –Geezer

  8. Redfin is advising sellers to list their homes for sale sooner rather than later and to price their homes for less than they would have earlier this year. ‘During the pandemic-fueled housing frenzy, sellers could count on getting more money for their home than a neighbor who sold last month,’ said Daryl Fairweather, Redfin’s chief economist. ‘Those days are over. Now, you should expect to get a bit less than what your neighbor got a month ago — and in a month, you may get less than you would get now’

    A bowling ball going down wooden stairs, right Daryl?

  9. Not a link to a specific article, but a link to the main site of Western Rifle Shooters:

    https://westernrifleshooters.us/

    This is a good resource on a variety of topics, not limited to only the Second Amendment.

    One of the callers on the opening segment of this morning’s C-SPAN Washington Journal program read off a list of tyrannical regimes of the 20th century, and how many of their disarmed civilian population were murdered by these regimes, some of which number in the millions.

    We will NEVER allow that to happen in the United States.

    Without the Second Amendment, the rest of the Constitution and the Bill of Rights are not worth the paper they are printed on.

  10. ‘Those days are over. Now, you should expect to get a bit less than what your neighbor got a month ago — and in a month, you may get less than you would get now.’

    This reminds me of a game my siblings and I liked to play as kids growing up, where we slid down a staircase on our butts. The ride was dangerous but fun, with lots of bouncing on the way down.

  11. CNBC — Gas prices are up 50% from last year (6/3/2022):

    “The national average for a gallon of gas hit another record high Thursday of $4.71 per gallon, according to AAA. Prices are up over 50% compared with last year.”

    https://grow.acorns.com/gas-tax-suspension-states/

    $4.71 a gallon is that a lot?

    Note that the article features a Getty Images photo of someone pumping gas while wearing a mask.

    “They’re not sending their best”

    2. Without a stolen election gas would be $2.00 a gallon and we wouldn’t be dancing between what color flags all the Blue Check Marks had on their Twitter accounts every week.

  12. ‘Lawyer Michael Avenatti, who made headlines for his anti-Donald Trump stance, was sentenced to four years in prison Thursday for cheating his former client out of $300,000 in cash from a book deal.’

    ‘Avenatti was convicted of aggravated identity fraud and wire fraud in a New York federal court earlier in 2022. He could have faced two years in prison for the first charge and 20 years for the second.’

    ‘During his sentencing, Avenatti acknowledged that he made a “series of mistakes” and “poor judgment” when he represented and bilked Stormy Daniels out of hundreds of thousands of dollars. Previously, Avenatti said he did not want to appear at the sentencing, but the judge ordered him to.’

    “I will forever be branded ‘disgraced lawyer’ and worse,” he also said Thursday.’

    ‘Avenatti, meanwhile, still faces a retrial in California federal court in another case in which is being accused of stealing nearly $10 million from five clients. He’s also currently serving a 30-month prison sentence for attempting to extort more than $20 million from Nike by threatening to release damaging information to the public unless he was paid.’

    ‘Furman said that part of Thursday’s sentence will be served alongside the prison term that was handed down in connection to the Nike case. Avenatti will have to serve two and a half years after the Nike sentence is completed.’

    ‘The sentencing marks another chapter in the tumultuous rise and fall of Avenatti, who was heavily featured on MSNBC and CNN during the Trump years as he claimed he would run for president while representing Daniels, who made a series of accusations against the former president.’

    ‘As a guest on mainstream news programs to discuss a lawsuit Daniels had filed against Trump, Avenatti logged more than 100 CNN and MSNBC appearances from March 7 to May 10, 2018.’

    https://www.theepochtimes.com/michael-avenatti-sentenced-to-prison-for-scamming-client-out-of-book-deal-money_4508138.html

    1. “That our press couldn’t see it, or chose not to see it, is a stain that no amount of hand-waving or personal denial can erase.”

      The press’s Avenatti humiliation is 100% of their own making

      July 08, 2021

      With his anti-Trump “resistance” shtick, Avenatti became a semi-permanent fixture in American media. Between March 7 and May 15, 2018, alone, CNN, MSNBC, ABC, CBS, and NBC hosted the disgraced attorney for a combined 147 television interviews. That is an average of two interviews per day.

      Avenatti was invited to the 2018 White House Correspondents’ Association dinner. He appeared at the MTV Video Music Awards that same year. He was feted, celebrated, and invited to private parties hosted by media and political elites. Vanity Fair even published an entire article on Avenatti’s “style and skincare.”

      The press even entertained the notion that Avenatti would make for a serious contender in the 2020 Democratic primary.

      The disgraced lawyer “hit a lot of the right notes” during his visit to Iowa in 2018, said MSNBC’s Nicolle Wallace, adding Democrats “would be foolish to underestimate” him.

      CNN’s Brian Stelter said elsewhere in an interview with Avenatti, “Looking ahead to 2020, one reason I’m taking you seriously as a contender is because of your presence on cable news.”

      “Michael Avenatti is winning the 2020 Democratic primary,” Politico reported, ignoring the rather inconvenient fact that the crooked attorney polled at roughly 1% at the time with likely Democratic voters.

      New York magazine likewise embraced the “Avenatti for president” lunacy with an article titled “The Case for Michael Avenatti 2020.

      https://www.washingtonexaminer.com/opinion/the-presss-avenatti-humiliation-is-100-of-their-own-making

      Michael Avenatti On Possibly Running In 2020 | The View
      Aug 3, 2018
      https://youtu.be/oAjN-CJTQSg

    2. Lawyer Michael Avenatti is a psychopath thief who should be deported to N. Korea as a dog food donation.

    3. That’s pretty funny. He’s already serving a sentence for extorting Nike, he’s up for retrial for theft of $10M, and only NOW, at his sentencing for identify fraud, does he figure out that he will be “forever be branded ‘disgraced lawyer’ and worse”?

  13. ‘There is panic in the market,’

    I luvs me the smell of some panic in the morning. It’s a great time to HODL some dollars. Not so great to be mired in debt, with interest rates headed skyward.

  15. This is the re-structuring of a narrative.

    Vaccines reduce risk of long Covid by just 15 percent, study finds (6/1/2022):

    “While not much is known about why some people get long Covid and others don’t, a growing body of research suggests that people who are vaccinated against COVID-19 are slightly less likely to develop long-term COVID-19 symptoms. Perhaps surprisingly, the degree to which the risk of long Covid is reduced in the vaccinated is not great.”

    Surprisingly? I’ll be surprised if I ever hear the globalist scum media admit that COVID “vaccines” have killed more people than COVID did.

    “People with breakthrough infections can still get long Covid, and guess what? The features of long Covid in these patients were very, very similar to the features of long Covid in unvaccinated individuals,” Dr. Ziyad Al-Aly, the study’s senior investigator and Chief of Research and Development at the VA St. Louis healthcare system, told Salon. “Some of the long Covid manifestations that we were seeing in breakthrough infections were very similar, qualitatively, [in] clinical features to the long Covid that we see in unvaccinated individuals.”

    That’s a rather long winded way to say that not only do the COVID “vaccines” not work, but that they are slowly poisoning you.

    “The risk of long Covid in vaccinated people was slightly higher for those who were vaccinated and immunocompromised — 17 percent, compared to those who were previously healthy and vaccinated but experienced a breakthrough infection.”

    https://www.salon.com/2022/06/01/vaccines-reduce-risk-of-long-by-just-15-percent-study-finds/

    This is not Twitter, Facebook, Google, Youtube, Reddit, etc, and this is not globalists scum media.

    They will censor you for saying that COVID “vaccines” have killed more people than COVID did.

    Did you know that COVID “vaccines” have killed more people than COVID did?

    Well, in case you didn’t, I’m here to inform you that yes, COVID “vaccines” have killed more people than COVID did.

    BTW I wade through the sewer of globalist filth like Salon to bring you these articles, so that they can be discussed and mercilessly mocked.

    2. The long covid narrative is BS. There’s a new study I forgot which medical journal put it out but it disproves long covid.

      1. There’s some aspect to long covid that’s real but much is psychosomatic. I had a bad bad case of covid in Dec, and my only
        long covid is shortness of breath, seemingly out of nowhere, or with mild exertion, verifiably measured by a brief sip of my O2 levels into the low 90’s before quickly rebounding. However today I exerted myself a lot exercising for the first time and I handled it quite well and didn’t feel too out of breath. I read that they used xenon gas on a ct scan to measure intake and long covid sufferers had lower levels of gas ie O2 intake. I was coughing up a lot of blood 6 months ago, a lot, but today I’m basically back to normal thankfully. I never had the brain fog or aches and pains. Just shortness of breath from the covid pnumonia that made my lungs bleed for about a month straight. Btw I’m in my 40s, 24 BMI and no co-morbidities and pureblood.

        1. “I was coughing up a lot of blood 6 months ago, a lot, but today I’m basically back to normal thankfully.”

          That’s terrible; it’s difficult to imagine a full recovery.

          1. Luckily I’m young and healthy at the time I caught it, I seem to be 99% ok. I’ll take it! I’m just happy that I had an exerting bike ride the other day and i didn’t feel any covid symptoms really. Not everyone is so lucky. But a lot of long covid people seem to have all these weird symptoms that can’t be corrrlated to covid. Lung issues and shortness of breath or fatigue is most definitely long covid. My buddy also unvaccinated like me caught it at the same time at the same place, he has weird heart issues. High pulse rate just walking around the block 140 bpm with hardly any exertion. It’s mostly cleared up he says he had to see cardiologist for it. He says he’s OK now 6 months later.

          2. “Lung issues and shortness of breath or fatigue is most definitely long covid.”

            A former co-worker friend has these post covid issues, despite being vax’d and boosted. However, he never exercises, and he has puffy hands and is getting rounder each year. Kinda sad to watch it happen.

  16. Did I hear somebody say globalist scum media?

    The Atlantic — Western Support for Ukraine Has Peaked, by Andrew Exum (6/1/2022):

    About the author: Andrew Exum is a contributing writer for The Atlantic. From 2015 to 2017, he was the deputy assistant secretary of defense for Middle East policy.

    “We’ve likely reached the high-water mark of the grand alliance to defeat Russia in Ukraine. In the coming months, relations between the Ukrainian leadership and its external supporters will grow strained, and the culprit will be economic pain exacerbated by the war.”

    Read this next part closely.

    “When our children and grandchildren study this conflict, they will marvel at the speed and audacity with which the Western powers—Europe and the United States, primarily—mobilized to arm the Ukrainian people in the face of Russia’s onslaught.”

    The article author, this Andrew Exum, writes about children and grandchildren studying the war.

    Not children and grandchildren fighting the war. Studying the war.

    “Ukraine is unlikely, in the extreme, to settle for any territorial concessions. The Ukrainians must also sense, recent losses notwithstanding, that they can still win this war.”

    https://www.theatlantic.com/ideas/archive/2022/06/ukraine-western-support-concession-economic-cost/661155/

    Andrew Exum, you are globalist scum.

    The Atlantic, Huffington Post, Salon, New York Times, Washington Post, The Guardian, all of the corporate social media platforms, you are all globalist scum.

    President Donald J. Trump (recipient of FOUR Nobel Peace Prize nominations) was correct when he stated that “the media is the enemy of the American people.”

    1. From the Atlantic piece: “Russia is capable of absorbing immense pain on the battlefield, but despite minor territorial gains, its strategic situation has not improved.”

      The flat terrain in the Donbas region make current Russian capabilities more effective, but it will also be ideal for a modern killing field if the long range multiple direct attack guided munitions enter the fray. This is now a war of attrition for the Russians who have played their advanced weapons “hand” while the U.S. response has been limited and measured, their most accurate and fearsome all-weather technology remains unused.

  17. This question is for the people who are not too busy scouring the internet and local charities to find baby formula in order to feed your infant children.

    Is the leaked draft of a Supreme Court abortion decision and the recent mass shooting show that is running 24/7 on the Real Journalist outlet of your choosing taking your mind off the $5 a gallon gas you’re putting in your tank and the 37% increase you’re getting slapped in the face with on the items that are still available at your local grocery store?

    2. Wa happened to my green new deal? You know, where we outlaw combustion engines and ride peacocks to the candle factory. Was all that moral superiority was just a steaming pile of zillow?

    3. Letter to the members of the Woke Think Tank who pull the strings that make the installed Alzheimer’s Patient in Chief walk and talk:

      Greetings and salutations!

      Although your efforts to bury the steaming pile of liberal open border
      LBGTQ Green Agenda policies that is bringing our once proud nation to it’s knees has been commendable.

      You CAN NOT fill up your tank with abortion rights, you CAN NOT buy groceries with gun confiscation and you CAN NOT buy baby formula at the local Drag Queen Story Hour!

      Sincerely jeff

      PS

      Your friends at the NSA know who I am.

    4. This years harvest is going to be harvested with the most expensive diesel ever and it was planted with fertilizer that has become very expensive too. The big food cost increases are still ahead. Most people don’t realize how much fuel it takes to run our modern food system.

      From the field to your table a product can get on and off a diesel fueled vehicle many, many, times. In the case of rice for instance, from the harvester it goes on to a bank out truck, from there it goes on to a road truck which then takes it to a dryer (also requiring energy). From the dryer it then goes to a production facility of some sort to be milled or packaged. From the production facility it then goes to a warehouse. From the warehouse it then goes to a store. The fuel inputs are significant. In this example we used 6 different diesel powered vehicles and the finished product has potentially travelled thousands of miles. If a train is involved then you can add more transfers. This is a basic example, some products transfer even more times. It takes a lot of people and a lot of fuel to do all of this and those people all need fuel as well. In farming country people travel long distances to do these activities.

      We are still mostly eating last years harvest. These tiny interest rate hikes that are going to fix everything are comical in the face of record fuel prices that are poised to go even higher. FJB!!

      1. This inflation should hit in a few months.

        They’re gonna need a bigger ballot box stuffing machine.

  18. Inflation has finally started to come for middle-income households as higher prices hit big-box stores (6/3/2022):

    “Middle-income consumers are finally starting to feel the squeeze from rising grocery prices.”

    Finally?

    What kind of globalist scum writes this sh*t?

    “In fact, for the first time in the past year, middle-income consumers — with a yearly income of $40,000 to $80,000 — recently overtook low-income shoppers as the group most affected by rising grocery prices”

    https://www.marketwatch.com/story/inflation-has-finally-started-to-come-for-middle-income-households-as-higher-prices-hit-big-box-stores-11654199306

    Let them eat cake, right?

    Just make sure all the servants are wearing masks at your Royal Birthday Party.

    “They’re not sending their best”

    2. No, I think the author is right. Prices have been increasing all this time. Until now, the $80K to $160K bracket saw the price increases, but they had enough buffer in their budget that they didn’t have to cut back that much or they could put it on the credit card. Only now have the prices increased enough and the cards have maxed enough that the the upper-middle class have to start cutting fat.

      1. And now it’s back to the office, so dry cleaners, gas, lunch, Starbucks, etc., on top of increasingly expensive household electricity and natural gas, and don’t forget that pesky drought if you’re out west. 🙂

        1. That long commute is going to be a bear after buying the country house for WFH. There might be road rage.

    1. The Financial Times
      Markets Briefing Equities
      US stocks slide after jobs data bolster expectations of Fed tightening
      European equities drift lower following disappointing report on eurozone retail sales
      A ‘We’re Hiring’ sign outside a petrol station in Kentucky
      A report from the US labour department showed the world’s biggest economy added 390,000 jobs in May
      Harriet Clarfelt and Emiko Terazono 19 minutes ago

      US stocks dropped after the latest batch of data on the labour market showed hiring continued at a robust pace last month, reinforcing expectations for aggressive tightening in monetary policy from the Federal Reserve.

      The blue-chip S&P 500 index fell more than 1 per cent when markets opened in New York, with the tech-heavy Nasdaq Composite index off as much as 1.9 per cent.

      The report from the labour department showed the world’s biggest economy added 390,000 jobs last month, modestly below the 436,000 in April. However, the May figures still exceeded expectations for 325,000.

      Investors are keeping a keen eye on the state of the jobs market as they assess how quickly they expect the Fed to raise interest rates. Policymakers have already lifted the central bank’s main rate by 0.75 percentage points this year and are expected to follow up with further aggressive tightening of monetary policy as they attempt to tamp down inflation. While the Fed seeks to foster maximum employment, an excessively hot jobs market can add to inflationary pressures.

      Peter Boockvar, chief investment officer at Bleakley Advisory Group, noted that while the numbers were not a “blowout” performance, they still reinforce expectations for an “aggressive Fed response.”

      US government debt came under some selling pressure following the jobs report, with the yield on the monetary policy sensitive two-year Treasury note rising 0.05 percentage points to 2.68 per cent. The 10-year yield, which more closely tracks the longer term economic outlook, rose 0.05 percentage points to 2.96 per cent.
      …

      1. If not completely obvious by now, higher longterm Treasury yields imply higher mortgage rates and more downward pressure on home prices.

        1. 50% rates needed. Cash will be king. You will beg me to buy your hovel. And I won’t.

    2. Any thoughts on why the stonk market dives a little deeper into the CR8R almost every day?

      Why can’t it just quickly get to the bottom of the CR8R, instead of enduring this protracted death by a thousand cuts?

      2. And that’s the beauty of watching all this go down in the reactions to it. This is going to be a very long and drawn out and painful bleed. I anticipate 8 to 16 years at a minimum.

    1. I can’t think of a more miserable place in the US to live than Phoenix, except maybe the Inland Empire, which is quite similar in climate.

  21. The fact checker’s say there is no evidence that Thomas Jefferson ever said or wrote this.

    “The beauty of the Second Amendment is that it will not be needed until they try to take it.”

    Fine, then I did.

        1. This needs to be updated for modern times.

          When seconds count the police will probably be standing around outside barring real heroes from entry.

    2. Fact checkers also dispute that Abe Lincoln warned the republic, “If you let the criminal private banking cartel called the Fed gain control of your money issuance, I won’t be there to emancipate your bit*ch a$$es,” but I myself have no doubt the quote is genuine.

  22. The Federalist — 500 Percent Spike In Biden Administration Shutting Down Gun Retailers Over Typos (6/3/2022):

    “President Biden never hid the fact that he intended to use the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to drive his gun control agenda. He campaigned on a platform of targeting the firearm industry instead of focusing on criminals.

    “Our enemy is the gun manufacturers, not the NRA, the gun manufacturers,” President Biden said from the presidential campaign debate stage.

    That hostility produced a platform that turned the ATF from the bureau that regulates the firearm industry and enforces federal gun laws into the hammer and anvil by which the Biden administration is pummeling flat firearm retailers. Instead of compliance inspections by ATF Industry Operations Investigators to work to ensure firearm retailers remain within federal firearm regulations, those inspections are now driving firearm retailers out of business.

    “However, rather than targeting the true rogues, Biden’s ATF is revoking FFLs for the most minor of paperwork errors, which were never a concern for the ATF until Biden weaponized the agency.”

    That’s due to the Biden administration’s “zero tolerance” inspection policy. That means inspectors are revoking federal firearms licenses for even minor clerical errors that previously would warrant a warning letter.”

    https://thefederalist.com/2022/06/03/500-percent-spike-in-biden-administration-shutting-down-gun-retailers-over-typos/

    “They’re not sending their best”

    1. Yet this cawksukker is sending billions in arms to Ukraine. Does he think they’re being used for sport? Fawk this clown. I hope he dies.

  23. It’s that time of the year again.

    Sen. Kyrsten Sinema, Finnish PM Marin Sanna, Pfizer CEO Albert Bourla And Others Attend Bilderberg Meeting in DC

    by Chris Menahan | Information Liberation
    June 3rd 2022, 10:03 am

    https://www.informationliberation.com/

    Paul Joseph Watson
    @PrisonPlanet
    The CEO of Pfizer, the head of the CIA, the Director of the NSC, the VP of Facebook, the King of Holland and the Secretary General of NATO are all secretly meeting right now behind closed doors in DC.

    It’s called Bilderberg, & not a single major media outlet has reported on it.

    https://twitter.com/PrisonPlanet/status/1532479119476285477?s=20&t=Zs_NIjIQGXR37gruLalDVQ

    2. It’s highly unlikely that insurance would pay for an intentional tort like defamation.

      1. Perhaps attorneys fees but not a judgment. And given the verdict, I would think the insurance company would be seeking reimbursement for those attorneys fees.

  25. CNBC — Nearly half of families with kids can no longer afford enough food 5 months after child tax credit ended (6/3/2022):

    “Nearly half of parents who used to get the checks now say they can’t afford enough food to feed their families, according to a May survey of 500 parents from Parents Together Action, a nonprofit. In addition to the increased costs of food, families are noticing rising prices of gasoline, child care and rent due to inflation, the survey showed.

    More than 90% said that they are finding it harder to make ends meet right now, and more than 60% are struggling to satisfy their families’ basic needs. Beyond cutting back on things, most families said they’ve stopped saving for the future and have tapped into their emergency savings to stay afloat.

    Without the benefit, it’s been estimated that 10 million children will fall back into poverty.”

    https://www.cnbc.com/2022/06/03/48-percent-of-families-cant-afford-enough-food-without-child-tax-credit.html

    10 million is that a lot?

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

    3. I hope no households took those child tax credits and made them a part of their normal budget.

    1. David Cicilline? Yeah, f* this guy.

      Those of us out here in flyover aren’t going to be lectured by some sh*tbag from Rhode Island.

      Get a real state. Rhode Island? LMFAO

  29. I think Billy Joel’s album “The Stranger” came out in 1977, it had a bunch of hit songs but I always liked the story of Brender and Eddie.

    Billy Joel – Scenes from an Italian Restaurant (Official Music Video)

    https://youtu.be/izzM9LXqP-U

    1. My 25 year-old went to a doctor in the hospital she works in with pain around her heart and his first question was…. did you get vaccinated?

    1. The Financial Times
      Markets Briefing Equities
      US stocks end week lower after jobs data bolster case for Fed tightening
      European equities drift lower following disappointing report on eurozone retail sales
      A ‘We’re Hiring’ sign outside a petrol station in Kentucky
      A report from the US Department of Labor showed the world’s biggest economy added 390,000 jobs in May
      Harriet Clarfelt and Emiko Terazono in London and Joe Rennison in New York
      6 hours ago

      US stocks slid to another weekly loss on Friday, after the latest batch of data on the labour market reinforced expectations for aggressive monetary policy tightening from the Federal Reserve.

      The blue-chip S&P 500 index fell 1.6 per cent on the day, cutting into gains made on Thursday and finishing the week 1.2 per cent lower. The tech-heavy Nasdaq Composite also declined, down 2.5 per cent and giving up 1 per cent for the week.

      The S&P 500 has declined in eight of the past nine weeks, with a brief reprieve last week when it gained 6.6 per cent.

      The report from the US Department of Labor on Friday morning showed the world’s biggest economy added 390,000 jobs last month, modestly below the 436,000 in April. However, the May figures still exceeded expectations for 325,000.

      Investors are keeping a keen eye on the state of the jobs market as they assess how quickly they expect the Fed to raise interest rates. Policymakers have already lifted the central bank’s main rate by 0.75 percentage points this year and are expected to follow up with further aggressive tightening of monetary policy as they attempt to tamp down inflation. While the Fed seeks to foster maximum employment, an excessively hot jobs market can add to inflationary pressures.

      Peter Boockvar, chief investment officer at Bleakley Advisory Group, noted that while the numbers were not a “blowout” performance, they still reinforce expectations for an “aggressive Fed response”.

      US government debt came under some selling pressure following the jobs report, with the yield on the monetary policy sensitive two-year Treasury note rising 0.03 percentage points to 2.66 per cent. The 10-year yield, which more closely tracks the longer-term economic outlook, rose 0.04 percentage points to 2.96 per cent.
      …

    1. Davos WEF
      After the crypto crash, here’s what industry experts are waiting for next
      Published Fri, Jun 3 2022
      2:28 AM EDT
      Arjun Kharpal
      A visual representation of Bitcoin cryptocurrency.
      Edward Smith | Getty Images

      Key Points
      — Cryptocurrency companies dominated the main street at the World Economic Forum in Davos this year, a notable difference between this edition and the last one in 2020.
      — The recent bear market in cryptocurrency was welcomed by industry players as they said it is a chance to get rid of the bad actors and focus on building products.
      — Many said they expect thousands of cryptocurrencies to collapse.
      — Stablecoins and regulation were two other major topics.

      Cryptocurrency companies dominated the main street at the World Economic Forum in Davos this year, a notable difference between this edition and the last one in 2020.

      The high-profile presence from the industry came even as the cryptocurrency market crashed. It was sparked by the collapse of the so-called algorithmic stablecoin called terraUSD or UST, which saw its sister token luna drop to $0 in May.

      Meanwhile, global regulators are setting their sights on the cryptocurrency industry.

      WEF is the annual gathering of global business leaders and politicians that aims to set the agenda for the year.

      Against that backdrop, it was the perfect time to catch up with some of the big players in the cryptocurrency industry. Here’s what I learned.

      Thousands of cryptos could collapse

      There are currently over 19,000 cryptocurrencies and dozens of blockchain platforms in existence.

      Blockchain is the technology that underpins these digital currencies and platforms include Ethereum, Solana and many others.

      Many of the industry executives see the current state of the market as unsustainable.

      Brad Garlinghouse, CEO of cross-border blockchain firm Ripple, predicted there may only be “scores” of cryptocurrencies left in the future. He said there are around 180 fiat currencies in the world and there is not really a need for that many cryptocurrencies.
      …
      https://www.cnbc.com/2022/06/03/cryptocurrency-industry-focus-regulation-stablecoins-market-crash.html

      1. “The recent bear market in cryptocurrency was welcomed by industry players as they said it is a chance to get rid of the bad actors and focus on building products.”

        What’s an ‘industry player’? Are these the scam artists who separate greater fools from their money by selling them worthless imaginary coins? I don’t guess the folks who lost a fortune buying crypto at the peak welcome the bear market.

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