A report from the New York Post. "The nation’s housing slump dragged on into January…
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“Twitter is not the real world,” Hostin pointed out during the discussion. “There are, like 22 percent of the United States is on Twitter, and of that 22 percent, even fewer are active, I don’t know why she is so intent on fighting sexism and discrimination and harassment online, why not write an article for The Washington Post?”
‘From Watergate to Romper Room, the sad legacy of a once prestigious newspaper is a sign of these twisted and terrible times.’
The insurrection was not on January 6th, the insurrection was in 2020 and it lasted all summer long, in cities all across the United States.
The seizure of territory, and the proclamation of an “autonomous zone” is an actual insurrection.
Don’t fall for the Glowbait and get snared in a Glowtrap, kids. Always act alone. Anyone who mentions “groups” is a Fed. There are no “groups” because any alleged group has already been infiltrated by Feds.
The Leaderless Resistance is not a group, it is millions of individual sparks through whose individual actions, will burn this MF’er to the ground and take America back from these Deep State pedophiles and globalists.
‘Another sign that U.S. buyers may finally find themselves with more options: Active listings increased by 13% and new listings increased by 2% year-over-year in the week ending June 4th, according to a report Thursday by Realtor.com.’
‘A major Chinese gaming company has denied it is asking college graduates to “pay to work” after a screenshot of a programme that charged “successful” applicants a hefty fee sparked online controversy at a time when tech jobs are becoming scarce for young jobseekers in China.’
‘According to the post, the programme invited 14 people to “co-develop a multi-gamer survival video game”, and successful applicants would be charged 17,800 yuan (US$2,661) for the three-month period.’
“The phenomenon of ‘pay to intern’ exists because these college graduates lack information and experience,” said Wang Yixin, executive director of public relations at online recruitment service provider Zhaopin. “But the practice of trading internships [for money] is not in line with the rules,” she said.’
‘Calling it a “common phenomenon”, Ryan Hu, founder and CEO of career consultancy Togo Career, said many graduates are not capable of finding internships by themselves and are willing to pay.’
‘Bank of Canada Governor Tiff Macklem says the central bank may need to raise its benchmark interest rate to 3 per cent or above to bring inflation under control, and that the bank’s governing council is open to larger rate increases if needed. This echoes remarks deputy-governor Paul Beaudry made last week and opens the door to an interest rate increase of 75 basis points at the bank’s next meeting in July.’
“We may need to take more interest rate steps to get inflation back to target. Or we may need to move more quickly, we may need to take a larger step,” Mr. Macklem said in a Thursday news conference.’
‘From the recall of San Francisco Dist. Atty. Chesa Boudin to the success of L.A. mayoral candidate Rick Caruso, playing into fears over crime and homelessness played well in California’s primaries. But will those concerns carry over to the fall election?’
“What voters are looking for is an acknowledgment of the concerns they face, whether it’s crime, public safety or the cost of living,” said David Binder, a pollster who has worked on mayoral candidate Karen Bass’ campaign and with other Democrats nationwide. “We have to acknowledge voters are scared, unhappy, feeling there is chaos in the streets and society that needs to be addressed.”
It should come as no new revelation that communist sympathizers fuq things up with socialism quickly when given the opportunity.
Remember…. The Pederast President promised the “first thing” he’ll do is kill fossil fuel. He kept his promise….. and killed millions of economically marginalized people along with it.(If you wonder if youre one of those, you are.)
To the Broke Degenerates…… no matter how much you attempt to punish the haves…… you’ll always be a have not. Always.
PS- Thanks for doubling my already fat compensation.
‘Convoy laid off 7% of its staff Thursday, becoming the latest tech company to slash headcount amid an uncertain economic environment.’
‘A spokesperson for the Seattle trucking marketplace startup confirmed the layoffs to GeekWire. Convoy said it employed 1,300 people in April, when it raised a $260 million investment round at a $3.8 billion valuation, so the cuts affected around 90 employees.’
“We have made a number of organizational and other operating expense related changes to ensure we are in the strongest financial position possible ahead of the potential for worsening economic conditions,” the spokesperson said in a statement (read in full below).’
‘A bevy of tech startups have laid off employees and larger giants are slowing or halting hiring altogether, with a number of macroeconomic conditions including rising inflation causing concern for companies across sectors. Venture capitalists are advising tech companies to cut expenses and extend their cash runways. Stitch Fix and Bird are among those that also announced layoffs this week.’
‘Even unicorn startups — those valued at above $1 billion — are not immune to market forces, including companies that just raised huge swaths of cash such as Convoy.’
Would now be a good time to buy the dip in SPACS (Special Purpose Acquisition Vehicles)?
The Financial Times
Special purpose acquisition companies
Spac boom dies as wary investors retreat
Rising interest rates and the prospect of tougher regulation have deepened the challenges facing the market
Ortenca Aliaj, Joshua Franklin and Imani Moise in New York and Owen Walker in London
June 8 2022
When Ginkgo Bioworks went public last September the US biotechnology group proved as irresistible to investors as it had to the Wall Street banks that helped make the listing happen.
Propelled on to the public market after merging with a special purpose acquisition company set up by former Hollywood executives, Ginkgo shares surged in the first few weeks of trading.
The performance appeared vindication for the army of advisers who, according to regulatory filings, reaped roughly $135mn in fees from the listing of the Spac and its subsequent merger with Ginkgo.
But nine months on, the listing of the Boston-based biotech looks increasingly like one of many last hurrahs for the Spac boom, an 18-month frenzy of dealmaking that catapulted hundreds of companies on to the stock market, enriched Wall Street banks and, in some cases, left investors with heavy losses. Ginkgo shares have tumbled more than 70 per cent since their peak late last year.
Rising interest rates and a weakening stock market have only fed investors’ disillusionment with Spacs. The prospect of the Securities and Exchange Commission tightening rules has deepened the chill over the market.
“The product is dead. There’s no more Spacs,” said one lawyer at a firm that created its own Spac team to capitalise on the boom.
US regulators are proposing reforms that would limit Spacs’ ability to make far rosier performance projections than those permitted in a traditional IPO. Under the plans from the SEC, which are out for public comment, the banks underwriting and advising on deals would potentially be liable for misstatements concerning blank-cheque companies.
Banks are already stepping back. Goldman, which last year ranked as one of the market’s largest underwriters, second only to Citigroup, has paused new Spac offerings and is no longer working with many of those that it helped take public.
Citi and Bank of America are also taking a more cautious approach. BofA is doing “selective work” with those Spacs it already has a relationship with, according to a person familiar with the matter.
Spac boom fizzles out
The retreat by banks, which do everything from helping Spacs raise cash to generating a list of targets and advising on the mergers, is the latest blow to a market that bruised investors began to desert last year.
Spacs have raised $12.7bn this year, a fraction of the $166bn they did in 2021, according to data from the London Stock Exchange Group. Just over 50 deals have been completed, down from 226 in 2021.
…
Benzinga
10 SPACs Owned By Cathie Wood’s Ark Funds
Chris Katje
March 16, 2021·4 min read
Special purpose acquisition companies (SPACs) were a hot topic for investors in 2020 and continue to be a big story in 2021. While SPACs have lost some of the initial buzz surrounding them, some of the larger names going public via this method are attracting interest from mutual funds and ETFs.
Oops…I inadverently posted a March 2021 article there about the SPAC boom.
In a few months, don’t be surprised if I occasionally post a retrospective article from the current period describing the red hot cakes real estate boom, for comparison with CR8R.
SPACs were never a good investment.
But better than crypto.
Oh dear….
Interest rate torpedo sinks New Zealand housing market
Aggressive interest rate hikes by the Reserve Bank of New Zealand (RBNZ) continues to hammer the housing market, with vendors slashing prices across the country:
The prices on almost 5000 listings have been slashed in the past three months as more owners get realistic about their property’s worth in the current market…
Almost five times more real estate listings have had their price altered by an average 3.95% in the three months ending May 31, 2022 compared to the same period last year.
Real estate agents made changes to 15% of all residential listings on OneRoof during the same three-month period with almost 50% of those corrections relating to Auckland properties, OneRoof analysis shows…
“A lot of the time what people are doing is they are dropping the price and they are dropping it below where the market is and they are leaving money on the table for their owners” [Wallace Stratton agent Stefan Powney said]…
Reminds me that I dumped my Vanguard short term Treasury bond fund a little too late. I would suggest going to cash, except that it’s sure to devalue quickly with inflation creeping up towards 10%. Seems like there’s noplace to hide in this economic shit storm.
#BidensAmerica
Michigan police department says higher gas prices has forced them to ask deputies to handle non-urgent calls over the PHONE instead of sending officers to call-outs
Globalist propaganda flagship WaPo, after inculcating anti-white hatred as a matter of editorial policy, is forced to fire a “woke” minority Real Journalist for her screeds against her white libtard colleagues. Awkward….
Washington Post FIRES political reporter Felicia Sonmez for ‘insubordination’ after she publicly criticized colleagues and accused management of failing to protect female staff
As one national broker explained, “90%+ of all mortgages since 2010 are subprime. It’s no mystery why defaults are soaring.”
Does the prospect of scorching hot, uncontrolled consumer price inflation have you on edge?
Dumb question of the day: Can perpetually negative interest rates, like the ones the Fed currently supports, some how bring down inflation?
If so, I’m missing it.
Economy
Published 6 hours ago
Inflation likely remained scorching hot in May
May inflation report expected to show that prices surged again last month
By Megan Henney FOXBusiness
Economists are searching for evidence that inflation has peaked and sky-high prices are finally starting to fall, but they are unlikely to find much good news in a key report that will be published on Friday.
The Labor Department is releasing the highly anticipated consumer price index report on Friday morning, providing a fresh look at just how hot inflation ran in May. Economists expect the gauge, which measures a basket of goods including gasoline, health care, groceries and rent, to show that prices surged 8.3% in May from the previous year – unchanged from April, but still near a 40-year high notched in March. On a monthly basis, inflation is projected to have increased 0.7%, well above the 0.5% recorded the previous month.
… https://www.foxbusiness.com/economy/inflation-likely-remained-scorching-hot-in-may
Not on edge, but I did sell my car and I’m planting a modest garden.
Bayview, ID Housing Prices Crater 26% YOY As Broke Borrowers Flood Market With Inventory
As one national broker explained, “Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.”
Raleigh, NC Housing Prices Crater 23% YOY As Debt Crippled Speculators Panic And Inventory Soars
“Twitter is not the real world,” Hostin pointed out during the discussion. “There are, like 22 percent of the United States is on Twitter, and of that 22 percent, even fewer are active, I don’t know why she is so intent on fighting sexism and discrimination and harassment online, why not write an article for The Washington Post?”
‘From Watergate to Romper Room, the sad legacy of a once prestigious newspaper is a sign of these twisted and terrible times.’
https://www.bizpacreview.com/2022/06/09/wapo-diva-reporter-has-lost-the-view-over-ongoing-tantrum-twitter-is-not-the-real-world-1247966/
Did you know that the 2020 election was stolen?
The 2020 election was stolen.
The insurrection was not on January 6th, the insurrection was in 2020 and it lasted all summer long, in cities all across the United States.
The seizure of territory, and the proclamation of an “autonomous zone” is an actual insurrection.
Don’t fall for the Glowbait and get snared in a Glowtrap, kids. Always act alone. Anyone who mentions “groups” is a Fed. There are no “groups” because any alleged group has already been infiltrated by Feds.
The Leaderless Resistance is not a group, it is millions of individual sparks through whose individual actions, will burn this MF’er to the ground and take America back from these Deep State pedophiles and globalists.
‘Another sign that U.S. buyers may finally find themselves with more options: Active listings increased by 13% and new listings increased by 2% year-over-year in the week ending June 4th, according to a report Thursday by Realtor.com.’
https://www.mansionglobal.com/articles/some-rare-good-news-for-u-s-buyers-the-pace-of-inventory-growth-has-hit-double-digits-01654801276
‘A major Chinese gaming company has denied it is asking college graduates to “pay to work” after a screenshot of a programme that charged “successful” applicants a hefty fee sparked online controversy at a time when tech jobs are becoming scarce for young jobseekers in China.’
‘According to the post, the programme invited 14 people to “co-develop a multi-gamer survival video game”, and successful applicants would be charged 17,800 yuan (US$2,661) for the three-month period.’
“The phenomenon of ‘pay to intern’ exists because these college graduates lack information and experience,” said Wang Yixin, executive director of public relations at online recruitment service provider Zhaopin. “But the practice of trading internships [for money] is not in line with the rules,” she said.’
‘Calling it a “common phenomenon”, Ryan Hu, founder and CEO of career consultancy Togo Career, said many graduates are not capable of finding internships by themselves and are willing to pay.’
https://finance.yahoo.com/news/chinese-game-developer-denies-pay-093000916.html
‘Bank of Canada Governor Tiff Macklem says the central bank may need to raise its benchmark interest rate to 3 per cent or above to bring inflation under control, and that the bank’s governing council is open to larger rate increases if needed. This echoes remarks deputy-governor Paul Beaudry made last week and opens the door to an interest rate increase of 75 basis points at the bank’s next meeting in July.’
“We may need to take more interest rate steps to get inflation back to target. Or we may need to move more quickly, we may need to take a larger step,” Mr. Macklem said in a Thursday news conference.’
https://www.theglobeandmail.com/business/article-bank-of-canada-open-to-larger-rate-hikes-more-moves-if-needed-says/
‘From the recall of San Francisco Dist. Atty. Chesa Boudin to the success of L.A. mayoral candidate Rick Caruso, playing into fears over crime and homelessness played well in California’s primaries. But will those concerns carry over to the fall election?’
“What voters are looking for is an acknowledgment of the concerns they face, whether it’s crime, public safety or the cost of living,” said David Binder, a pollster who has worked on mayoral candidate Karen Bass’ campaign and with other Democrats nationwide. “We have to acknowledge voters are scared, unhappy, feeling there is chaos in the streets and society that needs to be addressed.”
https://www.latimes.com/world-nation/newsletter/2022-06-09/november-election-voter-fears-todays-headlines-newsletter-todays-headlines
It should come as no new revelation that communist sympathizers fuq things up with socialism quickly when given the opportunity.
Remember…. The Pederast President promised the “first thing” he’ll do is kill fossil fuel. He kept his promise….. and killed millions of economically marginalized people along with it.(If you wonder if youre one of those, you are.)
https://www.cnbc.com/2021/06/09/tc-energy-terminates-keystone-xl-pipeline-project.html
To the Broke Degenerates…… no matter how much you attempt to punish the haves…… you’ll always be a have not. Always.
PS- Thanks for doubling my already fat compensation.
‘Convoy laid off 7% of its staff Thursday, becoming the latest tech company to slash headcount amid an uncertain economic environment.’
‘A spokesperson for the Seattle trucking marketplace startup confirmed the layoffs to GeekWire. Convoy said it employed 1,300 people in April, when it raised a $260 million investment round at a $3.8 billion valuation, so the cuts affected around 90 employees.’
“We have made a number of organizational and other operating expense related changes to ensure we are in the strongest financial position possible ahead of the potential for worsening economic conditions,” the spokesperson said in a statement (read in full below).’
‘A bevy of tech startups have laid off employees and larger giants are slowing or halting hiring altogether, with a number of macroeconomic conditions including rising inflation causing concern for companies across sectors. Venture capitalists are advising tech companies to cut expenses and extend their cash runways. Stitch Fix and Bird are among those that also announced layoffs this week.’
‘Even unicorn startups — those valued at above $1 billion — are not immune to market forces, including companies that just raised huge swaths of cash such as Convoy.’
https://www.msn.com/en-us/money/companies/convoy-which-just-raised-24260m-lays-off-7-25-of-workforce-in-latest-tech-startup-cuts/ar-AAYhLhI
Would now be a good time to buy the dip in SPACS (Special Purpose Acquisition Vehicles)?
The Financial Times
Special purpose acquisition companies
Spac boom dies as wary investors retreat
Rising interest rates and the prospect of tougher regulation have deepened the challenges facing the market
Ortenca Aliaj, Joshua Franklin and Imani Moise in New York and Owen Walker in London
June 8 2022
When Ginkgo Bioworks went public last September the US biotechnology group proved as irresistible to investors as it had to the Wall Street banks that helped make the listing happen.
Propelled on to the public market after merging with a special purpose acquisition company set up by former Hollywood executives, Ginkgo shares surged in the first few weeks of trading.
The performance appeared vindication for the army of advisers who, according to regulatory filings, reaped roughly $135mn in fees from the listing of the Spac and its subsequent merger with Ginkgo.
But nine months on, the listing of the Boston-based biotech looks increasingly like one of many last hurrahs for the Spac boom, an 18-month frenzy of dealmaking that catapulted hundreds of companies on to the stock market, enriched Wall Street banks and, in some cases, left investors with heavy losses. Ginkgo shares have tumbled more than 70 per cent since their peak late last year.
Rising interest rates and a weakening stock market have only fed investors’ disillusionment with Spacs. The prospect of the Securities and Exchange Commission tightening rules has deepened the chill over the market.
“The product is dead. There’s no more Spacs,” said one lawyer at a firm that created its own Spac team to capitalise on the boom.
US regulators are proposing reforms that would limit Spacs’ ability to make far rosier performance projections than those permitted in a traditional IPO. Under the plans from the SEC, which are out for public comment, the banks underwriting and advising on deals would potentially be liable for misstatements concerning blank-cheque companies.
Banks are already stepping back. Goldman, which last year ranked as one of the market’s largest underwriters, second only to Citigroup, has paused new Spac offerings and is no longer working with many of those that it helped take public.
Citi and Bank of America are also taking a more cautious approach. BofA is doing “selective work” with those Spacs it already has a relationship with, according to a person familiar with the matter.
Spac boom fizzles out
The retreat by banks, which do everything from helping Spacs raise cash to generating a list of targets and advising on the mergers, is the latest blow to a market that bruised investors began to desert last year.
Spacs have raised $12.7bn this year, a fraction of the $166bn they did in 2021, according to data from the London Stock Exchange Group. Just over 50 deals have been completed, down from 226 in 2021.
…
Benzinga
10 SPACs Owned By Cathie Wood’s Ark Funds
Chris Katje
March 16, 2021·4 min read
Special purpose acquisition companies (SPACs) were a hot topic for investors in 2020 and continue to be a big story in 2021. While SPACs have lost some of the initial buzz surrounding them, some of the larger names going public via this method are attracting interest from mutual funds and ETFs.
Ark Funds CEO Cathie Wood has been adding several SPACs to the company’s ETFs. Here is a look at 10 SPACs and former SPACs that are owned in the Ark Funds.
…
https://www.yahoo.com/video/10-spacs-owned-cathie-woods-170031144.html
Oops…I inadverently posted a March 2021 article there about the SPAC boom.
In a few months, don’t be surprised if I occasionally post a retrospective article from the current period describing the red hot cakes real estate boom, for comparison with CR8R.
SPACs were never a good investment.
But better than crypto.
Oh dear….
Interest rate torpedo sinks New Zealand housing market
https://www.macrobusiness.com.au/2022/06/interest-rate-torpedo-sinks-new-zealand-housing-market/
Aggressive interest rate hikes by the Reserve Bank of New Zealand (RBNZ) continues to hammer the housing market, with vendors slashing prices across the country:
The prices on almost 5000 listings have been slashed in the past three months as more owners get realistic about their property’s worth in the current market…
Almost five times more real estate listings have had their price altered by an average 3.95% in the three months ending May 31, 2022 compared to the same period last year.
Real estate agents made changes to 15% of all residential listings on OneRoof during the same three-month period with almost 50% of those corrections relating to Auckland properties, OneRoof analysis shows…
“A lot of the time what people are doing is they are dropping the price and they are dropping it below where the market is and they are leaving money on the table for their owners” [Wallace Stratton agent Stefan Powney said]…
A futures price chart for the Two Year Note …
https://finviz.com/futures_charts.ashx?p=d1&t=ZT
Reminds me that I dumped my Vanguard short term Treasury bond fund a little too late. I would suggest going to cash, except that it’s sure to devalue quickly with inflation creeping up towards 10%. Seems like there’s noplace to hide in this economic shit storm.
#BidensAmerica
Michigan police department says higher gas prices has forced them to ask deputies to handle non-urgent calls over the PHONE instead of sending officers to call-outs
https://www.dailymail.co.uk/news/article-10902187/Michigan-police-says-higher-gas-prices-forced-ask-deputies-handle-non-urgent-calls.html
Putting Democrat-Bolshevik diversity hires in critical public safety positions yields predictable results.
https://www.dailymail.co.uk/news/article-10902657/More-DOZEN-36-trapped-Uvalde-school-alive-waiting-rescue-HOUR.html
Globalist propaganda flagship WaPo, after inculcating anti-white hatred as a matter of editorial policy, is forced to fire a “woke” minority Real Journalist for her screeds against her white libtard colleagues. Awkward….
Washington Post FIRES political reporter Felicia Sonmez for ‘insubordination’ after she publicly criticized colleagues and accused management of failing to protect female staff
https://www.dailymail.co.uk/news/article-10902513/The-Washington-Post-fires-reporter-spent-week-criticizing-colleagues-Twitter.html
Santa Cruz, CA Housing Prices Crater 21% YOY As Regulators Uncover Rampant Mortgage Fraud Across The US
https://www.movoto.com/santa-cruz-ca/market-trends/
As one national broker explained, “90%+ of all mortgages since 2010 are subprime. It’s no mystery why defaults are soaring.”
Does the prospect of scorching hot, uncontrolled consumer price inflation have you on edge?
Dumb question of the day: Can perpetually negative interest rates, like the ones the Fed currently supports, some how bring down inflation?
If so, I’m missing it.
Economy
Published 6 hours ago
Inflation likely remained scorching hot in May
May inflation report expected to show that prices surged again last month
By Megan Henney FOXBusiness
Economists are searching for evidence that inflation has peaked and sky-high prices are finally starting to fall, but they are unlikely to find much good news in a key report that will be published on Friday.
The Labor Department is releasing the highly anticipated consumer price index report on Friday morning, providing a fresh look at just how hot inflation ran in May. Economists expect the gauge, which measures a basket of goods including gasoline, health care, groceries and rent, to show that prices surged 8.3% in May from the previous year – unchanged from April, but still near a 40-year high notched in March. On a monthly basis, inflation is projected to have increased 0.7%, well above the 0.5% recorded the previous month.
…
https://www.foxbusiness.com/economy/inflation-likely-remained-scorching-hot-in-may
Not on edge, but I did sell my car and I’m planting a modest garden.
Bayview, ID Housing Prices Crater 26% YOY As Broke Borrowers Flood Market With Inventory
https://www.movoto.com/bayview-id/market-trends/
As one national broker explained, “Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.”
Raleigh, NC Housing Prices Crater 23% YOY As Debt Crippled Speculators Panic And Inventory Soars
https://www.movoto.com/nc/27607/market-trends/
As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”