A weekend topic starting with the Messenger Inquirer in Kentucky. "In recent months, CNN, the…
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From the video:
‘A buyer’s market occurs when supply exceeds demand. To put it another way, real estate inventory is high, and there are plenty of homes for sale, but there’s a shortage of interested home buyers. These conditions give buyers leverage over sellers because when supply is higher and demand lower, the market is forced to respond.’
‘In a buyer’s market, real estate prices decrease, and homes linger on the market longer. So, sellers must compete with each other in order to attract potential buyers. Typically, sellers will drop their asking prices to gain an advantage in the market. Furthermore, they are much more willing to negotiate offers to prevent buyers from walking away.’
A lot of focus on new shacks, which I am seeing in more of these videos.
Incentives?
Pfffffffffffft this realtor in the video. You should buy now cuz I can negotiate. Could have done that all along. And you’re going to be able able to negotiate even better tomorrow in a falling market. Clearly sales/listings/interest must have fallen off a cliff for this realtor.
You will own nothing.
Nothing.
You will own nothing, save nothing, and spend your day searching for edible bugs.
‘Online bank challenger Wealthsimple Technologies Inc. has laid off 13 per cent of its employees as market conditions rock the technology sector, prompting a flood of job cuts in recent weeks.’
‘During a company-wide meeting on Wednesday, Wealthsimple chief executive officer Michael Katchen announced that 159 employees, out of 1,262 who work for the company, would be laid off by the end of the day.’
‘Wealthsimple was one of the most conspicuous beneficiaries of soaring valuations and venture capital interest during the pandemic. It became one of Canada’s most valuable private technology companies when it raised $750-million last year at a $5-billion valuation.’
‘In 2020, Wealthsimple nearly doubled its assets under management to $9.7-billion over the previous year. But Mr. Katchen says clients are now “living through a period of market uncertainty they’ve never experienced before.”
‘Extreme stress was evident on Wednesday, when the Bank of Japan (BOJ) spent more than 700 billion yen ($5.2 billion) buying bonds to defend its 10-year yield ceiling, only to see 10-year futures suffer their steepest plunge in almost a decade.’
‘Prices have since rebounded, but liquidity is low, the yield curve is kinked at the 10-year tenor – diminishing its relevance as a pricing benchmark – and market makers fret that futures could become an unreliable hedge against other market risks.’
“If you lose the function of the futures market, that’s a huge problem for (JGB) auctions – you cannot really hedge your auctions … dealers will all go away,” said Naka Matsuzawa, a strategist at Nomura in Tokyo.’
‘The long-somnolent market is suddenly creaking as speculators ramp up bets that the BOJ is going to adjust or abandon a de-facto cap of 0.25% on the 10-year yield.’
‘Policymakers are under pressure since Japan is finally seeing the inflation that the ultra-easy settings were designed to achieve and as the yen tanks against almost every other currency as global central banks have been raising rates quickly.’
‘The world’s biggest corporate investor in bitcoin has seen more than $1 billion wiped from its crypto holdings following the latest price crash. Software firm MicroStrategy began stockpiling bitcoin in August 2020 and has so far spent $3.97 billion in less than two years.’
‘The company owns close to 130,000 bitcoins, which fell in value to $2.6 billion after the cryptocurrency crashed by a further 10 per cent on Wednesday morning. The economist and prominent bitcoin sceptic Peter Schiff replied: “Volatility is one thing. This is a collapse. Did you anticipate something like this? If so, why buy so much bitcoin in the first place?”
‘Other notable corporate investor in bitcoin have also suffered as a result of the 2022 crypto crash, which has seen bitcoin’s price fall by more than 70 per cent from its record high of close to $69,000 in November.’
‘Tesla, which holds 43,200 BTC on its balance sheet, has seen its initial investment drop from $1.5 billion to $921 million at today’s prices.’
Any bets on when that guy in El Salvador gets hurled into the mining rig volcano? I think they will skip the guillotine and go right for the burning pit of lava.
“…MicroStrategy began stockpiling bitcoin in August 2020 and has so far spent $3.97 billion in less than two years…”
Sure like to meet the genius(es) behind this one.
No so much as to shake their hands, but to make a pitch [to buy] my secret cache of PetRocks I have been stockpiling next to a mulch pile in my backyard. Can’t disclose my exact SoCal location because you see, they are all worth millions and millions.
The borrowing and spending binge by Canadian households, businesses, and governments (all levels) continues unabated.
At the end of March, 2022 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $10.162 trillion. At the end of March, 2021 the total debt outstanding was $9.376 trillion. In the 1 year period from the end of March, 2021 to the end of March, 2022 it increased by $785.8 billion. This is an increase of 8.3%.
Canadian total (household, business, and all levels of government) debt numbers as of the end of March, 2022
Bitcoin price nears dangerous level as bloodbath continues
‘The world’s top ranked cryptocurrency is just $87 away from slipping into oblivion. In the last 24 hours, bitcoin hit a low of US$$20,087 but was trading slightly higher at time of writing, at US$21,920.’
‘However, several experts have warned that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain. One trading pro has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.’
‘Another pointed out that once bitcoin drops below that price point, it would have lost all the value it had gained from the last five years, since its 2017 high. Arthur Hayes, former BitMEX chief, took to Twitter to voice his concerns.’
“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes wrote. “We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.”
‘He continued in his Twitter thread: “As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets. “Bc [because] if these levels break, you might as well shut down your computer bc [because] your charts will be useless for a while.”
‘In the same vein, Charlie Morris, founder of digital asset management firm ByteTree, believes that $20,000 could be a support level for bitcoin to rally. However, if it goes past $20,000, all bets are off. It “might prove to be a support level,” he told CNBC. “At $20k, bitcoin has made no money since the 2017 high,” he added.’
Hey Charlie, what’s the support fer my beanie babies?
I still dont understand the obsession with the HODL stuff. Folks that bought bitcoin could have taken significant profits.
I think that this is the same with real-estate – especially in a downturn. List for a slightly lower price and successfully instead of chasing the market down
Diamond hands, baby!!!
More Reddit Bitcoin suicides, please.
“They’re not sending their best”
Darwinism at its finest.
Is $20,000 some kind of magic barrier below which the price of a worthless imaginary coin cannot fall?
The people who invest in cryptocurrencies must be a bunch of superstitious idiots.
‘Elon Musk has a ominous warning for electric-vehicle startups Rivian and Lucid Motors: Change now, or go out of business. ‘
“Unless something changes significantly with Rivian and Lucid, they will both go bankrupt,” the Tesla CEO said during an interview published Tuesday to the Tesla Owners Silicon Valley YouTube channel. “I hope they are able to do something, but unless they cut their costs dramatically, they will end up in the cemetery like every other car company, with the exception of Tesla and Ford.”
‘Going bankrupt doesn’t always mean a car company is done for good. Chrysler and General Motors both filed for bankruptcy in 2009, as Musk often points out.’
‘Rivian’s problem, according to Musk, is that its vehicles are too expensive to achieve the kind of volumes necessary to cover its fixed costs. The company recently raised its prices to account for supply chain issues and inflation. The 2022 R1T pickup now starts at $79,500, while the 2022 R1S SUV starts at $84,500. Rivian plans to sell cheaper versions down the line.’
‘Musk said pricing vehicles too high for people to afford is how “car companies can get painted into the corner of doom.” “My advice to Rivian would be to cut costs immediately across the board, dramatically, or they’re doomed. This applies to any car company really,” Musk said.’
“Going bankrupt doesn’t always mean a car company is done for good.”
Agreed, but it wipes-out their parts suppliers.
Whistling past the graveyard. More accounting shenanigans on deck.
As if Teslas are affordable.
“The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official who teaches at Duke University Law School. “The music has stopped.”
‘Some industry experts have long said the exuberant growth of the past two years wasn’t going to last forever, comparing it with the late-1990s dot-com boom. At the time, dozens of dot-com companies were going public amid hysteria over the early promise of the internet, even though few of them made money. When confidence evaporated in the early 2000s, many of the dot-coms went bust.’
‘When the price of Luna plummeted in May, TerraUSD fell in tandem — a “death spiral” that destabilized the broader market and plunged some investors into financial ruin.’
‘Last year, Singapore-based exchange Crypto.com aired a now-notorious TV commercial starring actor Matt Damon, who declared that “fortune favors the brave” as he encouraged investors to put their money in the crypto market. Last week, Crypto.com’s CEO announced that he was laying off 5% of the staff, or 260 people. On Monday, BlockFi, a crypto lending operation, said it was reducing its staff by roughly 20%.’
‘Some of the companies have remained defiant. During Game 5 of the NBA Finals on Monday night, Coinbase aired a commercial that alluded to past boom-and-bust cycles. “Crypto is dead,” it declared. “Long live crypto.”
Whatever happened to the mystique of the blockchain? You don’t tend to read about that much during the race to the exits underway.
I believe the central banks purposely destroyed the crypto currency exchanges in a coordinated effort to disrupt the global illicit trade in artwork, drugs, gambling, porn, weapons, etc.
‘Microsoft founder Bill Gates has dismissed non-fungible tokens (NFTs) and said he preferred to invest in assets with tangible outputs, such as factories or farms. The tech billionaire added that NFTs were 100% based on the “greater fool” theory — the financial concept that says that even the most overpriced asset would make money as long as there was a “greater fool” to sell it to.’
‘Speaking at a climate change event hosted by TechCrunch, Gates said he would rather invest in a company where they made products, adding that he held no position in NFTs or cryptocurrencies. “I’m not involved in that. I’m not long or short in any of those things,” Gates said, suggesting that he was suspicious of assets designed to avoid taxation or government rules.’
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said in reference to the Bored Ape Yacht Club, a flagship NFT project.’
‘Obviously, expensive digital images of monkeys are going to improve the world immensely’
Can’t say that Gates didn’t do the world a big favor by calling out the Emperor’s New Currency.
The irony is that the ape pictures are entirely (and easily) fungible. It is all so bizarre.
suspicious of assets designed to avoid taxation or government rules.’
You claim the government, fed, is corrupt. Here is something free of the government and its corruption. That’s a good thing right?
But very far from “free of corruption” in general which is problematic.
Choose your poison I guess? Support the illegal fiat currency (constitution never authorized paper money) of the military industrial complex, that kills millions of humans for profit monthly, that through inflation and deflation robs homes from families, taxes you to death literally, etc etc
Or choose bitcoin that while not perfect for sure, seems to be more moral money free from the evils of USA fiat petrodollar tyrants
As long as housing prices continue cratering, all is well.
Santa Rosa, CA Housing Prices Crater 16% As Sonoma County Staggers On Soaring Crime And Mortgage Fraud
‘A New York City office building went on sale for $29 million two weeks ago, but with a Web 3 twist: The rights to purchase the property are being sold as a non-fungible token (NFT) on OpenSea.’
‘The listing’s price, however, was set in ether (ETH), which has plummeted over 40% since the start of June, taking the list price of the building with it.’
‘The dollar value of the NFT has dropped from $29 million to $16.8 million, though its owner, Chris Okada, says the price will soon be adjusted. “We’re going to relist the sale at $29.5 million, most probably Thursday,” Okada told CoinDesk in a Twitter message on Tuesday. “Deciding on staying with ETH or going to USDC. If we go with ETH it’ll be closer to 26,500 ETH.”
‘It’s currently listed for 15,000 ETH. It was purchased for $16.25 million in late 2021.’
Private Equity Faces ‘Crisis of Value’ Over Inflated Prices
“Right now in the private markets it has been a crisis of value,” Gabriel Caillaux, head of General Atlantic’s business in EMEA, said in a Bloomberg TV interview at the SuperReturn conference for investors in Berlin. “The excesses happened because valuations ran up and you had a whole new set of actors that came in who made the deal cycle a little bit too accelerated.”
Some deals have been mis-priced because of the sustained period of low interest rates, particularly in health and technology, Scott Kleinman, co-president of Apollo Global Management Inc. said.’
“When interest rates went to zero and stayed there for 14 years, it allowed for prices to go higher and higher in the public markets and the private markets,” Kleinmain said, also in a Bloomberg TV interview alongside the conference.’
“You’ve seen the S&P down 20%, the Nasdaq down 30%, some tech companies down 50%, 70%-plus,” Kleinman said. “It doesn’t mean these are bad companies, it just means that the starting point of the valuations didn’t make a whole lot of sense.”
‘Robinhood Markets Inc. shares slumped to a fresh low on Wednesday, giving the beleaguered brokerage a market value that’s less than the cash on its balance sheet.’
‘After posting more than $3 billion of losses since its initial public offering in late July, Robinhood’s shares have plunged more than 80%, cutting its market capitalization to as low as $5.99 billion. The firm had $6.19 billion of cash and cash equivalents at the end of the first quarter.’
“A lot of guys who opened up accounts, acting on suggestions from Reddit, have gone away,” Piper Sandler & Co. analyst Rich Repetto, who has a neutral rating on the stock, said in a phone interview.’
It had three small rooms just another shanty anyways
She was out shoppin’ houses with a realtor on a Saturday
At dinner time she signed a contract on house in suburban DC
The realtor hollered out the back door there’s no need to stamp your feet
And then he said I got some news this mornin’ from rocket mortgage
Today yer deep in mortgage debt so go and jump from the nearest bridge.
Bushnell, FL Housing Prices Crater 23% As Tampa Sellers Take A Beating
Michigan Attorney General Dana Nessel has called for there to be a “drag queen in every school.”
Yes, really.
Nessel made the comments during a civil rights conference in Lansing after she has falsely claimed that critical race theory being taught in schools is a hoax.
The Keynesian fraudsters at the central banks, having blown the biggest asset bubbles in history, are setting up millions of “homeowners” for foreclosure.
Bank of England raises interest rates to 1.25% and now warns inflation will hit ELEVEN per cent in an even gloomier economic warning as UK slides towards recession driven by Ukraine war and aftermath of pandemic
The Bank of England hiked interest rates for the fifth month in a row to 1.25 per cent today – but stopped short of an even bigger rise over fears the economy is plunging into the red.
The Monetary Policy Committee pushed up the base rate by 0.25 percentage points to another 13-year high as it scrambles to rein in rampant inflation, which it now expects to reach an eye-watering 11 per cent.
Business
San Diego resale home price drops for the first time this year. Sign of a cooling market?
An open house sign in Pacific Beach
(Phillip Molnar/The San Diego Union-Tribune)
May’s home numbers show the first evidence of cooling in San Diego’s home market.
By Phillip Molnar
June 15, 2022 5:30 AM PT
San Diego County’s resale home price dropped in May and may be the first sign of a cooling housing market.
The resale single-family home price was $940,000, a $10,000 drop from the previous month, said CoreLogic/DQNews on Wednesday. This is the first time in 2022 that the resale home price has gone down, and is part of a slight slowdown seen across Southern California.
It comes as the number of homes with a price reduction is starting to rise across San Diego County. While rising mortgage rates are typically seen as the biggest reason for a cooldown, it hasn’t meant much yet for final sale prices. The overall median home price in San Diego County — a combination of new and resale condos, townhouses and single-family homes — was $850,000, a record high, surpassing the previous record in April of $840,000, and representing a 17.2 percent annual increase.
Chris Anderson, board president of the Greater San Diego Association of Realtors, said higher interest rates are slowing the market but not to the level a lot of potential buyers might want to see.
“There has been a bit of cooling with interest rates,” she said. “It has made a difference. But I’m still getting multiple offers.”
The average rate in May for a 30-year, fixed-rate mortgage was 5.23 percent, its highest monthly average since 2010, said Freddie Mac. It has gone up considerably since, with the average around 6.23 percent Tuesday, said Mortgage News Daily.
Anderson said a lot of her buyers are fed up with high rent prices and are determined to buy. The difference now is their buying power is lower, meaning they are changing what they are searching for to “smaller and older,” she said.
From May 9 to June 5, 6.5 percent of San Diego County home prices had a price reduction — the highest level in at least four years, said the Redfin Data Center. At the same time, 62.5 percent of homes were off the market in two weeks. That’s much lower than a high of 75 percent in February.
Food inflation is one thing…food shortages are much worse – and will disproportionately impact low-income/low-IQ Biden voters. Poetic justice, stupid MFers….
Could a food shortage be coming? Record diesel prices are crushing Pa. farmers, lawmakers told
There’s nothing like the sweet smell of Building Back Better…
“…food shortages are much worse…”
Don’t worry, be happy. Edible bugs will save the day.
Not covered in the article:
What happened to my double digit annual rate of home equity wealth gains?
A middle-aged woman from our county’s assessors office knocked at the front door yesterday. She identified herself, and asked about the recently replaced roof. Apparently it increases the assessed value by $15k according to her paperwork. I indicated that it cost me just under $10k, and I showed her the contractor’s bid. She said her office considers it a $15k improvement.
The battles will never end if you choose to fight all of them. Good thing I paid this year’s property taxes two months ago!
Did buy a permit for the reroof?
Yes, $70 from the city, and the inspector did visit too.
TABOR is an interesting beast. Even though my assessment increased, my tax bill dropped about 3%.
The corrupt Biden DoJ just green-lighted their Soros Scum street enforcers’ terrorist attacks against pro-life facilities and personnel.
Pro-Life Facilities Are Under Attack. A Top DOJ Official Called Them ‘Fake Clinics.’
The Justice Department official who investigates attacks on reproductive health care facilities has been a staunch critic of pro-life crisis pregnancy centers, dozens of which have been vandalized by abortion supporters over the past month.
Civil rights division chief Kristen Clarke criticized the centers following a Supreme Court decision issued in their favor in 2018. Clarke said the centers, which counsel pregnant women on alternatives to abortion, were “harmful” and “predatory” against women of color. She also referred to them with the hashtag, “ExposeFakeClinics.”
Why such hostility toward mothers and their children in need? I don’t understand this at all. These are evil people and they will pay.
Las Vegas, NV Housing Prices Crater 29% YOY As Desperate Sellers Send Inventory Soaring And Prices Plunging Across Southwest States
From the video:
‘A buyer’s market occurs when supply exceeds demand. To put it another way, real estate inventory is high, and there are plenty of homes for sale, but there’s a shortage of interested home buyers. These conditions give buyers leverage over sellers because when supply is higher and demand lower, the market is forced to respond.’
‘In a buyer’s market, real estate prices decrease, and homes linger on the market longer. So, sellers must compete with each other in order to attract potential buyers. Typically, sellers will drop their asking prices to gain an advantage in the market. Furthermore, they are much more willing to negotiate offers to prevent buyers from walking away.’
A lot of focus on new shacks, which I am seeing in more of these videos.
Incentives?
Pfffffffffffft this realtor in the video. You should buy now cuz I can negotiate. Could have done that all along. And you’re going to be able able to negotiate even better tomorrow in a falling market. Clearly sales/listings/interest must have fallen off a cliff for this realtor.
You will own nothing.
Nothing.
You will own nothing, save nothing, and spend your day searching for edible bugs.
‘Online bank challenger Wealthsimple Technologies Inc. has laid off 13 per cent of its employees as market conditions rock the technology sector, prompting a flood of job cuts in recent weeks.’
‘During a company-wide meeting on Wednesday, Wealthsimple chief executive officer Michael Katchen announced that 159 employees, out of 1,262 who work for the company, would be laid off by the end of the day.’
‘Wealthsimple was one of the most conspicuous beneficiaries of soaring valuations and venture capital interest during the pandemic. It became one of Canada’s most valuable private technology companies when it raised $750-million last year at a $5-billion valuation.’
‘In 2020, Wealthsimple nearly doubled its assets under management to $9.7-billion over the previous year. But Mr. Katchen says clients are now “living through a period of market uncertainty they’ve never experienced before.”
https://www.theglobeandmail.com/business/article-wealthsimple-cuts-13-of-workforce-as-tech-job-woes-deepen/
‘Extreme stress was evident on Wednesday, when the Bank of Japan (BOJ) spent more than 700 billion yen ($5.2 billion) buying bonds to defend its 10-year yield ceiling, only to see 10-year futures suffer their steepest plunge in almost a decade.’
‘Prices have since rebounded, but liquidity is low, the yield curve is kinked at the 10-year tenor – diminishing its relevance as a pricing benchmark – and market makers fret that futures could become an unreliable hedge against other market risks.’
“If you lose the function of the futures market, that’s a huge problem for (JGB) auctions – you cannot really hedge your auctions … dealers will all go away,” said Naka Matsuzawa, a strategist at Nomura in Tokyo.’
‘The long-somnolent market is suddenly creaking as speculators ramp up bets that the BOJ is going to adjust or abandon a de-facto cap of 0.25% on the 10-year yield.’
‘Policymakers are under pressure since Japan is finally seeing the inflation that the ultra-easy settings were designed to achieve and as the yen tanks against almost every other currency as global central banks have been raising rates quickly.’
https://www.nasdaq.com/articles/bond-vigilantes-and-the-boj-are-breaking-japans-bond-market
‘The world’s biggest corporate investor in bitcoin has seen more than $1 billion wiped from its crypto holdings following the latest price crash. Software firm MicroStrategy began stockpiling bitcoin in August 2020 and has so far spent $3.97 billion in less than two years.’
‘The company owns close to 130,000 bitcoins, which fell in value to $2.6 billion after the cryptocurrency crashed by a further 10 per cent on Wednesday morning. The economist and prominent bitcoin sceptic Peter Schiff replied: “Volatility is one thing. This is a collapse. Did you anticipate something like this? If so, why buy so much bitcoin in the first place?”
‘Other notable corporate investor in bitcoin have also suffered as a result of the 2022 crypto crash, which has seen bitcoin’s price fall by more than 70 per cent from its record high of close to $69,000 in November.’
‘Tesla, which holds 43,200 BTC on its balance sheet, has seen its initial investment drop from $1.5 billion to $921 million at today’s prices.’
https://uk.finance.yahoo.com/news/bitcoin-price-crash-microstrategy-btc-142838057.html
Any bets on when that guy in El Salvador gets hurled into the mining rig volcano? I think they will skip the guillotine and go right for the burning pit of lava.
“…MicroStrategy began stockpiling bitcoin in August 2020 and has so far spent $3.97 billion in less than two years…”
Sure like to meet the genius(es) behind this one.
No so much as to shake their hands, but to make a pitch [to buy] my secret cache of PetRocks I have been stockpiling next to a mulch pile in my backyard. Can’t disclose my exact SoCal location because you see, they are all worth millions and millions.
The borrowing and spending binge by Canadian households, businesses, and governments (all levels) continues unabated.
At the end of March, 2022 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $10.162 trillion. At the end of March, 2021 the total debt outstanding was $9.376 trillion. In the 1 year period from the end of March, 2021 to the end of March, 2022 it increased by $785.8 billion. This is an increase of 8.3%.
Canadian total (household, business, and all levels of government) debt numbers as of the end of March, 2022
https://owecanada.blogspot.com/2022/06/canadian-total-household-business-and_15.html
Bitcoin price nears dangerous level as bloodbath continues
‘The world’s top ranked cryptocurrency is just $87 away from slipping into oblivion. In the last 24 hours, bitcoin hit a low of US$$20,087 but was trading slightly higher at time of writing, at US$21,920.’
‘However, several experts have warned that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain. One trading pro has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.’
‘Another pointed out that once bitcoin drops below that price point, it would have lost all the value it had gained from the last five years, since its 2017 high. Arthur Hayes, former BitMEX chief, took to Twitter to voice his concerns.’
“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes wrote. “We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.”
‘He continued in his Twitter thread: “As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets. “Bc [because] if these levels break, you might as well shut down your computer bc [because] your charts will be useless for a while.”
‘In the same vein, Charlie Morris, founder of digital asset management firm ByteTree, believes that $20,000 could be a support level for bitcoin to rally. However, if it goes past $20,000, all bets are off. It “might prove to be a support level,” he told CNBC. “At $20k, bitcoin has made no money since the 2017 high,” he added.’
https://www.news.com.au/finance/markets/world-markets/bitcoin-price-nears-dangerous-level-as-bloodbath-continues/news-story/49baf55d6f7bad96523afacb0d4cdbb2
Hey Charlie, what’s the support fer my beanie babies?
I still dont understand the obsession with the HODL stuff. Folks that bought bitcoin could have taken significant profits.
I think that this is the same with real-estate – especially in a downturn. List for a slightly lower price and successfully instead of chasing the market down
Diamond hands, baby!!!
More Reddit Bitcoin suicides, please.
“They’re not sending their best”
Darwinism at its finest.
Is $20,000 some kind of magic barrier below which the price of a worthless imaginary coin cannot fall?
The people who invest in cryptocurrencies must be a bunch of superstitious idiots.
‘Elon Musk has a ominous warning for electric-vehicle startups Rivian and Lucid Motors: Change now, or go out of business. ‘
“Unless something changes significantly with Rivian and Lucid, they will both go bankrupt,” the Tesla CEO said during an interview published Tuesday to the Tesla Owners Silicon Valley YouTube channel. “I hope they are able to do something, but unless they cut their costs dramatically, they will end up in the cemetery like every other car company, with the exception of Tesla and Ford.”
‘Going bankrupt doesn’t always mean a car company is done for good. Chrysler and General Motors both filed for bankruptcy in 2009, as Musk often points out.’
‘Rivian’s problem, according to Musk, is that its vehicles are too expensive to achieve the kind of volumes necessary to cover its fixed costs. The company recently raised its prices to account for supply chain issues and inflation. The 2022 R1T pickup now starts at $79,500, while the 2022 R1S SUV starts at $84,500. Rivian plans to sell cheaper versions down the line.’
‘Musk said pricing vehicles too high for people to afford is how “car companies can get painted into the corner of doom.” “My advice to Rivian would be to cut costs immediately across the board, dramatically, or they’re doomed. This applies to any car company really,” Musk said.’
https://www.msn.com/en-us/money/companies/elon-musk-says-tesla-rivals-rivan-and-lucid-are-doomed-if-they-dont-cut-costs/ar-AAYvwyR
I love a good corner of doom in the mornin.
“Going bankrupt doesn’t always mean a car company is done for good.”
Agreed, but it wipes-out their parts suppliers.
Whistling past the graveyard. More accounting shenanigans on deck.
As if Teslas are affordable.
“The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official who teaches at Duke University Law School. “The music has stopped.”
‘Some industry experts have long said the exuberant growth of the past two years wasn’t going to last forever, comparing it with the late-1990s dot-com boom. At the time, dozens of dot-com companies were going public amid hysteria over the early promise of the internet, even though few of them made money. When confidence evaporated in the early 2000s, many of the dot-coms went bust.’
‘When the price of Luna plummeted in May, TerraUSD fell in tandem — a “death spiral” that destabilized the broader market and plunged some investors into financial ruin.’
‘Last year, Singapore-based exchange Crypto.com aired a now-notorious TV commercial starring actor Matt Damon, who declared that “fortune favors the brave” as he encouraged investors to put their money in the crypto market. Last week, Crypto.com’s CEO announced that he was laying off 5% of the staff, or 260 people. On Monday, BlockFi, a crypto lending operation, said it was reducing its staff by roughly 20%.’
‘Some of the companies have remained defiant. During Game 5 of the NBA Finals on Monday night, Coinbase aired a commercial that alluded to past boom-and-bust cycles. “Crypto is dead,” it declared. “Long live crypto.”
https://www.forbesindia.com/article/news/the-music-has-stopped-crypto-firms-quake-as-prices-fall/77305/1
Whatever happened to the mystique of the blockchain? You don’t tend to read about that much during the race to the exits underway.
I believe the central banks purposely destroyed the crypto currency exchanges in a coordinated effort to disrupt the global illicit trade in artwork, drugs, gambling, porn, weapons, etc.
‘Microsoft founder Bill Gates has dismissed non-fungible tokens (NFTs) and said he preferred to invest in assets with tangible outputs, such as factories or farms. The tech billionaire added that NFTs were 100% based on the “greater fool” theory — the financial concept that says that even the most overpriced asset would make money as long as there was a “greater fool” to sell it to.’
‘Speaking at a climate change event hosted by TechCrunch, Gates said he would rather invest in a company where they made products, adding that he held no position in NFTs or cryptocurrencies. “I’m not involved in that. I’m not long or short in any of those things,” Gates said, suggesting that he was suspicious of assets designed to avoid taxation or government rules.’
“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said in reference to the Bored Ape Yacht Club, a flagship NFT project.’
https://www.msn.com/en-in/money/markets/bill-gates-says-nfts-based-on-greater-fool-theory-backs-investment-in-tangible-assets/ar-AAYwXdr
‘Obviously, expensive digital images of monkeys are going to improve the world immensely’
Can’t say that Gates didn’t do the world a big favor by calling out the Emperor’s New Currency.
The irony is that the ape pictures are entirely (and easily) fungible. It is all so bizarre.
suspicious of assets designed to avoid taxation or government rules.’
You claim the government, fed, is corrupt. Here is something free of the government and its corruption. That’s a good thing right?
But very far from “free of corruption” in general which is problematic.
Choose your poison I guess? Support the illegal fiat currency (constitution never authorized paper money) of the military industrial complex, that kills millions of humans for profit monthly, that through inflation and deflation robs homes from families, taxes you to death literally, etc etc
Or choose bitcoin that while not perfect for sure, seems to be more moral money free from the evils of USA fiat petrodollar tyrants
As long as housing prices continue cratering, all is well.
Santa Rosa, CA Housing Prices Crater 16% As Sonoma County Staggers On Soaring Crime And Mortgage Fraud
https://www.movoto.com/ca/95404/market-trends/
‘A New York City office building went on sale for $29 million two weeks ago, but with a Web 3 twist: The rights to purchase the property are being sold as a non-fungible token (NFT) on OpenSea.’
‘The listing’s price, however, was set in ether (ETH), which has plummeted over 40% since the start of June, taking the list price of the building with it.’
‘The dollar value of the NFT has dropped from $29 million to $16.8 million, though its owner, Chris Okada, says the price will soon be adjusted. “We’re going to relist the sale at $29.5 million, most probably Thursday,” Okada told CoinDesk in a Twitter message on Tuesday. “Deciding on staying with ETH or going to USDC. If we go with ETH it’ll be closer to 26,500 ETH.”
‘It’s currently listed for 15,000 ETH. It was purchased for $16.25 million in late 2021.’
https://news.yahoo.com/manhattan-landlord-listed-office-building-180138566.html
Private Equity Faces ‘Crisis of Value’ Over Inflated Prices
“Right now in the private markets it has been a crisis of value,” Gabriel Caillaux, head of General Atlantic’s business in EMEA, said in a Bloomberg TV interview at the SuperReturn conference for investors in Berlin. “The excesses happened because valuations ran up and you had a whole new set of actors that came in who made the deal cycle a little bit too accelerated.”
Some deals have been mis-priced because of the sustained period of low interest rates, particularly in health and technology, Scott Kleinman, co-president of Apollo Global Management Inc. said.’
“When interest rates went to zero and stayed there for 14 years, it allowed for prices to go higher and higher in the public markets and the private markets,” Kleinmain said, also in a Bloomberg TV interview alongside the conference.’
https://finance.yahoo.com/news/private-equity-faces-crisis-value-083206784.html
“You’ve seen the S&P down 20%, the Nasdaq down 30%, some tech companies down 50%, 70%-plus,” Kleinman said. “It doesn’t mean these are bad companies, it just means that the starting point of the valuations didn’t make a whole lot of sense.”
‘Robinhood Markets Inc. shares slumped to a fresh low on Wednesday, giving the beleaguered brokerage a market value that’s less than the cash on its balance sheet.’
‘After posting more than $3 billion of losses since its initial public offering in late July, Robinhood’s shares have plunged more than 80%, cutting its market capitalization to as low as $5.99 billion. The firm had $6.19 billion of cash and cash equivalents at the end of the first quarter.’
“A lot of guys who opened up accounts, acting on suggestions from Reddit, have gone away,” Piper Sandler & Co. analyst Rich Repetto, who has a neutral rating on the stock, said in a phone interview.’
https://finance.yahoo.com/news/robinhood-stock-now-worth-less-191407302.html
Bobbie Gentry – Ode to Billie Joe
https://youtu.be/SmFxvP9i2Fk
It had three small rooms just another shanty anyways
She was out shoppin’ houses with a realtor on a Saturday
At dinner time she signed a contract on house in suburban DC
The realtor hollered out the back door there’s no need to stamp your feet
And then he said I got some news this mornin’ from rocket mortgage
Today yer deep in mortgage debt so go and jump from the nearest bridge.
Bushnell, FL Housing Prices Crater 23% As Tampa Sellers Take A Beating
https://www.movoto.com/fl/33513/market-trends/
Scratch any Democrat-Bolshevik operative, and the pedo groomer is lurking just beneath the surface.
Michigan Attorney General Wants a “Drag Queen in Every School”
https://summit.news/2022/06/16/michigan-attorney-general-wants-a-drag-queen-in-every-school/
Michigan Attorney General Dana Nessel has called for there to be a “drag queen in every school.”
Yes, really.
Nessel made the comments during a civil rights conference in Lansing after she has falsely claimed that critical race theory being taught in schools is a hoax.
The Keynesian fraudsters at the central banks, having blown the biggest asset bubbles in history, are setting up millions of “homeowners” for foreclosure.
Bank of England raises interest rates to 1.25% and now warns inflation will hit ELEVEN per cent in an even gloomier economic warning as UK slides towards recession driven by Ukraine war and aftermath of pandemic
https://www.dailymail.co.uk/news/article-10923251/More-pain-Brits-Bank-England-hikes-rates-1-25.html
The Bank of England hiked interest rates for the fifth month in a row to 1.25 per cent today – but stopped short of an even bigger rise over fears the economy is plunging into the red.
The Monetary Policy Committee pushed up the base rate by 0.25 percentage points to another 13-year high as it scrambles to rein in rampant inflation, which it now expects to reach an eye-watering 11 per cent.
Business
San Diego resale home price drops for the first time this year. Sign of a cooling market?
An open house sign in Pacific Beach
(Phillip Molnar/The San Diego Union-Tribune)
May’s home numbers show the first evidence of cooling in San Diego’s home market.
By Phillip Molnar
June 15, 2022 5:30 AM PT
San Diego County’s resale home price dropped in May and may be the first sign of a cooling housing market.
The resale single-family home price was $940,000, a $10,000 drop from the previous month, said CoreLogic/DQNews on Wednesday. This is the first time in 2022 that the resale home price has gone down, and is part of a slight slowdown seen across Southern California.
It comes as the number of homes with a price reduction is starting to rise across San Diego County. While rising mortgage rates are typically seen as the biggest reason for a cooldown, it hasn’t meant much yet for final sale prices. The overall median home price in San Diego County — a combination of new and resale condos, townhouses and single-family homes — was $850,000, a record high, surpassing the previous record in April of $840,000, and representing a 17.2 percent annual increase.
Chris Anderson, board president of the Greater San Diego Association of Realtors, said higher interest rates are slowing the market but not to the level a lot of potential buyers might want to see.
“There has been a bit of cooling with interest rates,” she said. “It has made a difference. But I’m still getting multiple offers.”
The average rate in May for a 30-year, fixed-rate mortgage was 5.23 percent, its highest monthly average since 2010, said Freddie Mac. It has gone up considerably since, with the average around 6.23 percent Tuesday, said Mortgage News Daily.
Anderson said a lot of her buyers are fed up with high rent prices and are determined to buy. The difference now is their buying power is lower, meaning they are changing what they are searching for to “smaller and older,” she said.
From May 9 to June 5, 6.5 percent of San Diego County home prices had a price reduction — the highest level in at least four years, said the Redfin Data Center. At the same time, 62.5 percent of homes were off the market in two weeks. That’s much lower than a high of 75 percent in February.
Home inventory is also up, but not much in a historic sense, so shopping for a home is still likely to be competitive. Redfin said there were 3,714 homes for sale in the same time period. While that is up from a low of around 2,000 at the start of the year, it is still reduced from past years. In May 2021, there were 4,176 homes listed for sale; 6,163 jin 2020; and 8,875 in 2019.
…
https://www.sandiegouniontribune.com/business/story/2022-06-15/san-diego-resale-home-price-drops-for-the-first-time-this-year-sign-of-a-cooling-market
Food inflation is one thing…food shortages are much worse – and will disproportionately impact low-income/low-IQ Biden voters. Poetic justice, stupid MFers….
Could a food shortage be coming? Record diesel prices are crushing Pa. farmers, lawmakers told
https://www.mcall.com/news/pennsylvania/capitol-ideas/mc-nws-pa-hearing-inflation-farmers-20220614-d664grvihnfilakimt4wvcy6e4-story.html
There’s nothing like the sweet smell of Building Back Better…
“…food shortages are much worse…”
Don’t worry, be happy. Edible bugs will save the day.
Not covered in the article:
What happened to my double digit annual rate of home equity wealth gains?
A middle-aged woman from our county’s assessors office knocked at the front door yesterday. She identified herself, and asked about the recently replaced roof. Apparently it increases the assessed value by $15k according to her paperwork. I indicated that it cost me just under $10k, and I showed her the contractor’s bid. She said her office considers it a $15k improvement.
The battles will never end if you choose to fight all of them. Good thing I paid this year’s property taxes two months ago!
Did buy a permit for the reroof?
Yes, $70 from the city, and the inspector did visit too.
TABOR is an interesting beast. Even though my assessment increased, my tax bill dropped about 3%.
The corrupt Biden DoJ just green-lighted their Soros Scum street enforcers’ terrorist attacks against pro-life facilities and personnel.
Pro-Life Facilities Are Under Attack. A Top DOJ Official Called Them ‘Fake Clinics.’
https://freebeacon.com/biden-administration/pro-life-facilities-are-under-attack-a-top-doj-official-called-them-fake-clinics/
The Justice Department official who investigates attacks on reproductive health care facilities has been a staunch critic of pro-life crisis pregnancy centers, dozens of which have been vandalized by abortion supporters over the past month.
Civil rights division chief Kristen Clarke criticized the centers following a Supreme Court decision issued in their favor in 2018. Clarke said the centers, which counsel pregnant women on alternatives to abortion, were “harmful” and “predatory” against women of color. She also referred to them with the hashtag, “ExposeFakeClinics.”
Why such hostility toward mothers and their children in need? I don’t understand this at all. These are evil people and they will pay.
Las Vegas, NV Housing Prices Crater 29% YOY As Desperate Sellers Send Inventory Soaring And Prices Plunging Across Southwest States
https://www.movoto.com/nv/89146/market-trends/
As one broke seller lamented, “Whenever I think about how much money I lost on this house I just want to kill myself.”