This Is Not Money They’ve Lost – They Never Had It
A report from KRQE on New Mexico. “The Albuquerque real estate market took off over the last two years, often forcing home buyers into a bidding war. But now that hot housing market is cooling off thanks to higher interest rates. Jessica Garcia is a realtor in Albuquerque and says, ‘There were very few homes on the market so every home that would come up you know you’d have 50 to 100 people fighting for that same home. Right now we have extra homes on the market.'”
Hawaii Real Estate Dreams. “Kona house inventory in the all price range category ‘swelled’ in June to 71. That was a 24-unit increase over April, or 34%! Condos and land availability stayed the same. This ‘change’ was even more significant when viewed as to what it did to the overall residential inventory that comprises houses and condos both. It went over 100 for the first time since February 2021. This is important since it reflects how much choice buyers have and ultimately how competitive the market gets. I believe this is the first in a sea of change coming in the next few months as interest rates reduce buyer enthusiasm.”
“Now house buyers under a million are still struggling to find something that meets their needs but their options ‘exploded’ in June, going from 6 available houses to 17 in a matter of a few weeks, almost a 200% increase.”
From ABC 15. “For months now, the Valley housing market has favored the seller. Any ‘for sale’ sign led to bidding wars. ‘With less people fighting over houses, there’s less multiple offers,’ said Sindy Ready with Arizona Association of Realtors. Even some sellers have had to come down on their initial asking price. For example, a home in Phoenix was listed at $565,000 was under contact at a $10,000 price reduction.”
“Ready said the sellers most impacted during this correction are those with more expensive homes — the ones listed at a million dollars or more. Ready says since the start of June, homes for sale in Scottsdale have dropped 8-10% in price.”
From Fox 5 in Nevada. “From waitlists to bidding wars, the hot housing market is seeing a cooling trend. ‘If we were talking even three months ago we were talking waitlists, and lotteries, and you know just incredible situations with people just wanting to get into that brand new home- that has changed overnight,’ said Jennifer Graff, founder of New Home Experts Las Vegas with Coldwell Banker.”
“The new home builders in Southern Nevada now have some inventory. ‘We have about 5,600 homes on the market right now that is almost double from last year,’ Graff said. She says if you can stay in the market there is opportunity. Sellers are more willing to negotiate. ‘We had 1,300 price decreases this past week,’ Graff said.”
From Gulf Shore Business. “Single-family homes were listed for sale in the heart of Southwest Florida’s market at a faster rate over the last three months than any other three-month period over the past decade. There were 4,117 homes listed in Lee County, 1,604 homes listed in Collier County and 2,203 listed in Charlotte County. Lee and Collier combined for 876 asking price decreases over the past seven days, and 206 properties came back on the market after being under contract, said real estate agent Ronnie Delfino. He saw 926 new listings on the market for those two counties compared to 737 homes that closed during the same time span.”
“‘For the last year or so you’ve seen more listings selling than pending than you would see new listings hitting the market,’ Delfino said. ‘Right now, we’re about 150 to 200 listings more than sold or pending in that seven-day period. So, you’re definitely starting to see it slow down a little bit.’ ‘Now, for the last seven days in Lee County, there’s a total of 425 new listings,’ real estate agent Denny Grimes said. ‘And in the same seven-day period, there were 396 that went pending. So, it’s just now turning. There are more new listings coming on the market than are coming off, which suggests the tide is turning on inventory. The other thing that we’re seeing is there were 409 price decreases and 43 price increases. There are almost 10 times more sellers saying they should cut their price. That’s not where it was six months ago.'”
Mansion Global on New York. “The week’s priciest deal was for a co-op at 1060 Fifth Avenue that had been asking $20 million after having been on and off the market since 2016 for as much as $65 million. ‘The housing frenzy at the start of 2021 through early May averaged 30+ contracts per week, but those flush days are likely now over due to a bearish stock market, a rise in interest rates, inflation and war,’ Olshan Realty president Donna Olshan wrote in the report.”
The Half Moon Bay Review. “After more than a year of soaring prices and hyper-competition, the Coastside’s housing market is showing signs of cooling. That is in step with markets across the state and country. In San Mateo County, the median price of the 467 single family homes sold in May 2022 was $2.08 million, 7.5 percent lower than last month, according to San Mateo County Association of Realtors.”
“Price reductions are increasing, local Realtors report. Kirsten Hagen, Realtor with Compass, says inventory is increasing to a level not seen in months and competition is dwindling. Homes are still typically selling in less than two weeks on the market, but with fewer bidders. In the past week, 11 new homes were listed from Pescadero to Montara, Hagen reported, much higher than in recent months. Redfin Real Estate’s analysis showed Half Moon Bay home prices down 14.8 percent from last May, though the average home sold 9 percent above list price.”
“David Oliphant, founder of Ocean Blue Real Estate and Realtor in Half Moon Bay, Santa Barbara and Fresno, predicts that the recent changes are signs that the market is returning to ‘normal.’ ‘I would still encourage buyers to get in the market because none of us know if interest rates are going to continue to go up or stabilize or come back down, and I certainly don’t think prices are going down anytime soon,’ said Oliphant.”
The Globe and Mail in Canada. “The stalemate that is taking hold in the Ontario real estate market right now arises from a belief that is becoming more entrenched each month: buyers reckon prices have farther to fall. House hunters see properties in some areas selling at 15 per cent or so below the high-water mark set in the first quarter and decide to hold off for an even steeper discount. Sellers either refuse to budge or feel the landscape shifting under them and rush to complete a transaction before more ground crumbles away.”
“John Lusink, president of Right at Home Realty, says sales for June are set to come in about 26-per-cent below even his conservative projections at the start of the year, continuing a trend that has been on a downward slope since February. ‘We can throw that forecast out the window,’ he says of his projections for 2022. The landscape is the same across the Right at Home network, which spans 12 regions of Ontario.”
“The number of listings, meanwhile, is gradually increasing after a slow spring, he adds. Mr. Lusink expects the final tally for Right at Home’s sales in June to show a 37-per-cent drop from the same month last year. ‘It’s, needless to say, concerning.'”
“In Burlington, Ont., real estate agent Tanya Rocca is already seeing homeowners preparing properties for sale before the fall market arrives. ‘It’s very busy right now,’ says the agent with Royal LePage Burloak Real Estate Services. ‘People are panicked.’ Ms. Rocca says prices in the area which have dropped between 12 and 15 per cent from the February peak. The average price of a freehold property dropped to $1.431-million in May in Burlington, she says, compared with the $1.51-million buyers were paying in April and the $1.6-million in February and March.”
“Some current sellers have been caught in the market transition, Ms. Rocca adds, because they bought a new property before selling an existing one. ‘Buyers, in fairness, are getting the power back – which they love,’ she says. ‘There are great opportunities out there because people need to sell.'”
“As the summer begins, it’s not uncommon to see listings sitting with 30 to 50 days on market, she adds. In the current environment, Ms. Rocca recommends setting a price near the realistic market value. She often ‘sharpens’ it a little bit to make it more attractive compared with other competing properties in the area. To help homeowners come to terms with the new reality, she stresses that first-quarter prices were the result of an overheated market – not an accurate reflection of value. ‘This is not money they’ve lost – they never had it.'”
From Reuters. “Two of Australia’s biggest home lenders jacked up fixed-rate home loans in line with increases to their own borrowing costs, spokespeople told Reuters, adding to pressure on a housing market which has hit the brakes. ‘It’s a sign of things to come in the variable rate market,’ said Brendan Coates, director of the Economic Policy Program at the Grattan Institute, a think tank. ‘What drove prices higher during Covid was in part the expectation that interest rates would remain low for longer. That’s the world that’s been turned on its head.'”
Stuff New Zealand. “There are more properties listed for rent nationwide than ever before, and the national median weekly rent fell for the first time this year, Trade Me’s latest figures show. In the Auckland and Wellington regions there were huge increases in supply last month, with their rental stock up 16% and 45% respectively from the same time last year. Auckland property manager Tina Dunsmuir, from Professionals Onehunga, said there were so many available rental listings, her firm was struggling to rent properties, and it had become a ‘tenant’s market.'”
“Most rentals are sitting vacant for between four and eight weeks before they are re-tenanted, and levels of inquiry have plummeted. ‘This is the first time we have seen rent declining to amounts below what the previous tenant was paying, just to make the home attractive for a new tenant.'”
From China Daily. “Chinese realty developers are coming up with unusual promotional campaigns to revive home sales and mitigate pressure from excess housing inventory amid a market slump. Seazen Holdings Co Ltd announced on Tuesday it will offer up to 100,000 yuan ($14,920) to pay for farmers’ watermelons to encourage them to buy apartments in Nanjing, Jiangsu province. A few days ago, Central China Real Estate Ltd offered farmers as much as 160,000 yuan to buy their wheat. The money can be used toward down payments for apartments that the company developed in Shangqiu, Henan province. The company also offered to buy garlic from growers to encourage them to buy apartments in Kaifeng, another city in Henan.”
“However, it is necessary to ensure such promotions are not misused to circumvent government restrictions on lowering real estate prices beyond healthy levels, said Yan Yuejin, research director at the E-House China R&D Institute, a Shanghai-based agency that mainly studies realty.”
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From the video above:
The Party Is Over For Home Prices In Brampton, Mississauga & Durham Real Estate – June 22
Jun 29, 2022 Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of June 16 – June 22, 2022. This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering but be sure to SUBSCRIBE for more reports on other areas!
It’s 15:40. I should point out the individuals who are putting out very high quality and informative videos, like Santo Sessa. His were the first to show me the level of crater going on in Ontario. Probably in the right spot at the right time, but he picked it up and ran with it.
‘So, it’s just now turning. There are more new listings coming on the market than are coming off, which suggests the tide is turning on inventory. The other thing that we’re seeing is there were 409 price decreases and 43 price increases. There are almost 10 times more sellers saying they should cut their price. That’s not where it was six months ago’
This is the area of Florida where the REIC keeps the crater under wraps, so this one slipped out. It’s also where some of the most spectacular mania bloodshed happened last decade.
From Gulf Shore Business, I know this area well, it got crushed last time, it will get crushed harder again. These are 2nd, 3rd homes, investment properties that skyrocketed over the last 3-4yrs on low interest rates, now that the economy is in a full blown collapse (DeepState collape in order to bring on the reset/NWO) and storm season it approaching, look out below. It’s gonna get washed out to sea, and sink!
In I think 2010, I went to Lehigh Acres. On both sides of the main road were subdivisions in bad shape. I drove around and took a bunch of photos and posted them. It was probably the worst foreclosure scenes I ever saw with my own eyes.
Worst up to now.
Yet another stellar day for crypto shaping up.
Per Coinmarketcap, here is this mornings quote for BitCoin
BTC $19,096.76 (24 hours) -5.01% (7 days) -7.50%
Get in now before they run out of cryptos!!
Total Cryptos in existence: 20,069 (up from 20,061 in the last 24 hours).
BTW, I have a photo NFT of a rathole in my backyard. Whatda’ all bid?
A Bitcoin chart …
https://finviz.com/crypto_charts.ashx?p=d1&t=BTCUSD
The hypothetical $20,000 resistance level is confronting the hard reality of HODLers desperate to get their money out before their accounts get frozen. Bye bye, FOMO; hello FUD.
18871 and dropping like a turd in a well…
My nephew, who is getting his MBA right now, has on multiple occasions told me that there are “crypto experts” teaching about it in college. They’re promoting speculation.
told me that there are “crypto experts” teaching about it in college
Considering how much students get into debt for a worthless degree, I’m not surprised they are telling them to go all into crypto
“…students get into debt for a worthless degree…”
Try to pay off that student loan with BitCoin and see what happens…
Is it possible that the Fed is using the collapse of the Everything Bubble as a stealth inflation control tool, letting speculators in cryptos, stocks, and real estate take the hit? The upside is that they can thereby control inflation with minimal interest rate increases. With massive piles of private and government debt left over from the Easy Money era that goes back over a decade, large rate increases are the last thing they need at the moment.
The Financial Times
Markets Briefing Equities
US stocks shed $9tn in 2022 as Fed tightening spooks investors
S&P 500 on course to post worst first half since 1970 with other major markets also sliding
People walk past the New York Stock Exchange on Wednesday
The S&P 500 has tumbled almost 20% this year
Hudson Lockett in Hong Kong and Naomi Rovnick in London
3 hours ago
US stocks have shed about $9tn this year as the Federal Reserve’s attempt to rein in runaway inflation and mounting concerns over global growth sent investors dashing away from the world’s biggest equities market.
The market value of the S&P 1500 index, a broad barometer of the US stock market, has tumbled from $45.8tn at the end of 2021 to $36.6tn at the Wall Street closing bell on Wednesday, Bloomberg data show.
The benchmark S&P 500 index, which tracks shares in America’s biggest companies, has slumped about a fifth in 2022, leaving it on course to record its worst performance for the first six months of a year since 1970, when equities sold off in response to a recession that ended the longest period of economic expansion in American history up to that point.
“The market mood is dominated by the possibility of recessions in the US and Europe,” said Bastien Drut, strategist at Paris-based asset manager CPR. “It is very negative,” he added, warning that the days of being able to rely on central banks easing monetary policy to support economic growth were “gone”.
Futures trading suggested the S&P 500 could fall further on the last trading day of the first half of 2022, with contracts tracking the blue-chip index off 1.3 per cent in London dealings.
All sectors of the S&P have dropped during the half-year, with the exception of energy stocks, which are 32 per cent higher. Consumer discretionary stocks have fallen the most, with a 32 per cent decline. Utility stocks, seen as an inflation hedge because of companies’ stronger ability to pass higher costs to consumers, have fallen the least, with a 3.1 per cent drop this year.
…
BTW I was alive in 1970, but my financial education at that point was mainly informed by the next door neighbor boy explaining to me that he liked how the stocks his parents owned paid out dividends. My first job wasn’t until several years later.
‘…the days of being able to rely on central banks easing monetary policy to support economic growth were “gone”.’
If true, this is the most significant change to the stock market since when Alan Greenspan instituted the Greenspan Put when he became Fed chair in 1987.
Good luck, HODLers, you’re on your own now.
Another day, another dive deeper into the CR8R on Wall Street…
Looks like it had been down 600 (DOW) or so, and made a miraculous reversal to less than 100 down.
“…made a miraculous reversal to less than 100 down.”
It can go lower from there in the second half of the year, beginning tomorrow.
Is $9 trillion alot?
Makes sense.
The upside is that they can thereby control inflation with minimal interest rate increases.
This doesn’t make a lot of sense since the rate increases themselves are responsible for the crater. They have to continue raising to get more crater.
The point is that risk assets began cratering as soon as the Fed and other central banks in the developed world convinced HODLers that they were serious about trying to bring down raging inflation. The subsequent wipeout in trillions of risk asset bubble valuations and its associated debt scaffolding exerts a dampening effect on inflationary speculative investing behavior that may reduce how far the Fed has to go with its rate hike campaign.
A Stagflationary Debt Crisis Looms
Jun 29, 2022
Nouriel Roubini
There is ample reason to worry that major economies like the United States are heading for a recession, accompanied by cascading financial turmoil. Some of the worst elements of both the 1970s and the 2008 crash are now in play, with equity markets likely to move deeper into bear territory.
NEW YORK – The global financial and economic outlook for the year ahead has soured rapidly in recent months, with policymakers, investors, and households now asking how much they should revise their expectations, and for how long. That depends on the answers to six questions.
First, will the rise in inflation in most advanced economies be temporary or more persistent? This debate has raged for the past year, but now it is largely settled: “Team Persistent” won, and “Team Transitory” – which previously included most central banks and fiscal authorities – must admit to having been mistaken.
The second question is whether the increase in inflation was driven more by excessive aggregate demand (loose monetary, credit, and fiscal policies) or by stagflationary negative aggregate supply shocks (including the initial COVID-19 lockdowns, supply-chain bottlenecks, a reduced US labor supply, the impact of Russia’s war in Ukraine on commodity prices, and China’s “zero-COVID” policy). While both demand and supply factors were in the mix, it is now widely recognized that supply factors have played an increasingly decisive role. This matters because supply-driven inflation is stagflationary and thus raises the risk of a hard landing (increased unemployment and potentially a recession) when monetary policy is tightened.
That leads directly to the third question: Will monetary-policy tightening by the US Federal Reserve and other major central banks bring a hard or soft landing? Until recently, most central banks and most of Wall Street occupied “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, and that a soft landing will be “very challenging.” Moreover, a model used by the Federal Reserve Bank of New York shows a high probability of a hard landing, and the Bank of England has expressed similar views. Several prominent Wall Street institutions have now decided that a recession is their baseline scenario (the most likely outcome if all other variables are held constant). In both the United States and Europe, forward-looking indicators of economic activity and business and consumer confidence are heading sharply south.
The fourth question is whether a hard landing would weaken central banks’ hawkish resolve on inflation. If they stop their policy tightening once a hard landing becomes likely, we can expect a persistent rise in inflation and either economic overheating (above-target inflation and above potential growth) or stagflation (above-target inflation and a recession), depending on whether demand shocks or supply shocks are dominant.
Most market analysts seem to think that central banks will remain hawkish, but I am not so sure. I have argued that they will eventually wimp out and accept higher inflation – followed by stagflation – once a hard landing becomes imminent, because they will be worried about the damage of a recession and a debt trap, owing to an excessive build-up of private and public liabilities after years of low interest rates.
Now that a hard landing is becoming a baseline for more analysts, a new (fifth) question is emerging: Will the coming recession be mild and short-lived, or will it be more severe and characterized by deep financial distress? Most of those who have come late and grudgingly to the hard-landing baseline still contend that any recession will be shallow and brief. They argue that today’s financial imbalances are not as severe as those in the run-up to the 2008 global financial crisis, and that the risk of a recession with a severe debt and financial crisis is therefore low. But this view is dangerously naive.
…
https://www.project-syndicate.org/commentary/stagflationary-debt-crisis-by-nouriel-roubini-2022-06
“The second question is whether the increase in inflation was driven more by excessive aggregate demand (loose monetary, credit, and fiscal policies) or by stagflationary negative aggregate supply shocks (including the initial COVID-19 lockdowns, supply-chain bottlenecks, a reduced US labor supply, the impact of Russia’s war in Ukraine on commodity prices, and China’s “zero-COVID” policy).”
Too much credit and easy relief money, IMHO.
Forbes Digital Assets
Editors’ Pick
How Crypto Liquidations Could Make You Pay Twice
Shehan Chandrasekera
Senior Contributor
I am grateful to be involved in two things that are never going out of business : bitcoin & taxes
Jun 28, 2022, 07:31am EDT
Bitcoin sign balloon bursting
Digital generated image of purple circular helium balloon with bitcoin sign on it exploding against grey background visualising stock market crash.
What Happened
Earlier this year the total cryptocurrency market cap dropped from ~3 trillion to below 1 trillion within a matter of weeks, triggering nearly $1 billion worth of liquidations from investors trading derivatives products such as futures, or borrowing assets, such as stablecoins, against their own crypto holdings.
Liquidations are safety valves for platforms to protect themselves or recoup losses when collateralized crypto assets fall below a certain price threshold. For instance, someone could borrow $100 worth of USDC against $150 worth of ether, with a liquidation ratio of 125%. If the price of that ether drops below 125% of the outstanding balance, the platform would sell the collateral unless the borrower pays down the loan or adds more funds. This is called a margin call.
When an investor gets liquidated, it can be painful. However, that may not be the only time they pay. Some may believe that they are eligible for some tax relief because of these forced sales and the belief that they “lost” their funds. Unfortunately, you might actually owe tax money to the IRS on your liquidations.
These forced liquidation clauses are generally mentioned in the terms & conditions of both domestic overseas exchanges. (Binance example)
Key Concepts
It is important to know the basics of cryptocurrency taxation before diving into liquidations and how they could trigger unintended tax consequences.
…
https://www.forbes.com/sites/shehanchandrasekera/2022/06/28/how-crypto-liquidations-could-make-you-pay-twice/?sh=6b06e4ed95ee
‘I would still encourage buyers to get in the market because none of us know if interest rates are going to continue to go up or stabilize or come back down, and I certainly don’t think prices are going down anytime soon’
It’s already down Dave.
That’s the problem with these guys. They’ve been lying so much for so long it’s automatic for them. In Daves case, he conveniently conceals the fact that prices fell 45% in his area during the last minor correction.
Get your $hit in one sock “Dave”.
Napa, CA Housing Prices Crater 16% YOY As Housing Inventory Soars Triple Digits
https://www.movoto.com/napa-ca/market-trends/
The MSM says one thing but futures prices say something different.
Here are energy futures:
https://finviz.com/futures_charts.ashx?t=ENERGY&p=d1
Here is what is going on with grain futures:
https://finviz.com/futures_charts.ashx?t=GRAINS&p=d1
FWIW.
‘To help homeowners come to terms with the new reality, she stresses that first-quarter prices were the result of an overheated market – not an accurate reflection of value. ‘This is not money they’ve lost – they never had it’
Very true Tanya, good hand holding. But they did borrow like they had it.
DONG!
‘The new home builders in Southern Nevada now have some inventory. ‘We have about 5,600 homes on the market right now that is almost double from last year,’ Graff said. She says if you can stay in the market there is opportunity. Sellers are more willing to negotiate. ‘We had 1,300 price decreases this past week’
I’ve never seen so many metro markets crater at the same time, and it’s abrupt. The media is not putting a finger on that yet.
I’ve never seen so many metro markets crater at the same time, and it’s abrupt. The media is not putting a finger on that yet.
Somebody yelled “FIRE!” in the theater and the stampeding horde is rushing for the exit.
The rise in interest rates was pretty abrupt too.
I’ve never seen so many metro markets crater at the same time, and it’s abrupt.
Mortgage interest rates rising at a record pace could do that.
‘Most rentals are sitting vacant for between four and eight weeks before they are re-tenanted, and levels of inquiry have plummeted. ‘This is the first time we have seen rent declining to amounts below what the previous tenant was paying, just to make the home attractive for a new tenant’
Gosh, I hope these NZ landlords have some of that vast savings the media keeps talking about.
Most rentals are sitting vacant for between four and eight weeks before they are re-tenanted, and levels of inquiry have plummeted.
Last year I wanted to move to Florida but nothing in my very specific area, amenities and price range became available. this year, lots of rentals currently available that meet my requirements.
Maybe they finally started evicting the broke a$$ losers.
‘it will offer up to 100,000 yuan ($14,920) to pay for farmers’ watermelons to encourage them to buy apartments in Nanjing, Jiangsu province’
Circus Music
https://www.youtube.com/watch?v=pct1uEhAqBQ
Alex Berenson nails it:
“The profound failure of lockdowns and now vaccines have woken many average folks to the dangers of bureaucratic overreach, expert overconfidence, and authoritarianism in the name of safety.
They took our rights. The media and public health authorities would like you to forget the closed playgrounds and shuttered malls and mask mandates of 2020. And the vaccine mandates of last fall. They want you to forget that for a while, the federal government tried to take the right to work from tens of millions of unvaccinated people. State and local governments went even further; and countries like Canada and Australia further still. UNTIL 10 DAYS AGO, CANADA DID NOT ALLOW UNVACCINATED PEOPLE ON PLANES – effectively curtailing their right to travel in a country that stretches more than 4,000 miles from British Columbia to Newfoundland.
And they took our rights FOR NOTHING.”
https://alexberenson.substack.com/p/on-covid-schools-and-the-death-of/comments
Alex got a little too full of himself. I, along with many others, stopped following him after this: Dr. Robert Malone and Alex Berenson – The Ingraham Angle – January 14, 2022 (6m23s)
Malone is one of five names on the original mRNA patent. Whether or not he can call himself “the” inventor of the mRNA vaccine is — and probably always will be — in the eye of the beholder.
As for being “full of himself,” Malone is Exhibit A. It’s pretty funny that he prides himself in questioning the theories of other people, but god forbid that anyone question him.
Portland, OR Housing Prices Crater 26% YOY As Sellers Slash Prices Double Digits Across Oregon And Washington State
https://www.movoto.com/or/97214/market-trends/
As one Oregon broker explained on condition of anonymity, “I wouldn’t offer a nickel on a house in Oregon, period.”
If she was actually “working really hard to become an ally, an anti-racist.” she would have pledged $395 million “to support African and African American studies” from all the money she made from her white actors instead of a paltry $4 million tax write off.
WHAT IS MARTA KAUFFMAN’S NET WORTH? CO-CREATED FRIENDS WITH DAVID CRANE
Helen Williams
1 year ago
By the looks of things, it pays off to be the co-creator of a world-famous sitcom. Marta Kauffman’s net worth is estimated at $400m.
https://www.hitc.com/en-gb/2021/05/30/marta-kauffman-net-worth/
TalkTV
@TalkTV
Friends co-creator Marta Kauffman has apologised for the lack of black actors in her sitcom.
She has pledged $4 million to Brandeis University in Boston to support African and African American studies.
“I’ve been working really hard to become an ally, an anti-racist.”
https://twitter.com/TalkTV/status/1542457708586143744?s=20&t=CF4Y6JiAMpF7pkZMEaYLnw
Wait a second.
After looking at the “Friends” writer Marta Kauffman on that twitter video I think she’s been moonlighting with a government job.
Rachel Levine becomes US’s first openly transgender four-star admiral
She also serves as US Assistant Secretary of Health
Josh Marcus
San Francisco
Tuesday 19 October 2021
https://www.independent.co.uk/news/world/americas/rachel-levine-first-transgender-admiral-b1941407.html
Virtue-signaling hundred millionaires and billionaires have destroyed the planet, and now they want to control every single one of us and tell us how to live. Let’s start choppin’ some heads!
now they want to control every single one of us and tell us how to live
Or not live at all.
KAILUA-KONA
Putting the “Shifting” Real Estate Market in Perspective
Jun 29, 2022 There’s more and more talk about the real estate market and the idea that it is “shifting”, with our experience in the real estate business over the years, we are here to give you some perspective on what a “shifting market” means to both buyers and sellers.
Content:
0:00 – Intro
0:45 – Recent phases of the market
2:00 – What is a “normal” real estate market?
2:33 – This is good for everybody!
3:15 – Contact #thehawaiiteam
https://www.youtube.com/watch?v=82Lvcj9ggq8
3:32.
The Vancouver Housing Bubble – Vancouver Real Estate
Jun 29, 2022 The Vancouver Housing Bubble – Vancouver Real Estate
In this video, Vancouver Realtor Jay Coupar discusses the Canadian housing bubble, particularly in the city of Vancouver.
While expensive compared to other markets, when compared to major international cities, Vancouver actually ranks at about the middle of the pack. On a price-to-income basis, Vancouver is comparable to other North American global cities, and is relatively affordable compared to many cities in Europe and Asia.
https://www.youtube.com/watch?v=cUUPs3wvHx8
5:31. This one is interesting cuz he compares the price to income to Boise and other places!
Santa Clara Housing Update | Episode 14
Jun 29, 2022 Want a Santa Clara County housing market update summed up in one minute or less? Well, you’re in luck!
https://www.youtube.com/watch?v=2FRxhXgINcg
1 minute. At 40 seconds, 223 shacks have had price reductions in the past week.
Is crypto investing really safer than money in the bank?
“There’s a sucker born every minute.”
— PT Barnum
Now might be a good time to think about crypto insurance
As crypto crashes, the state of cryptocurrency and insurance is nebulous.
By Rebecca Heilweil Jun 17, 2022, 8:10am EDT
A mesh trashcan containing bitcoin symbols with a bag of trash beside it.
The crypto meltdown doesn’t show any sign of stopping.
The crypto industry is cratering. Bitcoin prices are at their lowest since 2020; one platform has barred users from withdrawing funds, and many of the biggest crypto companies, including Coinbase and BlockFi, have announced layoffs. This disruption reflects the economic turmoil rippling through the broader market, but also serves as a stark warning to everyday people that, generally speaking, crypto can be valuable one day and worthless the next.
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Putin’s war on Ukraine, explained
Putin’s war on Ukraine, explained
Although the companies that people use to buy and store crypto are in some ways similar to banks, these platforms don’t have the deposit insurance that bank or investment accounts have. If the companies that operate these platforms were to fail, there’s no guarantee that people would be able to recover the value of their crypto. This lack of protection reflects the fact that regulators are still catching up to the crypto industry. It also serves as a reminder that while crypto platforms might seem secure — some are publicly traded companies — they’re operating in an industry that has almost no rules and few safety nets. Even UST, a “stablecoin” cryptocurrency that’s supposed to track the value of the United States dollar, crashed last month, eviscerating the equivalent of tens of billions of dollars.
“My sleep was severely disturbed, I lost 4 kilograms of weight in a few days, I was in an extremely depressed state,” Yuri Popovich, a Kyiv-based web designer who transferred his family’s savings into UST amid the war in Ukraine, told Recode. “Unfortunately, in our country there is no legislation covering such types of losses.”
…
https://www.vox.com/recode/23171782/crypto-terra-ust-celsius-meltdown-crash-insurance
‘Crypto Winter’ Could Become ‘Crypto Hell’
By Joe Light
Updated June 19, 2022 / Original June 17, 2022
When a traditional bank fails, a SWAT team of regulators swoops in, winding it down in secret and preventing a panic that could spread throughout the financial system. In cryptocurrency banking, the demise happens in full public view—and there is no regulatory SWAT team to keep the markets calm.
That story unfolded this past week as Celsius Network, a major crypto lender that had more than $11 billion in deposits, froze withdrawals. “Celsius has billions in liquidity,” CEO Alex Mashinsky said publicly on Friday, June 10.
Less than 72 hours later, Celsius halted all withdrawals, swaps, and transfers between accounts. No investors have been able to get their money out since then. And there is nothing like the Federal Deposit Insurance Corp. in crypto to repay depositors in an insolvency scenario.
…
https://www.barrons.com/articles/crypto-bank-runs-celsius-accounts-frozen-51655484673
This whole space was a scam from the very beginning, and should have been shut down when Silk Road was taken down. Why it wasn’t is beyond me.
“They” are conditioning the sheeple to accept CBDCs, i.e. digital slave tokens so Big Brother can track and monitor all your transactions and sources of income. Social credit score gets downgraded? There goes your access to the financial system.
Letting it CR8R presently seems like a convenient backdoor avenue to bring down inflation.
“In cryptocurrency banking, the demise happens in full public view”
But wasn’t lack of regulation and the “free market” supposed to be the shining “features” of a de-centralized form of money?
🤣🤣
The rise of crypto happened in full public view, complete with humble advice like “have fun staying poor.” They can fail in full public view too.
The rise of crypto happened in full public view
Notice how the price of sh!tCON just spiked by over $2,000 in mere minutes. What’s to say they can’t just phony up some computer system to keep rigging the price higher and higher to draw in more suckers? This whole thing is a joke.
I did see that. It’s got to be one of two things:
1. A crypto whale trying to restart the engine (again)
2. A massive short cover from some hedgies and possibly savvy pension funds.
Since this is happening after hours when few people are looking, I vote for Door #2.
Does the mere mention of Dr. Doom’s name trigger you into wanting to dump your devalued cryptocurrency HODLings?
Asia
Editors’ Pick
Nouriel Roubini Raises Concerns About Most Dangerous Trade
William Pesek
Senior Contributor
I write about economics, markets and policymaking throughout Asia.
Jun 30, 2022,11:05am EDT
Nouriel Roubini of New York University Stern School of Business testifies during a Senate Banking Committee hearing titled “Exploring the Cryptocurrency and Blockchain Ecosystem.”
Headlines bearing Nouriel Roubini’s name can be triggering to those still traumatized by the 2008 Lehman Brothers crisis. He was among the very few economists who saw that meltdown coming and warned of its many knock-on effects.
More recently, New York University’s Roubini has been a stone in the shoes of the cryptocurrency faithful. For years, he’s said consistently that the price Bitcoin, what he termed the “biggest bubble in human history,” would plunge to zero. With the floor now falling out under crypto assets, Roubini tweeted: “this Ponzi house of cards is collapsing.”
…
https://www.forbes.com/sites/williampesek/2022/06/30/nouriel-roubini-raises-concerns-about-most-dangerous-trade/?sh=10ab5d176154
How many delusional cryptobois will HODL all the way to zero?
A lot? 😉
🚨 Seattle Housing Market Hasn’t Done THIS In YEARS!
Jun 30, 2022
https://www.youtube.com/watch?v=cZwQl6afUCg
2:53.
The Villages Real Estate Market Updates for June 18th – 24th
Jun 29, 2022 For Homeowners and Buyers in The Villages, FL, real estate market updates for the week of June 18th – 24th – Saturday-Friday of each week.
New listings that came on the market – 32
Properties that closed escrow, sold – 22
Homes put into escrow – 25
Current inventory or homes available for sale in The Villages – 195 (over 200 as of today)
Price decreases just last week – 37
As we discussed, the market is changing and actually we are entering a more normal market at this time, we are going to be looking at longer days on the market, price decreases and the important stat to review will be the pending or in escrow properties at this time, they are establishing a benchmark for today’s market.
https://www.youtube.com/watch?v=5bn5XybEAaE
3 minutes. Says lenders are telling her 7% rates by October.
“7% rates by October”
That should be enough to bring down prices from mania valuations.
Love is in the air…….
Bellair, FL Housing Prices Crater 14% YOY As Tampa Housing Prices Drop Like A Rock
https://www.movoto.com/belleair-fl/market-trends/
There she is
Miss $10 a gallon gas
There she is, your Green ideal
RNC Research
@RNCResearch
Biden climate advisor Gina McCarthy brags about “fossil fuels losing jobs” under Joe Biden.
https://twitter.com/RNCResearch/status/1542207142614155266?s=20&t=ryocpT-RKoyHCu0WdV_aRg
https://twitter.com/h0memadetweets/status/1542218672516739072?s=20&t=Efk9QnXNbjVkLgVVhsl85w
What fu_king idiot. Triple the cost of the least costly fuel to make a fuel thats three times as costly appear cheap.
We joke about nooses. They’re no joke in this case.
They want to drag us kicking and screaming into the “100% renewable energy” era, even though it can’t be done. And they don’t care how many are hurt in the process. Meanwhile, China and India spew more CO2 than ever, and I’m still waiting for St. Greta to shriek “How dare you!?” at them.
C.mon, man! Buy a $60K electric car! Can’t afford one? Then take the bus.
“C.mon, man! Buy a $60K electric car! Can’t afford one? Then take the bus.”
I wouldn’t get into one of the crematorium on wheels if they were free.
Don’t worry — we can buy solar panels produced with coal and slave labor from the PRC. The PRC would never cut off our energy, they don’t mix geopolitics with trade. Trust them!
We’re quite the cynical bunch!
C.mon, man! Buy a $60K electric car! Can’t afford one? Then take the bus.
Which is made from fossil fuel. Tires, plastic interiors, wiring harnesses and looms, steering wheels, bumpers, seats, etc.
“100% renewable energy” era, even though it can’t be done.
Absolutely correct. thre is no way 100% renewable is possible in 10 years.
Buy a $60K electric car Hate to break it to you but last I heard Tesla was $66K+.
I’m seeing a lot of Kia Niros these days.
I haven’t seen a single Niro. Kia has an Soul EV, but it’s not for sale in the US.
Kia has an Soul EV
I was behind one this morning.
I was behind one this morning.
Kia used to sell a Soul EV in the US, but stopped. I just visited the US KIA website. At this time, the Soul EV is not offered. IIRC, the original Soul EV was kind of like the Nissan Leaf, it had a very limited range.
Anyway, electric cars are still a rare sight in my neck of the woods. They are usually easy to spot: no exhaust pipes.
Hubby’s thinking about a KIA EV6. I’m pretty sure I saw a black one the other day. It was quite stunning.
KIA EV6
$60K + tax and registration. In Clownifornia that should be almost $70K once the dust has settled.
IIRC, there are federal and state tax credits to offset some of that.
I’m good with the MINI for the next few months. I expect the second half of 2022 to be very ugly.
SCOTUS just ruled to limit the EPA’s authority to regulate greenhouse-gas emissions.
SCOTUS is on a roll!!!
Zero emissions car!
https://i.pinimg.com/736x/92/93/a4/9293a4f74903befbf93046e4ee20250b–robert-crumb-hanna-barbera.jpg
so all you Texans suffered needlessly when the EPA wouldn’t allow power companies to violate emission standards during a brutal coldwave???
This should be interesting.
Every trans child treated on NHS in past decade will have medical records scrutinised to see how many regret transitioning
https://www.dailymail.co.uk/health/article-10969077/Every-trans-child-treated-NHS-records-scrutinised-regret-transitioning.html
These are the mentally ill, and instead of treating the mental illness they are placating it.
Australia’s globalist Quisling government is going to have some explaining to do, since they pushed this horrible idea.
Volt, Australia’s first online-only bank, shuts down due to fund-raising woes
https://www.reuters.com/business/finance/australias-first-neobank-volt-shut-deposit-taking-business-return-licence-2022-06-29/
June 29 (Reuters) – Volt Bank Ltd, the first exclusively online bank to gain an Australian banking licence, said on Tuesday it would shut down, returning deposits and selling its mortgage book after failing to raise sufficient funds to support the business.
Its collapse is a further blow to a business model that the Australian government and regulators promoted heavily after a 2018 inquiry into misconduct in the finance industry led to a loosening of rules for new banking entrants.
Jessica Garcia is a realtor in Albuquerque and says, ‘There were very few homes on the market so every home that would come up you know you’d have 50 to 100 people fighting for that same home.
Revisionist history. Realtors are liars.
‘We had 1,300 price decreases this past week,’ Graff said.”
Reality is starting to hit home for the greedheads.
I would still encourage buyers to get in the market because none of us know if interest rates are going to continue to go up or stabilize or come back down, and I certainly don’t think prices are going down anytime soon,’ said Oliphant.”
A) Realtors are liars
B) “Always Be Closing” means you have to manufacture reasons for marks to sign on the dotted line right now.
C) The data doesn’t care about what realtors purport to think or feel. It paints its own picture: accelerating crater.
‘We can throw that forecast out the window,’ he says of his projections for 2022.
Realtors are liars. You can throw all of their forecasts out the window.
In the current environment, Ms. Rocca recommends setting a price near the realistic market value. She often ‘sharpens’ it a little bit to make it more attractive compared with other competing properties in the area.
I fear that as every starving realtor pressures their “clients” to “sharpen” their asking prices, this could set in motion a self-perpetuating doom loop of downward spiraling prices. This is my “deeply concerned” face.
‘It’s very busy right now,’ says the agent with Royal LePage Burloak Real Estate Services. ‘People are panicked.’
Try as I might, I just can’t seem to summon forth any vicarious panic for all these FBs.
Ok finally the numbers, and proof the hysterical outbursts were planned
Data shows the majority of abortions in Florida occur before the 15-week cutoff. A Centers for Disease Control and Prevention report said about 2% of the nearly 72,000 abortions reported in Florida in 2019 were performed after 15 weeks.
https://www.wbaltv.com/article/judge-temporarily-block-florida-abortion-ban/40475051
Seazen Holdings Co Ltd announced on Tuesday it will offer up to 100,000 yuan ($14,920) to pay for farmers’ watermelons to encourage them to buy apartments in Nanjing, Jiangsu province.
Sorry, Seazen Holdings, but you’re gonna have to come up with more tantalizing “melons” if you really want to seal the deal.
“Most rentals are sitting vacant for between four and eight weeks before they are re-tenanted, and levels of inquiry have plummeted.
As a credit-worthy tenant, I deserve to be wooed.
Another “Oh Dear!” moment in time….
‘Sharpest slowdown in more than 30 years’: Australian house prices continue to see widespread falls
https://www.news.com.au/finance/real-estate/buying/sharpest-slowdown-in-more-than-30-years-australian-house-prices-continue-to-see-widespread-falls/news-story/3c9d6334b230fc2381f8928819cbeb62
Australian house prices have continued to see widespread falls in June as interest rate hikes spark the “sharpest slowdown in more than 30 years”.
The Comrades of Proven Worth (D) in our NEA indoctrination mills are traitorous scum.
Woke California school board members call for people to BOYCOTT Fourth of July because ‘there is no reason to celebrate’
https://www.dailymail.co.uk/news/article-10969267/Woke-California-school-board-members-calls-people-boycott-Fourth-July.html
‘there is no reason to celebrate’
Overturning Roe v Wade isn’t going to win hearts-n-minds. Bad timing too considering the midterms.
I do not care about liberal hearts-n-minds!
I know a few older ladies whose pony riding days are a distant memory, and they’re equally upset too. This anger isn’t going to subside, IMHO.
They were gonna pull D lever no matter what.
At the end of the day gas is $5 and groceries (and everything else) are through the roof, while the Brandon admin has stopped saying its “transitory” or “good” and is now saying “it’s not our fault”.
$5
$6.3# here
$6.3# here
Makes one wonder when the blinders will come off in California.
Contra Costa County Board of Education (East Bay SF)
Oh Dear
https://www.youtube.com/watch?v=vLSarDHZPIg
That’s great! The housing shortage is rapidly vanishing.
Stock Market Today
Stocks Close Lower; Nasdaq Posts Record-Setting Loss In First Half
RACHEL FOX 04:29 PM ET 06/30/2022
The Dow Jones and Nasdaq composite remained in the negative late Thursday. But both indexes trimmed losses and traded off intraday lows, but ultimately closed lower.
Nasdaq Lags, Small Caps Lead
At the close, the Dow Jones Industrial Average was down 0.8% as the S&P 500 held a loss of 0.9%. The Nasdaq was down 1.3%, with tech stocks remaining under pressure. Small caps fared the best, with the Russell 2000 down 0.6% after leading the downside on Wednesday. Volume was lower on the Nasdaq and higher on the NYSE vs. the close on Wednesday, according to early data.
As the final trading day of June comes to a close, the indexes posted notable losses for the month. The Nasdaq is down 8.7% month to date; the S&P 500 is down 8.4%, and the Dow Jones is lower by 6.6%. Year-to-date losses are much steeper. For the S&P 500, the index is down 20.6% through Thursday’s close and had its worst first half since 1970. The Nasdaq is down 29.4% and Russell 2000 has lost 23.9%. Both indexes posted their worst first half of any year on record, according to Dow Jones Market Data.
Thursday was also the first time the 10-year yield fell below 3% in nearly a month. The 10-year yield declined to 2.97% in afternoon trading.
Meanwhile, Bitcoin is also on track for hefty losses. The cryptocurrency lost around 58% of its value in Q2. This was its worst quarterly loss in more than a decade. According to CoinDesk, Bitcoin has fallen from $45,524 at the start of the quarter to around $18,000 on Thursday, the final day of the second quarter.
…
https://www.investors.com/market-trend/stock-market-today/stocks-remain-negative-nasdaq-on-track-for-record-setting-losses-in-first-half/
“…to around $18,000…”
Not that I am paying close attention, but wasn’t it resting on a $20,000 resistance level like yesterday?
This dog meant BUSINESS 😤⚾️
https://www.youtube.com/watch?v=HSuEv21YJnE
6 seconds.
Damn!
I haven’t seen an animal hit a ball like that since…
https://youtu.be/AVm-HwAkVp8
You’ll pay high gas prices, and you’ll like it – cuz ‘freedom.’
Biden says Americans will pay high prices for ‘as long as it takes’ and again blames Putin for surging food and gas costs: President insists U.S. is NOT going backwards, inflation is ‘higher’ in every country and ‘we have the strongest economy’
https://www.dailymail.co.uk/news/article-10969493/Biden-says-Americans-pay-high-prices-long-takes.html
The neighbor of a friend just put their house up for sale. They bought it for around $500k two years ago. Now they want $850k. This will be interesting to watch.
Just looked up the details. Purchased for $515,995 March 2020. Hit the market this June for $850k. Already price reduced to $799k.
Also, the REALTWHORE’S website is estimating payments of $2,600 based upon a 2.95% interest rate with 20% down. Can you say LIAR’S MATH? Nobody has 20% down, and those rates are in the past. It’s more like 3% down and 6.5% rates. That makes the payment $5,400. LMFAO.
I can hear it now “But the house down the block got that just last year!”
Tofu-dreg Projects & Poor Quality Products Are Everywhere in China, Why?
Premiered Jun 28, 2022 Tofu dregs projects and poor quality products, the root cause is a moral issue. Ancient buildings are strong and can last long, but nowadays in China buildings are like tofu.
https://www.youtube.com/watch?v=uS8133FmX78
11 minutes.
U.K. Subs — I Live In A Car:
https://www.youtube.com/watch?v=7FxwEORDeng
The Damned — New Rose:
https://www.youtube.com/watch?v=KPowvspa4BI
Rock on Kyle!
I was reading the top few comments from “The Damned – New Rose” video and thinking how cool it would be if a recent photo was a prerequisite for commenting on Punk Rock videos from the 70s. 🙂
Back in 1977 when those highfalutin homeless people lived in their cars.
Wikipedia
U.K. Subs are an English punk rock band, among the earliest in the first wave of British punk.
The two songs, “I Live in a Car” and “Telephone Numbers,” were recorded live at a December 31, 1977 show at The Roxy.
https://en.wikipedia.org/wiki/U.K._Subs
And now they don’t want you to have a car.
I saw an article where the CEO of the group that owns Chrysler said that unless EVs become affordable that the car industry will collapse. That is the plan: no car industry, no cars. Only a few high end brands for the people who matter. Everyone else can take the bus.
It was the Chief Manufacturing Officer, not the CEO. Still, he said out loud what all the other execs are thinking: no one can afford electric cars and we will go out of business if that is our product.
‘Kinney County sheriff’s deputies responded to a suspected smuggling vehicle on a county road early in the morning on June 29. During the ensuing pursuit, the fleeing driver lost control of the vehicle and flipped it.’
‘The driver, a Mexican national wearing a cartel-related medallion, was taken into custody and is facing at least seven felony charges, according to Kinney County Sheriff Brad Coe.’
‘Of the five passengers, all illegal immigrants, one female was taken to the hospital in Del Rio for non-life threatening injuries, while the remaining four declined medical treatment.’
‘Coe said Border Patrol told him they could take the four uninjured illegal aliens into custody for processing only if they had been checked medically first.’
“Well they had declined any type of medical help,” Coe told The Epoch Times. “So I can’t let them walk the streets. I can’t say, ‘Hey, go, be free.’ Because I still have to protect the Constitution and protect the people in the county.”
https://www.theepochtimes.com/texas-sheriff-drives-4-illegal-aliens-to-international-bridge-deports-them_4567764.html
The Fed is contributing to a hard landing, says Allianz’s El-Erian
Jun 30, 2022 Mohamed El-Erian, Allianz chief economic advisor, joins ‘Closing Bell’ to discuss whether consumers will slam the brakes on spending, if the Fed has a choice whether or not to aggressively hike rates and the odds of a hard landing.
https://www.youtube.com/watch?v=e2abZVthJ8c
San Diego Market Watch – June 30, 2022
Jun 30, 2022 Unsold inventory continues to climb in San Diego County!📈
https://www.youtube.com/watch?v=gmPLTPZwu5c
5 minutes.
🎶 👂
The Fed is contributing to a hard landing, says Allianz’s El-Erian
This guy’s crying because the FED just took his punch bowl away. He’s one of the ratings agency dirtbags who should have been imprisoned for fraud last bubble. Cry some more, loser.
He seems unusually pessimistic. Most economists say any recession is unlikely to happen.
Are you doubling down on your Bitcoin losses?
El Salvador’s Bitcoin-boosting leader buys $1.5 million more
El Salvador’s Bitcoin-boosting president is back at it, doubling down on his country’s losing investment in the cryptocurrency by buying over $1.5 million more
The Associated Press
June 30, 2022, 8:34 PM
FILE – A bitcoin symbol is presented on an LED screen during the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Saturday, Nov. 20, 2021.
The Central American country´s Finance Minister Alejandro Zelaya
SAN SALVADOR, El Salvador — El Salvador’s Bitcoin-boosting president was back at it again Thursday, doubling down on his country’s losing investment in the cryptocurrency by buying over $1.5 million more.
President Nayib Bukele wrote on his Twitter acount after posting the purchase: “Bitcoin is the future! Thank you for selling cheap.”
Bukele said his government purchased 80 Bitcoins at $19,000 apiece. That is less than half the average price the government paid for its previous $105.6 million stake.
According to the tracking site nayibtracker.com, starting last September, El Salvador has paid an average of almost $46,000 per coin, for a loss of 56%, or around $59 million.
In mid-June, after the crypto currency fell below $20,000, Bukele wrote, “I see that some people are worried or anxious about the #Bitcoin market price.”
“My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market,” he wrote at the time. “Patience is the key.”
…
https://abcnews.go.com/International/wireStory/el-salvadors-bitcoin-boosting-leader-buys-15-million-86049877
“Bukele said his government purchased 80 Bitcoins at $19,000 apiece. That is less than half the average price the government paid for its previous $105.6 million stake.”
He definitely bought the dip.
Do Bitcoin commentators make up the support levels they quote?
Bitcoin could fall an additional 27% to its 2019 high as the crypto tests a big support level, according to Fairlead’s Katie Stockton
Matthew Fox
15 hours ago
Bitcoin price graphic
– Bitcoin’s negative momentum points to more downside ahead, according to Fairlead Strategies’ Katie Stockton.
– The world’s most valuable cryptocurrency fell below $19,000 on Thursday to test a key support level.
– Bitcoin’s secondary support level sits at $13,900, representing potential downside of about 27%.
…
https://www.businessinsider.com/bitcoin-price-outlook-technicals-key-support-2019-high-katie-stockton-2022-6
Are crypto HODLers running out of dumb borrowed money to finance their highly leveraged gambling activity?
Crypto World
Crypto hedge fund Three Arrows Capital plunges into liquidation as market crash takes toll
Published Wed, Jun 29 2022 8:06 AM EDT
Updated Thu, Jun 30 2022 4:03 AM EDT
Arjun Kharpal
Key Points
– Major cryptocurrency hedge fund Three Arrows Capital has fallen into liquidation, a person with knowledge of the matter told CNBC.
– Teneo Restructuring has been brought on board in the last few days to deal with the liquidation process.
– A slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company.
Major cryptocurrency hedge fund Three Arrows Capital has fallen into liquidation, a person with knowledge of the matter told CNBC, marking one of the biggest casualties of the latest so-called “crypto winter.”
Teneo has been brought on board in the last few days to deal with the liquidation process, the person, who requested anonymity because they were not authorized to discuss the matter publicly, said.
Sky News first reported the liquidation story.
Three Arrows Capital, or 3AC as it is also known, did not respond to a request for comment when contacted by CNBC.
Teneo is in the very early stages of the liquidation process, the person said. The restructuring firm is taking steps to realize the assets 3AC has, then it will set up a website in the next day or two with instructions for how creditors can get in touch to make any claims, the source added.
3AC, co-founded by Zhu Su and Kyle Davies, is one of the most prominent crypto hedge funds (which focus on investments in digital assets like cryptocurrencies) around and is known for its highly leveraged bets. Zhu has extremely bullish views on bitcoin.
But a slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company.
On Monday, 3AC defaulted on a loan from Voyager Digital made up of $350 million in the U.S. dollar-pegged stablecoin, USDC, and 15,250 bitcoin, worth about $304.5 million at today’s prices.
3AC had exposure to the collapsed algorithmic stablecoin terraUSD and sister token luna.
The Financial Times reported earlier this month that U.S.-based crypto lenders BlockFi and Genesis liquidated some of 3AC’s positions, citing people familiar with the matter. 3AC had borrowed from BlockFi but was unable to meet the margin call.
A margin call is a situation in which an investor has to commit more funds to avoid losses on a trade made with borrowed cash.
The unwinding of 3AC has sparked contagion fears to parts of the market that could potentially be exposed to the company.
Other cryptocurrency companies have also faced liquidity issues. Lending firm Celsius and cryptocurrency exchange CoinFlex were forced to pause withdrawals for customers both citing “extreme market conditions.”
CoinFlex however had another issue with a customer that failed to repay a $47 million debt, creating a liquidity problem for the company.
…
https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html
If not obvious, what we are witnessing is crypto’s Minsky Moment.
Tech
Five reasons bitcoin had its worst quarter in more than a decade
Published Fri, Jul 1 2022 4:33 AM EDT
Arjun Kharpal
Key Points
– Bitcoin lost about 58% of value in the second quarter of 2022, posting its worst quarterly performance since 2011.
– Macroeconomic issues, such as rising interest rates and rampant inflation, led to a sell-off in stocks and filtered through to the cryptocurrency market.
– But the industry has also seen a wave of liquidity concerns, with hedge fund Three Arrows Capital going into liquidation and lending firm Celsius pausing withdrawals for customers.
– The quarter also saw the collapse of algorithmic stablecoin terraUSD which sent shockwaves through the industry.
…
https://www.cnbc.com/2022/07/01/bitcoin-btc-posts-worst-quarter-in-more-than-a-decade-5-reasons-why.html
Europe News
Euro zone inflation hits record 8.6% as the European Central Bank prepares for its first rate hike in 11 years
Published Fri, Jul 1 2022 5:03 AM EDT
Silvia Amaro
…
https://www.cnbc.com/2022/07/01/euro-zone-inflation-8point6percent-in-june-ecb-to-hike-rates-for-first-time-in-11-years.html
The Financial Times
European equities
Global equities slip as recession fears rise
Investors prepare for further declines after weak first-half performance
A trader works at the Frankfurt stock exchange in Frankfurt, Germany
Investors have herded out of risky assets in recent months after a surge in global inflation
Naomi Rovnick 2 hours ago
Global equities started the second half of the year lower as investors saw no end to the inflation and interest rate pressures that pushed Wall Street to its worst first-half performance for more than half a decade.
The FTSE All World index of developed and emerging market shares fell 0.7 per cent on Friday morning, having declined by a fifth this year. Europe’s regional Stoxx 600 equity gauge opened 0.9 per cent lower, following a 16 per cent drop in the past six months.
Futures trading also implied Wall Street’s S&P 500, which fell by a fifth in the first six months of this year, would notch another 1 per cent decline on Friday. US equities, which set the tone for trading worldwide, have not endured such a punishing first six months of a year since 1970.
Investors have herded out of risky assets in recent months after a surge in global inflation driven by delay to supply chains during the coronavirus pandemic. That has been exacerbated by Russia’s invasion of Ukraine and pushed global central banks to rapidly end monetary policies that had encouraged economic growth and borrowing.
“We expect this volatility to extend itself into the back half of the year, particularly given that recession risks have intensified and are sweeping across the marketplace and weighing on sentiment,” said Candice Bangsund, portfolio manager at Fiera Capital.
Meanwhile, analysts’ expectations for companies’ second-half earnings “remain quite lofty,” she said. “So here is where we see some further vulnerability.”
…