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It Has Come To A Grinding Slow-Down, With Price Reductions Every Day On Inventory That Is Not Selling

A report from Realtor.com. “The housing market has been called plenty of things this summer: red-hot, insane, brutal. But the latest word du jour to describe the state of real estate today is almost shocking in its tepidness: balanced. This term cropped up most recently in an analysis by Realtor.com economist Jiayi Xu. ‘For a fourth week in a row, homes are sitting on the market for a longer time than last year,’ adds Xu.”

From Forbes. “Many sellers have slashed their asking prices in recent months. Some cities—particularly those that were popular early on in the pandemic—are seeing this trend more widely than other areas, according to Redfin. Boise, Idaho, for example, touted as the most overvalued housing market in America where prices spiked as much as 80% last year, is seeing a decline. Recently, two-thirds of sellers (61.5%) in Boise have cut their asking prices.”

“Denver is also seeing a dip, with 55.1% of sellers lowering home asking prices. Some 51.6% of sellers in Salt Lake City and 49.5% of sellers in Tacoma, Wash. recently cut prices. Other metro areas that are following this trend include Grand Rapids, Mich. (49.3%), Sacramento (48.7%), Seattle (46.3%), Portland, Ore. (45.7%), Tampa, Fla. (44.5%) and Indianapolis (44.1%). ‘My advice to prospective sellers is to list their home slightly lower than they think they should and be patient,’ Denver Redfin agent Andy Potarf said in the report.”

“In a separate survey, Redfin looked at cities where residents have high debt compared to income and where home equity remains vulnerable as a result of this. In these areas, homeowners are more likely to foreclose or sell at a loss. Riverside, Calif. topped the list of cities most vulnerable to a recession. Riverside ‘has highly volatile home prices and it was a hot destination during the pandemic, both for people permanently relocating and those buying second homes,’ according to the report. Boise, Idaho came in second, followed by Cape Coral, Fla., North Port Fla. and Las Vegas. Sacramento, Calif., Bakersfield, Calif., Phoenix, Tampa, Fla. and Tucson, Ariz. followed behind as risky markets that could be impacted by a recession.”

From Nerd Wallet. “Selling a home these days isn’t as effortless as a year ago, when a seller could choose among competing buyers. ‘Overall, I’d say the buying/selling experience right now is comparable to the summer of 2019,’ said  Dana Bull, a Realtor in the Boston are. Today, there’s still low inventory and it’s a very active market, but not as cutthroat and without underlying tones of desperation.'”

“Not long ago, it was common to list a property on Tuesday and sell it by the weekend, says Terri Robinson, a Realtor in Ashburn, Virginia. ‘Or you had people putting in offer deadlines saying, ‘Please submit all offers by 4 p.m. Sunday.’ Now that language has disappeared.'”

The Larchmont Buzz in California. “Recently, the Los Angeles Times reported that ‘rising mortgage interest rates have put the brakes on a once-hot housing market in Southern California and across the country.’ But what does that mean in our greater Hancock Park, Windsor Square and Larchmont Village market? ‘We are down 6% year over year from July 21 to July 22 in listings in Hancock Park, Los Feliz, Silver Lake, Hollywood Hills East and Studio City,’ said Ali Jack of Compass. ‘The market is down 10% year over year on accepted offers, but the most telling stat is we are down 48% in houses sold year over year (166 sales to 87 sales), while listing inventory has not changed that dramatically. This is why you are seeing headlines of price reductions,’ added Jack.”

“‘Hancock Park is very fashionable,’ said Anne Loveland of Loveland Carr, who grew up in the neighborhood. ‘There is demand, but no seller wants to be a fool, so when listing a property today it’s important to not just look at your neighbor‘s sale from a few months ago,’ said Loveland.”

From Candy’s Dirt. “It used to be a way to feel good about your investment. But now, maybe it’s not a good idea to check your home’s value on Zillow. If we decide to sell, we might not get the price we want. According to Redfin’s report, 45.8 percent of home sellers in the Dallas area and 44.7 percent in the Fort Worth area have had to reduce their prices in July. In Texas, only Austin ranked higher with 46.5 percent. It wasn’t just the North Texas region that experienced price reductions. Nationwide, the share of homes for sales with price drops reached a record high in July.”

The Denver Post in Colorado. “Metro Denver’s housing market has exited the pandemic-induced fever that dominated last year and the first half of this year — a surge in activity and prices unlike any the region has ever seen or will likely see for years to come. ‘Wages and salaries aren’t keeping pace with housing costs. It is realistically unsustainable. Something has to give at some point. Our housing market has changed, the question is how much will it continue to change,’ said Steve Danyliw, a member of the Market Trends Committee at the Denver Metro Association of Realtors and a Littleton-based Realtor.”

“Nancy Henson, the managing broker at Heather Gardens Brokers, has worked in the 80014 ZIP, which ranked second hottest overall, going back to the mid-1980s when she started in the real estate business with her father. She has seen a lot of ups and down over the past 36 years, but said nothing compares to the frenzy of the past two years.”

“‘It was crazy. We had very little inventory and were getting record prices in just a few days,’ she said. ‘Right now, it has come to a grinding slow-down, with price reductions every day on inventory that is not selling. It feels more like the 2006-2009 era, which makes me very nervous.’ In the spring and early summer, her firm had between 5 to10 listings on the market at any given time and now that total is up to 30 and they aren’t moving. Her hope is that interest rates don’t go so high they send the housing market into freefall.”

The Globe and Mail in Canada. “A nearly complete mixed-use retail and residential rental project has been pushed into receivership in London, Ont., as its lender alleges construction delays blew up an initial $18-million construction budget and dozens of contractors claim millions in unpaid work. London’s Applewood Marketplace Inc. may be just one of many developments to face financial trouble amid grinding delays and rising costs affecting the building industry. Data from the real estate research and data company Altus Group shows roughly 60 per cent of residential and commercial projects are facing delays of about a third of their original timetables.”

“Court filings from construction lender MarshallZehr Group Inc. allege that Applewood owes it more than $58-million, with the interest on all that debt surpassing $36,000 per day. Contractors have also filed liens or $8-million in unpaid work. There are two named principals for Applewood Marketplace, located on former farmland on the northern edge of London: Mike Clawson and Perry Sempecos. The court documents contain unproven allegations that have not been tested in court. Mr. Sempecos declined to comment and Mr. Clawson, whose colleagues said went on a month-long vacation to Europe starting in mid-July, could not be reached.”

“‘The interest is just the tip of the iceberg – it is way bigger than that,’ said David Schoonjans, a senior director with Altus Group who focuses on costs and project management. ‘There’s project overhead: crane rentals, management, subcontractors. Take a 30-storey high-rise in the GTA; you can easily burn through half a million or $800,000 every month you’re delayed. That’s a lot of money very quickly. And there’s 50 companies on that project, so when you delay, you open yourself to a massive box of litigation troubles.'”

“What may be happening now is that the tide is going out and beaching builders who were already swimming too close to the rocks. ‘When the markets are going up and everybody sees what looks like massive profits … all they’ve ever seen is people making money off of real estate and for a lot of years a lot of sloppy mistakes were covered up by rising revenues,’ said Mr. Schoonjans.”

News.com.au in Australia. “Homeowners from a building company that collapsed last month owing $23 million have been dealt another devastating blow. In a creditor’s report released last week and obtained by news.com.au, the appointed liquidators have revealed they are pursuing customers for money.That’s despite most homeowners having to fork out hundreds of thousands more to build their homes as costs have skyrocketed and state insurance only covers 20 per cent of the contract price after the company’s demise.”

“Donna Taylor, a postwoman in Phillip Island south of Melbourne, expects to receive one of those letters even though she has been left $180,000 out of pocket from the whole ordeal. ‘They’re probably going to send me the bill for a retaining wall, I’ll tell them to get f**ked,’ she told news.com.au. ‘It’s just too scary, I start crying when I think about money. That’s nearly my whole last mortgage from the last house. I was going to be mortgage free and semi-retire, now I’m probably going to have to do a full time job plus an extra job, I’ll have to take a mortgage of $100,000 (to afford that).'”

“Brody* runs a small business with three other employees and claims he is owed $150,000 from Langford Jones Homes after outlaying his own money to buy materials. The contractor, based in Victoria’s Mornington Peninsula, said that was the sum total of his life savings. ‘I really don’t have any money, I’m having to borrow money from my father,’ the 49-year-old told news.com.au. James* was one of several site supervisors for Langford Jones Homes who quit en masse once they understood the scope of financial problems the company was facing. ‘It was the worst time of my life,’ he said.”

“Another employee, Vincent, said: ‘I could see the writing on the wall. I couldn’t face clients, you know people are paying deposits and not getting their house built.’ David Drummond and his wife, in their late 60s, said they are ‘devastated’ and that the company’s winding up ‘will be a huge financial loss for us.’ ‘We will sell and move on and not proceed with the build with anyone else. This has also destroyed our plans for a retirement by the sea,’ he told news.com.au.”

The Guardian. “China has reached a point of no return in its battle to contain what could be the biggest property crash the world has ever seen, experts believe, creating a perilous moment for the country’s Communist leadership and the global economy. The Chinese housing market has driven growth for the past two decades and now represents the biggest asset class in the world, with a notional value of between $55tn (£47tn) and $60tn, which is bigger than the total capitalisation of the US stock market.”

“Now developers are going bust after being deprived of easy credit, prices are falling, homeowners are refusing to pay mortgages on unfinished homes and the slump in properties being sold and construction is crippling local governments that rely on land sales for income. Gabriel Wildau, a China expert at the global advisory firm Teneo, says Beijing faces a crunch moment over whether to reverse the crackdown on lending or double down in its attempts to ‘tame the beast’ of unproductive construction activity that has resulted in the emergence of ghost towns and airports, as well as roads to nowhere.”

“‘The government faces a hard choice. But it’s like zero-Covid. They have come so far they can’t turn back because then it looks like a misjudgment or policy error,’ Wildau said. ‘This is where the rubber hits the road. They want more hi-tech growth and they don’t want as much real estate, but what replaces that? There’s been a total collapse of confidence in the housing market. No industry can survive that.'”

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This Post Has 118 Comments

  1. ‘Wages and salaries aren’t keeping pace with housing costs. It is realistically unsustainable. Something has to give at some point’

    Here’s the thing Steve. I was saying this all along, and you are saying it after yer fooked.

    1. “What is clear, though, is that the boom times associated with cheap debt have come to an end,” they said

      Wasn’t it fun though being a big shot and bidding over ask? 🙂

      1. Wasn’t it fun though being a big shot and bidding over ask?
        Good question. I wonder how many of the “winnahs” were bragging to their friends “I bid $50,000 over asking to get this property!”
        If they did, I hope their friends kindly (or not so kindly) remind them of how stupid they were to overbid.

    2. “Something has to give at some point”

      I keep hearing the 7% YoY increase on salaries…
      So are they saying the 7% increase on the minimum wage is NOT enough to buy a 500K house?

      1. Well…. you know how I like to quote noted economists….

        “Do you really think wages with triple and quadruple to meet grossly inflated asking prices of resale housing? Of course not. Housing prices will continue falling to dramatically lower and more affordable levels meeting wages.”

        He’s right.

  2. ‘The Chinese housing market has driven growth for the past two decades and now represents the biggest asset class in the world, with a notional value of between $55tn (£47tn) and $60tn, which is bigger than the total capitalisation of the US stock market’

    It was never worth that. They don’t even own the land.

  3. ‘They’re probably going to send me the bill for a retaining wall, I’ll tell them to get f**ked,’ she told news.com.au. ‘It’s just too scary, I start crying when I think about money. That’s nearly my whole last mortgage from the last house. I was going to be mortgage free and semi-retire, now I’m probably going to have to do a full time job plus an extra job, I’ll have to take a mortgage of $100,000 (to afford that)’

    I can see why Australians are obsessed with shacks and airboxes Donna. It’s a one way, can’t lose bet. Maybe the central banks will save you? Oh right, they are breaking it off in yer a$$ as I type.

  4. ‘They want more hi-tech growth’

    Yeah, that’s why pooh bear destroyed the tech giants. Wa happened to Jack Ma?

  5. ‘Redfin looked at cities where residents have high debt compared to income and where home equity remains vulnerable as a result of this. In these areas, homeowners are more likely to foreclose or sell at a loss. Riverside, Calif. topped the list of cities most vulnerable to a recession. Riverside ‘has highly volatile home prices and it was a hot destination during the pandemic, both for people permanently relocating and those buying second homes,’ according to the report. Boise, Idaho came in second, followed by Cape Coral, Fla., North Port Fla. and Las Vegas. Sacramento, Calif., Bakersfield, Calif., Phoenix, Tampa, Fla. and Tucson, Ariz. followed behind as risky markets’

    That’s a long list Glen. North Port appears again!

    ‘was a hot destination during the pandemic’

    A minor respiratory illness will do that.

    1. With respect to Riverside here is a video that was posted by a HBB reader yesterday, is an excellent view and worth a re-post:

      DANGER! HOME INVENTORY IS EXPLODING DON’T BUY ANYTHING RIGHT NOW – HOMEBUILDER NIGHTMARE -STACK CASH

      https://www.youtube.com/watch?v=jhzq2Mhn3OY&t=31s

      That area is *super* hot this time of year. Where on earth is all the water going to come from to service all these new homes and sprinkler the golf courses? What a disaster. This area is starting to look like a proxy for China.

      1. Riverslime california? No thanks. The first project he shows only has the super-pad grading done, already there is graffiti on the sign. Also, the block wall at 9:29 is odd. No concrete in the core rebar with bailing wire and surrounding landscaping is complete. Is it temporary for show?

      2. The bottom line is that the developers are still able to show a profit despite having to lower prices going forward. The day that it no longer “pencils-out” these developers will literally walk away leaving half-built houses rotting out in the sunlight, and the subcontractors will be fighting over the abandoned materials.

        1. “No longer pencils out”

          No, the builders are like sharks having to swim to breathe. They have plenty of fixed costs, so they’ll keep building as long as they can pay the variable costs and there is “contribution margin” paying some of those fixed costs. Plus, better to keep their best guys busy. They’ll still be building for a long time after they stop “making money.”

          1. That’s my experience as an accountant. Not all of them, but many start to joke about ‘if you haven’t been bankrupt, you haven’t been in the business very long’ about now. As long as there is cash for the next payroll, let er rip! And of course what credit they can exhaust. Any and all credit.

          2. “No, the builders are like sharks having to swim to breathe.”

            In the last bust the music stopped in my area in the winter 2007. We had loads of HELOC shacks that sat empty for years when the construction guys could have been upgrading these and reselling them, but no. Lots of labor guy’s pickup trucks got repo’d back then. It was dead for years, but San Jose where I frequent was still busy. It could be the weather as the Columbia Basin is frozen solid for months on end while San Jose is bright and sunny if it’s not raining.

      3. The best comment:
        Zack Sweden
        1 day ago
        It’s what I’ve always said: There is no shortage of homes. It’s just that they’re the wrong kind of homes. There are tens of millions too many luxury homes for the rich, such as what you just showed us. What we are missing are tens of millions of small homes for the middle class, and that many more simple shacks for the lower class.

          1. Jeremiah Babe has other videos showing just how close large homeless encampments are near those new developments.

  6. ‘There is demand, but no seller wants to be a fool, so when listing a property today it’s important to not just look at your neighbor‘s sale from a few months ago’

    I know it doesn’t make sense, but Anne is on a roll.

  7. – First, thank you Ben for keeping HBB readers up-to-date on the latest real estate stories from around the globe! It looks like China is the biggest RE train wreck, but all other developed countries, esp. AU, CA, US, are also “circling the bowl.”. The U.S. has the “Everything Bubble,” bursting, so we’ve got that going for us! 🙂
    – Deep global recession dead ahead, IMHO. Meanwhile captain Joe is busy rearranging the deck chairs on the USS Titanic and the MSM band plays on as if there nothing wrong as they position for the mid-terms. Good luck with that!

    – Shot:

    “‘Wages and salaries aren’t keeping pace with housing costs. It is realistically unsustainable. Something has to give at some point.'”

    – Chaser:

    “‘It was crazy. We had very little inventory and were getting record prices in just a few days,’ she said. ‘Right now, it has come to a grinding slow-down, with price reductions every day on inventory that is not selling. It feels more like the 2006-2009 era, which makes me very nervous.’”

    – The market has (down) shifted, as would be expected on the back side of a bursting real estate bubble, courtesy of the Fed.

    – Enjoyed the boom? Now enjoy the bust.

    – The Fed is an evil cabal of unelected and unaccountable bankers, apparently outside of the control of Congress. No checks. No balances. Just absolute power and corruption. I’m not feeling very represented, as Congress is too busy trading their Nancy Pelosi portfolios. Maybe now that the bear market is biting them on the a$$ they’ll start remembering who they work for? Taxation without representation all over again. History repeats, or at least rhymes.
    – The Fed is now the 5th branch of government, after the 4th branch of the deep, administrative state. End them both.
    – Happy Monday! 🙂

  9. I was going to be mortgage free and semi-retire, now I’m probably going to have to do a full time job plus an extra job, I’ll have to take a mortgage of $100,000 (to afford that).’”

    You gambled and you lost, Donna.

  11. A reader sent these in:

    The Fed’s actual dual mandate is creating and destroying bubbles. They are in the destroying phase now, and this is probably the largest multi-asset bubble in history. Fun times.

    https://twitter.com/Mayhem4Markets/status/1563842910977769482

    Oakland CA down 15% from peak in 2022. Homes that were bought at the peak with 10% down are now underwater.

    https://twitter.com/encorebubble/status/1563600707625701377

    Someone tell him

    https://twitter.com/NipseyHoussle/status/1564080051473326082

    Danielle DiMartino Booth

    Reality setting in: “The US two-year yield climbed as much as 6 basis points to 3.46%, the highest since Nov 2007. Fed Chair Jerome Powell said a restrictive policy stance was likely to remain in place ‘for some time’ & he cautioned against prematurely loosening policy”

    https://twitter.com/DiMartinoBooth/status/1564054613699043329

    Over the last few quarters, borrowing costs for Corporate America basically doubled (!).

    Such an abrupt increase in such a short period of time is unprecedented barring the GFC, and yet we are hearing fairytales about soft landing…

    https://twitter.com/MacroAlf/status/1564025283010871297

    Auto Loan Rates in August 2022

    https://twitter.com/chigrl/status/1563938983536730114

    JUST IN – Wien Energie, Austria’s largest energy supplier, is insolvent — requires 1.7 billion euros to remain liquid, according to local media.

    https://twitter.com/disclosetv/status/1563973607998603267

    Reminder: QT on steroids begins in September and the Fed Chair has told you today the Fed is going to a restrictive policy stance until the job is done.

    https://twitter.com/NorthmanTrader/status/1563243274051424257

    “Johnson is set to be sentenced after pleading guilty to defrauding banks and other financial institutions of $3.5 million. Johnson used the money to buy houses and turn them into short-term vacation rentals, often called #Airbnbs”

    https://twitter.com/OGtexasrunner/status/1564031447832436737

  14. ‘It was crazy. We had very little inventory and were getting record prices in just a few days,’ she said.

    Nancy….. there’s this thing called Miranda…. also known as STFU. Try it sometime.

  15. Has all the excitement over Powell’s Friday speech died down by mow?

    I was visiting my MIL over the weekend. She thought the markets had crashed because the Fed increased interest rates. I had a hard time explaining to her how a speech sent traders into a tizzy fit.

    1. The Financial Times
      Markets Briefing Equities
      Global equities drop as Jay Powell’s comments drag markets lower
      Treasury yields rise and currencies weaken against dollar
      John C Williams, president of the Federal Reserve Bank of New York, Lael Brainard, Fed vice-chair, and Jerome Powell, Fed chair, at Teton National Park in Wyoming
      The Federal Reserve, represented at the Jackson Hole gathering by John Williams, left, Lael Brainard, centre, and chair Jay Powell, said it would ‘keep at it until the job is done’ on taming inflation
      Hudson Lockett in Hong Kong and Philip Stafford in London
      5 hours ago

      Global stocks fell, Treasury yields climbed and global currencies lost ground against the dollar on Monday as investors took fright from comments by central bankers that their long-term focus was on taming inflation.

      Shares in Europe and Asia dropped heavily after policymakers used their annual meeting at Jackson Hole, Wyoming, to warn investors to be prepared for higher interest rates for a sustained period.

      In Europe the benchmark Euro Stoxx 600 fell 1.2 per cent in morning trading. Germany’s Dax dropped 1.3 per cent and the Cac 40 in Paris was down 1.9 per cent. London was closed for a public holiday.

      Japan’s benchmark Topix led markets lower in Asia with a drop of 1.8 per cent. The Hang Seng fell 0.7 per cent.

      US futures markets pointed to another weak start on Wall Street following a punishing session on Friday in the wake of hawkish comments from Federal Reserve chair Jay Powell. The S&P 500 was expected to open down 0.9 per cent and the Nasdaq 100 1.2 per cent lower.

      Powell warned the central bank would keep raising interest rates to tackle soaring inflation even in an economic slowdown. He asserted the Fed “must keep at it until the job is done” on taming surging inflation through repeated interest rate rises. Senior European policymakers also cautioned that monetary policy would have to stay tight in Europe for an extended period.

      Gita Gopinath, the IMF’s deputy managing director, told the Financial Times at the weekend that “monetary policymaking is going to be much more challenging” in the next five years as officials grapple with “most costly trade-offs”.

      The impact of Powell’s speech reverberated through global markets on Monday. The Vix volatility index, a benchmark that serves as a measure of expected swings in US stocks, rose to 27, its highest point since mid-July. The index is commonly called Wall Street’s “fear gauge”.

      The yield on the policy-sensitive two-year US Treasury note rising 0.07 percentage points to 3.47 per cent — the highest level since 2007 — on firmer expectations of higher rates to come.
      …

    2. Dow falls 250 points as the major averages add to their Friday losses
      Jesse Pound

      Stock futures fell Monday as worries over rising rates and tighter monetary policy added fuel to a rout that began in the previous session.

      Futures for the Dow Jones Industrial Average slid 208 points, or about 0.6%. Those for the S&P 500 and the Nasdaq 100 dropped 0.7% and 0.8%, respectively.

      Wall Street was suffered a sharp sell-off on Friday, when Federal Reserve Chairman Jerome Powell’s short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hikes in the months ahead.

      The Dow fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The drop erased the August gains for all three averages.
      …
      https://www.cnbc.com/2022/08/28/stock-market-news-futures-open-to-close-live-updates.html

    3. Home / Investing / ETFs
      ARKK Takes on Water Again After Powell Kicks Over the Punch Bowl
      The ARK Innovation ETF had a rougher Friday than the market in general following the Fed chairman’s expression of his resolve to fight inflation.
      By BOB BYRNE Aug 29, 2022 | 08:30 AM EDT
      Stocks quotes in this article: ARKK, QQQ

      Before Fed Chairman Jerome Powell kicked over the punch bowl last Friday, I mentioned that if stocks reversed lower following his comments many of Thursday’s cheerleaders would go AWOL, and that’s precisely what happened. Despite most traders, money managers and analysts I speak with admitting they’re concerned about the long-term implications of rising rates and inflation, most of them told me after Thursday’s rally that stocks were headed higher regardless of what Chairman Powell said. Suffice it to say that the fear of missing out (FOMO) is a powerful driver more often than not — even professionals give in to it.

      While the Nasdaq was destroyed by more than 4% on Friday, the ARK Innovation ETF (ARKK) was hit even harder, losing nearly 6.5%. As you can see, with ARKK back under its 50-day simple moving average (SMA) and its volume-weighted average price (VWAP) anchored to the mid-June swing low, it’s nearly impossible to want to be long anything related to this ETF.
      …
      https://realmoney.thestreet.com/investing/ets/arkk-takes-on-water-again-after-powell-kicks-over-the-punch-bowl-16085230

      1. The Wall Street Journal
        Heard on the Street
        A New Bull Market Can’t Start Until Investors Give Up
        For a new cycle to begin, people who bet on the market need to capitulate. Problem is, they’ve forgotten what that feels like.
        A look at the markets shows asset managers are moving money around in ways that suggest they see a recession coming. WSJ’s Dion Rabouin explains what to look for and why they tell us investors are increasingly pricing in a recession. Illustration: David Fang
        By Spencer Jakab
        July 22, 2022 5:30 am ET

        “In order for the stock market to live, Cathie Wood has to die.”

        The Wall Street veteran who uttered those words about the star fund manager said he has no ill-will, but he said he isn’t comfortable betting on a new bull market until the poster child for the last one has had her comeuppance.
        …
        https://www.wsj.com/articles/a-new-bull-market-cant-start-until-investors-give-up-11658482203

    4. Business Columnists
      Powell Warns Wall Street That the Punch Bowl Is Empty
      And sobers them up with black coffee with an espresso shot
      J.G. Collins
      August 28, 2022
      Updated: August 28, 2022

      Commentary

      Markets trimmed over 3 percent by Friday’s close after Federal Reserve Chairman Powell offered up a stark eight-minute soliloquy telling Wall Street’s “Masters of the Universe” to straighten up, fast, because the Fed was not going to refill the punch bowl.

      I said in my July jobs report that the prognostications of the stock peddlers-cum-“analysts” on business TV were “a bit sanguine that the Fed will loosen its tightening of rates,” and predicted the overnight federal funds rate would need to go up to as much as 5 percent to strangle inflation.

      Powell seemed to reiterate that hawkish view on Friday when he said the Fed, “is moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2 percent.”

      He went on to say, “In current circumstances, with inflation running far above 2 percent and the labor market extremely tight, estimates of longer-run neutral are not a place to stop or pause.”
      …
      https://www.theepochtimes.com/powell-warns-wall-street-that-the-punch-bowl-is-empty_4692981.html

      1. “Markets trimmed over 3 percent by Friday’s close after Federal Reserve Chairman Powell offered up a stark eight-minute soliloquy telling Wall Street’s “Masters of the Universe” to straighten up, fast, because the Fed was not going to refill the punch bowl.”

        OMG, the free market pain is unbearable!

        Wall Street’s “Masters of the Universe” who can’t manage to earn a living without the fed’s graft and corruption need to spend a few years getting schooled at Pol Pot University.

    5. Mt. Gox rumors panic Bitcoin Twitter as BTC price returns below $20K
      Claims that 137,000 BTC are about to be offloaded on the open market are met with intense suspicion as BTC price volatility returns.
      Mt. Gox rumors panic Bitcoin Twitter as BTC price returns below $20K
      Market Update

      Bitcoin (BTC) failed to keep $20,000 support on Aug. 27 as fears over a sell-off by users of defunct exchange Mt. Gox added to price pressures.
      BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
      Mt. Gox rumors dismissed as “typical crypto”

      Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it headed to new six-week lows, reaching $19,766 on Bitstamp.

      Thin weekend liquidity appeared to exacerbate already jittery markets, which reacted badly to unconfirmed rumors that Mt. Gox funds were due for release to creditors on Aug. 28.

      Claims varied widely at the time of writing, with some believing that a tranche of 137,000 BTC was set for release in one go. Others said that funds would be sent piecemeal, but that payouts would nonetheless begin this weekend.

      A point of consensus came in the form of creditors allegedly wanting to sell BTC owed to them, this having been out of reach since 2014, when BTC/USD traded at under $500. The unrealized 40X returns, they feared, would prove too enticing for creditors to become willing hodlers.

      Mt. Gox imploded with hundreds of thousands of BTC almost ten years ago. Following a lengthy legal procedure dealing with funds subsequently recovered from the exchange, the appointed rehabilitation trustee, Nobuaki Kobayashi, announced on July 6 that he was “preparing to make repayments” to creditors.

      In documentation at the time, Kobayashi gave “the end of August” as a reference period during which some initial payments might begin.

      “Following discussions with the Court and in accordance with the Rehabilitation Plan, the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period from approximately the end of August this year until all or part of the repayments made as initial repayments is completed for safe and secure Repayments,” the documentation read in part.

      With no new official information appearing on the dedicated website covering the rehabilitation proceedings, however, it remained unclear as to why the sell-off rumors had gained so much traction so quickly.
      …
      https://cointelegraph.com/news/mt-gox-rumors-panic-bitcoin-twitter-as-btc-price-returns-below-20k

      1. Fun times ahead!

        “Now, one year later, the authoritarian government is continuing to crack down on citizens speaking out against bitcoin. They say they have seen their democracy dismantled, human rights suspended, and their economic futures threatened while their government bends over backwards to court wealthy crypto investors.

        Today, despite efforts to mitigate financial disaster — including bitcoin-backed “volcano bonds,” and a plan for a tax-free crypto mining hub called “Bitcoin City” — the value of bitcoin has plummeted, and the country is on the brink of defaulting on its debt. The International Monetary Fund has repeatedly warned El Salvador to drop bitcoin if it wants to save its economy.”

    8. Stocks Sink, Treasuries Fall on Hawkish Fed Stance: Markets Wrap
      Vildana Hajric and Isabelle Lee
      Mon, August 29, 2022 at 6:31 AM·4 min read
      In this article:
      Stocks Sink, Treasuries Fall on Hawkish Fed Stance: Markets Wrap

      (Bloomberg) — US stocks dropped and Treasuries slumped as traders digested comments from Federal Reserve Chair Jerome Powell, who reiterated that the central bank is willing to keep raising interest rates, even at the risk of an economic downturn.

      The S&P 500 and the tech-heavy Nasdaq 100 fell on Monday, extending Friday’s rout after Powell restated his hawkish stance. US Treasury yields rose, with the 10-year rate hovering around 3.08%. The two-year yield had climbed to its highest level since 2007 before paring the advance.

      Powell’s speech during the Jackson Hole symposium made it clear that a dovish pivot that some investors had been positioning for was unlikely. He also warned of the potential for economic pain for households and businesses as the central bank continues to be aggressive to battle inflation.

      “The process of a Fed funds hike cycle, especially in the early days of such a cycle, is never easily digestible for the markets,” wrote John Stoltzfus, chief investment strategist at Oppenheimer. “This process often comes with periods of elevated anxiety and volatility for market participants.”

      The current rate-hike cycle to “particularly rough to manage” as it involves policy tightening combined with sky-high inflation, which the Fed has still not been able to slow meaningfully, he said.
      …
      https://finance.yahoo.com/news/nasdaq-futures-shed-1-weak-230145426.html

    9. Are tech stocks getting burned again?
      By Nicole Goodkind, CNN Business
      Published 7:16 AM EDT, Mon August 29, 2022

      New York CNN Business —

      Burning Man is back in Silicon Valley. But this year, the biggest tech companies aren’t in celebration mode.

      What’s happening: The tech-heavy Nasdaq Composite sagged last week, bursting the balloons of investors who had hoped that the sector was finally buzzing back to life after suffering its worst first half in decades.

      Last month, the Nasdaq staged a huge comeback that ran into August. The index marked its longest weekly winning streak since November and entered a new bull market.

      The jump followed some positive inflation data released earlier this month that boosted investor sentiment and brought relief to the stock market. The consumer price index grew 8.5% year-over-year in July, down from 9.1% in June. This spurred hopes that the Federal Reserve would take a less aggressive approach to future rate hikes.

      It’s looking like the central bank won’t be as dovish as investors would like.

      “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Fed Chair Jerome Powell said from the central bank’s Jackson Hole symposium on Friday.

      Tracking the fallout: The comments sent markets tumbling. The Dow lost more than 1,000 points, or 3%, and the Nasdaq finished 3.9% lower.

      Because the tech sector is so forward-facing, it’s particularly sensitive to interest rate changes and inflation. When rates go down, tech company valuations grow and become frothier, since riskier investments look more attractive. When interest rates increase, it’s harder to court investors.

      Even with its recent return to bull territory, the Nasdaq has fallen by about 23% year-to-date, and there are worries that the prolonged hit could take a toll on business. Enterprise tech spending is starting to deteriorate, and consumer-oriented hardware products are seeing sales and prices weaken.

      Tech companies are also starting to shed workers. About 40,000 workers in the US tech sector have been laid off in mass job cuts so far in 2022.

      Companies reliant on consumer spending and ad revenue — think names like Amazon, Facebook and Twitter — may be in trouble. But it’s not all bad news, according to Sameer Samana, senior global market strategist with the Wells Fargo Investment Institute.

      He sees companies like Cisco and Microsoft that deal in software, hardware and semiconductors as worth buying.

      “It’s a secular theme for us,” he said. “Developments in automation and the internet of things give these companies a long shelf life.”

      The tricky part is that the “discretionary earnings shoe has yet to drop for tech,” he said. Consumers could pull back spending as inflation continues to bite. Buyer beware.
      …
      https://www.cnn.com/2022/08/29/investing/premarket-stocks-trading/index.html

  16. PHOENIX HOUSING MARKET ANXIETY! – FALL 2022
    Aug 28, 2022 Are you feeling the Market Anxiety? Watch the video for important notes on what opportunities and cautions the current market conditions hold for you as Buyer or Seller of a home.

    We’re all waiting to see what happens this fall with inflation and interest rates, and how that will affect the market further. What’s going to happen next? Get answers here based on real data. Come with us as we analyze what is happening and what to expect in the coming weeks and months….

    https://www.youtube.com/watch?v=LT95wVFUDw0

    3:37. 700% increase in price slashin.

  18. The majority of first time used house buyers who bought in Denver in the last two years are underwater by hundreds of thousands of dollars.

    What comes next: arguments with the spouse about money, anxiety, depression, divorce, bankruptcy, and for some, suicide.

    At least they got a lot of likes on Instagram when they were bragging about “winning” a bidding war for their rotting, rapidly depreciating shack.

  20. Note that this article does not once mention that forgiving student loans is a blatant violation of contract law.

    “The Committee for a Responsible Federal Budget (CRFB) asserts that the debt relief would “wipe out the disinflationary benefits of the Inflation Reduction Act,” which was passed into law earlier this month.

    It estimates that the executive action will cost an “astronomical $400-$600 billion” and has previously estimated that $10,000 in forgiveness would add 0.15% to the personal consumption expenditure price index, a commonly used gauge for inflation.”

    https://www.cnbc.com/2022/08/29/how-student-loan-forgiveness-will-affect-inflation-from-economists.html

    $600 billion is that a lot?

    FJB

      1. Contract law went out the window in 2020 with rent forbearances and foreclosure moratoriums.

  21. Taxpayer funded Colorado Public Radio advocates for the injections of deadly mRNA poison, here in this article targeting the Latino / Hispanic population.

    A new COVID booster push begins as Colorado heads into the third fall of the pandemic:

    https://www.cpr.org/2022/08/29/colorado-covid-vaccines-new-boosters/

    The majority of the injected and soon to be dead in Colorado are white (NPC’s, Reddit, etc) and the existence of a large non-injected control group (Colorado is 20% Latino / Hispanic) will reveal the unquestionable truth that it is the mRNA poison that is killing everyone. Gotta level out the playing field and bring “equity” into this medical genocide.

    1. Curiously, while Mexicans in the US have been shunning the jab, their cousins back home have embraced it. And the Spanish language media in the US pushed the same fear propaganda as the MSM: doctors screeching at people, the bogus stats, etc.

  22. Linked from Revolver News.

    DHS Encouraged Children To Report Family To Facebook For Challenging US Government Covid Claims:

    “In the cartoon below, you will see the Department of Homeland Security (DHS) encourage a young female protagonist to report her “Uncle Steve” to Facebook for posting “disinformation”.

    DHS’s rationale? “Uncle Steve” posted that “Covid-19 is no worse than the flu”

    DHS chiefly spearheads censorship through its partnerships with tech companies, civil society groups and media institutions, synchronizing a “whole-of-society” counter-disinformation networked response to collectively target the same narratives, the same slogans, the same symbols, the same influential movement voices, and the same highly engaged “repeat spreaders” who comprise the narrative’s online support network.

    https://foundationforfreedomonline.com/dhs-encouraged-children-to-report-family-to-facebook-for-challenging-us-government-covid-claims/

    Ratting out family members to tyrannical government? Sounds like Stalinist Russia or Nazi Germany.

    And yes, it’s a medical genocide.

  23. Exhaustive study of German mortality data finds excess deaths tightly correlated with mass vaccination:

    https://www.eugyppius.com/p/exhaustive-study-of-german-mortality

    German “citizens” will be wearing masks indoors from October to April, every year for the rest of their mRNA poison reduced lifespans.

    They will never know what freedom is.

    Meek, docile, unarmed sheep. Not citizens, a population of slaves.

  24. Dr. Robert Malone Opens Up on the COVID Catastrophe, Dr. Tony Fauci, World Economic Forum, The Trusted News Initiative with The Gateway Pundit:

    “On Saturday afternoon, The Gateway Pundit’s Jim Hoft and attorney John Burns interviewed Dr. Robert Malone, the inventor of the mRNA vaccines. Today Dr. Malone has created an enormous following for his concerns regarding the safety and bioethics of how the COVID-19 genetic vaccines were developed and forced upon the world.

    Dr. Malone spoke about Bill Gates and the Trusted News Initiative (TNI). This was very interesting. It’s how the globalist left was able to control the message and push their lies on the coronavirus.

    Dr. Malone then goes on to discuss the dangers of the World Economic Forum, Bill Gates, the current Marxist threat, and the global power structure.”

    https://www.thegatewaypundit.com/2022/08/dr-robert-malone-opens-world-economic-forum-dr-tony-fauci-trusted-news-initiative-covid-catastrophe-gateway-pundit-must-see-video/

    It’s a medical genocide.

    The World Economic Forum is the architect and administrator of medical genocide.

    1. The tape with Malone is such a great summary of the real powers that control everything on a Global level. Nation States are not relevant to them , and a One World Order has already been operative .
      Dr Malone talks about the Deep State that he calls ” The Administrative State” and how it works in conjunction with the Money Powers.

    1. For much of the pandemic, Americans put off nonemergency health care. That could haunt us for years to come.

      It takes a special kind of stupid to stop receiving cancer treatment because you’re afraid of covid.

      FFS, I had a colonoscopy during the pandemic. As far as I could tell, people were still going in for procedures.

      This is nothing more than an attempt to whitewash the real cause of the problems: the jab.

  26. New York Times — Fall Vaccination Campaign Will Bring New Shots, Worse Access (8/28/2022):

    “At the very moment a better coronavirus vaccine is expected to finally become available, America’s vaccination program is feeling the effects of a long period of retreat.

    Local programs to bring shots to the places where Americans gather and the institutions they trust have folded, a consequence in some cases of congressional resistance to more pandemic response spending.”

    The institutions they trust? Big Pharma and the Medical Industrial Complex are conducting a genocide.

    “With the virus killing far fewer people than it once did and many Americans reverting to their prepandemic ways, the country’s no-expenses-spared attitude to saving lives has evolved into a response that has put a greater onus on individuals to protect themselves. In keeping with that approach, many health officials believe the vaccine machinery is in place to meet what they expect, lamentably, to be tepid demand this fall.”

    Lamenting tepid demand? The New York Times is openly advocating for medical genocide.

    “the vaccination campaign is lagging. While two-thirds of Americans have completed the primary vaccine series, only about one-third have received boosters. The country’s per capita booster coverage trails that of some 70 other nations, according to Our World in Data.”

    https://archive.ph/zYnY4

    Sounds like the United States will have to repopulate some people to replace all the ones who have died or will die from the mRNA injections in those 70 other nations.

    This article has a photo of a birthing person holding her one year old daughter as she is injected with mRNA poison. Tess Holman, you are murdering your baby.

    1. ‘it’s like zero-Covid. They have come so far they can’t turn back because then it looks like a misjudgment or policy error’

  27. Life Insurance Companies are refusing to pay off on deaths by vaccine, saying that it was a expiermental medical injection, therefore considered death by sucide.

    I’m sure that these claims denied are going
    to be challenged in Court, but a big French case sided with the Insurance Co.

    I would argue that its death by murder. What about the High Court mandating that Health worker take the jab or be fired. What about Biden Mandates.
    What about the fraud of vaccine campaign claiming shots were safe and effective, no incerts, or informed consent. What about Drs pushing the jab on their clients or hospitals requiring it.
    And what about the cases of jab deaths that were fraudulently listed as a unknown cause , in the medical files, with this big cover up of vaccine related deaths.
    The burden to sue for regular people is enormous when going up against Big Insurance Co. and the prejudice of the time it takes.
    Also, it appears that some Insurance Companies are underwriting that you can’t even get a life policy if you have been vaccinated.
    This is adding insult to injury to the victims who died of this mass genocide . If anything the Insurance Companies should go after Big Pharmacy , not the victims of murder by poison. What a mess.

    1. It is murder.

      And we will not stop discussing it here. The New York Times and Washington Post are complicit with medical genocide.

      All corporate social media is complicit with medical genocide.

      This is not only the greatest FRAUD of my lifetime, but it is now the slow motion unfurling of a medical genocide.

      There were the Nuremberg Trials in 1946.

      And there will be again.

    2. Sorry these people were complicit. They knew of the risks (or could have known if they wished to). It was always a choice. They CHOOSE to take the shot to keep their job/go on cruises/see grandkids/whatever. Nobody ever said it was going to be easy to stand up against evil. They choose not to make the tough stand. I feel a little bad for them, but honestly my sympathy lies with my fellow PureBloods who were and are willing to stand up against evil. .

      You can’t avoid the consequences of your choices.

      1. This was an unprecedented global psyop.

        And as the Canadian truckers learned during their protest, they can get you with economic weapons. The threat of losing everything you’ve worked for is a powerful one. No jab, no job was also very insidious, and I’m sure many gave up and got the jab to keep their jobs. I was staring down the barrel of that gun myself. I am grateful that the Supremes stopped most of those mandates. The deadline at my job was approaching and I was preparing to be fired.

      2. I don’t know if you can call it “choice” when your extorted by punishment of job loss, or severe penalty if you don’t comply, or lied to about safety.
        Wouldn’t choice be something based on actually knowing the risk, with no factor of job loss or penalty if you don’t comply.
        A mandate is a order to take something, not free choice.
        Lockdowns and masks were orders from the Government, where you could get a ticket or a fine, and some were marched off to jail for not complying . In other Countries they even set up camps for the non compliant, a few Countries denied groceries to the non compliant. It was put in the context that you were breaking the law if you didn’t comply to lockdowns, masks, vaccines etc.
        Lost of job, especially if you have kids, could mean being thrown into poverty, homelessness, etc. In that many Companies at the time were demanding the jab , it left less choice in finding a new employer where you had choice.
        I was lucky that I was retired, but at one point they were talking about mandating the vaccine if you were on Medicare or big fines if you didn’t comply . Hospitals were denying care if you weren’t vaxxed.
        This is not free choice if your punished for the choice you make.
        And all the psychological means they used to get jabs in arms was just e-v-i-l. Censoring any dispute to the safe and effective narrative, is not choice based on informed consent. Stonewalling and obstruction of cheap meds that cured Covid, is not choice of valid alternatives other than the jab.
        And the fear mongering put people under psychological duress, you don’t want to kill grandma do you, fake testing, its you duty to get jabbed to get herd immunity, etc.
        In Canada they have a Government mandated 4 shots so far.
        In the US you were denied free choice of commerce if you were unvaccinated. Can’t go to restaurants, concerts, sport events, travel, go on a cruise, go to college etc.
        It was just like what Hitler did to the Jews. They got banned from public school , than they lost their jobs and business, than they were isolated into ghettos, starving and than to work camps, than killed.
        So unbelievable, that I have never seen anything like it in my life, that tried to obstruct free will and choice.
        I guess we disagree, but that’s ok, I acknowledge the point your making.

      3. My husband and I braced ourselves when his company announced a jab mandate. We expected him to get fired. Praise the Lord his exemption request was accepted, because we both agreed he would not be jabbing himself to keep his job.

        1. I commend you for being willing to walk from job, rather than do something you didn’t believe in . Great you got the exemption , unfortunately many were denied exemptions depending on the Company they worked for.
          I was reading about cases in which these Companies were rejecting exemption requests saying they didn’t believe them, or they weren’t sincere, or if they ever took a vaccine in their history that disqualified them.
          Just unbelievable.

    1. Inverted Yield Curve Signals Bad News: We’ve Seen This Before
      Posted by Michael Carr | Aug 29, 2022 | Chart of the Day, Markets
      1 minute, 51 second read

      Markets tend to move ahead of global events.

      There’s no explanation for how this happens.

      It can’t be insider trading because many of the events are unpredictable.

      In hindsight, we understand the market’s warnings.

      A reliable indicator of an upcoming global crisis is the spread between 10-year and 2-year Treasury notes.

      Inverted Yield Curve and the 10/2 Spread

      The spread between notes is the difference between their yields.

      In this case, the 2-year yield gets subtracted from the 10-year.

      The 10-year’s yield should be higher than the 2-year’s.

      That’s because inflation will erode the buying power of the note’s principal for an additional eight years.

      There’s also more risk over 10 years than two.

      Sometimes the yield on the 10-year dips below the yield on the 2-year.

      When this happens, the spread is negative.

      Analysts call this an inverted yield curve, since the yield curve is the difference between various interest rates.

      The chart below shows that the 10/2 spread has inverted.

      It also highlights previous times this happened.

      Inverted Yield Curves of the Past

      To say bad news followed previous inversions is an understatement.

      What the Curve Predicted in History

      Catastrophes have followed inverted yield curves many times in the past.

      These inversions all happened before traders understood what was happening.

      The 10/2 inverted in September 2019, five months before talk of a pandemic dominated the headlines.

      The indicator warned of trouble one year before the bear market in stocks associated with the global financial crisis of the mid-2000s.
      …
      https://moneyandmarkets.com/inverted-yield-curve-bad-news/

      1. “Markets tend to move ahead of global events.”

        “There’s no explanation for how this happens.”

        My personal opinion:

        Markets tend to move ahead of REPORTED global events. The global events happen but the reporting is delayed (or distorted). Those close to the events – the Smart Money – immediately act on their knowledge of the events while the reporting of the events takes a while to disseminate.

        1. An example of delayed and distorted reporting has to do with wheat prices. Here is a chart showing the future prices of wheat:

          https://finviz.com/futures_charts.ashx?p=d1&t=ZW

          Last March the reporting of the situation regarding the production of wheat was dismal: The Ukraine invasion was reported to directly lead to massive global starvation due to the destruction of the Ukrainian wheat crop and the price of wheat reflected this prediction. Then reality raised its ugly head and the price of wheat declined. Those who bought wheat futures due to this reporting lost their ass. Those who sold them the wheat futures made out big time.

          Happens all the time.

          1. well the futures might be down, but the price of anything containing wheat (pasta, flour, bread, etc) is outrageous. More than doubled. So someone made out like a bandit.

          2. “More than doubled.”

            Not really….. Top shelf pasta (Di Cecco, Garofalo) was $2/pound and $3.50/pound for years…. and still is.

          3. “well the futures might be down, but the price of anything containing wheat (pasta, flour, bread, etc) is outrageous. More than doubled. So someone made out like a bandit.”

            As I said, delayed and distorted reporting. Here is an article from earlier this month:

            GCO CEO says he expects grain shortage to last into next year
            PUBLISHED MON, AUG 1 20226:56 PM EDTUPDATED MON, AUG 1 20227:58 PM ED

            (snip)

            Global grain shortages will likely last through the end of this year and into next year, AGCO Corp CEO Eric Hansotia told CNBC’s Jim Cramer on Monday.
            “There’s just not enough grain in the world, and there won’t be for the rest of this year and probably even into next year,” Hansotia said in an interview on “Mad Money.”

            https://www.cnbc.com/2022/08/01/agco-ceo-says-he-expects-grain-shortage-to-last-into-next-year.html

      2. Stock market live updates: Stocks fall, Treasury yields jump as investors face hawkish Fed
        Alexandra Semenova
        Mon, August 29, 2022 at 1:01 PM·3 min read
        In this article:

        U.S. stocks sank lower Monday, extending a sell-off that began last week after hawkish comments by Fed Chair Jerome Powell at the central bank’s gathering in Jackson Hole.

        The S&P 500 fell 0.7%, while the Dow Jones Industrial Average shed 180 points, or roughly 0.6%. The tech-heavy Nasdaq Composite again led losses, tumbling another 1%.

        Meanwhile in the bond market, the benchmark 10-year Treasury note held above 3.1%, and the 2-year Treasury yield topped 3.4%, hitting its highest level since 2007 earlier in the trading day.
        …
        https://finance.yahoo.com/news/stock-market-news-live-updates-august-29-2022-114034238.html

        1. “…the 2-year Treasury yield topped 3.4%, hitting its highest level since 2007 earlier in the trading day.”

          Was there anything special about 2007 which posters should be aware of?

  29. Biden blasts MAGA philosophy as ‘semi-fascism’

    By Rebecca Shabad
    Aug. 26, 2022

    “What we’re seeing now is the beginning or the death knell of an extreme MAGA philosophy. It’s not just Trump, it’s the entire philosophy that underpins the — I’m going to say something, it’s like semi-fascism,” Biden said at the donor event.

    https://www.nbcnews.com/politics/2022-election/biden-blasts-maga-philosophy-semi-fascism-rcna44953

    It seems like Brandon’s handlers have this country living through this right now or am I missing something?

    Definition of fascism

    1 often capitalized : a political philosophy, movement, or regime (such as that of the Fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition

    https://www.merriam-webster.com/dictionary/fascism

    1. Biden blasts MAGA philosophy as ‘semi-fascism’

      Says the guy who tried to force me to get jabbed with an experimental solution, threatening to have me fired from my private sector job should I refuse to comply.

      I will never forget.

      1. The truth is these Global Money Powers took over a long time ago. Its more a matter of billions of people rejecting the forced destiny these Mega Money Powers want to impose on the masses like the Great Reset , 4th industrial revolution, One World Order, ruled by them.
        You will own nothing, eat bugs, forced medical injection, total control by technology, just forced slavery really with no choice.
        They have been setting up the final stages of this takeover for decades. They are out in the open now with their plans that nobody voted for.
        The rule of law, morality, slavery, genocide, crimes against humanity means nothing to them.Because of technology they think the bulk of humans aren’t needed anymore. They want their sustainable earth utopia where being rich gets you a ticket into Dictorship of the rest.
        They rigged systems to amass wealth and power, and they were just parasites off the backs of Government they corrupted and hard working people. They own the news.
        We the people need a great reset alright, and that would be the elimination of these Entities that are a dangerous existential threat to humans and earth.
        And the stupid people that are useful idiots to this take over don’t even realize they won’t get anything but slavery or genocide in the end.
        71/2 billion of us, low numbers of them, maybe way under one percent. About one thousand Corporations under the WEF, which includes Big Pharmacy. Rothschilds, Rockerfellers and all that old money. Outfits like the Clue of Rome and all the other fake foundations and Companies , that work in collusion on this takeover, along with the administrative state in Gov .Don’t forget any Foreign Country in on it, or the totally corrupt UN. Guys like Bill Gates, Dr Fauci, George Soros, puppet leaders etc.
        They definitely infiltrated just like a virus.

      1. As the war drew to a close and Nazi Germany faced defeat, Magda Goebbels and the Goebbels children joined him in Berlin. They moved into the underground Vorbunker, part of Hitler’s underground bunker complex, on 22 April 1945. Hitler committed suicide on 30 April. In accordance with Hitler’s will, Goebbels succeeded him as Chancellor of Germany; he served one day in this post. The following day, Goebbels and his wife committed suicide, after having poisoned their six children with cyanide.

        You’d think that maybe he might have very quietly smuggled his family out of Germany, maybe to Paraguay, when the tide first began to turn. Maybe even fake their deaths. I suppose that when that was still doable he was still convinced they would win.

        Will globalists suffer the same fate? Time will tell.

        1. I binge-watched History Channel’s Hunting Hitler a few years ago. That and other rabbit holes lead me to believe that he and Eva didn’t die in the bunker.

      2. It’s called projection and the democrats do this all the time, including saying that the republicans are the ones doing it.

          1. This is mindblowing.

            News that Trump is calling for a new 2020 election, because the FBI interfered with the 2020 election with the Hunter Biden laptop obstruction.

  30. Are you seeing this – seems to have snuck back up. 30 yr fixed is 5.95% up from 3% in the last year.

    https://www.mortgagenewsdaily.com/mortgage-rates/mnd

    Average Rates Current 1 day 1 week 1 month 1 year Low High
    30 Yr. Fixed 5.95% +0.22% +0.23% +0.82% +3.02% 2.91%
    6.28%
    15 Yr. Fixed 5.25% +0.15% +0.23% +0.80% +2.86% 2.37%
    5.45%
    30 Yr. FHA 5.30% +0.18% +0.18% +0.68% +2.65% 2.57%
    5.75%
    30 Yr. Jumbo 5.05% +0.13% +0.15% +0.48% +1.95% 3.03%
    5.25%
    5/1 ARM 5.95% +0.02% +0.08% +0.65% +3.13% 2.58%
    5.95%
    30 Yr. VA 5.35% +0.20% +0.20% +0.65% +2.58% 2.70%
    6.00%

    2. Jim Cramer expects the June market lows to hold and mark the bottom
      Published Wed, Aug 24 2022 6:46 PM EDT
      Updated Wed, Aug 24 2022 7:02 PM EDT
      Kevin Stankiewicz

      Key Points
      – CNBC’s Jim Cramer said Wednesday he believes the bear market bottom is in.
      – The “Mad Money” host said he believes Wall Street’s lows in June will be a durable floor for stocks.
      …
      https://www.cnbc.com/2022/08/24/jim-cramer-expects-the-june-market-lows-to-hold-and-mark-the-bottom.html

  33. Check out these price reductions:

    17955 Bernardo Trails Pl, San Diego, CA 92128

    Date Event Price
    8/10/2022 Price change $1,895,000 (-5%) $413/sqft
    7/19/2022 Price change $1,995,000 (-4.8%) $435/sqft
    7/2/2022 Price change $2,095,000 (-4.6%) $456/sqft
    6/15/2022 Price change $2,195,000 (-4.4%) $478/sqft
    6/6/2022 Price change $2,295,000 (-4.2%) $500/sqft
    6/1/2022 Price change $2,395,000 (-4%) $522/sqft
    5/27/2022 Listed for sale $2,495,000 $544/sqft

    17855 Bernardo Trails Pl, San Diego, CA 92128

    Date Event Price
    8/22/2022 Price change $1,600,000 (-15.8%) $614/sqft
    7/26/2022 Price change $1,900,000 (-2.6%) $729/sqft
    7/7/2022 Price change $1,950,000 (-1.5%) $749/sqft
    6/28/2022 Price change $1,980,000 (-3.4%) $760/sqft
    6/17/2022 Listed for sale $2,050,000 $787/sqft
    6/10/2022 Pending sale $2,050,000 $787/sqft
    5/26/2022 Listed for sale $2,050,000 (+78.6%) $787/sqft

  34. Market Update
    Why Buying the Dips Could Hurt Your Portfolio in a Bear Market
    Buying “late” versus “early” can lead to improved returns.
    Sandy Ward
    Aug 26, 2022

    It’s usually fashionable to be late to a party, except of course when the stock market is throwing it.

    In that case, the accepted wisdom is to arrive early before the good times get going. “Buying the dips” is standard stock market practice, referring to investors scooping up shares at perceived discounts during market swoons, in the expectation that they will resume their upward trajectories.

    But bear markets are a different sort of animal than run-of-the-mill corrections. Rallies within a bear market can often be mistaken for the beginning of a new bull run, only to reverse course and head lower. Bottoms can be easily misjudged. Buying early in such cases often amplifies losses.

    Should I Buy the Stock Dips?
    …
    https://www.morningstar.com/articles/1111480/why-buying-the-dips-could-hurt-your-portfolio-in-a-bear-market

  39. Now that’s a bad month. I guess he’s thrown in the towel the last 30 days.

    07/29/2022 Price Changed $255,000 $148 Tallahassee
    07/19/2022 Price Changed $270,000 $157 Tallahassee
    07/08/2022 Price Changed $285,000 $166 Tallahassee
    07/02/2022 Price Changed $295,000 $171 Tallahassee
    06/15/2022 Listed $299,900 $174 Tallahassee

  40. Like red hotcakes!

    08/11/2022 Price Changed $379,900 $165 Tallahassee
    07/23/2022 Price Changed $389,900 $170 Tallahassee
    07/15/2022 Price Changed $399,800 $174 Tallahassee
    07/01/2022 Price Changed $399,900 $174 Tallahassee
    06/17/2022 Price Changed $410,000 $179 Tallahassee
    06/01/2022 Price Changed $429,900 $187 Tallahassee
    05/10/2022 Listed $449,900 $196 Tallahassee

    1. “The picture at the top of this page has to be seen to be believed.”

      Disgusting. Are their parents proud?

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