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An Endless Money Pit Into Real Estate That Kills People

A weekend topic starting with Mortgage Professional America. “‘We were overpaid for a couple of years,’ said Dan Lourenco, a loan consultant at Mortgage Navigators. ‘and it was too easy. Now you have to work a little bit. This year, I’m probably down 40% from the last two years, which were crazy years.'”

From Market Watch. “A growing number of traders, academics, and bond-market gurus are worried that the $24 trillion market for U.S. Treasury debt could be headed for a crisis as the Federal Reserve kicks its ‘quantitative tightening’ into high gear this month. One particularly stark warning landed earlier this month, when Bank of America interest-rate strategist Ralph Axel warned the bank’s clients that ‘declining liquidity and resiliency of the Treasury market arguably poses one of the greatest threats to global financial stability today, potentially worse than the housing bubble of 2004-2007.'”

From Newsweek. “The CEO of private equity company Starwood Capital Group, Barry Sternlicht, has warned that the American housing market faces a major crash. He said: ‘The Consumer Price Index, the data they are looking at is old data. All they have to do is call Doug McMillon at Walmart, call any of the real estate fellas and ask what is happening to our apartment rents. The economy is braking hard, CEO confidence is also miserable. 500,000 single family home sales, new sales, is the lowest since 1952, you are going to have a major crash in the housing market.'”

“Sternlicht also said that consumer confidence was a concern. ‘Consumer confidence is terrible. Where will that show up? It will show up at Christmas,’ he said. ’20 percent of people will spend 50 percent less than they did last year. They are doing this against piling up inventory. Inventory is moving rapidly higher, companies bought goods thinking the pandemic behavior would last forever.'”

From Bisnow. “The Fed has already raised rates by 2% this year, but inflation has yet to come down. ‘Yes, this inflation report was a surprise. The increase of 75, maybe even 100 basis points, at the next meeting and then another 50 or 75 at year’s end is not completely out of the realm of what’s being expected,’ Moody’s Senior Economist and Director of Economic Research Thomas LaSilva  said. ‘For certain assets, weaker assets, ones where debt yield is already low and [landlords are] trying to refinance, this doesn’t play out very well for those.'”

“‘If you’re in real estate, you are in recession. It’s just a matter of time when it goes to financing, refinancing, restructuring. It’s going to show up,’ said Rajeev Dhawan, the director of Georgia State University’s Economic Forecasting Center. ‘The cost of doing business is going to be much higher.'”

The Hillsboro Tribune in Oregon. “Lack of buildable land, increased costs from bureaucracy and a strained supply chain. If that weren’t enough to give developers pause, add on a labor shortage. ‘It was worse with all the stimulus and unemployment kickers,’ said Harlan Borow, land development and acquisitions manager with Icon Construction. ‘Somebody calculated that if you made less than $65,000 a year it made no sense to work.'”

The Press Enterprise. “Southern California’s bosses essentially stopped hiring in August, boosting employment across the region by only 100 positions. But August’s hiring slowdown was likely more about a shortage of candidates and employers tempering expansion plans than a signal of widespread layoffs. ‘If no one wants to work, then how do you create jobs?’ asks economist Mark Schniepp of the California Economic Forecast. ‘We know there is still insatiable demand for workers. This is a slowdown in available working people — supply — rather than in demand for working people. Call out the robot army. We need them now at a restaurant and hotel near you.'”

From My Northwest on Washington. “I spent last Sunday visiting various homeless encampments in Seattle. After speaking with many living in them, most of whom were from out of state, it became clear: they’re beyond help. It’s the fault of city leadership and homeless enabling activists. The encampments I visited in SoDo were obviously filthy. Garbage and human waste festered in massive piles, with flies everywhere. The stench could make your eyes water. Used needles were strewn about and the homeless seemed not to mind because they’ve gotten used to it.”

“It’s not safe to live here. But there’s a pressure campaign to stop sweeps. Local activist groups help keep homeless encampments intact, pushing back. Tina came to Seattle from Darrington ‘to find a better life’ after a divorce. But she became addicted to heroin and her life has spiraled. She says she’s currently seeking treatment — something she’s attempted ‘several’ times before.”

“Mary from Georgia came to Seattle thinking she could find affordable housing options. She now lives with her partner and dog in a tent along a row of RVs near T-Mobile Park. ‘I heard they [the city] had better resources,’ she told me. ‘So far, I haven’t come across any. I was expecting them to have more availability, low incoming housing.’ She stays in Seattle because she says the city is ‘accepting of the tents.'”

“Believing that ‘affordable housing’ will solve their problems is, at best, naive and, at worst, delusional. It’s disturbing that activists and the city council share the opinions of the very people who are not of sound mind to come up with solutions on their own. Address the root causes and we can actually solve homelessness. Focus on ideological agendas of free housing? All it does is ensure an endless money pit into real estate that kills people indoors rather than outdoors.”

From Boise Dev. “The house next door might not be owned by your neighbor or someone who lives in Idaho at all. Last year, BoiseDev reported that as many as one in five homes in Boise are owned by someone who does not plan to live there. This matches with national real estate transfer data tracked by John Burns Real Estate Consulting, which estimates a fifth of homes sold nationwide go to investors. The percentage of investors buying homes climbs to 31% for homes priced under $200,000 nationwide.”

“Records reveal at least over 400 single-family homes in the Treasure Valley owned by investors out of state, with the vast majority held by publicly traded California-based company American Homes 4 Rent. It’s not just in Idaho, where investment companies have taken a foothold, fundamentally changing the real estate market. A months-long investigation by the Charlotte Observer unearthed the scale of Wall Street-backed firms’ real estate holdings in North Carolina earlier this year. A team of reporters uncovered 40,000 properties owned across the state by less than two dozen investment companies with deep pockets.”

“Public real estate records show American Homes 4 Rent owns 443 properties across both Ada and Canyon County, with 344 of the properties in Idaho’s largest county. Most of the homes are located in the once affordably priced outer suburbs of Kuna, Star, Meridian, and unincorporated Ada County. For example, in one Star subdivision with 214 homes, seven are owned by American Homes 4 Rent.”

The Austin Monitor in Texas. “As the city struggles to enforce short-term rental regulations, a large majority of Austin’s STRs continue to operate illegally, according to a Sept. 6. presentation from the Code Department to the City Council Housing and Planning Committee. There are anywhere between 9,000 and 11,000 STR listings in Austin, depending on the day, according to José Roig, director of the Code Department, but only around 2,000 of those are licensed.”

“Some residents say STRs are hurting their quality of life. ‘We can’t call enough for the parties, the trash, the noise, etc.,’ Deborah Blumentritt said. ‘It’s ruining our neighborhoods.’ Roig said that hosting platforms like Airbnb or Vrbo do not cooperate with the city’s enforcement efforts, and the city can only cite property owners, not the platforms. The Code Department has six officers who enforce STR regulations and handle code violations.”

The Globe and Mail. “Canadians saw their collective net worth fall by the largest amount on record in the second quarter as financial markets and residential real estate hit a rough patch, ending a streak of massive wealth generation during the previous two years of the COVID-19 pandemic.”

“Household net worth fell by $990-billion in the second quarter to $15.2-trillion, a decline of 6.1 per cent from the first quarter, Statistics Canada said Monday in a report. That was the largest decrease since at least 1990, and eclipsed a 5-per-cent fall in the third quarter of 2008, coinciding with the global financial crisis. Despite the drop, household wealth was still nearly $3-trillion higher than before the pandemic.”

“Canadians are seeing their personal finances tested as the Bank of Canada aggressively raises interest rates to slow the economy and rein in the highest inflation rates in decades. The real estate market has entered a prolonged slump of dwindling sales and prices, while employment has fallen for three consecutive months as companies taper their demand for labour.”

“This marks an abrupt shift from the euphoria that persisted for much of 2020 and 2021. After the initial shock of COVID-19, stocks and real estate went on dizzying rallies, helped by rock-bottom interest rates and government pandemic aid, both of which were needed to prevent economic collapse. With fewer options for spending, many people bought wealth-generating assets.”

“At the same time, Canadians packed on loads of debt, a perennial concern for the domestic economy. That remained the case in the second quarter of this year as households added a near record $56.3-billion in debt, taking total borrowing to $2.8-trillion, mostly in mortgages. Canadians now owe $1.82 for every dollar of disposable income, just shy of a record $1.85.”

From Mises.org. “Jay ‘The Inflation We Caused Is Transitory’ Powell finally did it. On Friday, the Fed chair finally mustered the courage to say that he is going to do the job he has been hired to do: the Fed will not ‘pivot’ to cut interest rates until inflation slows meaningfully and persistently—even if the stock, bond, and housing bear markets become much worse and the economy goes into recession. ‘Overarching focus’ means that stock prices, housing prices, employment, and economic growth are minor concerns for the Fed compared to their goal of trying to bring inflation down from the recent +8.5 percent level to their arbitrary +2 percent level (which cuts the dollar’s value by 50 percent in thirty-four years).”

“The dangers of inflation that Powell highlights are very real. Other dangers he didn’t mention include how the inflation the Fed creates also causes the boom-and-bust business cycle, destroys scarce capital resources, lowers overall living standards, and increases the size and power of the government. ‘Some pain’ means lower stock prices, lower housing prices, less wealth, more joblessness, lower living standards, more bankruptcy, more poverty, and more misery. It’s highly unusual for a politician or bureaucrat to admit they intend to cause pain.”

“The Fed continues to say they do not expect their policies to cause a recession. But remember, they recently thought inflation was ‘transitory.’ The Fed has a terrible track record of not only ‘managing’ the economy, but also forecasting the economy. Unfortunately, a recession is likely unavoidable at this point, even if the Fed started cutting interest rates right now. Keep in mind, the Fed cut interest rates all throughout the recessions of the early 2000s and 2008–09, and they were unable to prevent them.”

“The boom-and-bust business cycle is caused by the Fed and banks creating money out of thin air, which artificially lowers interest rates and leads to an economic boom. Eventually, money supply growth slows, and interest rates rise. That leads to an economic bust. As economist Ludwig von Mises summarized in his treatise Human Action: ‘The wavelike movement affecting the economic system, the recurrence of periods of boom which are followed by periods of depression is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion.'”

“The Fed is aggressively tightening monetary policy in the face of an impending recession for the first time in over forty years. The perfect storm of record-high stock market valuations and Fed tightening into a recession will likely lead to the worst stock bear market and recession since the Great Depression, when stocks fell nearly 90 percent. Now is the time to get prepared for the ‘pain’ Powell plans to inflict.”

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This Post Has 144 Comments

  1. ‘This marks an abrupt shift from the euphoria that persisted for much of 2020 and 2021. After the initial shock of COVID-19, stocks and real estate went on dizzying rallies, helped by rock-bottom interest rates and government pandemic aid, both of which were needed to prevent economic collapse’

    We now know the lockdowns killed more people than the phony CCP virus. There was no ‘need’ to do any of this, it was deliberate. Planned at the highest levels. To understand what happened, it is key to know there are communists. They want to destroy businesses. They want people getting free money from guberment which gives them more power and hurts everybody.

    This is entrenched globalism which is communistic, protects it’s actors: how else could the guvnah of New York kill thousands of elderly and not even face a hearing about it? Recall the glee these guvnahs and mayors took in wiping out businesses and individuals with arbitrary stupid ‘protocals’.

    They hate property rights, which is the basis for a free society. They want to destroy your ability to own real estate and live peacefully or rent it out. In fact hardly a day goes by without some creepy German telling us we’ll own nothing. I will never forget that Jerry the scum bag globalist Powell said ‘we’re never going back to normal’ in unison with the other central bankers and WEF dogs.

    They created this huge crisis for the purpose of exploiting it and crushing freedom around the world and taking power for themselves. Probably the biggest crime against humanity in history.

    1. “They created this huge crisis for the purpose of exploiting it and crushing freedom around the world and taking power for themselves. Probably the biggest crime against humanity in history.”

      And it was so amazingly easy to accomplish.

      1. That’s because every institution designed to protect people failed. Remember when they handed out tickets to people in their cars listening to a church service in the parking lot? Closed hospitals to people about to die in need of surgeries? Not just here or there, everywhere.

      2. They planned and prepared for this for decades.They slowly and steadily infiltrated every institution: K-12 schools, universities, the medical industrial complex, the military, the media, the boardrooms of corporations, even churches.

        And the takeover was gradual, a “frog in the boiling pot” kind of takeover.

        Take cinema. 30 years ago I used to periodically go to the movies. But looking back, I recall that there were fewer and fewer movies that didn’t leave me with a bad taste in my mouth, and that I attended less and less. I have been to see just one movie in the past 3 years, Death on the Nile, and yes, they managed to ruin Agatha Christie’s story with racial propaganda. I’m surprised they didn’t make Poirot black. Maybe in the next sequel.

        I don’t watch movies on streaming because they too are sewage. The TV hardly ever comes on at home. Maybe for a soccer match on one of the Spanish language networks, or an occasional foray into the local nightly news, to see what the propaganda du jour is.

        1. They planned and prepared for this for decades.
          I worked in the banking/mortgage industries and I noticed all the banking requirement changes after 9/11 which gave the government much more authority and control.
          I mentioned it to a fair number of people and no one cared as it really didn’t have a major impact as they already had accounts and mortgages, so no big deal if I need to have my Granddaughter’s SS# to open an account et cetera.
          Frog in in the boiling pot is a great analogy.
          Someone here posted a video maybe a year ago :
          A man lives in a society where citizens police each other with their mobile phones. | Utopia
          I sent this link to several friends and family but the usual. “MWR you are one dumb SOB” to think this can happen!
          Well, Come 2026 the starting the car analogy at the very beginning of the movie comes true. (at least for new cars.)

          1. Someone here posted a video maybe a year ago :
            A man lives in a society where citizens police each other with their mobile phones. | Utopia

            I think that was me who first mentioned the story, though someone else posted the link to the video clip.

            And yes, starting in 2026, new cars will have a tyrant controlled kill switch. And it could be hard to circumvent. The car’s ignition system could send out a ping, and wait for a response. If no response is received within a time window (say a day or two), or if a lockdown response is received, then the ignition’s computer will refuse to start the car. So disconnecting the antenna wouldn’t work. A firmware hack would be needed, and that is a lot trickier.

          3. someone else posted the link to the video clip
            ‘Twas me. I was watching the Omeleto YT channel (short films) a lot. Found out about this 👇🏻 later:
            How To Get Rich Reporting On Idling Vehicles In NYC (HBO) | Mar 30, 2019
            https://www.youtube.com/watch?v=_nRmU5Lytdc
            Law enacted Jan. 2018. I don’t think this was the video I saw on the topic. The guys filmed doing this were in it only for the money, didn’t pretend otherwise. Creeps.

        2. We have been watching only vintage movies for years now. Noir, documentaries, and other genres have thousands of movies online many times free.
          Haven’t watched TV in decades.

    2. The 2020 election was stolen.

      All the globalist propaganda and lies will never change that. There are over 80 million of us, and we are not going to let you globalist sh*tbags get away with this.

      This isn’t your country. America doesn’t belong to you.

      The only good globalist is a dead globalist ☠️

  2. ‘It’s disturbing that activists and the city council share the opinions of the very people who are not of sound mind to come up with solutions on their own’

    In pretty much every major US city, K-da too. An accident? No one could see allowing bums to sleep on the streets AND make fentanyl legal at the same time? What could go wrong? It’s only 20 times more deadly than heroin. I watched a video of a San Francisco street last night. It was like a horror movie.

    They are doing this on purpose. That’s the only conclusion, as any ‘compassion’ argument wouldn’t stand up to the record of failure and death. This is evil stuff and I don’t use that word lightly.

    1. They are doing this on purpose. That’s the only conclusion, as any ‘compassion’ argument wouldn’t stand up to the record of failure and death. This is evil stuff and I don’t use that word lightly.

      Agreed 100%. The goal is to push the US, and all the West, to collapse. Then Kreepy Klaus can usher in his Great Reset.

      1. We’re not gonna let them win.

        This isn’t Western Europe, UK, Canada, Australia, NZ or some other cuck country.

        Poke the bear and you’re gonna reap the whirlwind, globalist sh*tbags. There are millions of young male Americans who had their future stolen from them, they are p*ssed off and have nothing to lose.

        There is hope, I will not accept defeatism.

        1. The big conundrum for Klaus and Co is that Americans are still armed and unlike Euros they won’t hand in their guns just because they’ve been told to do so. That is the last part of the equation for the WEF to solve, before they can take over. For now, all they can do is sabotage the economy and champion deviancy.

          1. Went to a gun show today in Colorado Springs. Despite the Democrat-Bolshevik ban on “high capacity” magazines, they are still sold openly in El Paso country, where the Sheriff refuses to enforce the ban enacted by the Communists in the Statehouse.

    2. After the initial shock of COVID-19, stocks and real estate went on dizzying rallies, helped by rock-bottom interest rates and government pandemic aid, both of which were needed to prevent economic collapse’

      Both of which were needed, huh? What a crock of shit. If they were at all good at their jobs (we know they’re not, hence repeated biggest bubbles of all time) they’d have known ZIRPing rates and buying MBSs by the truckload would’ve led to an even bigger bubble than we already had in late 2019.

      Goddamn them for ruining this country.

    3. The precipitous deterioration of conditions in my neighborhood in San Diego in the last six months has been disturbing. There are homeless dangerous looking drug addicts wandering the streets now in packs of 5-6. I was accosted a few blocks from my house by one of them a few days ago holding a crack pipe asking where he could buy crack. There was one sprawled out on the side walk next the bank. They have been moving back into the residential areas and leaving shopping carts and garbage all over the place. I can’t believe how fast it got this bad. I was talking to a worker in the Big Lots store nearby and she had just taken a picture on her phone of crack heads in the parking lot cutting up a rock of meth or crack or whatever they were smoking. She said thefts have are out of control, people just walking into the store and walking out with stuff. I went for a walk last night and one of these crazy guys playing murder rap on a boom box passed me in the dark and put a flashlight up to his face and made some crazy weird facial expression like something out of a horror movie. Looking at the map and trying to decide where to move to..

      1. The precipitous deterioration of conditions in my neighborhood in San Diego in the last six months has been disturbing.

        All part of the plan.

      2. Right after I posted the above I walked to the store and there was a drug addict passed out on the corner at the end of my street.

      3. “I can’t believe how fast it got this bad”

        See also: Denver.

        I broke my lease and moved earlier this year because of it. A few miles can make a big difference, there are still areas that junkies can’t nod off on the sidewalk without getting rousted by police, or better yet private security, but they are hard to find.

      4. Husband just came home all PO’d about the crowd in Walgreens. Apparently they shut down the Walgreens further west (Flamingo & Maryland Pkwy.) with no warning. It is a very big store. Wouldn’t be surprised, mostly due to the area, it’s bc of shoplifting/homeless.
        A customer of the closed store was there, yelling about not getting her opioids and giving the clerk a very hard time. I think that if they are needed, opioids are delicious, but I wouldn’t be yelling in public about it. Pointless anyway, no matter how much pain she’s in, pharm tech can’t help.

  3. ‘Public real estate records show American Homes 4 Rent owns 443 properties across both Ada and Canyon County, with 344 of the properties in Idaho’s largest county. Most of the homes are located in the once affordably priced outer suburbs’

    ‘Some residents say STRs are hurting their quality of life. ‘We can’t call enough for the parties, the trash, the noise, etc.,’ Deborah Blumentritt said. ‘It’s ruining our neighborhoods.’ Roig said that hosting platforms like Airbnb or Vrbo do not cooperate with the city’s enforcement efforts, and the city can only cite property owners, not the platforms. The Code Department has six officers who enforce STR regulations and handle code violations’

    Notice the trend? Anything and everything that makes life worse and more expensive is encouraged.

    1. Corrupt city officials are in the pockets of the STR companies. The only solution is to vote out all the corrupt A-holes, then elect leadership that will hold STR companies and owners accountable for the problems they’re causing.

  4. Does a 6 percent mortgage rate seem high?

    How much higher would mortgage rates go if the Fed Funds rate went up to 5 percent?

    1. Why Deutsche thinks a Fed policy terminal rate of 5% is appropriate
      Thu, 15th Sep 2022 17:39
      Thomson Reuters

      A 5% terminal rate, or the peak for the Federal Reserve’s fed funds rate, may be required to bring inflation down, according to analysts from Deutsche Bank led by chief U.S. economist Matthew Luzzetti.

      The current fed funds rate is 2.33%, following a 75 basis-point hike in July.

      Deutsche presents two approaches on calculating the terminal rate, comparing the nominal fed funds rate and a slew of common policy rules. Both suggest that a fed funds rate at or above 4.5% is likely to be required by early next year.

      However, taking into account risk management, a rate near 5% is more likely to be appropriate, Deutsche says. The bank now sees the Fed’s policy rate peaking at 4.9% in the first quarter of 2023.

      One benchmark for how high the fed funds rate

      might need to rise to ensure sufficient tightening is to have it exceed spot year-over-year inflation, Deutsche says. Historically, this has always been met in every tightening cycle, regardless of whether inflation was high as in the 1970s, or low like during the last cycle.

      The recent upgrade to Deutsche’s inflation forecast has important implications for the appropriate peak fed funds rate. The German bank see U.S. annual core PCE inflation staying above 4.5% through year-end and into early 2023, noting that the terminal fed funds rate would need to exceed these levels.

      Deutsche then sees core PCE inflation declining to around 4.1% by mid-2023. After accounting for a slightly positive real neutral rate, a terminal rate above 4.5% is likely to be necessary.
      …
      https://www.lse.co.uk/news/why-deutsche-thinks-a-fed-policy-terminal-rate-of-5-is-appropriate-0i2248c5y5371e3.html

    2. Mortgage rates highest since 2008
      A house for sale.
      FREDERIC J. BROWN/AFP via Getty
      The Week Staff
      September 17, 2022

      Mortgage rates have climbed back up to a 14-year high, said Rob Wile at NBCNews. The average fixed rate on a 30-year mortgage hit 5.89 percent last week, the highest since 2008. After surging this spring as the Federal Reserve began raising interest rates, mortgage rates “briefly declined for a period this summer” as mortgage applications dipped. Higher mortgage rates, which have now nearly doubled since January, have significantly impacted potential homebuyers and are beginning to bite sellers, too. “For the first time in nearly 18 months, the average U.S. home sold below its asking price, according to Redfin.” The median home sale price in August was $370,000, down 6 percent from June.
      …
      https://theweek.com/business/1016715/mortgage-rates-highest-since-2008

      1. A two month decline of 6% occurs at an annualized rate of 1 – (1-0.06)^6 = 31%.

        Affordable housing prices are coming soon to a neighborhood near you!

    3. The Financial Times
      US interest rates
      US home mortgage rates top 6% for first time since 2008
      Rapid rise in cost of borrowing to put pressure on raging housing market
      At 6%, the rate on the average 30-year residential mortgage has nearly doubled since January
      Imani Moise in New York
      September 15 2022

      Average US mortgage rates have topped 6 per cent for the first time since the 2008 financial crisis, showing how the Federal Reserve’s aggressive policy of monetary tightening is ratcheting up the cost of financing the purchase of a home.

      The average 30-year fixed-rate mortgage rose to 6.02 per cent, up from 5.89 per cent a week ago and 2.86 per cent in the same week last year, according to Freddie Mac’s weekly survey. The borrowing benchmark has nearly doubled since January in the steepest and fastest increase in interest rate in more than 50 years.

      The rapid rises in mortgage rates track with the Fed’s campaign to lift its own benchmark interest rate in a drive to damp surging US inflation. Futures markets predict the central bank will raise the rate by 0.75 percentage points for the third consecutive time when it meets next week.

      Higher interest rates are typically associated with slower home price increases and home sales. Though price increases have decelerated in recent months, prices continue to grow at a double-digit pace driven by tight supply and determined buyers.

      The S&P CoreLogic Case-Shiller US national home price index rose 18 per cent in the latest reading in June, down from 19.9 per cent the month before.

      “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate,” said Sam Khater, chief economist at Freddie Mac, the government-backed mortgage group. “While home price declines will probably continue, they should not be large.”
      …

      1. “While home price declines will probably continue, they should not be large.”

        Because everyone knows that inventory cannot possibly increase?

  5. ‘Household net worth fell by $990-billion in the second quarter…That was the largest decrease since at least 1990, and eclipsed a 5-per-cent fall in the third quarter of 2008, coinciding with the global financial crisis. Despite the drop, household wealth was still nearly $3-trillion higher than before the pandemic’

    A minor respiratory illness: shazaamm, we’re all muy rico! Fake money goes poof unless it creates lasting inflation.

    From the last link:

    ‘It also reflected the Fed’s incredibly irresponsible and aggressive policy in response to covid, when it increased the monetary base by 60 percent, which helped increase the money supply by 40 percent’

    And it wasn’t just the fed, every tin pot sh$thole country did the same thing.

    1. “…it increased the monetary base by 60 percent, which helped increase the money supply by 40 percent’”

      Meanwhile production was largely shut down by Covid measures. How could anyone besides a Modern Monetary Theorist think this wouldn’t result in high inflation? What a clusterfork.

      1. How the Modern Monetary Theory Experiment Lost (Badly) to Basic Economics
        MMT may be “modern,” but it has done nothing but revive old problems.
        Thursday, September 8, 2022
        Kellen McGovern Jones

        Modern Monetary Theory (MMT) was the “Mumble Rap” of politics and economics in the late 2010s. The theory was incoherent, unsubstantial, and––before the pandemic, you could not avoid it if you wanted to.

        People across the country celebrated MMT. Alexandria Ocasio-Cortez, the Democrat Congresswoman from New York heralded MMT by proclaiming it “absolutely [must be] … a larger part of our conversation [on government spending].” The New York Times and other old-guard news sources authored countless articles raising the profile of MMT, while universities scrambled to hold guest lectures with prominent MMT economists like Dr. L. Randall Wray. Senator Bernie Sanders went as far as to hire MMT economists to his economic advisory team.

        The most fundamental principle of MMT is that our government does not have to watch its wallet like everyday Joes. MMT contends that the government can spend as much as it wants on various projects because it can always print more money to pay for its agenda.

        Soon after MMT became fashionable in the media, the once dissident economic theory leapt from being the obscure fascination of tweedy professors smoking pipes in universities to the seemingly deliberate policy of the United States government. When the Pandemic Hit, many argued that MMT was the solution to the pandemics problems. Books like The Deficit Myth by Dr. Stephanie Kelton became New York Times bestsellers, and the United States embarked on a massive spending spree without raising taxes or interest rates.

        Attempting to stop the spread of Covid, state and federal governments coordinated to shut down nearly every business in the United States. Then, following the model of MMT, the federal government decided to spend, and spend, and spend, to combat the shutdown it had just imposed. Both Republican and Democrat-controlled administrations and congresses enacted trillions of dollars in Covid spending.

        It is not hard to see that this spray and pray mentality of shooting bundles of cash into the economy and hoping it does not have any negative consequences was ripe for massive inflation from the beginning. Despite what MMT proponents may want you to believe, there is no way to abolish the laws of supply and demand. When there is a lot of something, it is less valuable. Massively increasing the supply of money in the economy will decrease the value of said money.

        MMT economists seemed woefully unaware of this reality prior to the pandemic. Lecturing at Stoney Brook University, Kelton attempted to soothe worries about inflation by explaining that (in the modern economy) the government simply instructs banks to increase the number of dollars in someone’s bank account rather than physically printing the US Dollar and putting it into circulation. Somehow–– through means that were never entirely clear–– this fact was supposed to make people feel better.

        In reality, there is no difference between changing the number in someone’s bank account or printing money. In both cases, the result is the same, the supply of money has increased. Evidence of MMTs inflationary effects are now everywhere.

        Prices are skyrocketing. The most striking monuments to the failures of MMT are the price tags on every good you pick up at the grocery store. The Consumer Price Index has recorded an 11 percent increase in the price of food and a 33 percent increase in the price of energy. Housing prices are through the roof, while every economic indicator signals that the US economy is sliding into a recession. The once “transitory” inflation has become a long-term state of malaise for the economy.

        Ironically, now that MMT has been implemented, no one wants to talk about it anymore. Since the first signs of inflation began to surface in late 2020 and early 2021, there has been a nosedive in the discussion of MMT. According to Nexis Uni, there were around 5,000 mentions of MMT in the news and academic articles et al. between 2019 and the end of 2021. This year, there have only been around 700 mentions. The economic fashion de jure has quickly become the emperor’s new clothes.
        …
        https://fee.org/articles/how-modern-monetary-theory-experiment-lost-badly-to-basic-economics/

      2. How could anyone besides a Modern Monetary Theorist think this wouldn’t result in high inflation?
        On the bright side, this theory should now permanently be banned by any and all reasonable people.

        With that said. I expect MMT to raise it’s ugly head again in the future. Hopefully I am wrong.

        1. On the bright side, this theory should now permanently be banned by any and all reasonable people.

          Unfortunately, reasonable people are not in charge of this or other countries.

    2. And it wasn’t just the fed, every tin pot sh$thole country did the same thing.

      Yup, even perma basket case Argentina was paying people to not work. Now they have 100% inflation.

  6. “28 percent of public school students who are Latino — 28 percent”

    Is that a lot?

    Remarks by President Biden at the 45th Congressional Hispanic Caucus Institute Gala to Kick Off Hispanic Heritage Month

    SEPTEMBER 16, 2022
    •
    Senator Cardona — he’ll tell you how it helped to safely reopen our schools — an absolute necessity — including 28 percent of public school students who are Latino — 28 percent. You’re all going to own the country, man. We better darn well make sure they have every opportunity they have. Not a joke. (Applause.) Imagine — imagine the opposition talking about why it’s an important — it’s critically important.

    https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/09/16/remarks-by-president-biden-at-the-45th-congressional-hispanic-caucus-institute-gala-to-kick-off-hispanic-heritage-month/

    1. You’re all going to own the country, man.

      Actually, the plan is for Klaus and his WEF cronies to own the country. The Hispanics will continue to mow lawns and hang drywall. Sure, there will be Latino mayors in some big cities, but they will all be WEF puppets.

      1. Latinos tend to be very family-oriented, which will bring them into conflict with the globalists’ pathological enmity towards the nuclear family and male patriarchs in particular.

        1. Don’t forget “Latinx” which is a word you will never hear spoken on a jobsite, because it exists only in the vocabulary of NPC Blue Checkmarks.

          I’m looking forward to someone hosting a drag queen story hour for the wrong audience and them getting dealt with like a “chomo” getting knifed in prison.

    1. Business Insider Africa
      ‘Black Swan’ author Nassim Taleb says years of zero interest rates destroyed the economic structure and created ‘tumors like bitcoin’
      Carla Mozee
      September 15, 2022 4:40 PM
      Author Nassim Nicolas Taleb.

      Years of 0% interest rates in the US damaged the economy and created bubbles like bitcoin, Nassim Taleb told CNBC on Thursday.”You’re creating bubbles, creating tumors like bitcoin,” the author of “The Black Swan” said about monetary policy.Taleb has been critical of bitcoin before, comparing the cryptocurrency to a “contagious disease.”
      …
      https://africa.businessinsider.com/markets/black-swan-author-nassim-taleb-says-years-of-zero-interest-rates-destroyed-the/1xjgtn7

  8. Emptying the Strategic Oil Reserves right before the midterms to lower gas prices while selling 7 million barrels to Hunter’s business partners in China, imagine that.

    Rep M.T. Greene Discusses Impeaching Biden Over Strategic Oil Reserves On Tucker Carlson

    Sep 17, 2022

    Rep Marjorie Taylor Greene(R-GA) appeared on Fox News’ Tucker Carlson show (09/16/22)

    alleges that Biden is selling some of our strategic oil reserves to China

    https://youtu.be/UONAHRslHgc

  9. “The perfect storm of record-high stock market valuations and Fed tightening into a recession will likely lead to the worst stock bear market and recession since the Great Depression, when stocks fell nearly 90 percent.”

    This might be a good year for bears to consider early hibernation.

  10. Oh dear….

    House prices plummet across New Zealand

    https://www.macrobusiness.com.au/2022/09/house-prices-plummet-across-new-zealand/

    This month has been an absolute shocker for New Zealand’s housing market.

    Last week, QV released its house price index for August, with values nationally plunging 5.5% over the quarter.

    Then the REINZ House Price Index suffered its largest six month decline since records began in 1992.

    Now CoreLogic has released its interactive Mapping the Market tool, which shows the “housing market downturn is in full swing” with values falling across 84% of New Zealand suburbs in the three months to August.

    Specifically, 803 of 955 suburbs nationally recorded quarterly price falls. This was led by Auckland, where 97% of suburbs (194 out of 201) declined in value.

    Commenting on the results, CoreLogic NZ’s Chief Property Economist, Kelvin Davidson, said the housing downturn has “accelerated each quarter in 2022”:

    1. Now Mr. Banker gets to foreclose all those houses, force the foreclosed to keep making payments (all loans are recourse) and make everyone a renter.

      Everything is proceeding according to the plan,

  11. Re-post from a few days ago:

    https://nypost.com/2022/09/14/facebook-spied-on-private-messages-of-americans-who-questioned-2020-election/

    A message to the globalist sh*tbags: the 2020 election was stolen, COVID vaccines are poison, replacement theory is not a theory, and there are only two genders.

    Become un-cancelable, these people have less power than you think. The imaginary power of terrorist organizations like the Southern Poverty Law Center doesn’t exist, it’s only a delusion.

    Speak publicly, and speak loudly.

    Remember, these unelected globalist bureaucrats do not have the legitimate authority to govern anything.

    1. Russia Today — Big Tech steps up censorship after Biden speech (9/16/2022):

      “YouTube, Twitch, Microsoft, as well as Facebook and Instagram’s parent firm Meta announced on Thursday that they would monitor and remove allegedly hateful and extremist content after President Joe Biden made a speech portraying white supremacy as rampant in the US.”

      https://www.rt.com/news/562947-social-media-censorship-biden-summit/

      Replacement theory is not a theory. The goal of these globalists is the extermination of whitey.

      Tucker Carlson has one of the most popular shows on TeeVee, and he is spreading the message of this known truth.

      There can be no negotiation with these Marxists, none, never. The only option is to destroy them.

      2. There can be no negotiation with these Marxists, none, never.

        Fulton Sheen said exactly this, about 70 years ago, on national TV.

  12. (Okay, how is it that none of these people could have seen this coming?)

    (Truly, a nation of dummies.)

    “Angry Customers Demand Explanation As German Energy Bills Soar”

    https://www.zerohedge.com/energy/angry-customers-demand-explanation-german-energy-bills-soar

    (snip snip)

    Utilities in Germany have had to handle a surge in customer service calls in recent weeks from clients angry or desperate about their sky-rocketing energy bills, Reuters reports.

    The biggest utility, E.ON, has ramped up its capacity to handle calls from consumers who are shocked to find just how much their energy bills have surged in recent months.

    Gas prices in Europe are very high and power prices in many countries, including Germany, have hit record levels this summer after Russia choked pipeline gas supply to Europe and shut down indefinitely the key gas export pipeline to Germany, Nord Stream, at the beginning of this month.

    “Some become aggressive out of frustration, others are in tears and need psychological support,” Ingbert Liebing, head of local utilities organization VKU, told Reuters, commenting on the spike in customer calls to utilities’ service centers.

    Apart from already high energy bills, German customers will have a surcharge as of October, as part of a government plan to implement a so-called gas levy on consumers in order to help struggling energy firms.

    Germany has recently announced it would impose a gas levy on consumers from October 1 through March 2024 as it aims to help energy providers and importers of natural gas, which are struggling with low Russian gas supply and very expensive alternatives to Russian gas. The new natural gas tax is set to cost German families, who will have to foot the bill for the tax, an extra $500 a year.

    Meanwhile, the German government is in talks with the biggest German importer of natural gas, Uniper, to potentially lift its 30% stake in the company to majority participation or to nationalize the firm. The German government agreed in July on a $15 billion bailout package to help the energy giant, which has been reeling from reduced Russian gas supply and soaring prices of non-Russian gas. Under the package, the German government bought a 30% stake in Uniper and made available further capital to help the company.

    “The deteriorating operating environment and Uniper’s financial situation have to be taken into account while Fortum, the German government and Uniper continue their discussions on a long-term solution for Uniper,” Uniper’s parent firm, Finland-based Fortum, said in a statement earlier this week.

    1. From last January …

      “Germany has shut down half of the six nuclear plants it still has in operation”

      ByFRANK JORDANS Associated Press
      January 3, 2022, 6:18 AM

      https://abcnews.go.com/International/wireStory/correction-germany-nuclear-shutdown-story-82051054

      (snip)

      BERLIN — Germany on Friday shut down half of the six nuclear plants it still has in operation, a year before the country draws the final curtain on its decades-long use of atomic power.

      The decision to phase out nuclear power and shift from fossil fuels to renewable energy was first taken by the center-left government of Gerhard Schroeder in 2002. His successor, Angela Merkel, reversed her decision to extend the lifetime of Germany’s nuclear plants in the wake of the 2011 Fukushima disaster in Japan and set 2022 as the final deadline for shutting them down.

      The three reactors now being shuttered were first powered up in the mid-1980s. Together they provided electricity to millions of German households for almost four decades.

      One of the plants — Brokdorf, located 40 kilometers (25 miles) northwest of Hamburg on the Elbe River — became a particular focus of anti-nuclear protests that were fueled by the 1986 Chernobyl catastrophe in the Soviet Union.

      The other two plants are Grohnde, 40 kilometers south of Hannover, and Gundremmingen, 80 kilometers (50 miles) west of Munich.

    2. The new natural gas tax is set to cost German families, who will have to foot the bill for the tax, an extra $500 a year.

      That’s about what my Nat Gas bill is, taxes included, for all of winter here in chilly Colorado. During the rest of the year I pay $30 a month. These chumps, who voted for Green politicos, simply can’t make the connection.

    3. Wear your cuck mask, October to April, every year for eternity.

      Germans aren’t citizens, they are slaves.

  13. Here’s your explanation, sheeple: you elected globalist Quislings, and now you’re reaping what you voted.

    Angry Customers Demand Explanation As German Energy Bills Soar

    https://oilprice.com/Latest-Energy-News/World-News/Angry-Customers-Demand-Explanation-As-German-Energy-Bills-Soar.html

    Utilities in Germany have had to handle a surge in customer service calls in recent weeks from clients angry or desperate about their sky-rocketing energy bills, Reuters reports.

    The biggest utility, E.ON, has ramped up its capacity to handle calls from consumers who are shocked to find just how much their energy bills have surged in recent months.

  14. Did Brandon just acknowledge that real inflation is running much hotter than our fake, Soviet-style CPI numbers acknowledge?

    ‘It is going to embolden unions to ask for more’: Expert warns Biden’s deal to give rail workers a 24% pay rise will lead to more huge settlements – as number of US workers on strike triples to 78,000

    https://www.dailymail.co.uk/news/article-11221531/Expert-warns-Bidens-deal-rail-workers-lead-huge-settlements.html

    Experts have warned that Joe Biden’s deal to give rail workers a pay increase to avoid major shutdowns on Friday could lead to more large settlements in the future.

    The Biden administration reached a tentative deal on Thursday to raise rail employees’ salaries by 24 percent, but labor experts say the deal could embolden future strikers.

    ‘This is a very, very contentious time,’ Michael Lotito, co-chairman of the Workplace Policy Institute at Littler, told the Wall Street Journal. ‘I think that is going to embolden unions to ask for more.’

    1. 24%, that sounds about right for the actual inflation numbers.

      So that’s what it took to keep the trains running. We’ll see what comes next.

  15. A reader sent these in:

    There are two massive misinterpretations about the Fed right now.
    A) The Fed will be happy with 3-4% inflation
    B) The Fed will hike but just until “something” breaks
    Nope.
    Regaining credibility = inflation back to 2%.
    There is no room for nuances anymore, unfortunately.

    https://twitter.com/MacroAlf/status/1570463849198796805

    Good morning from Germany, where housing mkt price rout continues. Europace House price index, which measures avg price trend for existing properties in Germany, lost 0.6% in Aug after slump in real estate mkt in Jul & is now only +0.5% ytd. 2022 could be 1st neg year since 2009.

    https://twitter.com/Schuldensuehner/status/1570656089045364737

    The Kobeissi Letter
    @KobeissiLetter
    Recent developments:

    1. Mortgage rates cross 6% for first time since 2008
    2. FedEx warns of huge slowdown in shipping
    3. Computer chip producers fall on weak demand
    4. Housing prices down 6% in 2 months
    5. Credit card debt up 30% in 4 months
    Recession is an understatement.

    https://twitter.com/KobeissiLetter/status/1570757160837189633

    1/8
    Home inventory in Boise, Orlando, Chicago, Phoenix, Boston, Minneapolis, New Orleans & Seattle. Some have cold weather, some are hot, some blue states, some red states. These houses are going to sit on the market because…common sense.

    https://twitter.com/JeffWeniger/status/1570837186588868608

    When the U.S. 30 year mortgage hit 6%, this week there was a lot of discussion over multi-decade low housing affordability. A common measure of affordability is the price to income ratio. Here’s the composite ratio for the OECD (“wealthy”) countries:

    https://twitter.com/SuburbanDrone/status/1570589648170393600

    Inventory of unsold houses is exploding across many US cities…

    The US average is up +25% YoY, admittedly from low levels, but several cities are now recording +100% YoY growth in active listings… Phoenix +177%…

    https://twitter.com/WallStreetSilv/status/1570759417687064579

    The average price of a Canadian home sold in August was $637,673, a number that has fallen by more than 20 per cent since February.

    https://twitter.com/unusual_whales/status/1570630168741564417

    “We believe the leading cause of houselessness in Oregon is cost of housing.”

    https://twitter.com/evictionlab/status/1570774608386588679

    Lots of talk again about the Fed making a policy mistake. The policy mistake was last year calling Inflation transitory. This year is the consequence of that mistake. So you cannot argue the Fed is about to make a policy mistake. It already happened over a year ago.

    https://twitter.com/biancoresearch/status/1570762354945826820

    It’s absolutely hilarious how Wall Street is panicking and warning the Fed of “over tightening” when the inflation rate is at a minimum 8.3% and interest rates at 2.5% 🤣

    https://twitter.com/TheMaverickWS/status/1570785389362941953

    Guy who takes a decade to pay back 20k of his mortgage considers a HELOC at the top. Lol dude. Lightning doesnt strike twice or whatever the saying is 😆

    https://twitter.com/NipseyHoussle/status/1570794615258882048

    Another nugget from the monthly @JBREC client webinar: Old pros and new friends on the bubbly housing markets chart.

    https://twitter.com/ALROnHousing/status/1570507320282710016

    Man its hot over here 🔥😒
    Central Florida update! Ouch how about -50% in one lump!?

    https://twitter.com/MummifiedGreg/status/1570805216035106820

  16. Now you have to work a little bit. This year, I’m probably down 40% from the last two years, which were crazy years.’”

    Well your mortgage & car payment are pegged to your earnings, so it all works out.

    Oh, wait….

        2. I read that the average new car payment is almost $800 a month.

          I was kicking around the idea of buying a V8 powered muscle car before they are all gone, which should be soon. However, the price tag, $50K+, cured me of that desire. I’ll check out the used market in a couple of years, after the crash. If I can find a clean, late model, low mileage one, for which a mechanic of my choice gives two thumbs up, then maybe I’ll pay $20K. Maybe.

  17. “A growing number of traders, academics, and bond-market gurus are worried that the $24 trillion market for U.S. Treasury debt could be headed for a crisis as the Federal Reserve kicks its ‘quantitative tightening’ into high gear this month.

    What kind of idiot “investor” is going to buy U.S. debt that’s going to be inflated away by the Fed?

    1. a “crisis” is now (well has been since at least 08) having to pay market price for a security instead of what they have it marked at.

  18. Every time a mindless suburban libtard in a Democrat-Bolshevik malgoverned sh*t-hole comes face to face with what they’ve been voting for, an angel gets its wings.

    Moment terrified Portland mom finds homeless person in her child’s BED and calls cops – but woke DA lets intruder go the very next day with bail set at $0

    https://www.dailymail.co.uk/news/article-11221529/Portland-mother-finds-homeless-woman-KIDS-BED-startled-intruder-throws-ottomon-homeowner.html

    A Portland, Oregon mother who found a homeless woman in her son’s bed was blindsided a second time when the city’s woke district attorney let the intruder go within 24 hours.

    Kelsey Smith, from Northeast Portland, first knew something was amiss when she heard her dogs barking in a bedroom and went to investigate. She initially thought her husband was playing a prank on her, but within moments quickly realized someone had broken into her home to hide out.

    1. Keep all windows and doors locked at all times, especially if you live in Portlandia. And don’t vote for the Soros backed DA.

  19. Yellen the Felon & BlackRock Jay better hope their globalist oligarch accomplices who have been the sole beneficiaries of the Fed’s “No Billionaire Left Behind” monetary policies save them seats on their Gulfstreams when they wing off to New Zealand to escape the pitchforks & torches.

    How the Mega-Rich Plan to Outsmart Doomsday

    https://nextbigideaclub.com/magazine/mega-rich-plan-outsmart-doomsday-podcast/35998/

    Have you ever found yourself sitting around a table at a luxury resort with five mega-rich strangers who want to know where you think they should build their doomsday bunkers? Absurd as it may sound, that actually happened to media theorist Douglas Rushkoff. Today on the show he explains why the 0.01 percent are obsessed with escaping climate change, global pandemics, political upheaval…and us.

    1. There might be pitchforks awaiting them in New Zealand.

      I read that the market for private islands is huge right now, as they are quietly being snapped up by the rich who are building landing strips and mansion/bunker combos on them.

      Per the article the biggest headache for the rich is finding competent security for the island that won’t betray them when the sh!t hits the fan. The rich are allowing the security personnel to bring their families to the islands, but are still unsure that their guards won’t turn on them. According to a security consultant quoted in the article, this is their biggest fear.

      1. “are still unsure that their guards won’t turn on them”

        The Polynesians were crossing the Pacific Ocean thousands of years ago with no technology.

        If the Deplorables of the 22nd century have to cross the ocean in a post collapse world to hunt these globalists down and kill them, that’s what will happen.

      2. Per the article the biggest headache for the rich is finding competent security for the island that won’t betray them when the sh!t hits the fan.

        Most of the high-end private security firms recruit heavily from veterans who formerly served in elite U.S. special operations forces – where disdain for the elites, and anger over what they’ve done to this country, runs highest. When it all comes crashing down, I doubt that many members of these private security details are going to take a bullet for sociopathic oligarchs they privately detest.

        1. If the bodyguards bring their families to the island, they have an incentive to keep the island isolated and safe. But that doesn’t mean they won’t off the globalists who hired them and throw them into a mass grave.

  20. Re-post from a few weeks ago. How is this allowed to happen in Texas, of all places?

    Heavily armed Antifa militants ‘stand guard’ outside Texas ‘kid friendly’ drag show:

    “In response, Antifa organized its members to support the drag event. According to The Post Millennial’s editor-at-large Andy Ngo “The local chapter of the John Brown Gun Club, an #Antifa militia linked to domestic terrorism, led the call to direct action.”

    Kris Cruz from Blaze TV reported that Antifa militants armed with AR-15s acted as “bodyguards” and escorted attendees to their vehicles. He added that Antifa and the staff worked together to provide “protection” for attendees.”

    https://thepostmillennial.com/breaking-heavily-armed-antifa-militants-stand-guard-outside-texas-kid-friendly-drag-show

    And remember, when you buy a house, your property taxes are paying to promote this grooming in the public schools.

  21. ‘If no one wants to work, then how do you create jobs?’ asks economist Mark Schniepp of the California Economic Forecast.

    “Nobody wants to work anymore” is deliberately obtuse. What nobody wants anymore is to work in understaffed, overburdened, underpaid positions so 2 dozen rapacious oligarchs can get richer.

    1. Most of the people in all of those tents would be working and not spiraling into addiction if an entry level job could actually get them off the street but it wont in most cities. The reality is that there are lots of full time workers living in cars. Meanwhile Brandon is flooding the country with millions more people in need of cheap housing and not one libtard sees a problem unless they are airdropped into Martha’s Vineyard. Only then is it a humanitarian crisis requiring the National Guard to resolve. Liberals suck.

    2. nobody wants to work for “free”. It’s so funny how supply and demand are always used to explain why the price of widgets go up and down, but labor is somehow totally immune to this. Don’t have enough workers? pay more or STFU.

  22. Bitchute
    Rumble
    Odysee

    The Gateway Pundit
    Revolver News
    Breitbart (sometimes)
    Post Millennial
    Andy Ngo
    Epoch Times
    No New Normal

    Those are just a few sources you should be watching and reading. I would include 4chan too but it is overrun with paid shills.

    Get off the globalist media plantation, there’s nothing stopping you from getting real information that isn’t censored through a globalist filter.

    These sources aren’t afraid to name the names, and in your personal communication with people that you know, neither should you be.

    Weimar America ends when we end it.

    1. “Those are just a few sources you should be watching and reading.”
      May I add Dave at X22report.com . The most comprehensive and accurate breakdown of what’s really happening in my opinion. He posts a chock full report 6 days a week.

  23. A few cultural enrichment sessions in Democrat-Bolshevik malgoverned cities can potentially undo years of globalist brainwashing in our NEA indoctrination mills.

    Two NYU students groped within 10 minutes as citywide rapes surge 10 percent

    https://nypost.com/2022/09/17/two-nyu-students-groped-within-10-minutes-as-citywide-rapes-surge/

    Two NYU students were groped within 10 minutes of each other while walking through Washington Square Park this week, the school’s security team reported in a campus safety alert.

    In the first incident, a twisted assailant grabbed the butt of a student at around 8:30 p.m. Monday. The second student was grabbed on the thigh, the school said.

    The creep pulled down one of the victim’s shorts as she ran away, said NYPD officials who confirmed the Monday night incidents in the neighborhood’s 6th Precinct.

  24. Those of you who were having flashbacks to Fall 2008 last week might find the article I am about to post interesting.

    1. The Collapse of Lehman Brothers: A Case Study
      By Nick Lioudis
      Updated January 30, 2021
      Reviewed by Margaret James
      Fact checked by Michael Logan

      Lehman Brothers filed for bankruptcy on September 15, 2008.1 Hundreds of employees, mostly dressed in business suits, left the bank’s offices one by one with boxes in their hands. It was a somber reminder that nothing is forever—even in the richness of the financial and investment world.

      At the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.

      In this article, we examine the events that led to the collapse Lehman Brothers.
      …
      https://www.investopedia.com/articles/economics/09/lehman-brothers-collapse.asp

  25. https://twitter.com/dfwaaronlayman/status/1571155616906854400?cxt=HHwWgIC-ibLt7s0rAAAA

    Aaron Layman @dfwaaronlayman

    “I want to be very clear—market shift does not mean that we are in a downturn, and it doesn’t mean that Central Texas home values have been overvalued”

    LOL! 🤣🤣🤣

    Inventory up 170%, highest since 2018.
    Median prices down $54,000 from the May peak.

    https://www.abor.com/august-2022-central-texas-housing-market-report
    August 2022 Central Texas Housing Market Report

    “Normal price growth and increasing inventory contribute to Austin-Round Rock MSA housing market’s continued stabilization”

    —

    – Look. The simple fact is that the Fed has blown another housing bubble. This was intentional as part of their “wealth effect.” This bubble is all inclusive as “The Everything Bubble,” aka “The Central Bank Bubble,” the Mother of All Bubbles (MOAB). But, not to worry, we’ve been assured of a “soft landing” this time.

    —

    https://economicprism.com/central-planners-of-the-world-unite/
    Central Planners of the World, Unite!
    Posted on September 16, 2022 by MN Gordon

    “According to the Bureau of Labor Statistics, consumer price inflation, as measured by the consumer price index (CPI), increased at an “official” annualized rate of 8.3 percent in August.”

    “This exceeded Wall Street’s consensus expectations of 8.1 percent.  What’s more, it crushed investor hopes a ‘Powell pivot’ would come sooner rather than later.  On Tuesday, the Dow Jones Industrial Average (DJIA) crashed 1,276 points on the news.”

    “Powell, a central planner, wants consumer price inflation to be about 2 percent.  Instead, he’s got something that’s over 400 percent higher.  What’s going on?”

    “If you want to understand what’s up with raging consumer price inflation and Fed monetary policy, you must understand this.  Right now, in the United States as in most of the world, we have a scam currency that’s controlled by central planners.  Specifically, we have what Karl Marx envisioned in Plank No. 5 of his Communist Manifesto:“

    “No. 5.  Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”

    “The Federal Reserve System, created by the Federal Reserve Act of Congress in 1913, is indeed a privately owned ‘national bank.’  It also holds a monopoly on legal counterfeiting in the United States.
    Without the Fed’s policies of mass credit creation, it would have been impossible for the U.S. government to run up a $30.8 trillion national debt.  Without the Fed’s printing press money, the U.S. government never could have run annual trillion-dollar budget deficits for a better part of the last decade and a half.  Without the Fed’s fake money there would not be over 100 million people dependent upon the U.S. government for their daily bread.“

    “This is the miracle of centralized credit.”

    “Cradle to Grave Control”

    “The fact is centralized credit in the hands of a central bank always leads to money supply inflation.  Asset price inflation and consumer price inflation then follow in strange and unpredictable ways.”

    “These price distortions are not defects of capitalism.  They’re symptoms of a scam currency managed by central planners.  So, too, today’s burgeoning energy and food supply shortages are the creation of central planners.“

    2. If your supply chain is dependent on European suppliers, you might want to find an alternate source, immediately.

    3. 978.000 €

      Something tells me that this business will be soon closing its doors.

      All is proceeding as planned. The Jab will cull untold millions more and there will be industrial and societal collapse in Europe.

      I keep getting online ads for Viking River Cruises. Typically, they cruise at night, arriving at the next “port of call” before breakfast. Imagine waking up to find the city where you docked is rioting and on fire and the crew has abandoned the boat. That said, all crew and passengers have to be jabbed, so with no passengers and no crew, the cruises might just get cancelled altogether.

  27. How long can Yellen the Felon keep denying that we’re in an economic recession?

    Imports to Los Angeles, America’s largest port, plunged 17% in August

    https://www.freightwaves.com/news/container-imports-to-los-angeles-port-plunged-17-in-august

    LA lost cargo to East, Gulf Coast ports — and Long Beach next door

    The Port of Los Angeles, the highest-volume container gateway in America, is diverging from the nationwide trend. U.S. container imports remain close to record highs, yet imports to LA are falling double digits.

    On Thursday, the Port of Los Angeles reported total throughput of 805,672 twenty-foot equivalent units in August, down 15.5% year on year (y/y). Imports came in at 404,313 TEUs, exports at 100,484 TEUs and empties at 300,875 TEUs.

    Imports were down big, sinking 16.8% y/y and 16.7% compared to July.

    1. Everything is proceeding according to the plan. Next step in Oz: mass foreclosures as interest rates and monthly nuts on existing mortgages continue to climb. Those campgrounds are going to get very crowded.

  30. Las Vegas Housing Market
    Sep 16, 2022 The numbers for August are in. We had more homes for sale than our highest number back in November of 2014. We had fewer homes being sold as well. How long will inventory continue to rise? And as expected, 🏡💰home prices fell again but are still higher than year-end & a year ago. Buyer’s market is in full swing but what does this mean for your situation.

    https://www.youtube.com/watch?v=Z7I0Xxsmftc

    1:46.

      2. Slow motion collapses are very hard for MSM reporters to detect. For one thing, they tend not to use math to see how short term price movements would look over a longer period. Secondly it may not make their bosses happy to read a report that housing prices are dropping like a turd in a well.

    2. I have seen 3 houses pop up in my very small market (100 +/- homes for sale) in the past 2 weeks saying “as is, no repairs will be done” and priced very low. (dunno if low enough). Makes me think people are trying to get out before it all collapses. “just make it go away”. Or flippers that want out because there’s no point in putting money into it. It’s definitely a trend and it’s recent.

    3. Falling housing price reports in the comments section of these youtube channels are wildly popular…. In particular falling price reports on Florida.

  35. Prices Fall AGAIN in Boise Idaho Housing Market September 2022 |
    Sep 16, 2022 The Boise Idaho Housing market fell AGAIN in September 2022. Find out everything you need to know about what is happening in the Boise Idaho Housing market and find out whether or not the sky really is falling so you have the best information to make decisions for yourself.

    https://www.youtube.com/watch?v=a8JFbPkw2KQ

    15:34.

    1. “…find out whether or not the sky really is falling…”

      I’m sure used home sellers will eagerly alert their clients if this happens.

    2. It’s funny, after a few bus loads to Chicago, Beetlejuice now claims that it is a ‘national problem that requires a national solution’. Yesterday downtown Chicago was a traffic jam with a sea of Mexican flags as they celebrated Mexican Independence Day. Apparently the cognitive dissonance is finally starting to register with even some of the most retarded liberals.

      1. How are they convincing illegals to board those buses? Are they bribing them? Promises that the sanctuary cities will welcome them with open arms?

        I think a steady flow of buses into Martha’s Vineyard or some other liberal enclave, say one every 15 minutes, chock full of illegals, would be awesome.

        1. They want the illegal labor, but only as much as they need. These people don’t plan on staying in south Texas. Pay is too low.

  37. Nicely produced 60 Minutes propaganda piece but it’s hard to believe anyone would believe a man who continuously shakes hands with invisible people and wanders aimlessly around a stage trying to remember how he got to the podium negotiated a deal to avert a national railroad strike.

    President Joe Biden on averting railroad strike | 60 Minutes

    Sep 16, 2022 “If, in fact, they’d gone on a strike… We would’ve seen a real economic crisis.”

    President Joe Biden tells 60 Minutes what went into the deal that stopped a nationwide railroad strike. See the full interview, Sunday.

    https://youtu.be/tmAkDw-_yIo

    1. President Joe Biden tells 60 Minutes what went into the deal that stopped a nationwide railroad strike.

      “We gave them everything they wanted.”

  38. The statement “until inflation slows meaningfully” only means prices will still keep going up albeit maybe at a slower rate which does not achieve a damn thing. What is needed is prices to come sharply down, i.e., deflate, crash, nosedive to correct the damage done by the Fed’s policy (idiocy) . . .

  39. A federal appeals court in New Orleans has ruled in favor of a Texas law that seeks to rein in the power of social media companies like Facebook and Twitter to censor free speech.

    The decision by the 5th U.S. Circuit Court of Appeals in New Orleans (pdf), handed down on Sept. 16, upholds the constitutionality of a Texas law signed by Gov. Greg Abbott last year and delivers a victory to Republicans in their fight against big tech censorship of conservative viewpoints.

    “Today we reject the idea that corporations have a freewheeling First Amendment right to censor what people say,” U.S. Circuit Court Judge Andrew Oldham wrote in the opinion.

    “Because the district court held otherwise, we reverse its injunction and remand for further proceedings,” Oldham added, setting the stage for a showdown in the U.S. Supreme Court.

    “The platforms argue that buried somewhere in the person’s enumerated right to free speech lies a corporation’s unenumerated right to muzzle speech,” Oldham wrote in the opinion.

    He said the implications of the big tech platforms’ argument are “staggering” as they would allow entities like social media companies, banks, and mobile phone companies to cancel the accounts of people who express views or spend money in support of political parties or views such corporations oppose.

    Oldham also said that the protections sought by platforms in challenging the Texas law would allow them to win a dominant market position by attracting users with misleadings claim of being champions of free speech but later cracking down on expression.

    Texas Attorney General Ken Paxton, who has been a staunch backer of the law, hailed the court’s decision in a statement on social media. “I just secured a MASSIVE victory for the constitution & Free speech in fed court #BigTech CANNOT censor the political voices of ANY texan!” he wrote on Twitter.

    https://www.theepochtimes.com/court-rules-against-social-media-companies-in-free-speech-censorship-fight_4737140.html

  40. Latest example of price peaking still.
    8018 Basilica Ln, Winter Garden, FL 34787Est. $461,100

    3bed
    2.5bath
    1,860sqft1,860 square feet
    2,751sqft lot2,751 square foot lot
    Property History
    Price History
    Date Event Price Price/Sq Ft Source
    09/16/2022 Sold $451,000 $242 StellarMLS
    07/20/2022 Listed $465,000 $250 StellarMLS
    10/29/2021 Listing Removed $1,900 $1 StellarMLS
    10/29/2021 Listing Removed $1,950 $1 StellarMLS
    08/05/2020 Sold $268,790 $145 Public Record

  42. Second example for West Orlando:
    15345 Johns Lake Pointe Blvd, Winter Garden, FL 34787
    Price History
    Date Event Price Price/Sq Ft Source
    09/15/2022 Sold $1,175,000 $253 StellarMLS
    06/24/2022 Price Changed $1,175,000 $253 StellarMLS
    06/06/2022 Listed $1,250,000 $284 StellarMLS
    02/12/2021 Sold $650,000 $140 StellarMLS

  45. Lots of Lauren Boebert campaign signs in rural Southern Colorado.

    “This is Boebert Country” is my favorite one. People from Denver who venture there and see them should feel unwelcome, but the best part about that is that they can’t vote against her because they don’t live in her district. They can only seethe and post angry tweets and Reddit posts.

  46. The Financial Times
    FT-IGM Survey US interest rates
    Fed to keep interest rates above 4% beyond 2023, economists predict
    FT-IGM Survey forecasts central bank will prolong its aggressive campaign against decades-high inflation.
    The Federal Reserve building
    The Fed has this year raised interest rates at the most aggressive pace since 1981.
    Colby Smith in Washington and Caitlin Gilbert in New York 5 hours ago

    The US central bank will lift its benchmark policy rate above 4 per cent and hold it there beyond 2023 in its bid to stamp out high inflation, according to the majority of leading academic economists polled by the Financial Times.

    The latest survey, conducted in partnership with the Initiative on Global Markets at the University of Chicago’s Booth School of Business, suggests the Federal Reserve is a long way from ending its campaign to tighten monetary policy. It has already raised interest rates this year at the most aggressive pace since 1981.

    Hovering near zero as recently as March, the federal funds rate now sits between 2.25 per cent and 2.50 per cent. The Federal Open Market Committee gathers again on Tuesday for a two-day policy meeting, at which officials are expected to implement a third consecutive 0.75 percentage point rate rise. That move will hoist the rate to a new target range of 3 per cent to 3.25 per cent.

    Nearly 70 per cent of the 44 economists surveyed between September 13 and 15 believe the fed funds rate of this tightening cycle will peak between 4 per cent and 5 per cent, with 20 per cent of the view that it will need to pass that level.

    “The FOMC has still not come to terms with how high they need to raise rates,” said Eric Swanson, a professor at the University of California, Irvine, who foresees the fed funds rate eventually topping out between 5 and 6 per cent. “If the Fed wants to slow the economy now, they need to raise the funds rate above [core] inflation.”
    …

    1. ‘If the Fed wants to slow the economy now, they need to raise the funds rate above [core] inflation’

      Wa?

      1. As I understand the argument, if the nominal rate is below the inflation rate, then the real rate is negative, according to the Fisher Equation:

        R = N – I,

        where R = real rate, N = nominal rate, and I = inflation rate.

        So long as R is negative, there is no incentive to save and invest money in interest bearing savings, as doing so is a recipe for steadily losing real wealth to inflation. Hence people are incentivized to gamble in Ponzi assets, like Bitcoin, or borrow to purchase real assets like houses as an inflation hedge rather than as a place to live in, as many investors are doing these days, letting foolish creditors eat the inflation.

        The Fed’s risk asset purchase subsidy is alive and well at current interest rate levels, but they seem determined to gradually smother it with rate increases.

  47. As economist Ludwig von Mises summarized in his treatise Human Action: ‘The wavelike movement affecting the economic system, the recurrence of periods of boom which are followed by periods of depression is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion.’

    1. If true, then a really ginormous wave may soon roll in as a consequence of thirteen straight years of rate suppression through Quantitative Easing (2009-2022).

    2. September 17th 2022, 2:22 pm

      “It’s not just America’s sovereignty that’s on the chopping block, it’s sovereignty over the world,” Logan told Bannon. “It’s just that this is the place that is the light and the guide for the whole world. And so this is the country that has to fall first in order for the other countries to fall.”

      Logan went on to explain that a high-level source within the globalist “cult” at the United Nations told her that the plan involves bringing in 100 million people into the U.S. to then justify combining Canada, Mexico, and the U.S. into one governmental entity.

      “And what I learned from a source, who is a very unique source, having infiltrated the Globalist ‘cult’ at the UN level is that he was in high-level meetings that required a number of security clearances where they actually discussed the plan to bring 100 million people into the United States, in order to pave the way for a regional government of US, Canada and Mexico,” Logan said.

      “And that was to bring in 100 million people from Latin American countries, together with a strategy of creating these cartels, making life unbearable. It’s called the ‘Push-Pull Strategy,’ where they push people out of these countries, where it’s unbearable living like this and they pull them into the United States.”

      She continued, “And then, once you’ve reached that critical number of over a hundred million in this invasion, they will then propose, ‘Well, for your family and friends back home, who need ease of travel, they need a better life and so on and so on – we can do all this better with a regional government than we can with a US Government.’ And they will have enough critical mass inside the country in order to effect that policy.”

      That’s the Globalist plan that we’re working towards. But what we’re already doing is that we’re living under their policy, where they’ve made the right to migrate a ‘human right,’ recognized by the UN in 2018 and that now supersedes our sovereign rights, thanks to the Biden administration and the open border ideologues who are in this government, who were never asked, to be honest, about their strategy on the campaign trail, who have bypassed the legislature and are implementing a strategy and a policy that, not only did no Americans vote for it, because they weren’t given the opportunity but most Americans don’t support.

      These claims corroborate a now-deleted UN strategy document from 2001 called, “Replacement Migration: Is It a Solution to Declining and Ageing Populations?” that outlines a plan to flood America with 600 million migrants by 2050.

      So far, over 5 million illegal aliens have poured into the U.S. since Joe Biden took the White House nearly two years ago.

      https://www.infowars.com/posts/lara-logan-bidens-invasion-of-southern-border-part-of-plan-for-global-government/

      1. “…100 million people from Latin American countries…”

        That’s a lot of Democrat votes. The country would resemble one-party California.

      2. Biden WAS asked on the campaign trail and he was very clear on numerous occasions about what he planned to do. NONE OF THIS IS A SURPRISE to anyone paying attention. He even said he wanted a surge at the border during one of the debates. At other times he said he wanted an unending stream of immigration from south of the border. He has been very clear on this and his actions are also very clear. Everything that is happening is planned. (except for Martha’s Vineyard) They need to start bussing them to The White House and to Biden’s beach house in Delaware. Drop 10,000 of them on his lawn.

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