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The Values Tick Down, That Changes The Appraisal On The Next Contract, And Little By Little Each Property Starts Coming In Lower

A report from NBC News. “‘It’s gonna be tough, layoffs are a common occurrence right now. We’ve had a frenzy and it’s come to a screeching halt,’ said Linda McCoy, who runs a mortgage business in Mobile, Alabama. ‘It’s going to be tough for those people that got in the business in the last two years that don’t have a following already. I feel sorry for those people in a way because it looked like the best thing that ever happened to you.'”

“Myiesha Lacy, who has worked in the real estate finance industry for 20 years and was recently laid off from her job at Sprout Mortgage when it went out of business, said the recent boom and bust in her industry is reminiscent of the housing crash that began in 2007. ‘Business was great, it was just how it was before in 2006, that’s how busy it got. But now it just came to almost a screeching halt,’ Lacy said. ‘Beginning of the year, I started seeing those signs, and it was like, oh god, here it comes again.'”

Yahoo Finance. “‘June is when many builders will tell you they have seen an inflection in the housing market,’ Deepa Raghavan, senior equity analyst at Wells Fargo Securities, told Yahoo Finance. ‘Their metrics started going down from June. What we will tell you is July and August, those metrics actually took a turn for the worse. In talking to people on the field, it feels like cancellation rates have spiked tremendously.'”

The Sun Sentinel. “The median sale price of homes in South Florida started to soften this summer, another sign that the market is rebalancing after a year of frenzied growth. ‘The craziness we saw in 2021 when supply was obliterated and just at all time record lows, we knew that kind of market was not going to sustain itself,’ said Bonnie Heatzig, executive director of luxury sales at Douglas Elliman.”

“In Palm Beach County, the median sale price for August was $565,000, a decrease from July’s median sale price of $600,000. It was similar in Broward County, where the median sale price of a single-family home was $562,500, a decrease from the previous month sale price of $600,000. In Miami-Dade County, the median sale price for a home was $551,250, a decrease from the median sale price in July of $570,000.”

“‘We are seeing prices soften,’ said Whitney Dutton, with the Dutton Group in Fort Lauderdale. ‘We are seeing sellers make adjustments down to new appraisals and we are seeing negotiations on appraisals. As you are looking for homes and the values tick down one sale at a time, that changes the appraisal on the next contract, and little by little each property starts coming in lower. We are having properties fall out of contract due to buyers not being able to get financing because their pre-approvals were done a year ago.'”

“Active listings rose 63.1% in Palm Beach County when compared to the year before, while they rose 46.7% in Broward County. In Miami-Dade County, they rose 26%. ‘There’s just so much more supply, so the buyers have a lot more choice. And when they have more choice they are slower to make an offer, so we’re seeing homes sitting on the market a little bit longer,’ said Patty Da Silva, broker with Green Realty Properties in Cooper City. ‘They’re taking more time to make an offer and they are being more diligent in their process.'”

The Marin Independent Journal in California. “The median price of a detached home in Marin County dipped to $1.7 million last month as the market heads into an autumn of economic uncertainty. The figure is a decline from $1.8 million in July and no change from the prior August, according to the county assessor’s office. Sales fell from 277 in August 2021 to 192 last month, a decline of 44%. Scott Woods, a real estate agent for Compass, said the market is ‘definitely adjusting.  ‘Sellers, if they’re smart, are having to adjust their expectations and price closer to where they’re going to sell,’ said Woods, who has been an agent for 14 years. ‘The values are still hanging in there, but activity is dropping. Things are sitting on the market for a while.'”

“Marin’s median price has increased 42% in just five years, rising from $1.2 million in August 2017. It broke through the $2 million threshold in April and May this year before drifting back down. ‘There’s no reason to believe that we’re going to see the same or similar contraction we did in 2006 to 2009,’ said Robert Eyler, chief economist for Marin Economic Forum. ‘We should not expect a 35-40% decline that we saw in the Great Recession.'”

The San Francisco Chronicle in California. “Uncertainty continues to plague the Bay Area real estate market in the midst of another federal interest rate hike and an ongoing stock market slump. ‘We’re obviously going through some sort of market correction,’ said Compass chief market analyst Patrick Carlisle. ‘… It may be the market will slow down and adjust, but there’s no economic indications now that there will be anything like the crash we saw in 2008.'”

The Arizona Daily Sun. “Tad Moore has been a realtor in northern Arizona for the past 16 years and has lived in the city his whole life. The market is ‘volatile,’ he said in a late-June interview, ‘especially over the past couple of months.’ He said it shifted toward a more balanced market over the summer, though there’s still competition for houses priced under $500,000 or over $900,000. ‘But everything in the middle is just kind of squeezed, I think, because of interest rates,’ he said.”

“Pre-pandemic, Flagstaff’s housing market was still booming, Moore said. The city had been hit by the national recession in 2008, but not as hard as other areas, and had mostly returned to normal by 2011 or 2012. After that, it continued to appreciate through the start of 2020. ‘Things were on a nice trajectory. It wasn’t as crazy as it was, but it was sort of more normalized,’ Moore said of Flagstaff’s pre-pandemic market.”

“Flagstaff’s 10-year housing plans states that, since 2011, the median sales price of house in the city for has risen 119%, in which time the Area Median Income (AMI) only increased 16%. A 2019 Daily Sun article noted a new high in median sales prices in the first half of that year — $416,000, which is about $200,000 less than the median price of $620,000 reported this June by the Northern Arizona Association of Realtors. NAAR data (Moore is the association’s current president) has the median sales price at $664,500 in May 2022, down from a peak of $681,208 in April (it had been rising since the start of 2022).”

The Denton Record Chronicle in Texas. “Nominal Denton home prices remained near record highs with the median home price at $410,000. If you look behind the curtain, Denton home prices are still falling. Median price per square foot peaked in May, and it has continued to fall. The median price of a Denton County home fell for the third consecutive month, sliding to $460,000 in August. The average price of a Denton County home has fallen roughly $43,000 from the peak in May. The first 10 days of September show another big drop in average home prices. Average percent of list for homes in the area dropped to 98.6% in August. The crazy bidding wars for homes are now history.”

“A recent survey from John Burns Consulting showed the cancellation rate for Texas home builders at 31% in August. Some prospective buyers have started to question the value of getting less home for more money. For those who missed the Great Recession and the last housing bust, one of the easiest ways to lose money in real estate is paying too much for a new home. This is particularly true in North Texas, where land is plentiful and prices were grossly distorted during the pandemic.”

“Few institutions do failing upward as well as the Federal Reserve. It’s rather frustrating to see the Federal Reserve turn the housing market into a yo-yo. For nearly two years solid, the Fed fanned the flames of inflation, pouring $120 billion per month into the financial system to ignite asset prices. Home prices and rents responded accordingly, ramping to record highs.”

“It should come as no surprise that the Federal Reserve found time to add 50 additional ‘other officers’ to the ranks of overemployed public relations staff earning an average of $261,000 per year. The Fed’s 2021 Annual Report shows there are now 1,833 placeholders banking double six figures at the Fed. They are just part of the 20,000-plus bloated Fed system staff devouring over $2.5 billion per year in compensation. Monetizing debt and facilitating wealth and income inequality pay pretty well.”

“In the real economy, people’s lives get crushed. Families are priced out of the housing market, and thousands more go homeless and hungry. Thousands of mortgage and real estate workers have already lost their jobs this year. Thousands more will become unemployed as the Fed’s quantitative tightening exercise works to stabilize the serial mismanagement of the U.S. financial system.”

The Globe and Mail in Canada. “3 Market St., No. 637, Toronto. Asking price: $1,325,000 (August, 2022). Selling price: $1,295,000 (August, 2022). ‘We weren’t expecting 20 to 30 showings, but the right people were coming by to take a look,’ said agent Christopher Bibby. ‘We priced it in a way we had a negotiation buffer built in, and given all the dynamics of the market … with rate hikes and all the things going on in the world, now is not time to overthink the process and get greedy.'”

From Blog TO in Canada. “In the GTA as a whole, prices have fallen 11 per cent since February – a trend that 46 Teddington Park Avenue has been part of. Back in September 2021, this five bedroom, nine bathroom luxury home was listed for $15,880,000. It sat on the market for a year, slowly dropping its price from almost $16 million to $14,980,000.  And then in Sepetember 2022 it was relisted for just $12,995,000. Not that nearly $13 million is a steal for a house, but that’s almost a $3 million price-drop in one year. You could buy another entire house and then some for that discount. And this home is still likely to go for well below listing price.”

From Extra in Ireland. “The property ‘frenzy’ is over and the Dublin housing market is cooling off as the rising cost of living diverts people’s savings. A fortnight ago, another property report found that house prices have finally topped their Celtic Tiger record – 15 years after they peaked, in April 2007. The average price is now €342,915, up almost €3,000 from the previous highest point. The report found that landlords are continuing to flee the market, as the cost of keeping property has become too high.”

“DNG chief executive Keith Lowe said this exodus is putting more pressure on those seeking rental accommodation. ‘Our analysis shows that outside Dublin, almost 30% of all houses currently advertised for sale throughout our nationwide network are former buy-to-let properties, while in Dublin the figure is 23%. This is putting further pressure on the rental sector,’ said Mr Lowe. He also said the stabilisation in prices is, in part, because of an increase in supply in the second-hand market, with 25% more resale properties available to buy now in Dublin compared to a year ago.”

“One west Dublin-based estate agent, who asked not to be named, said: ‘A huge number of landlords are fleeing the market. It’s just not worth it anymore. They are very heavily taxed and there is a tremendous amount of red tape and they have to pay for the upkeep of the rental property. Many feel that a bad tenant cannot be removed and it’s just not worth the hassle.’”

“The property agent said a softening in property prices is ‘probably welcome’ as it is bringing market stability. ‘Nobody wants to see the Celtic Tiger boom and bust returning. Everyone wants a stable market,’ he added.”

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This Post Has 156 Comments

  1. ‘The median price of a detached home in Marin County dipped to $1.7 million last month…Marin’s median price has increased 42% in just five years, rising from $1.2 million in August 2017. It broke through the $2 million threshold in April and May this year before drifting back down’

    This writer is a bit deceptive, but no matter. There is something I want to point out that I haven’t raised in a while cuz I don’t like to argue: way back in the day, 2007 or 2008, I noticed the media and REIC start to attempt to change history on what was happening. Despite the defaults by 2009 showing 95%+ being prime, they started chanting in unison: it was the bad subprime loans that caused the crater. The obvious implication was there was nothing wrong with the prices.

    It is key to understand why we are here. If prices hit 600k in Flagstaff, the little town is just ‘catching up to Vancouver’ or some such nonsense. Most people in Flagstaff will drag their broke a$$ out of town before too long. It’s price and income that matter. If the REIC is handing out 600k loans to people there it must be mortgage/appraisal fraud.

    It’s like so much of discussion these day: the PTB define the boundaries, and we are left to mentally jump the hoops of this contrived reality. Prices can be a million per shack and all is well as long as there are no negatively amortizing loans!

    Uh, nope. It’s the prices dumb a$$. If you can loan 600k in a place with 30-40k in income, that’s a bubble. And now we see that everywhere coming unglued. Proof? A couple of tiny interest rate increases and the whole country is taking a price sh$t.

    So I’m not doing the subprime debate thing cuz that’s yer fake reality.

    1. they started chanting in unison

      These YT videos finally allow us to see and hear the mockingbird aspect of this. Before now, a realtor spoke in relative isolation so you wouldn’t know s/he was a myopic mockingbird moron.

    4. “Despite the defaults by 2009 showing 95%+ being prime, they started chanting in unison: it was the bad subprime loans that caused the crater. The obvious implication was there was nothing wrong with the prices.”

      Even John Paulson, who of all people should know better, has bought into this nonsense (or is perhaps still loading up on short bets and doesn’t want to spook the herd)

      from Bloomberg, “John Paulson on Frothy US Housing Market: This Time Is Different”

      “…the banking system and the housing market are much different today than in ‘06 and ‘07. The underlying quality of the mortgages today is far superior. You don’t even have any subprime mortgages in the market … And the FICO scores are very, very high. The average is like 760. And the subprime, they were averaging 580-620 with no down payment. So in that period, there was no down payments, no credit checks, very high leverage. And it’s just the opposite of what’s happening today. So you don’t have the degree of poor credit quality in mortgages that you did at that time.”

  2. ‘The craziness we saw in 2021 when supply was obliterated and just at all time record lows, we knew that kind of market was not going to sustain itself’

    I mentioned earlier that when south Florida join the crater, it’s all gonna blow. If you have never driven around down there you may not know how freaking big the place is. Notice they are not saying one little town full of nothing but alligators is down. It’s Miami COUNTY, Dade, Broward, etc, entire counties of towns and big cities. That’s a lot of shacks. Like with ‘Phoenix is down.’ That’s 17 cities. How many cities are in ‘north Texas’ anymore?

    1. I hope you’re right. I’ve lived in central Florida my whole life and I am absolutely sick to death of listening to people gloat over what they can sell their properties for when they know they aren’t worth the price. My husband makes six figures, and we when we weigh the rising cost of living and the insane home prices we literally can’t afford a house. We can’t even afford to move to another rental because to move to another rental would cost us about 60% of our income just for housing. It’s disgusting.

  3. ‘There’s no reason to believe that we’re going to see the same or similar contraction we did in 2006 to 2009…We should not expect a 35-40% decline that we saw in the Great Recession’

    ‘there’s no economic indications now that there will be anything like the crash we saw in 2008′

    Here’s a couple of indications Pat: you and Bob have yer heads up yer a$$es. But here’s one more from the real world:

    ‘We are seeing sellers make adjustments down to new appraisals and we are seeing negotiations on appraisals. As you are looking for homes and the values tick down one sale at a time, that changes the appraisal on the next contract, and little by little each property starts coming in lower. We are having properties fall out of contract due to buyers not being able to get financing’

    1. “negotiations on appraisals”? Freud·i·an slip? You don’t negotiate appraisals…..unless you do. And having been in the industry and seen it happen that’s exactly what they do. And there’s your fraud. Appraisals come back to the loan officer processing the deal and when the number on the appraisal is deal-killer you call the appraiser and tighten the screws. And since the appraiser doesn’t want to lose the pipeline that’s been feeding him work, he or she goes back to their desk and starts getting creative. And there are all sorts of tricks these guys can do to manipulate comps to massage the numbers. Sometimes the underwriters on the wholesaler buying the loan catch it, most times they don’t. Most times they don’t want to catch it. I could go on and on. It is a busted system.

      1. Remove the federal government’s mortgage guarantees, and this appraisal fraud and lending above 3x buyer’s income would disappear overnight.

      2. It’s ridiculous. The appraisals (esp on the upswing) are all EXACTLY what the purchase price. Not one dollar more or less and never an odd number ($267,384). And it’s certainly not arm’s length with either realtor suggesting/hiring the appraisal. It’s a complete waste of money for the bank because it’s not doing what it’s supposed to do (protect the bank’s interest) it’s just another arms length transaction that allows the bank to blame someone else.

    2. The indications that I’m seeing would seem to suggest that things will be a lot worse than the last time. Most of these people commenting really have no clue, they are just used to faking it. At least this time around when things get really bad they can just go get another booster and maybe they’ll clot before they get curbed. Is that too harsh?

      1. It’s probably unfair to expect anyone from Marin to have a firm grasp on reality. People like George Lucas live there. Their fantasies pay very well and they have no need for petty real world grievances. A realtor opinion from Marin is probably about as trustworthy as information you might pick up in a Star Wars bar.

      2. When you have a family and you want to have your kids it’s hard to not feel this sort of anger. Harsh? Maybe, but I feel the same way. Is it wrong to feel that way, probably. But then again it’s wrong to rip people off when all they want is a place to raise their family.

    1. The term for this is “abomination.”

      The people who are promoting this are majority non Christians.

      You’d have to be blind (or hopelessly blue pilled) to not notice the patterns.

      Weimar America ends when we end it, on our terms.

  5. Ben, when looking at the housing market, we need to rely less on what the data says, and more on our feelings. Suzanne assures me of this, and she’s very intuitive.

  6. Follow the money.

    Biden’s CDC Awarded Millions In Tax Dollars To Soros-Funded Nonprofit Suing DeSantis Over Martha’s Vineyard Flights

    https://dailycaller.com/2022/09/23/bidens-cdc-soros-funded-nonprofit-suing-desantis-marthas-vineyard/

    President Joe Biden’s Centers for Disease Control and Prevention (CDC) awarded millions in tax dollars to a George Soros-backed nonprofit that’s suing Florida Gov. Ron DeSantis and other officials after the state flew illegal migrants to Martha’s Vineyard, Massachusetts.

    Alianza Americas is “focused on improving the quality of life of all people in the U.S.-Mexico-Central America migration corridor.” The membership-based group, which Soros’ Open Society Foundations network (OSF) sent almost $1.4 million to between 2016 and 2020, was awarded a $7.5 million CDC grant in February 2021, according to a grant listing reviewed by the Daily Caller News Foundation.

    1. George Soros has a pathological hatred of white Europeans, white Americans, and Christianity.

      Replacement theory is not a theory.

      Naming.

      Name the names.

  7. ‘Business was great, it was just how it was before in 2006, that’s how busy it got. But now it just came to almost a screeching halt,’ Lacy said.

    Gosh, it’s almost like nobody learned anything from the implosion of Housing Bubble 1.0.

      1. That’s really good. That’s going to become one of my favorites down there with “the truth is like poetry, people hate poetry. “

  8. A reader sent these in:

    Jeremy Siegel of the Wharton School ripping apart Powell and the Fed…

    “They Know Nothing” 2.0

    https://twitter.com/Stephen_Geiger/status/1573376154521817088

    The error was easy money for well over a decade and not allowing natural business cycles to play out

    FXHedge
    Sep 24
    WHARTON’S JEREMY SIEGEL ACCUSES FED OF MAKING ONE OF THE BIGGEST POLICY MISTAKES IN ITS 110-YEAR HISTORY: DJ

    https://twitter.com/AvidCommentator/status/1573543684066275329

    Luxury-Home Purchases Plummet 28%, the Biggest Drop on Record – Redfin

    https://twitter.com/C_Barraud/status/1572929254161272832

    The Kobeissi Letter

    Housing market update:

    1. Fed literally said housing prices will fall

    2. Luxury home sales down 28%, biggest drop ever

    3. Average mortgage hits 6.3%, highest since 2008

    4. Home sales down 7 straight months

    5. New listings at lowest since 2020

    This is more than a recession.

    https://twitter.com/KobeissiLetter/status/1573686191097946112

    Mark Zandi

    How bad the housing correction gets, largely depends on how high mortgage rates go. Fixed rates are currently near 6.5%, more than double what they were a year ago when they were hovering near a record low. This has been a massive blow to affordability and the housing market.

    https://twitter.com/Markzandi/status/1573718020270292994

    Thoughts and prayers for RE sponsors who entered Phoenix, Vegas, etc. with max leverage bridge debt over the past year.

    https://twitter.com/Keith_Wasserman/status/1573692431861620737

    Ali Wolf

    Toured a master planned community in Southern California. 25 new homes were sold over the past month, 22 of which came from one builder. That one builder dropped prices 10%+ in the month. Other builders in the community are now following suit.

    https://twitter.com/AliWolfEcon/status/1573762463929053184

    We just need this to last another 12-18 months 🙂

    https://twitter.com/GRomePow/status/1573740138844168197

    I’ll take “Why can’t young people afford homes for $1000 Alex”

    https://twitter.com/GRomePow/status/1573769342520463360

    Lance Lambert

    On a year-over-year basis, Boise home values are down 3%.

    https://mobile.twitter.com/NewsLambert/status/1573432943829307392

    Some saying that housing prices won’t go down b/c those w/ 3% mortgages won’t sell, so inventory will be tight. This ignores that housing is priced at the margin. You only need 1 house in your neighborhood to sell at a discount to bring the mkt val of ALL houses on the block down.

    https://twitter.com/menlobear/status/1573337409244131328

    Will somebody tell this idiot he can’t move or sell? He has golden handcuffs but nobody told him. If he really does have to move (he should just decline the new job because of his low interest rate) then surely he should keep it as a rental. Which would be passive income.

    https://twitter.com/NipseyHoussle/status/1573728027862786049

    This is truly a remarkable headline. 18 months ago, I don’t think any housing analyst predicted that we’d have 18 months of homes selling above list price. The market truly shocked to the upside. Will it also shock to the downside?

    https://twitter.com/texasrunnerDFW/status/1573714652416167936

    I remember when people said the Fed would do one & be done

    When a major Aussie bank said the RBA would stop at 1.6%

    When market pricing for a 2.5% cash rate was considered absurd.

    All were wrong.

    I don’t pretend to know where rate rises end, but best to keep an open mind.

    https://twitter.com/AvidCommentator/status/1573491405351026688

    1. I want to say something about Siegel’s rant: Jerry said ‘we have to get real rates into positive territory. They’re in positive territory, for every maturity.’

      That’s a huge lie Jeremy. Not one maturity is positive. Wharton school sux in 2006 and they sux now.

      1. ‘The error was easy money for well over a decade and not allowing natural business cycles to play out’

        Another falsehood: there is no ‘natural’ business cycle. We never had one until the central bank was created.

  9. “The median price of a detached home in Marin County dipped to $1.7 million last month as the market heads into an autumn of economic uncertainty.

    One thing that’s quite certain: the Democrat-Bolsheviks in the California Statehouse and the Comrades of Proven Worth (D) who exert one-party control over nearly every municipality in the People’s Republic of California are going to keep imposing their Communist diktats, and by every measure California’s sorry decline is only going to accelerate.

    1. Speaking of, where’s the 20% price drop in Manteca? Or Fresno, or Modesto or Stockton? The crater went straight to the heart of the big cities.

      It is different this time.

      1. Manteca home prices have increased by 7X since 1989…hip hip, hooray!

        Based on figures in the article I am about to post, the annualized rate of increase has been (700/110)^(1/33)-1 = 5.8%. owning California real estate certainly is a no-lose gamble!

        1. LATHROP: HOME OF THE $1M+ NEW TRACT HOMES
          Lathrop celebrating 23rd anniversary of incorporation today
          lathroo 1M home
          This 2,786 square-foot new home with four bedrooms and three bathrooms on Garden Farm Avenue in Lathrop is now in escrow for for $1,012,420
          DENNIS WYATT
          The Bulletin
          Published: Jul 1, 2022, 1:21 AM

          Lathrop — the youngest city in San Joaquin County — is now the proverbial million dollar baby when it comes to new home sales.

          As the city celebrates its 23rd year of incorporation today, three new tract homes in excess of $1 million are in escrow.

          The homes — in the 3000 block of Garden Farms Avenue in the 15,001-home planned River Islands community — have pending contracts.

          It means Lathrop is the second city in San Joaquin County to have new tract homes — as opposed to custom homes — on traditional sized city lots commanding seven figure prices. The first was Tracy.

          The three homes range in size from 2,786 square feet with four bedrooms and three bathrooms for $1,012,420 to 3,176 square feet with five bedrooms and 4.5 bathrooms for $1,074,217.

          It’s unlikely anyone that voted for the official incorporation that happened in 1989 with 6,841 residents envisioned what is taking place today.

          Back then Lathrop was a mixture of older homes with several modern-style subdivisions. The median resale price of existing homes was just under $110,000.

          Today the median piece of existing homes sold on the resale market is closing in on $700,000.

          There was nothing except for farmhouses west of Interstate 5.
          …
          https://www.mantecabulletin.com/news/local-news/lathrop-home-1m-new-tract-homes/

          1. July 2022 must have been near the bubble peak for this cycle. It seems like most of the initial shocked MSM real estate reports showed up this summer, reporting falling prices for the first time for the May-June period.

  10. For nearly two years solid, the Fed fanned the flames of inflation, pouring $120 billion per month into the financial system to ignite asset prices. Home prices and rents responded accordingly, ramping to record highs.”

    Jerome Powell – we print money – 60 minutes interview

    https://www.youtube.com/watch?v=lK_rYS8L3kI

  13. Globalist propaganda outlets are stepping up their systemic removal and marginalization of white males, especially those who remember better days. Forward, Soviet!

    ‘I was sacked because I’m 65 and I’m a white male’: Former BBC presenter Mark Lawrenson takes a swipe at the ‘woke’ broadcaster after more than 30 years of working as a pundit… as he claims they are ‘terrified of upsetting anyone’

    https://www.dailymail.co.uk/sport/sportsnews/article-11246783/I-sacked-Im-65-Im-white-male-Former-presenter-Mark-Lawrenson-hits-BBC.html

  14. Oh dear…are even “woke” young people in commie-run NYC fed up with corrupt booze hag Nancy Pelosi and the crony-capitalist wing of the Democrat-Bolshevik Party?

    Nancy Pelosi, 82, is savagely booed during appearance at NYC’s Global Citizen music festival in Central Park – after schmoozing backstage with A-listers and drunk-driver husband Paul

    https://www.dailymail.co.uk/news/article-11247827/Nancy-Pelosi-BOOED-surprise-visit-New-York-City-festival.html

    House Speaker Nancy Pelosi was booed on stage during a surprise appearance at a New York City climate changemusic festival.

    Pelosi, 82, was attending the Global Citizen’s music festival in Central Park on Saturday night with her husband, Paul, when Indian actress Priyanka Chopra Jonas invited the Democrat on stage.

    As the House Speaker discussed plans in Congress to cut carbon emissions, members of the audience could be heard booing Pelosi.

    2. Says it’s ‘unfair to make them take a risk’ after data suggested shot was not as effective as first batch

      How can it be less effective than zero, unless it further destroys your immune system?

  17. What a charade these Stalinist show trials have turned into. I can only imagine how radicalized these J6 defendants are going to be by the time our corrupt, politicized, Bolshevik-subverted “Justice” system is through with them.

    Fair Trials Are Impossible for January 6 Defendants

    https://amgreatness.com/2022/09/24/fair-trials-are-impossible-for-january-6-defendants/

    Judges on the D.C. District Court have denied every change of venue motion, absurdly insisting residents of a city that voted 93 percent for Joe Biden in 2020 can be fair and impartial.

  19. An interesting read from a conservative inside the crocodiles mouth at the echo chamber that is Harvard.

    Fifteen Questions: Harvey Mansfield on Ideological Diversity, Trumpism, and his Signature Fedora.

    One of the University’s most prominent conservative faculty members sat down with Fifteen Minutes to discuss political polarization on campus. “The Harvard Commencement is something like the Democratic National Convention,” he says. “And that’s a hell of a way to run a university.”

    https://www.thecrimson.com/article/2022/9/9/harvey-mansfield-political-polarization/

    1. Since when is being pro traditional family and not kowtowing to abortionists Open Borders and the LGBTQxyz crowd make one a Fascist?

      1. Become un-cancelable, and you can speak the truth.

        I’m not even religious, but I will defend the rights of Christians against the globalists who want to destroy them.

        And a reminder, the Southern Poverty Law Center and Anti Defamation League do not have authority to govern anything.

        Don’t be a coward. Start naming the names.

      2. make one a Fascist?

        It doesn’t. It’s called “projection”. Like when you want honest elections the crooks in office call you a “threat to Democracy”.

          2. ad hominem

            That’s used by anyone who can’t argue on the merits, which necessarily includes the left.

  22. Report: FBI SWAT Raids Home of Catholic Pro-Life Activist as ‘Screaming’ Children Watch

    PAUL BOIS
    24 Sep 2022

    Speaking with LifeSiteNews, Houck’s wife, Ryan-Marie, said that around 25 to 30 fully-armored FBI agents stormed their property early Friday morning, aiming their rifles as the children screamed in horror.

    “They started pounding on the door and yelling for us to open it,” Ryan-Marie said of the raid.

    Prior to opening the door, Mark allegedly tried to reason with the agents to calm them down for the sake of his children. “Please, I’m going to open the door, but, please, my children are in the home. I have seven babies in the house,” Houck allegedly told the agents.

    The FBI agents allegedly “just kept pounding and screaming,” according to Ryan-Marie.

    “They had big, huge rifles pointed at Mark and pointed at me and kind of pointed throughout the house,” Ryan-Marie said of the moment that her husband opened the door for the agents.

    “Our staircase is open, so [the kids] were all at the top of the stairs which faces the front door, and I was on the stairs as well, coming down,” she said. “The kids were all just screaming. It was all just very scary and traumatic.”

    Ryan-Marie then demanded that the agents present an arrest warrant before taking her husband, but they allegedly said that they would “take him whether they had a warrant or not.”

    According to Ryan-Marie, the charges were from an incident in which he shoved a pro-abortion activist who had been harassing his 12-year-old son in front of an abortion clinic during one of his sidewalk counseling sessions. The charges were reportedly “thrown out of the District Court in Philadelphia” earlier this year only to later be picked up by Merrick Garland’s Department of Justice. Per LifeSiteNews:

    On several occasions when Mark went to sidewalk counsel last year, he took his eldest son, who was only 12 at the time, she explained. For “weeks and weeks,” a “pro-abortion protester” would speak to the boy saying “crude … inappropriate and disgusting things,” such as “you’re dad’s a fag,” and other statements that were too vulgar for her to convey.

    Repeatedly, Mark would tell this pro-abortion man that he did not have permission to speak to his son and please refrain from doing so. And “he kept doing it and kind of came into [the son’s] personal space” obscenely ridiculing his father. At this point, “Mark shoved him away from his child, and the guy fell back.”

    “He didn’t have any injuries or anything, but he tried to sue Mark,” and the case was thrown out of court in the early summer.

    https://www.breitbart.com/politics/2022/09/24/report-fbi-swat-raids-home-of-catholic-pro-life-activist-as-screaming-children-watch/

    1. The Financial Times
      International Monetary Fund
      IMF bailouts hit record high as global economic outlook worsens
      Fund hands out $140bn in loans as interest rate rises push up countries’ borrowing costs
      IMF managing director Kristalina Georgieva meets Argentina’s economy minister Sergio Massa. Argentina is set to receive $3.9bn from the IMF in the next few weeks
      Jonathan Wheatley in London
      2 hours ago

      The IMF’s lending to economically troubled countries has hit a record high as the world’s lender of last resort battles simultaneous crises that have pushed at least five countries into default, with more expected to follow.

      The pandemic, Russia’s attack on Ukraine and a sharp rise in global interest rates have forced dozens of countries to seek IMF assistance. A Financial Times analysis of IMF data shows that at the end of August the volume of loans disbursed by the fund amounted to $140bn in 44 separate programmes.

      The figure, which is expected to grow further in the coming months as borrowing costs soar, is already higher than the amount of credit outstanding at the end of 2020 and 2021, when levels reached record annual highs.

      Experts predict that further large rate rises by major market central banks will push up borrowing costs around the world and risk triggering a severe recession. Some analysts say the IMF’s lending capacity could soon be stretched to its limits, as poor countries which are locked out of international debt market are forced to turn to the fund for support.

      The IMF’s total commitments, including loans agreed but not yet disbursed, already stand at more than $268bn.

      Kevin Gallagher of Boston University’s Global Development Policy Center warned that “only so many countries” could receive IMF support without “snapping the IMF balance sheet”.
      …

    1. Buying the Stock-Market Dip Is Backfiring This Year

      Share prices continue to plunge, denting a strategy that soared in popularity over the past decade
      You may also like
      Four Key Market Metrics That Signal Investors Are Prepping for Recession
      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 in investments. Illustration: David Fang
      By Gunjan Banerji
      Sept. 25, 2022 5:30 am ET

      It is the worst year for buying the stock-market dip since the 1930s.

      Instead of rebounding after a tumble, stocks have continued to fall, burning investors who stepped in to buy shares on sale. The S&P 500 has dropped 1.2% on average this year in the week after a one-day loss of at least 1%, according to Dow Jones Market Data. That is the biggest such decline since…

      1. That’s how bear markets work. Long slow grinding affairs that have lower highs and lower lows and take the most possible participants with them.

    2. Investing
      Is ‘Buy the Dip’ Dead? Investors Are Avoiding the Popular Strategy This Year
      Author: Mallika Mitra
      Published: Sep 09, 2022 5 min read
      Illustration of many dollars riding the stock market dip but possibly getting burned in the process
      Rangely Garcia for Money
      A super popular investing strategy is having a bad year.

      “Buy the dip” has become a go-to move for many investors over the last few years, especially those into trendy investments like cryptocurrency and meme stocks. The strategy entails buying an asset like a stock or crypto after its price experiences a temporary drop and, in theory, benefiting when the price rises.

      While the move has recently inspired memes and TikToks, it’s not new. The strategy has long attracted attention from investors who aren’t necessarily paying attention to the latest hot stocks or trends — even those who invest in the market more broadly.

      But many of the dip-buyers appear to have disappeared this year as the market has performed poorly after big one-day moves, according to analysts at Bespoke Investment Group.

      “One-day rallies have seen no further upside momentum, while ‘buy the dip’ after big down days has been replaced with ‘sell the dip,'” the Bespoke analysts wrote in a note to clients Thursday.

      How stocks are performing after dips

      This has been a volatile year for stocks, with the S&P 500 starting 2022 on a high, entering a bear market in June, rallying over the summer, then recently giving up much of those gains. The index — which is commonly used as a benchmark to measure how U.S. stocks are doing overall — has experienced 42 one-day declines of at least 1% and 40 one-day gains of at least 1% this year, according to Bespoke.

      But for the most part, investors aren’t buying the dip after those one-day drops. So far, the index has averaged a further decline of 0.45% on the day after a dip of at least 1% — next-day weakness that it hasn’t experienced following big one-day drops since 1987 (which is skewed by a crash in stocks in October of that year), the analysts wrote.
      …
      https://money.com/buy-the-dip-investing-strategy-dead/

    3. Yahoo
      TipRanks
      ‘It’s Time to Buy on the Dip’: Cathie Wood Snaps Up These 2 Stocks Under $10
      Thu, September 22, 2022 at 8:03 AM·7 min read
      In this article:

      On Wednesday, the Fed bumped up interest rates again, its third 75-basis point hike since June, and signaled that there could be two more such hikes by the end of this year. The conventional wisdom has the Fed acting properly, and aggressively, in an attempt to counter inflation raging at 40-year high levels. But conventional wisdom isn’t always right – and we can learn a lot by consulting the contrarians.

      Few top investors are more contrarian than Cathie Wood. The founder and manager of ARK Invest has a reputation for going all-in on high-risk, high-potential sectors, with a focus on disruptive technologies. Her strategy built ARK Invest into a $60 billion giant – but some of her flagship funds have badly underperformed in recent months.
      …
      https://finance.yahoo.com/news/time-buy-dip-cathie-wood-150336723.html

    5. If the stock market keeps dipping deeper and deeper into the CR8R, will long-term Treasury yields keep climbing as well?

      1. Inverted Yield Curve: What Is It and How Will it Affect the Markets Going Forward?
        Here’s what you need to know.
        Written by Tom Graff
        September 22nd, 2022
        5 Minute Read

        Key Takeaways
        – The U.S. Treasury bond market is currently “inverted” meaning that shorter-term bond actually has a higher yield than a longer-term bond.
        – Historically, the yield curve became inverted ahead of every recession over the last 40 years.
        – Really, the curve isn’t “predicting” a recession; it is anticipating Fed rate cuts in the future.
        …
        https://facetwealth.com/article/inverted-yield-curve-what-is-it-and-how-will-it-affect-the-markets-going-forward/

    6. Treasurys
      Fed Rate Decision Sends U.S. Treasury Yields in Different Directions
      Investors increased their forecasts for interest rates over the near term but downgraded them over the longer term
      The Federal Reserve raised rates by 0.75 percentage point and signaled additional large increases were likely at coming meetings.
      Photo: Kevin Dietsch/Getty Images
      By Sam Goldfarb
      Updated Sept. 21, 2022 6:51 pm ET

      Shorter-term Treasury yields ticked higher while longer-term yields fell Wednesday after the Federal Reserve signaled interest rates will likely climb more this year than many investors had expected.

      In a volatile hour of trading, Treasury yields–which rise when bond prices fall–initially climbed broadly after the Fed released its interest-rate forecast. They then fell as Fed Chairman Jerome Powell delivered a more nuanced view of the outlook for interest rates and the economy, emphasizing the Fed’s commitment to fighting inflation but also noting that the pace of future rate increases would depend on incoming economic data.
      …
      https://www.wsj.com/articles/u-s-treasury-yields-steady-ahead-of-fed-decision-11663770829

    7. Yahoo
      Yahoo Finance
      The Fed-induced sell-off may not be over: What to know this week
      Alexandra Semenova
      Sun, September 25, 2022 at 9:38 AM·7 min read

      The S&P 500 could retest its June low in the week ahead as equity markets endure a brutal bout of selling spurred by fears the Federal Reserve’s inflation fight may cause a recession.

      A move by the U.S. central bank to lift interest rates by 75 basis points for a third straight time on Wednesday while signaling more sizable hikes was likely to renewed worries among investors that a hard landing is coming — particularly as monetary policymakers around the globe followed suit in recent days.

      “The chances of a soft landing are likely to diminish,” Fed Chair Jerome Powell said in a speech following the policy announcement. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be.”
      …
      https://finance.yahoo.com/news/stock-market-week-ahead-federal-reserve-meeting-rate-hike-september-163807190.html

      1. Markets
        The Trader
        September Was Bad for Investors. October Could Be Worse.
        By Nicholas Jasinski
        Sept. 23, 2022 7:57 pm ET

        It’s a bumpy, volatile, no good, very bad market out there. Stocks, bonds, commodities, currencies, and futures have been moving violently from day to day—and there’s probably more whiplash ahead

        The S&P 500 (SPX –1.72%) index fell to a three-month low this week, down 4.6%. Growth stocks were hardest hit as the Nasdaq Composite (COMP –1.80%) slid 5.1%. The Dow Jones Industrial Average (DJIA –1.62%) finished the week down 4.0%—its lowest close of 2022 and on the cusp of a bear market, down 19.6% from its all-time high.
        …
        https://www.barrons.com/articles/september-was-bad-for-investors-october-could-be-worse-51663977447

        1. That’s kind of what I was getting at.

          I had a flashback to September 2008 a couple of weeks ago during the 1200 point meltdown on the Dow. The collapses of Lehman Brothers, Fannie Mae and Freddie Mac all started at roughly the same time of year.

          But those events turned out to merely be the warmup act for Wall Street to go into full meltdown mode in October 2008. Hold onto your seats!

    9. Is your portfolio positioned to withstand a further 30 percent drop in stock prices? Or do you prefer to maintain the “sitting duck” position which financial planners routinely recommend to their clients?

      1. The University of Southern Mississippi
        USM Home/News/2022/USM Finance Professor Offers Perspective on Stock Market’s Instability
        Fri, 09/23/2022 – 11:13am | By: Van Arnold

        The U.S. stock market has taken investors on quite a roller coaster ride thus far in 2022 with no obvious end to the unnerving experience in sight. Dr. Srinidhi Kanuri, Associate Professor of Finance at The University of Southern Mississippi (USM), urges patience during these volatile times on Wall Street.
        …
        Will the stock market continue a steady decline well into 2023? Kanuri offered two examples to highlight the market’s historic resilience.

        – During the October 2007 – March 2009 financial crisis, the S&P 500 lost nearly 56% of its total value.
        …
        – Similarly, the S&P 500 lost about -49% of its total value when the dot-com bubble burst (March 2000 – October 2002).
        …
        https://www.usm.edu/news/2022/release/stock-market-instability.php

    10. Dow plunges to its lowest level since 2020 to end another dismal week
      By David Goldman, CNN Business
      Updated 4:16 PM EDT, Fri September 23, 2022
      Is a recession coming? Look to corporate earnings

      New York CNN Business —

      US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession.

      The Dow (INDU) closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P 500 (SPX) and the Nasdaq (COMP) Composite were down 1.7% and 1.8%, respectively.

      The Dow fell by more than 800 points at one point, falling more than 20% from its record close of 36,799.65 set on January 4, and entering bear territory.

      The S&P 500 remains in bear territory.

      “We are now in another downswing in the ongoing bear market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “This year, there have been four drops and three rallies—and we are down quite a bit. That doesn’t feel good.”

      This is a fourth negative day in a row for the major indexes and their fifth decline in the last six weeks.

      Investors don’t have many places to make money at the moment: In addition to sinking stocks, the bond market is also selling off, sending US Treasury yields soaring to 11-year highs in recent days. The 10-year yield fell back a bit Friday but remains near 3.7%, and the 2-year yield is above 4.1%. That’s a much better return than you can get with stocks these days, so high bond yields are adding pressure on the stock market.

      Wall Street also remains concerned that the Fed’s rate-hiking plan could continue to increase borrowing costs, hurting the corporate profits that support their stock prices. And if the Fed is serious about slowing the economy down to gain control of runaway inflation, a recession could cause some real pain for consumers who buy the products that publicly traded companies make.
      …
      https://www.cnn.com/2022/09/23/investing/dow-stock-market-today/index.html

    11. Updated Mon, Sep 26 2022 2:14 AM EDT
      Korea’s Kospi tumbles 3%; Asia-Pacific markets drop as negative sentiment remains
      Abigail Ng
      This is CNBC’s live blog covering Asia-Pacific markets.
      The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020.
      Kiyoshi Ota | Bloomberg | Getty Images

      Shares in the Asia-Pacific mostly fell sharply on Monday as negative sentiment continues to weigh in on markets.

      The Nikkei 225 in Japan dropped 2.56%, and the Topix also slipped 2.59%. South Korea’s Kospi tumbled 3.2% and the Kosdaq plunged more than 5%.

      In Australia, the S&P/ASX 200 declined 1.21%. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.46% lower.

      Hong Kong’s Hang Seng Index fell 0.38%, erasing eralier gains, with the Hang Seng Tech Index bucking the trend and rising by 1.79%. In mainland China, the Shanghai Composite fell 0.2% and the Shenzhen Component was up 0.647%.
      …
      https://www.cnbc.com/2022/09/26/asia-markets-stocks-economic-data-currencies-oil.html

    1. “Home prices in DFW have softened, but sales are decreasing”

      This is exactly what an undergraduate economics supply-and-demand analysis predicts:. When demand shifts downwards, prices and transactions both fall.

      What undergraduate economics analysis cannot predict is what all the homeowners and investors who recently bought are going to do when they find themselves highly leveraged and deeply underwater. This more interesting chapter will play out over the next few years.

  28. What kind of name is Merrick Garland?

    Merrick sounds Irish, and Garland sounds vaguely Anglo. Which is misleading, because his grandfather picked “Garland” out of a hat at Ellis Island a hundred years ago.

    He is anti Christian, anti white, and anti American, and it’s time for all of us to start speaking louder and more publicly.

    This isn’t your country.

  29. Christian Nationalist Homeland.

    Three words you will be hearing more often, because that is what will replace Weimar America.

    1. (Raises hand) What if you still believe in Constitutional rights like free speech, freedom of assembly, and the right to worship or not worship as you see fit? Seems to me the people pushing for a “Christian nationalist homeland” haven’t actually read their Bibles to see what it says on the subject. Is forcibly converting “apostates” on the agenda here? I don’t want to live in an oligarchy, but I don’t want to live in a theocracy, either. A Constitutional Republic under the rule of law sounds about right.

      A friend’s daughter recently converted from Lutheran to Reform Judaism. We’re not sure why she converted – her husband is a lapsed Methodist – but respect her decision and sincerity in her new faith. Her religion is a private matter between her and her Creator; if someone ever tried to force her to convert, they’d have her father and I to deal with first.

        1. Charlemagne, or Charles the Great, was a follower of Christianity, which played a key role in the spread of the religion during the time period. When conquering others, he forced his people to convert to Christianity and practice the faith, thus, further spreading the religion. Charlemagne was crowned a Roman emperor in 800 C.E., where in his rule, he continued to encourage the conversion to his faith and ensure the survival of the religion.

          https://www.cram.com/essay/The-Impact-Of-Charlemagne-On-Christianity-In/F3FARU7LJXXQ#:~:text=Charlemagne%2C%20or%20Charles%20the%20Great%2C%20was%20a%20follower,practice%20the%20faith%2C%20thus%2C%20further%20spreading%20the%20religion.

          1. Forcible conversions are about the furthest thing from the teachings of Christ. Christian = follower of Christ, not follower of some Elmer Gantry power tripper imposing a V for Vendetta-like theocratic regime.

          2. Forcible conversions are about the furthest thing from the teachings of Christ.

            While I agree that Christ did not force conversion on anyone, there are consequences to not being one of his elect. As He said Himself: No one comes to the Father except through Me.

        2. I think Charlemagne forcibly converted people to Christianity. Not cool, dude.

          Religious freedom is a relatively new concept that rose in the west. While the jury is still out, some could argue, based on the West’s utter depravity and corruption, that it has been a failure.

      2. Tennessee makes you publicly choose now. The state just came out with mandatory new license plates. They said we could choose whether we wanted the state symbol in the middle to be surrounded with ‘In God We Trust’ or not. It is small and hard to see but what they didn’t tell everyone is that it also determines whether you get numbers first or letters first. The plates are now 123-abcd if you want to fit in or abc-1234 if you are a Godless heathen. The old DMV ladies frown at you when they ask for your choice. It makes for good fun on freeway too.

        1. Nice tip! This is true. I was sitting outside at a coffee shop getting my morning latte and was able to look up and down the street and visually verify this. There are lots of options for vanity style plates that don’t have this. For me, I have to get Tennessee plates for my car pretty soon – think I’ll go for the “In God we Trust” just to irritate the heathens.

    2. Christian Nationalist Homeland is what will replace Weimar America.

      And note that it is not racially exclusive, all are welcome except for non-Christians.

      It’s time to start talking about this louder and more publicly, because as far as I’m concerned, it’s the last chance of saving this country from Marxists and Satanists.

  30. 4chan and Consume Product on dot win.

    You will find truth there. You can leave the globalist scum media plantation.

  31. To clarify my position on this post:

    After moving to Region IV my first wife and I went back to Connecticut for Christmas in 1982. Her brother who was a rising Wall Street star scored what were said to be impossible tickets to get for a play called Cats. People on the train into Grand Central, where we were to meet her brother were saying… how in the world did you get those tickets!?

    Well half way through that torturous play I was wondering the same thing. I’d rather be dipped in honey, strapped to a chair and placed in a field of fire ants than go through that again. So you will have to forgive me if I do not rage at this one result of what the Socialist/Democrat/Biden policies are doing and have done to this country.

    Broadway Shows Including ‘Phantom’ Closing as New York City Crime, Bidenflation Wreak Havoc

    DAVID NG
    25 Sep 2022

    Broadway shows including The Phantom of the Opera have posted closing notices as tourism has failed to bounce back in New York City in the wake of the coronavirus pandemic.

    The Democrat-controlled city is currently in the midst of a violent crime surge — fueled by spikes in robberies, shootings, assaults, and rape — that has kept many visitors away. Shows are also experiencing soaring costs due to record-high inflation caused by President Joe Biden.

    https://www.breitbart.com/entertainment/2022/09/25/broadway-shows-including-phantom-closing-as-new-york-city-crime-bidenflation-wreak-havoc/

    1. Shows are also experiencing soaring costs due to record-high inflation caused by President Joe Biden.

      I saw the Lion King in London. The nose bleed seats were over $100 USD. The show was basically the cast singing the same songs as in the cartoon movie, just not as well sung. That and Mamma Mia (in Dumver) are the only two musicals I have seen. I don’t expect to see another.

      1. ‘basically the cast singing the same songs as in the cartoon movie’

        The only thing worse than a musical is a musical that pretends to have an interesting story line behind it.

        1. Personally, I love musicals. I saw Les Miserables for my 12th birthday, Phantom of the Opera a number of times in high school, as well as Rent and Mamma Mia in NYC. I don’t however do musicals of movies or movies of musicals with bad singers (e.g., anything with Meryl Streep).

          3. I watch Little Shop of Horrors (movie) every couple of years. Saw the show off-off-Bway way back and on Broadway just before we left NYC. Those girls can sing.

        2. The Lion King musical was supposed to be about the costumes and puppets not the music.

          Those were OK. I wasn’t blown away, but at the end of the day, it was a musical.

          Anecdote: Disney used to show an Aladdin musical at the California Adventure park. In hindsight it was pretty much as good as any of those “real” shows, and it was included with park admission.

          1. Our local theatre has tickets at $20 each which I purchase willingly. I’m doing my part to support the LBGT community. 😂

  33. Robert Kiyosaki just blasted the Fed. Would love to see millions of former sheeple waking up to this criminal private banking cartel’s fiat currency fraud being perpetrated against the 99 percent.

    F*CK the Fed. The FED causes Inflation which makes life painful for the poor and middle class. Don’t people know the Fed & all Central Banks are Marxists? Why do people say “Follow the Fed.”I am not a communist. Instead of “The FEDs got your back.” I say” F*CK the FED.”

    https://twitter.com/theRealKiyosaki/status/1573932729946624001

    1. Every reprobate Wall Street gambler who became accustomed to the Fed’s recurring hair-of-the-dog hangover cures is livid that the punchbowl has been taken emptied and lies shattered on the floor.

      1. Once again, the Fed’s private equity accomplices are going to be scooping up foreclosures for a song as millions of foreclosed FBs get turned out of “their” houses.

        1. as millions of foreclosed FBs get turned out of “their” houses

          They’s get to rent the house from some corporate landlord.

          My brother saw several houses on his street snapped up by corporate landlords after the previous crash. He says its easy to tell which are the rentals: they all look run down. There was a hail storm last year and the rentals did not get new roofs.

          1. The private equity vampires are out to jam their blood funnels into local communities, suck out every bit of value, then leave behind a ruined looted husk. It should be illegal for corporations to buy SFH or trailer parks.

          2. “It should be illegal for corporations to buy SFH or trailer parks.”

            Hear hear!

            Hopefully the bloodsuckers will become collateral damage in the Fed’s inflation fighting campaign.

  35. Seems not many Russians want to die for Vlad’s military adventurism.

    Russian opposition to Putin’s Ukraine invasion grows as families flee to Georgia to escape conscription: Shock troops arrest 2,000 protesters nation-wide in clampdown – as even allies turn on regime and blame mobilisation for mass exodus and anti-war demos

    https://www.dailymail.co.uk/news/article-11248419/Russians-flee-Georgia-escape-Putins-conscription-order-protesters-face-shock-troops.html

    Russian women have bravely defied Putin’s soldiers at anti-mobilisation demonstrations that have seen more than 2,000 protesters arrested, while men flee to Georgia to avoid conscription.

    In the mainly Muslim area of Dagestan, videos shared to social media show women in head scarves chasing police away from a rally and standing in front of police cars carrying detained protesters, demanding their release.

    Dozens of women chanted ‘No to war!’ in the Dagestani capital of Makhachkala today, while police fired warning shots to disperse more than 100 people who blocked a highway in the region while protesting Vladimir Putin’s military call-up, according to Russian media.

    1. mass exodus

      The captured leftist media is really running with this story. No clue if it’s a dozen young men or a million. Anyway, I don’t see how ridiculing Russia will change the war’s outcome.

      Meanwhile, four of the Ukraine “states” are voting right now on whether or not to join the Russian Federation. No coverage of that. I do see how this event could affect the course of the war. Should be a done deal by the end of the week.

      2. “Meanwhile, four of the Ukraine “states” are voting right now on whether or not to join the Russian Federation.”

        It’s a sham referendum with unsealed ballots being dropped in the box by armed soldiers. It’s similar to Mark Zuckerberg’s canvassing the swing states for votes from people who weren’t registered to vote, some didn’t even know who Biden was.

        1. It’s a sham

          Interesting choice of words. It suggests where you get your “news” and opinions from.

          BTW, what ever is a “sealed ballot”? We don’t have those where I vote. The ballot just goes into the box open faced.

          Anyhow, the people in the Donbass have been fighting Kiev for years. Kiev has been shelling them and making them speaking Russian illegal since we ran a coup on their elected government in what 2014? They’ve been fighting for their lives. Well documented well before this war. A Genocide, backed and pushed by the good ole USA. If they rejoin Russia, and don’t fight Russia, I’d say the sham was the “news” coverage, and our belief of it. We’ll see.

          1. “BTW, what ever is a “sealed ballot”? We don’t have those where I vote. The ballot just goes into the box open faced.”

            My folded ballot first goes into an unmarked and sealed holey envelope, which is then placed into another envelope that I sign, date, affix postage and drop into a mailbox.

            At the receiving end my signed envelope is compared to the registered voter list before being opened in a controlled environment. The sealed holy envelopes are placed into another box and opened in another room where they are fed into a machine reader. Counted ballots are saved in another container in case of a dispute, IIUC.

          3. “I don’t think they’re doing that.”

            Correct. Armed soldiers with body cameras take your open faced ballot and drop it into a container. Intimidation?

        2. You know what? I don’t care. Why? Because now globohomo is getting ready to shove Warmism down our throats and use that as an excuse:
          -To take our cars from us
          -To not allow us to travel
          -To ban A/C
          -To ration electricity and winter heating
          -To ban meat
          -To reduce global agricultural output and use the threat of famine to control us
          -To confiscate our hard earned wealth to give it to the third world as “climate reparations”. Hint: it will actually be stolen and never make it to the third world.
          -Anything else they can think of to control us.

          1. I’m sure the cowboys on the open range felt likewise as barbed wire fencing replaced their jobs. I worry what the future holds for my two kids as devoted effort rewards much less than my younger days.

      3. The captured leftist media is really running with this story.

        I just assume that EVERYTHING the MSM tells us about topics that matter is nothing more than propaganda and lies.

        And right now they are losing their minds because a woman who doesn’t want her children to taught by perverts and is opposed to the wholesale importation of vibrants who will never become Italians is poised to become Italy’s next prime minister, and that she is Mussolini reincarnated.

    2. It sure seems like Vlad wants to climb farther and farther out on that limb. I wonder how far he’ll get before it will no longer support his weight?

  36. “‘We are seeing prices soften,’ said Whitney Dutton, with the Dutton Group in Fort Lauderdale. ‘We are seeing sellers make adjustments down to new appraisals and we are seeing negotiations on appraisals. As you are looking for homes and the values tick down one sale at a time, that changes the appraisal on the next contract, and little by little each property starts coming in lower. We are having properties fall out of contract due to buyers not being able to get financing because their pre-approvals were done a year ago.’”

    Witless Dutton just explained appraisal fraud in reverse. Do you think she realizes it?

  39. Here is some MSM fear mongering:

    Italy’s far right set to win election – exit polls

    But if you read the fine print, Meloni’s party will have to form a coalition with some “center-right” parties:

    She is predicted to win between 22-26% of the vote, says a Rai exit poll, ahead of her closest rival Enrico Letta from the centre left.

    Several exit polls just published given her right-wing alliance a commanding lead, with 41-45% of the vote.

    “Right wing alliance” == anyone who isn’t a communist.

    1. Her allies, Matteo Salvini of the far-right League, and Silvio Berlusconi’s centre-right Forza Italia have both had close ties with Russia. Mr Salvini will be hoping to return to the interior ministry to halt migrant boats crossing from Libya,

      Stopping hostile migrants from entering the country? That’s the very definition of Fascism! /sarc

      1. The paroxysms of rage from the globalists and their media mouthpieces are going to be glorious. Hey Bolsheviks, decent people are sick of you and your “woke” ideology and promotion of perversion, criminality, and decay.

        https://www.politico.eu/article/how-giorgia-meloni-thinks-brothers-of-italy-election-salvini-mario-draghi-silvio-berlusconi/

        Meloni’s political ideology rejects progressive values and embraces identity politics. It’s built on defending national borders, national interests and the traditional family. She has always been staunchly anti-drugs and anti-abortion, although she insists she wouldn’t ban abortion. She resents what she sees as the elitist left’s dominance of public discourse and the Italian establishment — in particular academia and the justice system. “They call us monsters,” she has said. Such complaints are common to right-wing politicians across the world.

      1. Giorgia Melini: Italy owes €640.1 Billion in TARGET2 balances to the ECB. My tools are far bigger than yours are, Ursula!

  40. Wall Street denialists are doing their best to shift blame to the FedEx CEO for the stock market’s never ending dip.

    Good luck with that plan. Denial ain’t a river in Egypt.

    1. The Financial Times
      FedEx Corp
      Wall St blames missteps at FedEx as parcel service fails to deliver
      Markets had feared the company’s big earnings miss foretold broader economic strife
      FedEx employee delivers goods from a FedEx truck
      The Memphis-based company cited an unexpectedly large drop in global demand as the reason its revenues fell short of estimates
      Steff Chávez in Chicago and Andrew Edgecliffe-Johnson in New York September 24 2022

      Raj Subramaniam’s credibility was on the line this week as the FedEx chief executive tried to project confidence that he could correct the US parcels group’s course after failing to deliver on the upbeat forecasts he made just three months ago.

      The company has long been seen as an economic bellwether, so when it previewed a substantial earnings miss this month, it not only sparked the largest daily drop in its shares but also sent a shudder through the wider market.

      Now, though, Wall Street is asking whether FedEx’s own errors were more to blame than slowing demand.

      Subramaniam took a beating from Wall Street analysts on an earnings call on Thursday when they grilled him on FedEx’s new cost-savings plan, asked why its peers had not reported a similar downturn and questioned whether it had the right leadership.

      On September 15, the Memphis-based parcel service announced that its revenue for the three months to August would fall roughly $800mn short, driven by an unexpectedly large drop in global demand. The resulting guidance of adjusted earnings per share of $3.44 was far below Wall Street estimates of $5.14. Net income dropped more than 20 per cent to $875mn.

      “How did it catch you so off guard?” one analyst asked on the call, sceptical of FedEx’s claim that such a sharp fall off was largely because of a changing global economy.
      …

  41. The state-sponsored vibrancy continues in Philadelphia. When grocery stores pull out of areas where shoplifters and looters rob them blind and endanger their employees, Democrat-Bolshevik community activists will snivel about “food deserts.”

    Mob Ransacks A Wawa Store in Philadelphia

    https://www.youtube.com/watch?v=ghMb9xHU31s

    1. The Financial Times
      US equities
      Investors pile into insurance against further market sell-offs
      A surge in put options reflects fears of more asset price falls as central banks take action against inflation
      A screen on the trading floor displays the Dow Jones Industrial Average at the New York Stock Exchange
      More than 2,600 US companies’ share prices hit new 52-week lows this week
      Eric Platt and Nicholas Megaw in New York September 24 2022

      Investors are buying record amounts of insurance contracts to protect themselves from a sell-off that has already wiped trillions of dollars off the value of US stocks.

      Purchases of put option contracts on stocks and exchange traded funds have surged, with big money managers spending $34.3bn on the options in the four weeks to September 23, according to Options Clearing Corp data analysed by Sundial Capital Research. The total was the largest on record in data going back to 2009, and four times the average since the start of 2020.

      Institutional investors have spent $9.6bn in the past week alone. The splurge underscores the extent to which big funds want to insulate themselves from a sell-off that has dragged on for nine months, and has been supercharged by central bankers across the globe aggressively raising interest rates to tame high inflation.

      “Investors have realised the [US] Federal Reserve is very policy constrained with inflation where it is and they can no longer count on it to manage the risk of asset price volatility, so they need to take more direct action themselves,” said Dave Jilek, chief investment strategist at Gateway Investment Advisors.
      …

      1. The traditional form of insurance for stock traders, of reallocation into Treasurys, is a no-go with inflation raging and yields soaring.

    2. Updated Mon, Sep 26 2022 12:14 AM EDT
      Stock futures fall as investors prepare for the S&P 500 to test its June low
      Tanaya Macheel
      Traders work on the floor of the New York Stock Exchange during morning trading on September 06, 2022 in New York City.
      Michael M. Santiago | Getty Images

      U.S. equity futures were lower Monday morning after surging interest rates and foreign currency turmoil pushed the major averages to near their lows of the year.

      Dow Jones Industrial Average futures fell 0.5% or 148 points. S&P 500 futures shed 0.57% and Nasdaq 100 futures dropped 0.52%.

      On Friday stocks ended a brutal week with the blue-chip Dow finding a new intraday low for the year and closing lower by 486 points. The broad-market S&P 500 temporarily broke below its June closing low and ended down 1.7%. The tech-heavy Nasdaq Composite lost 1.8%.

      Investors were reacting to the Federal Reserve’s commitment to its rate hiking plan to help tame inflation. At the conclusion of the FOMC meeting, chair Jerome Powell said the central bank could raise rates as high as 4.6% before pulling back. The forecast also shows the Fed plans to stay aggressive this year, hiking rates to 4.4% before 2022 ends.

      “A lot of traders expected hints of a Fed pivot at Jackson Hole or at the September FOMC policy, but that never happened,” said Edward Moya, senior market analyst at Oanda. “A hard landing is becoming the base case scenario for many and that means more economic pain along with a much weaker stock market is coming.”

      Bond yields soared after the Fed enacted another rate hike of 75 basis points. The 2-year and 10-year Treasury rates hit highs not seen in over a decade. On Friday, Goldman Sachs slashed its year-end target for the S&P 500 to 3,600 from 4,300.

      “How far we go below the summer lows is anyone’s guess,” said Oanda’s Moya. “It doesn’t seem like any economic data release or Fed speak will convince markets that a downshift from this aggressive tightening campaign will be happening anytime soon.”
      …
      https://www.cnbc.com/2022/09/25/stock-market-futures-open-to-close-news.html

    3. Stock Market Today
      Dow Jones Futures Fall As Yields Rise, Pound Dives To Record Low; Bear Market Eyes New Leg Down
      ED CARSON 10:16 PM ET 09/25/2022

      Dow Jones futures fell slightly Sunday night, along with S&P 500 futures and Nasdaq futures, as Treasury yields rose and the British pound plunged to a record low.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-bear-market-eyes-new-leg-down-apple-eli-lilly-show-relative-strength/

    4. Wall Street is completely delusional about the pain that’s about to hit the stock market
      Business man holding hammer cracking open the Wall Street bull with coins coming out 2×1
      Wall Street thinks companies’ profits are going to go up next year, despite the Federal Reserve making it clear that we have a serious chance of a recession. Good luck with that. Rachel Mendelson/Insider
      Linette Lopez
      23 hours ago

      The entire global economy is bracing for a growth shock. The Federal Reserve has made it clear that Americans should expect a housing correction, higher unemployment, and maybe even a recession as it raises interest rates to cool inflation.

      Despite this clear warning, Wall Street is still delusionally optimistic about how the stock market will perform in 2023.
      …
      https://www.businessinsider.com/wall-street-delusional-stock-market-crash-pain-recession-inflation-profits-2022-9

  44. September 25, 2022 7:39 PM PDT
    Last Updated 3 hours ago
    In China, home buyers occupy their ‘rotting’, unfinished properties
    By Eduardo Baptista
    and Xiaoyu Yin
    5 minute read
    Unfinished apartment buildings stand at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang Autonomous Region, China September 17, 2022. REUTERS/Eduardo Baptista

    GUILIN, China, Sept 26 (Reuters) – For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city’s clean air.
    …
    https://www.reuters.com/markets/asia/china-home-buyers-occupy-their-rotting-unfinished-properties-2022-09-26/

  45. The Financial Times
    Pound Sterling
    Sterling falls to record low against the dollar
    Pound tumbles after Kwasi Kwarteng announced biggest tax cuts in 50 years
    An illustration of a one pound coin
    UK chancellor Kwasi Kwarteng is borrowing tens of billions of pounds to fund his tax-cutting plans © Financial Times

    Share on twitter (opens new window)
    Stephanie Findlay and Hudson Lockett in Hong Kong 10 minutes ago

    Sterling slid as much as 4.7 per cent against the dollar to $1.035, hitting a record low in Asian trading on Monday after UK chancellor Kwasi Kwarteng vowed to pursue more tax cuts.

    The sharp moves in sterling came early in the Asia trading session, when low trading volumes in the pound-dollar pair can exacerbate volatility. In midday Asian trade, the pound was at $1.056 against the dollar.

    Sterling also fell as much as 3.7 per cent against the euro to €1.0787, reaching the lowest level since September 2020.

    The decline against the common currency highlighted how the pound’s recent fall reflects not just the broad strength in the dollar, but concern about Britain’s economy.

    Kwarteng on Friday unveiled a £45bn debt-financed package containing the biggest set of tax cuts in half a century. UK government bonds sold off sharply, with the 10-year gilt yield surging 0.27 percentage points on heavy selling to hit 3.77 per cent.

    The tax cuts come as the UK is already expected to spend £150bn to subsidise energy costs for consumers and businesses. A large portion of this borrowing is to be financed by gilts.
    Line chart of $ per £ showing Sterling slumps to record low against the dollar

    Unlike big tax cuts in the 1980s, Kwarteng is borrowing tens of billions of pounds to fund his plans, adding to demand at a time the Bank of England is raising rates to bring inflation under control.

    “It looks like we’re headed for a spiral that we usually see in emerging markets crises, where policymakers struggle to reassert credibility,” said Mansoor Mohi-uddin, chief economist at Bank of Singapore.
    …

  46. “All real estate is local.”

    Haven’t seen that one in a while! WTF does it even mean? (My personal interpretation: “Realtors are liars.”)

    1. Home Buyers Have Put Their Plans on Hold. These Are the 7 Worst Housing Markets, According to Lennar.
      By Shaina Mishkin
      Updated Sept. 22, 2022 3:41 pm ET / Original Sept. 22, 2022 3:40 pm ET

      Higher mortgage rates have cut into home sales at a national level—but, as the saying goes, all real estate is local.

      Lennar the nation’s second-largest builder by market capitalization, on Thursday listed the housing markets that are holding up best—and worst.
      …
      https://www.barrons.com/articles/home-buyers-have-put-their-plans-on-hold-these-are-the-7-worst-housing-markets-according-to-lennar-51663875657

      1. Sales remained strong in nine areas, Beckwitt said. They include New Jersey; Maryland; Virginia; Charlotte, N.C.; Indianapolis; San Diego, Calif.; and three markets of Florida: the southwest, the southeast, and the area around Palm Beach.

        “These markets are benefiting from extremely low inventory, and many are benefiting from a strong local economy, employment growth and in-migration,” Beckwitt said, adding that Lennar offered mortgage buy-down programs and some incentives to maintain the sales pace. “Some communities in these markets have required targeted price adjustments on a limited basis,” he added.

        The bulk of locales fell into the second category. The company said it “made more significant adjustments to regain sales momentum” in more than 20 markets. Among them were some of the pandemic housing boom’s hottest markets, such as Phoenix, Dallas, and Tampa, Fla.

        Other areas in this category included Orlando, Fla.; Jacksonville, Fla.; the coastal Carolinas; Atlanta; Chicago; Nashville; Raleigh, N.C; Houston; San Antonio; Tucson, Ariz.; Las Vegas; Colorado; Seattle; and several parts of California, including as the coast, the Inland Empire, the Bay Area, the Central Valley, and Sacramento.

    3. It means someone things his region is impervious to financial decline. I hear this from people on Florida all the time.

    4. It provides an easy out for appraisal fraud for certain and an unexceptable excuse for wide disparities in price when the fact remains that M&L cost doesn’t vary more than 5% anywhere in the US.

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