The Window Is Long For Things To Go Wrong, And They Have Gone Wrong
A report from the Denver Post in Colorado. “Long lead times to complete new homes have combined with rapidly rising interest rates, now at 15-year highs, to put metro Denver homebuilders and their customers in a predicament unlike any seen since the housing bust. ‘Nobody is happy, but I don’t sense the same panic internally as I did in 2008,’ said Danielle Davis, vice president of sales & marketing at McStain Neighborhoods. ‘We have seen a dramatic shift in the number of people walking through the door. It has been one of those things where people fear buying at the top of the market They don’t want to be perceived by those around them as having made a bad choice at the wrong time. We are seeing a lot of hesitancy.'”
“The window is long for things to go wrong, and they have gone wrong. The market went from one where buyers, frustrated by bidding wars and a low supply of existing homes, clamored to get new homes to one where more are essentially priced out of homes they agreed to buy and fearful of a downturn. ‘Six months ago you had a lot of buyers in the market, tripping over each other and fighting to buy a house. You had this frenzy in this market and people were paying crazy money for housing,’ said Stephen Tindle, president of the Colorado division of Thomas James Homes.”
The Review Journal. “Homebuilders reversed months of slumping sales in Southern Nevada and across the country in August. Sales in August were down 44 percent from the same month last year, and builders’ land buying activity ‘has basically decreased to zero as they wait and see where things end up going into the end of the year,’ Home Builders Research President Andrew Smith wrote.”
“Fueled by low borrowing costs — and by an influx of out-of-state buyers as people worked from home — Las Vegas’ housing market accelerated to its most frenzied pace in years in 2021. Prices hit new all-time highs practically every month, buyers flooded properties with offers and houses sold rapidly. Amid the buying spree, builders put buyers on waiting lists, regularly raised prices and, in some cases, drew names to determine who could purchase a place.”
“Higher borrowing costs have thrown cold water on the once-sizzling industry. On the resale side in Southern Nevada, home purchases have tumbled, available inventory has soared and sellers have increasingly slashed their prices. With buyers pulling back, the median sales price of previously owned single-family homes — the bulk of the market — was $450,000 in August, down 3.2 percent, or $15,000, from July, trade association Las Vegas Realtors reported. This marked the third consecutive month that prices fell .”
The Real Deal. “Builders stuck with a stockpile of extra homes are turning to the boogeyman of residential real estate: investors. Homebuilders are offering discounted bulk sales of homes to investors, the Wall Street Journal reported. The move comes as rising mortgage rates are sidelining traditional buyers from the market, saddling builders with more inventory than they know what to do with.”
“To that end, builders are offering discounts in the range of 10 to 15 percent from estimated retail value, brokers and investors told the outlet. Some are offering as much as 20 percent off for a bulk sale, an attractive option for investors who can save money and energy by keeping holdings close together.”
From KPHO Phoenix. “A new report is showing that home prices may plummet in 2023, so what does that mean for buyers and sellers? Shelly Sakala, a realtor with The Sakala Group, dropped by Good Morning Arizona about what we can expect from the market next year. ‘I’ve been hearing that the interest rates could go down as soon as the midterm elections,’ Sakala said. ‘That could create some stability so people know what to expect…If interest rates continue to rise, we are going to see the market correcting even more than it is.’ She described Phoenix as a volatile market since it tends to ‘go up really fast and go down really fast.’ Sakala believes that the market may plummet, but it may not be as bad as you expect.”
The Star Telegram in Texas. “Almost as quickly as it ratcheted up into a historic frenzy, the housing market in Dallas-Fort Worth is swiftly cooling. Between August 2020 and May 2022, the median home price in Fort Worth jumped 48% from $248,000 to $367,000. In the three months since housing prices peaked in Fort Worth, the median home price dropped almost 5% to $350,000. Over the course of just a few weeks, competition for available homes dried up.”
“The white-hot pandemic housing market — marked by multiple offers well above the asking price — ‘seems to be a thing of the past,’ said Shelby Kimball, former president of the Greater Fort Worth Association of Realtors. ‘The surprising thing to me is how quickly it changed. It seems to have decelerated very abruptly,’ Kimball said. From May to August, the number of active listings nearly doubled, from 1,224 to 2,207. Buyers have backed off. Houses are staying on the market longer and many sellers are reducing prices, Kimball said.”
“The prices aren’t dropping so much as they’re correcting, said Misty Michael, team lead for the Michael Team. A bubble isn’t bursting; the market is simply normalizing. ‘It’s because sellers have been pricing above where comps were, thinking it could sell, and now it’s no longer selling,’ she said.”
The Orange County Register in California. “The summer’s collapse in Orange County homebuying pushed the median selling price below $1 million and cut the number of seven-figure neighborhoods by six from springtime. The countywide median for August fell to $984,000, the first time it’s been under $1 million since March and down 6.6% from May’s peak of $1.054 million. Since the spring’s peak, drops out of million-dollar status were found in Anaheim 92807, Anaheim 92808, Foothill Ranch 92610, Garden Grove 92845, Huntington Beach 92647, Irvine 92614, Ladera Ranch 92694, Mission Viejo 92691, and Orange 92867. Meanwhile, the median jumped above $1 million in three neighborhoods: Laguna Hills 92653, Midway City 92655, Orange 92866.”
“The pandemic starkly changed the home-price landscape so what was only two year sago relatively rare — a million-dollar ZIP — is now Orange County’s norm. Low mortgage rates and limited inventory created a feeding frenzy during the pandemic era’s first two years. But times have changed. The buying binge is over as lofty pricing and sharply rising mortgage rates scare off house hunters and investors.”
From KRON. “After pandemic changes brought two years of skyrocketing growth in home prices, California is now seeing a steep drop, according to home insurance website QuoteWizard. Since June, the study shows that the average price of a home in California has gone down by $12,205 in that time. This is the sharpest drop of any state in the nation. A city in the South Bay is seeing even steeper drops. San Jose’s average home prices has gone down by 5.6% since June 2022. That may not seem like a huge amount, but that percentage equates to $93,037 in value lost since June.”
“San Francisco also saw a drop, though not as large. Home values have gone down 2.9% or $42,144 since June across the City by the Bay. Two other California cities saw drops in home prices, San Diego and Los Angeles. San Diego went down by 2.4% or $22,286. Los Angeles saw a 1.8% decrease so homeowners stand to earn $17,071 less if they sell.”
Bloomberg on New York. “The Manhattan housing market is calming down. Sales of co-ops and condos dropped 3.7% in the third quarter from the previous three months and more than 18% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday. The median price on transactions completed slipped 7.6% to $1.15 million from the second quarter. ‘The market is resetting,’ said Jonathan Miller, president of Miller Samuel. ‘It’s a soft landing or a settling.'”
The New York Post. “US home prices are plunging at their most significant clip since the housing market cratered during the Great Recession, mortgage analytics firm Black Knight said Monday. Median home prices fell by 0.98% from July to August, according to Black Knight’s August Mortgage Monitor report. Revised data showed an even sharper 1.05% decline from June to July.”
“‘Together they represent two straight months of significant pullbacks after more than two years of record-breaking growth,’ said Black Knight Data & Analytics President Ben Graboske. ‘The only months with materially higher single-month price declines than we’ve seen in July and August were in the winter of 2008, following the Lehman Brothers bankruptcy and subsequent financial crisis,’ Graboske added.”
From Forbes. “Concerns about the financial health of Swiss banking giant Credit Suisse over the weekend have led to fresh market fears of another meltdown similar to Lehman Brothers’ collapse in 2008. Rumors abound that Credit Suisse’s capital position is at great risk, with shares plunging to new lows on Monday and the cost of insuring the bank against default surged to its highest level in more than two decades. But experts say it’s unlikely Credit Suisse will fail even as the bank’s credit default swaps (CDS), which offer protection against default, surged on Monday.”
“‘The world is in a very different place than 2008, when there was a sudden realization of widespread losses throughout the entire financial system,’ says James Angel, finance professor at Georgetown University. Still, Credit Suisse’s CDS spreads are exploding because the market is in ‘cockroach mentality’ according to Angel, where investors believe if there’s one bank with risky capital levels then there are more.”
“Credit Suisse remains ‘trapped in a circular loop of doom’—where bad news is just sending CDS higher and the stock lower despite management’s efforts to reduce market anxiety, says Vital Knowledge founder Adam Crisafulli. ‘Investors shouldn’t necessarily rush out to buy Credit Suisse shares, but we strongly doubt some type of a ‘Lehman Moment’ is imminent.'”
The Globe and Mail in Canada. “6092 Carradine Court, Mississauga. Asking price: $1,649,000 (Mid-August, 2022) Previous asking price: $1,749,000 (Early August, 2022). $1,849,000 (Late July, 2022); $1,949,000 (Mid-July, 2022) $2.1-million (Early July, 2022) Selling price: $1,595,000 (Mid-August, 2022). Agent Kimmé Myles expected this four-bedroom house might sell for about $1.6-million, but the owners requested a listing price of $2.1-million based on its recent renovations and select location abutting a park. House hunters disagreed with the lofty valuation and the price was cut four times over six weeks.”
“Once their price dipped to $1,649,000, the sellers received a conditional offer, then two more proposals. ‘We gave the first person a chance to remove their conditions and they didn’t, so it sold to one of those two [other bidders] for $1.595-million,’ Ms. Myles said. ‘We sold for under list of $1.649-million, however, we did better than the property down the street, so all-in-all, everyone was happy.'”
From Mozo.com. “It’s official: the market has turned. New data from CoreLogic shows the Australian property market peaked in April 2022 and has been sliding downhill since, primarily due to rate hikes. On the ground, the cooler market makes for chilly receptions at auction, as Ella Palfreyman noticed when her family tried to sell their home at the end of September. ‘After seeing so much growth in the property market these past few years, it’s hard to now adjust our expectations,’ she says. ‘While there were plenty of viewers at the auction, no one was willing to make a competitive bid, so it kind of feels like everything is at a standstill. Now we are asking ourselves do we adjust our expectations and just sell for a lower price, or wait it out and see if we could sell it for more a year or two down the road?'”
“The Palfreymans aren’t alone in this uncertainty. The slump is particularly worrying for investors who rode the September 2020 – April 2022 market upswing, which pushed values into a stratospheric 28.6% growth. Now, according to CoreLogic’s head of residential research Eliza Owens, ‘the nominal gains achieved from that relatively short hold period have already started to erode.'”
From Newshub. “The slump in the housing market is hitting Kiwis hard with prices plummeting around the country, especially in two of New Zealand’s biggest cities. The nationwide average property value fell just over $75,000 (6.8 percent) after hitting a high of $1.09m at the end of February. New Zealand’s biggest city wasn’t exempt with property values in Auckland falling $140,549 (9.8 percent) since peaking at $1.56m at the start of the year.”
“Auckland suburbs have been hit hard by the property market slump as rising interest rates and worsening inflation cause buyers to retreat from the market. Okura was the worst-hit in Auckland with the lifestyle suburb on the cities northern fringe seeing its property value drop by $426,000 since the market peak. New Zealand’s most expensive suburb, Herne Bay, saw the next biggest tumble in Auckland, with the area seeing the property value drop by $355,000 to $3.835m since the peak. The Capital was the hardest hit in New Zealand, with the housing market slump costing homeowners in Wellington almost $200,000, the latest OneRoof-Valocity house value report shows.”
“Sixteen suburbs – mostly in Wellington and Auckland – saw value drops of more than $300,000 since the market peak. James Wilson, head of valuations at Valocity, OneRoof’s data partner, said the continued falls over the quarter suggest the market hasn’t hit the bottom yet. ‘Greater Wellington remains the country’s most troubled housing market. Property values dropped in all eight of the region’s territorial local authorities (TLAs) over the quarter, and homes in the capital are now worth $99,000 less than what they were a year ago,’ Wilson said.”
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‘The market went from one where buyers, frustrated by bidding wars and a low supply of existing homes, clamored to get new homes to one where more are essentially priced out of homes they agreed to buy and fearful of a downturn’
How the mighty have fallen.
‘A bubble isn’t bursting; the market is simply normalizing. ‘It’s because sellers have been pricing above where comps were, thinking it could sell, and now it’s no longer selling’
That’s some sound lending right there Misty.
‘While there were plenty of viewers at the auction, no one was willing to make a competitive bid, so it kind of feels like everything is at a standstill. Now we are asking ourselves do we adjust our expectations and just sell for a lower price, or wait it out and see if we could sell it for more a year or two down the road?’
Ella, I sense yer wavering. Don’t do it, don’t give it away.
Try a Dutch auction, where the price is lowered until someone makes a bid, and make sure plenty of all cash buyers participate.
Someone is sure to buy it at some price above $0.
Still not missed.
Karen Croake Heisler: 67-year-old former Notre Dame professor says “damn the unvaccinated,” dead 12 days after third Pfizer mRNA injection
https://thecovidblog.com/2021/09/22/karen-croake-heisler-67-year-old-former-notre-dame-professor-says-damn-the-unvaccinated-dead-12-days-after-third-pfizer-mrna-injection/
And for the un-dead guilty of this medical genocide, Nuremberg Trials v2.0.
We’re not kidding.
The people who did this are going to hang.
Some people are saying that only the people like the high risk elderly should be taking these shots, or people over 50. But this over 50 are dropping like flies from this injection , and the vaccinated in that age group are ending up getting Covid anyways.
The fact that they get a antibodies response for a short time from injecting A bunch of junk , isn’t proof that it keeps you from getting a more extreme case of Covid, and you would of died absent the toxic jab.
They are just making this shit up, and they have changed the definition of a vaccine in the process.
A vaccine in the normal definition, is suppose to give immunity to getting the disease, and therefore prevent transmission. This is the historic claim that vaccines give herd immunity artificially to eliminate a disease . But now they claim you still. get the disease, and you still transmit the disease, but you would of died absent the vaccine, and you have to take booster shot after booster shot to not die.
They have overwhelming evidence of death and vaccine injury from this expiermental new technology vaccine, but they just ignore the evidence and proceed with this never ending injection campaign .
In the meantime medications like ivermectin, that actually do cure Covid, are stonewalled , obstructed , censored and demonized.
And it must be nice for Big Pharmacy to have immunity for liability on a toxic product, as well as being in control of the narrative by advertising dollars.
All standards of safety and effectiveness are gone under this EUA of a vaccine , and it was unjustified to lockdown and vaccine the 99.7% that weren’t at risk of death or severe sickness.
And still in the hospitals, with money incentives , mal practice protocols are applied that are killing people , when real cures are stonewalled. When Drs get 85% cure rates from ivermectin, its criminal that its being stonewalled for this massive killing taking place.
People are still being mandated to take the jab, like the Coast guard for instance. This poison is still on the market , and no signs of the killer vaccine being discontinued. If anything they are going after doctors that don’t push and endorse this vaccine poison.
International Mega Corporations , Banks, Mega Money Elites , have lunched their operational take over of the Globe. Genocide is part of the agenda.
Unbelievable!
It is unbelievable that after two years, this crap shot is still under Emergency Use Authorization. The standard approval methods are out the window.
It is unbelievable that after two years, this crap shot is still under Emergency Use Authorization.
Probably the new normal for all new vaccines. The next gen flu shot will probably be EUA as well
Estate sales and auctions are brisk in my area. There is an online auction platform that handles many of them. A local auction company goes thru the home and takes pictures of everything and then dumps it all on the site. For instance, ‘set of shelves with everything on them’ is one lot and ‘cupboard 7 with everything in it’ is another lot etc. Once the bidders have cleaned out the house then they auction the house off too. Lots of houses are going to auction that are not hitting the MLS.
How it works is the family just wants someone to handle it all and give them money so they contact a local auction/estate entity and that entity then throws it all up on the national platform. The fringe areas have low turnout so there are significant deals to be scored. It feels like many of these deaths are of the sudden variety and not much is being cherry picked before the auction. My basement is filling up with quality resale items to sell to Christmas shoppers.
Good! Shove it you old belch
‘Nobody is happy, but I don’t sense the same panic internally as I did in 2008,’ said Danielle Davis, vice president of sales & marketing at McStain Neighborhoods. ‘
I’m happy, and you should be happy for me, Danielle, as I watching the slow-motion implosion of Housing Bubble 2.0.
They don’t want to be perceived by those around them as having made a bad choice at the wrong time. We are seeing a lot of hesitancy.’”
Harpies who brow-beat their husbands into buying a shack because of a galactic sense of entitlement and “Suzanne’s research” will be the first to blame hubby when the house goes underwater.
And those legs will be permanently closed, welded shut!
Wait, you’ve seen this movie before?????
“…Harpies who brow-beat their husbands…”
If she isn’t already shulping the R/E agent on the side…
“Builders stuck with a stockpile of extra homes are turning to the boogeyman of residential real estate: investors. Homebuilders are offering discounted bulk sales of homes to investors, the Wall Street Journal reported.
Die, speculator scum.
I think this is really interesting. So they buy 10 houses at 20% off “list”. Now the county records a price for each one of those units. (which should be about 20% less). They don’t record one big price.
Now the appraiser for the neighbor’s house comes along 2 months later, guess what their comp is?? 20% less. (off the top).
This is a big push towards moving it down.
guess what their comp is
I think they omit such sales as not being “arm’s length”. Could be wrong of course.
Or as being a bulk sale.
“The prices aren’t dropping so much as they’re correcting, said Misty Michael, team lead for the Michael Team. A bubble isn’t bursting; the market is simply normalizing.
It’s just a gully.
I’m sure this is nothing.
UK property funds limit withdrawals as pension funds shift assets
https://www.ft.com/content/34f679be-714e-4201-a8b3-cc0e96acc1a1
Schroders, BlackRock and Columbia Threadneedle impose restrictions on redemptions from institutional real estate funds
It’s only Yellen Bux, but still….
NYC office buildings are set to see $50 BILLION in value wiped out as nearly 54% of workers in the Big Apple continue to work from home, new research suggests
https://www.dailymail.co.uk/news/article-11276799/NYC-office-buildings-set-50-BILLION-value-wiped-continue-work-home.html
The city of New York continues to face devastating financial peril from remote work, as office buildings could potentially lose $50billion due to people doing their jobs from home.
A recent study from the National Bureau of Economic Research shows that property values of office buildings in the city declined nearly 45 percent in 2020 and are forecast to remain about 39 percent below pre-pandemic levels.
‘The city of New York continues to face devastating financial peril from remote work, as office buildings could potentially lose $50billion due to people doing their jobs from home.‘
– It’s not all about WFH. NYC or any blue city/state under leftist government is a dangerous place to live, as per the plan. “Defund the Police,” $0 bail, and related policies are achieving the desired result. Ride the subway at your peril.
– Why live there and risk life and limb?
– All is proceeding according to plan.
When housing losses we must eat
Let us stamp our little feet!
Falling Chinese property ignores more support
https://www.macrobusiness.com.au/2022/10/falling-chinese-property-ignores-more-support/
The average new home prices in China’s 100 major cities stood at 16,200 yuan per square meter in September, falling by 0.02% from the previous month, down for the third consecutive month and weakening from the 0.01% drop in August, according to a report by China Index Academy, one of the country’s largest independent real estate research firms.
From the Denver piece: “Anyone entering a new home sales office has a good chance of hearing a new common mantra — “Marry the house, date the interest rate.” Put another way, buy what you want now and refinance later when rates are lower.”
But the previously low rates were an aberration. What are the odds we’ll ever see them again?
“What are the odds we’ll ever see them again?”
Close to zero.
You are too optimistic. The Fed has proven that they can set the rate at whatever they feel like. They can even make rates go negative if they choose to. The interests of the banking cartel will determine which way things go.
But now there’s real inflation. And nobody is putting out money for 30 years and 10% inflation for “free’.
If they just print the money then it becomes massive inflation (when 10% becomes low).
Time has value and the time value of money has a price. Reality can only be denied for so long.
Bankers and other Elitists certainly don’t want their currency fully devalued.
At least not until they’ve converted it all into commodities. 😁
and you need equity to refinance. if you only put 10% down and prices fell 10% (ha), then you’re hosed.
Also refi’s cost money. Thousands of dollars. How is this a good deal for the buyer? Paying all these BS fees twice????? IT’S A SCAM. (like the rest of real estate)
previously low rates were an aberration
From what I’ve seen, realtors and mortgage brokers are exhibiting recency bias. I coined the phrase “myopic mockingbird morons” for a reason.
Mustn’t.spook.the.herd.
Will mortgages hit 10%? As Question Time clip goes viral, brokers say average interest is around HALF that and it will ‘needlessly scare people’
https://www.dailymail.co.uk/money/mortgageshome/article-11275095/Will-mortgage-rates-hit-10-Brokers-say-Question-Time-clip-needlessly-scare-people.html
Nothing like a “random” cultural enrichment session to visit the blessings of Democrat-Bolshevik malgoverance on West Los Angeles libtards.
https://www.dailymail.co.uk/news/article-11277317/Shocking-moment-scooter-riding-brute-beats-random-woman-street-corner-fire-extinguisher.html
They describe the Asian victim in detail, but not the assailant. Then they ask for the public’s help identifying the suspect. Got woke?
When they don’t say……..then you already know.
What they leave out is just as obvious as what they put in.
Things we all know but aren’t allowed to talk about.
This is a long smear piece from the globalist scum media. Read it (for free, via Archive) if you want some globalist propaganda and lies. The 2020 election was stolen. And FJB.
New York Times — They Legitimized the Myth of a Stolen Election — and Reaped the Rewards (10/3/2022)
“On the day the Capitol was attacked, 139 Republicans in the House voted to dispute the Electoral College count. This is how they got there.
The votes to reject the election results have become a badge of honor within the party, in some cases even a requirement for advancement, as doubts about the election have come to define what it means to be a Trump Republican.
The most far-reaching of Mr. Trump’s ploys to overturn his defeat, the objections to the Electoral College results by so many House Republicans did more than any lawsuit, speech or rally to engrave in party orthodoxy the myth of a stolen election. Their actions that day legitimized Mr. Trump’s refusal to concede, gave new life to his claims of conspiracy and fraud and lent institutional weight to doubts about the central ritual of American democracy.”
Note the NYT specifically points this out:
“They are disproportionately white, male and Christian, whether compared with the general public or with Congress as a whole.”
https://archive.ph/Z0I6L
President Donald Trump was correct when he stated that “the media is the enemy of the American people.”
These globalists don’t want to defeat you in a (stolen) election, they want you dead.
Mark Zuckerberg bought the swing state vote by canvassing the ignorant and unregistered with ballots whose selections were already inked and were rewarded free pizza coupons. Hopefully Meta never recovers.
Did half the country quit from FB/Insta after 2020 election? See for a such a $shitty business, Meta will do just fine.
Legitimized the Myth
Wa??
The “Russia is winning” crowd has been quiet lately.
Just an observation …
If the coming winter in Germany and Western Europe is what “winning” looks like, just keep on winning.
The real “winners” are Lockheed Martin and Raytheon and the Congress they control, Zelensky and his cabal of globalist filth, arms traffickers, money launderers, and Hunter Biden with the Get Out Of Jail Free Card.
#Winning
It’s possible to be opposed to both globalism and criminal mafia regimes in the Kremlin.
Then you give yer money to the neocons and stop giving them mine.
True, but I think GloboHomo is a far greater threat to humanity.
The Globalists International Corporate Cult ,that have gone into operational mode, after years of planning and infiltration of Governments and the UN , are the greatest existential threat to humanity and the World.
Yesterday , I heard a talking head describe how ” Think Tanks”, like the Rand Corporation , were infiltrated with the Globalists agenda, and how much data from these private party Think Tanks are used by politicians, as yet another lobbying group.
This is were you get somebody like Nancy Pelosi saying in essence that they had to pass Obamacare to find out what’s in it. In other words these Bills come from these Think Tanks, that even have foreign countries funding them.
This is why what the Citizens want is ignored and Bills and legislation by DC is a byproduct of the International agenda.
The Deep State and unelected influencers and corruption of Politicians has destroyed them acting on behalf of the people who elected them has been gone for a long time. This is why the Citizens never get anything they want and elected politicians to promote. Trump was a outsider that was going against that rigged system in DC, and he had to be eliminated for trying to do some mandates from his voters.
Now his voters are labeled “Enemy of the State” destroyers of democracy just because they wanted some policies that might benefit US Citizens, rather than this ongoing destruction of the US for a Globalists agenda.
Greenwald: No One Talks About Ending Ukraine War For Fear Of Being Labelled A ‘Traitor’
It’s a “dangerous delusion” to dismiss Putin’s nuclear threat
4 October, 2022
Steve Watson
Speaking to Tucker Carlson, Greenwald stated “There is a very real threat of a nuclear exchange, or even a direct confrontation with Russia and the United States. And over what? Over who governs and rules, not even Ukraine, but the Donbas, the eastern region in Ukraine, where a majority of people actually identify as ethnic Russians and want to be part of Russia.”
Greenwald continued, “Yet there’s almost no debate about whether we should be sending huge amounts of money there and risking the lives of American citizens through the possibility of a nuclear war.”
Greenwald and Carlson also warned that it is foolish not to take Putin at his word that he is willing to deploy Russia’s nuclear arsenal.
“It seems to me, no matter how you feel about Putin, or Ukraine, or the war, or anything, the threat, the very real in-your-face threat of a nuclear exchange right now that they’re openly talking about would require the media to start telling people, hey, this is real, but nobody is. I wonder why that is,” Carlson posited.
Greenwald responded, “I think there’s almost this sense purposely cultivated to believe that the use of nuclear weapons really isn’t a realistic possibility.”
He continued, “It is madness to assume that for Russia, what is an existential war, if they actually start losing it, or NATO really starts escalating as we’ve been doing, that the chances of Vladimir Putin using nuclear weapons is zero. This is a dangerous delusion that I think a lot of people are operating under.”
https://summit.news/2022/10/04/greenwald-no-one-talks-about-ending-ukraine-war-for-fear-of-being-labelled-a-traitor/
“It’s a “dangerous delusion” to dismiss Putin’s nuclear threat”
I heard a YT interview with a state department guy who said the first response to a tactical nuke in Ukraine will be the elimination of every Russian ship and sub in their entire fleet around the globe.
Sounds like a bit of hubris. And a great way to get the other guys to launch their ICBMs.
state department
Warmongers
Globalist scum media.
HuffPaint — The Pandemic May Have Changed Gun Ownership In America For The Long Haul (10/4/2022):
“Americans are on track for their third-highest gun-buying year, despite a drop in monthly sales.
The 2020 summer of protests following the murder of George Floyd at the hands of a Minneapolis cop heightened fear of crime in some communities, and stoked fear of the police in others, with both trends likely translating into rising firearm purchases.”
https://www.huffpost.com/entry/pandemic-gun-sales_n_633b4a91e4b08e0e6070a938
They weren’t “protests” it was a violent insurrection by Democrat Party brownshirts Pantifa and Burn Loot Murder, sponsored by woke corporations and globalist scum media, and not prosecuted by District Attorneys purchased by George Soros.
“Nobody is happy, but I don’t sense the same panic internally as I did in 2008,’ said Danielle Davis, vice president of sales & marketing at McStain Neighborhoods.”
Danïelle, you are a salesperson. Always Be Closing. Of course all is well.
“They don’t want to be perceived by those around them as having made a bad choice at the wrong time. We are seeing a lot of hesitancy.’”
Perceived by others? More like falling into a crater.
Realtors are the last to know (or to admit it)
Also I was in Denver in 08 and it was fine, just fine until 1 day in August and everything STOPPED DEAD. My business went from phone ringing off the hook to phone not ringing for 6 weeks. So, we need to know which half of 08 our UHS is referring to.
Why would any patriotic young white male enlist in the “woke” Armed Forces of a regime that hates them?
Pentagon has 30 days to probe diversity chief accused of anti-White social media posts
https://www.foxnews.com/media/pentagon-30-days-review-diversity-chief-accused-anti-white-social-media-posts
Kelisa Wing described herself on Twitter as a ‘woke administrator’ and said she was ‘exhausted with these White folx’
On another occasion, Wing responded to a user who said, “I am exhausted by 99% of the white men in education and 95% of the white women. Where can I get a break from white nonsense for a while?“
Go hang out at the laundromat with bars in the windows!
What “exhausts” her? That the wypypo are responsible, non violent, polite, competent, mindful, etc.?
Is a Fed pivot happening soon, despite untamed inflation?
The Financial Times
Markets Briefing Equities
Wall Street stocks extend rally following streak of quarterly losses
Traders hope for pivot from central banks as economic activity cools
The Nasdaq MarketSite in New York
With US shares down 25% in the year to date, some analysts and investors are pointing to opportunities to buy them on the cheap
Ian Johnston and Harriet Clarfelt
16 minutes ago
Wall Street stocks extended their gains on Tuesday, as investors scooped up bargains after the longest streak of quarterly declines for equity markets since the 2008 financial crisis.
The S&P 500 added 1.8 per cent at the opening bell, having closed 2.6 per cent higher on Monday. The technology-heavy Nasdaq Composite rose 2.3 per cent. Elsewhere, Europe’s regional Stoxx 600 advanced 2.4 per cent, helping a FTSE index of global shares to surge 2.2 per cent.
Equity markets have sold off broadly this year, as the Federal Reserve led the charge on raising interest rates aggressively to curb stubbornly high inflation. Higher borrowing costs and fears of the Fed inducing a recession with tighter monetary policy have weighed heavily on share prices, fuelling three consecutive quarters of losses.
But with US shares down 25 per cent in the year to date, some analysts and investors are pointing to opportunities to buy them on the cheap.
“We turn tactically bullish equities for a [fourth-quarter] sharp rally,” analysts at Cantor Fitzgerald said this week. “We believe that inflation is falling sharply as we speak and will soon be recognised by the Fed,” they added.
“It has already been recognised in [the government bond market]. When this has happened historically, stocks bottom and rally sharply.”
…
Knife catchers are easily lured.
Are you buying into the prerecession bear trap rally?
Investor’s Business Daily
Stock Market Today
Dow Jones Rallies; These New Cathie Wood Buys Soar; Twitter Stock Flies As Elon Musk Bites Takeover Bullet
MICHAEL LARKIN 04:21 PM ET 10/04/2022
The Dow Jones Industrial Average continued to rally strongly Tuesday afternoon. Twitter (TWTR) exploded after Tesla (TSLA) CEO Elon Musk moved to bite the takeover bullet. Some new Cathie Wood buys were surging. Apple (AAPL) popped but Boeing (BA) was the top blue chip.
There was plenty of bullish action, with a trio of notable stocks testing entries. HF Sinclair (DINO) and Neurocrine Biosciences (NBIX) staged breakouts while DoubleVerify (DV) made a bullish move.
Volume rose on both Nasdaq and the New York Stock Exchange according to early data, a bullish sign.
The yield on the benchmark 10-year Treasury note slipped one basis point to 3.63%. West Texas Intermediate crude oil popped 3% to trade at just over $86 per barrel.
…
https://www.investors.com/market-trend/stock-market-today/dow-jones-rallies-twitter-stock-rockets-as-elon-musk-bites-takeover-bullet-new-cathie-wood-buys-soar-tesla-stock-apple-stock/
Home Investing Stocks Jonathan Burton’s Life Savings
Jonathan Burton’s Life Savings
This stock-market strategist says the coming recession could be the biggest ever: ‘I recommend prayer’
Last Updated: Oct. 4, 2022 at 9:48 a.m. ET
First Published: Oct. 3, 2022 at 1:52 p.m. ET
By Jonathan Burton
‘I’m about as bearish as I’ve been since 2008,’ says Hedgeye’s Keith McCullough. He’s steering investors to cash, gold and other defensive plays.
Agence France-Presse/Getty Images
Keith McCullough, founder and CEO of Hedgeye Risk Management, isn’t one to mince words in discussing financial markets, the Federal Reserve or the economy.
Right now he has a few less-than-charitable things to say about how the Fed’s rate hikes have ground up stock and bond investors.
His investment-research firm’s economic models turned bearish on stocks and bonds at the beginning of 2022. Prices have since tumbled, but McCullough is still bearish. He’s now steering investors to defensive positions primarily in cash, the U.S. dollar, gold and income-producing equities.
…
https://www.marketwatch.com/story/this-stock-market-strategist-says-the-coming-recession-could-be-the-biggest-ever-i-recommend-prayer-11664819562
Markets
CNBC TV
Updated Tue, Oct 4 2022 5:23 PM EDT
Dow rallies more than 1,500 points in two days, S&P 500 posts best 2-day gain since 2020
Tanaya Macheel
Alex Harring
Stocks surged Tuesday as Wall Street built on a sharp rally seen in the previous session and bond yields continued to fall.
The Dow Jones Industrial Average rose 825.43 points, or 2.8%, to 30,316.32. The S&P 500 added nearly 3.1% to close at 3,790.93, and the Nasdaq Composite was up 3.3% to end at 11,176.41.
Tuesday’s gains also put the S&P 500 up 5.7% for the week and marked its biggest two-day rally since March 2020.
Markets have had a strong start to the month, bringing a respite from the swift declines seen September and the prior quarter. On Monday, the Dow jumped about 765 points for its best day since June 24. The S&P 500 advanced about 2.6% in its biggest one-day gain since July 27, and the Nasdaq added 2.3%.
…
https://www.cnbc.com/2022/10/03/stock-market-futures-open-to-close-news.html
Updated Wed, Oct 5 2022 4:03 AM EDT
Stock futures fall following a sharp two-day rally on Wall Street
Sarah Min
Market isn’t out of the woods yet, says Citi Global Wealth’s Bitterly
U.S. stock futures fell on Wednesday morning after the S&P 500 posted its best two-day gain in roughly two years.
Dow Jones Industrial Average futures declined by 150 points, or 0.49%. S&P 500 and Nasdaq 100 futures dipped 0.53% and 0.55%, respectively.
During the regular session Tuesday, the Dow jumped about 825 points, or 2.8%. The S&P 500 gained nearly 3.1%, while the Nasdaq Composite advanced 3.3%.
The two straight days of gains came on the back of a pullback in bond yields, with the 10-year Treasury yield falling below 3.6% at one point after topping 4% briefly last week.
Meanwhile, a weakening in the most recent job openings data had some investors considering whether the Federal Reserve will slow the pace of interest rate hikes.
Market participants wondered whether those signs could mean markets have finally priced in a bottom after the sharp declines in the prior quarter.
“I don’t think you have to worry about a recession until the second half of ’23,” Stifel chief equity strategist Barry Bannister said Tuesday on CNBC’s “Closing Bell: Overtime.” “So there is room for a rally as you go into the early part of next year.”
…
https://www.cnbc.com/2022/10/04/stock-market-futures-open-to-close-news.html
Business
San Diego gas prices hit record high. You’re paying $2 more than a year ago
Elijah Sauder pumps gas at a Shell gas station along A Street in downtown San Diego, CA on Monday, Oct. 3, 2022.
(Adriana Heldiz/The San Diego Union-Tribune)
Gov. Newsom wants Legislature to impose a windfall profits tax on oil companies.
By Rob Nikolewski
Oct. 3, 2022 3:39 PM PT
The average price for a gallon of regular gasoline in the San Diego area rose for the 17th consecutive day Monday, increasing to $6.40 — an all-time high.
According to data from AAA of Southern California, prices have gone up for 30 of the past 31 days — although if it’s any consolation to drivers, the rate of increase has slowed in the past two days.
…
https://www.sandiegouniontribune.com/business/story/2022-10-03/san-diego-gas-prices-hit-record-high-youre-paying-2-more-than-a-year-ago
That price sign in the background, all over $7.00 per gallon!
A reader sent these in:
So real estate stocks went down by more than 50%, but real estate prices will be fine? 👇 (BBG)
https://twitter.com/MichaelAArouet/status/1577188434967289856
Price of shipping a container across the Pacific ..
* last year: $19,000
* earlier this year: $14,500
* now: $3,900.
https://twitter.com/carlquintanilla/status/1576922561400766464
The rural boom is over. Nobody is moving 6 hours from a major metro/international airport. Last year some dude with a Tesla and a cortado would have paid 800k for this
https://twitter.com/NipseyHoussle/status/1577102951260491777
Sven Henrich
Given the historic debt construct not only are higher rates a problem, but the unprecedented velocity of the moves. Growth is slowing down hard as a result & the global financial system is showing stability issues. Hence the Fed would be well advised to slowdown/pause & reassess.
https://twitter.com/NorthmanTrader/status/1576936655076085760
Here’s an issue I have with those predicting a 20% avg price drop in the housing market: Home prices went up 20% in 2021 alone.
Back in 2020, I thought housing was dangerously overvalued then. A 20% drop from here just seems too little, esp with mortgage rates so much higher now.
https://twitter.com/menlobear/status/1576755963331084288
Lance Lambert
Morgan Stanley: U.S. home prices poised to fall 7%
Goldman Sachs: U.S. home prices poised to fall 5% to 10%
Moody’s Analytics: U.S. home prices poised to fall 5% to 10%
Fitch Ratings: U.S. home prices *could* fall 10% to 15%
https://twitter.com/NewsLambert/status/1576947100872372226
“A 20% drop from here just seems too little, esp with mortgage rates so much higher now.”
– Look to historical cap. rates & median price to income ratio.
– Assumes no further Fed intervention, which is a stretch (fantasy?).
– Asset price inflation (housing & stonk bubbles) vs. consumer price inflation (social unrest). Great options here.
– Who honestly knows? In a free market scenario vs. a centrally-planned, command-and-control economy, house prices would go down much more than 20%, but here we are. Do we get true price discovery or some Fed-driven brain-fart?
“Price is what you pay. Value is what you get.” – Warren Buffett
from one of those twitter threads
https://pbs.twimg.com/media/FeNW1BoVEAA0Fbm?format=png&name=small
(wave)
ROCKETING MORTGAGE RATES
MORE HOMES TO POPULATION THAN ANY TIME IN HISTORY
MOST HOMES UNDER CONSTRUCTION SINCE THE 1970s
FALLING WORKING AGE DEMOGRAPHICS
HIGHER SPECULATION THAN BEFORE THE GFC
(onlooker)
HOMEOWNERS WHO THINK PRICES ONLY GO UP
Morgan Stanley: U.S. home prices poised to fall 7%
“Goldman Sachs: U.S. home prices poised to fall 5% to 10%
Moody’s Analytics: U.S. home prices poised to fall 5% to 10%
Fitch Ratings: U.S. home prices *could* fall 10% to 15%”
These are presumably predictions of nominal price declines. One needs to include inflation to get the real price decline, which will be much larger.
That said, given how much stocks have fallen and how fast housing prices are reportedly falling in many corners of the US, these predictions all seem pretty conservative. You have to realize these financial institutions making the predictions stand to lose more in case of larger home price declines.
“…these predictions all seem pretty conservative.”
Unless we’re talking about 2022. 🙂
I’m good with that. 🙂
Seattle real estate cooling off
KING 5
Oct 4, 2022 Seattle’s housing market is in flux for the first time in nearly a decade, and it’s cooling off faster than any other city in the country.
https://www.youtube.com/watch?v=7HqN7xpzJt4
3 minutes.
That looks like a nice remodel, new windows, likely upgraded insulation under that new siding, etc., but she’ll likely struggle to get her original investment back out sans any profit.
Twofer Tuesday from Russia Today.
UK on brink of gas supply emergency:
https://www.rt.com/business/563976-ofgem-warns-gas-supply-emergency/
Le Pen issues grim winter prediction:
https://www.rt.com/business/564039-le-pen-grim-winter-prediction/
#Winning
I always liked country music the story telling, not so much the music twang.
https://apnews.com/article/loretta-lynn-dies-5f1545e60e37e482faa42cbb25ae61e8
She lived a rewarding life.
Fed Chair Powell is ‘the captain driving the Titanic into the ocean,’ says Barry Sternlicht
CNBC Television
Oct 4, 2022
https://www.youtube.com/watch?v=2TJjVYkaHMA
5:10. Is $36 trillion a lot?
Just a detail; US$/Yen is 0.67, not 1.44.
I suppose you don’t have to understand fractions to be able to tell us all about the world economy.
You mean 0.0067.
Yes, thanks.
Hello BlueSkye,
Not to be a nitpicker, but foreign currency exchange seems to exist in some alternate universe. Took me a while to wrap my head around the inverted notation. When we see USD/YEN, most of the mathematically literate assume that this is a typical fraction or ratio where the numerator is on the left, and the denominator on the right. For some odd reason that I have never been able to fathom, in Forex, it’s actually backwards.
Current quotes are USD/Yen= 144, Yen/USD = 1/144 (0.0069). Don’t shoot me, i’m just the messenger. Find it annoying personally.
I’m going to trust you on that peculiarity.
“…nobody can afford a car with a 7% payment…”
No schitt, Sherlock. Think that might be due to economy cars going for $30k plus, and anything decent around $45k! How about a correction rather than a bail-out?
As gas prices rise, Democrats scramble to lay blame on Big Oil
By Evan Halper
October 4, 2022 at 6:00 a.m. EDT
https://www.washingtonpost.com/business/2022/10/04/gas-prices-oil-biden-midterm/
So Brandon dropped gas prices long enough to pass The Inflation Reduction Green New Deal on the run-up to the midterms by dropping the Strategic Oil reserves to levels not seen since Cindy Lauper’s Girls Just Want to Have Fun was climbing the charts.
The Strategic Petroleum Reserve Is At Its Lowest Level Since 1984
Robert Rapier
Sep 7, 2022,04:57pm EDT
On March 31, 2022 — in an attempt to fight higher oil and gasoline prices — President Biden announced the release of one million barrels of crude oil a day for six months from the SPR.
I remember when I first heard about it, I thought “Wow. That’s a lot.” In fact, I noted in interviews at the time that this level of release would likely help stem oil prices — at the risk of depleting our insurance policy in case of a supply disruption.
Ultimately, drawing down the SPR was a political decision. Think about it. An administration that has frequently emphasized the importance of reducing carbon emissions is trying to increase oil supplies to bring down rising oil prices — which will in turn help keep demand (and carbon emissions) high.
But even though the Biden Administration wants to address rising carbon emissions, high gasoline prices cause incumbents to lose elections. So, they try to tame gasoline prices even though it contradicts one of their key objectives of reducing carbon emissions.
The SPR has now been depleted since President Biden took office from 640 million barrels to 450 million barrels. This depletion is consistent with recent history. Historically SPR volumes tended to grow during Republican administrations and to fall during Democratic administrations. That pattern has held true since 1980.
https://www.forbes.com/sites/rrapier/2022/09/07/the-strategic-petroleum-reserve-is-at-its-lowest-level-since-1984/
Just another aspect of Making America Weak.
‘She’s nothing less than dangerous’ | Neil Oliver hits out at Jacinda Ardern over ‘tyranny’
GBNews
Oct 3, 2022 Neil Oliver speaks to Dan Wootton about whether Jacinda Ardern has become the acceptable face of tyranny.
https://www.youtube.com/watch?v=e_57hGaTsEQ
5:36.
How long until the old Soviet era “midnight knock in the door” becomes reality in Kiwiland? She’s almost there. She’s already said that she and her government are the sole source of truth, and that free speech is dangerous.
Jacinda Ardern – “We will continue to be your single source of truth”
https://www.youtube.com/watch?v=ENEUktOrQV8
And if you live in Kiwiland, it’s not like you can escape by sneaking across the border into a neighboring country. Talk about being trapped, surrounded by thousands of miles of ocean, and the nearest place to escape is Oz, which is hardly any better.
Oct 3, 2022 Neil Oliver speaks to Dan Wootton about whether Jacinda Ardern has become the acceptable face of tyranny.
I speak for horses who have no voice when I say that horse-faced Quisling is giving horse faces a bad name.
This video was removed by Twitter. Thank goodness someone saved it.
Hitler raging about the globalists losing credibility
https://video.twimg.com/ext_tw_video/1576314436901650434/pu/vid/1280×720/SR6JbEOVnGkF0gLV.mp4?tag=12
This never gets old: Hitler finds out he’s an FB
https://www.youtube.com/watch?v=cdQCxyRMhH8
“This never gets old: Hitler finds out he’s an FB“
Deja vu. It’s almost like 2009 all over again.
It’s more like 2007 again. The gloom gap between HBB posters and the MSM was large then. I found the direness of HBB predictions at the time somewhat over the top, and I may have been among those responsible.
By this point in 2008, things had turned out much worse than anyone predicted, including the indelible moment when Treasury Secretary and former Goldman Sachs CEO Hank Paulson got down on his knees and begged Nancy Pelosi to agree to Wall Street bailouts. It was unbelievable, and nobody couyhave seen it coming.
Then in the first quarter of 2009, headline US stock market indices finished falling 50 percent or so from their levels of six months earlier, at which point the Fed turned on the Quantitative Easing fire hose.
We are more at the beginning of this financial ruction than the end, though the duration is highly unpredictable.
Oh dear….
Mortgage holders whacked twice by RBA’s war on inflation
https://www.news.com.au/finance/economy/interest-rates/mortgage-holders-whacked-twice-by-rbas-war-on-inflation/news-story/1f6172af535b6f680afcbfd9968875cf
A rapid increase in mortgage rates is not the only blow homeowners are suffering as inflation keeps building.
The ultimate insult for Australians and New Zealanders who are foreclosed and evicted will be watching foreigners arrive and move into their old homes, with subsidies from the government.
Sounds like apartments in California. Natives get rate increased until they leave and foreigners move in on a subsidy. Winning!
“The prices aren’t dropping so much as they’re correcting, said Misty Michael, team lead for the Michael Team. A bubble isn’t bursting; the market is simply normalizing. ‘It’s because sellers have been pricing above where comps were, thinking it could sell, and now it’s no longer selling,’ she said.”
Thanks for the profound wisdom Miss Dingbat. With gems like that one, it’s no wonder why the word realtor and imbecile are synonymous.
Sun Valley, NV Housing Prices Crater 11% YOY As Reno Housing Market Tanks On Surging Inventory
https://www.movoto.com/sun-valley-nv/market-trends/
As one national broker conceded, “If you’re selling or buying, the broker is lying to you. I know a liar when I hear one. I’ve been lying my entire life.”
$209,000 2 bd 2ba 1,257 sqft
Price cut: $30K (10/3)
2610 Valentine Ave, Kingman, AZ 86401
https://www.zillow.com/homedetails/2610-Valentine-Ave-Kingman-AZ-86401/55724734_zpid/
Date Event Price
10/3/2022 Price change $209,000 (-12.6%) $166/sqft
9/12/2022 Price change $239,000 (-7.7%) $190/sqft
8/18/2022 Price change $259,000 (-7.5%) $206/sqft
7/13/2022 Listed for sale $279,999 (+330.8%) $223/sqft
5/3/2011 Sold $65,000 (-17.3%) $52/sqft
4/3/2011 Listing removed $78,550 $62/sqft
2/5/2011 Listed for sale $78,550 $62/sqft
200k and they can’t even pay an illegal to deal with the big brown stain around the entire house? Sad!
It was there when they borrowed, ten years later, to the moon Alice!
Mass Formation Psychosis is the gift that just keeps on giving:
https://thehill.com/policy/healthcare/3673756-masks-required-again-in-rutgers-libraries-with-classrooms-left-up-to-faculty/
“They’re not sending their best”
“Masks required again in Rutgers libraries, with classrooms left up to faculty”
https://youtu.be/v2gCadq9xQM
Grasshopper has a dream about waking up in a house where he overpaid.
https://youtu.be/WDUYqCqhuBI?t=166
JUST IN; Asset managers including Blackrock, $BLK, and Schroders Plc are limiting institutional investors’ withdrawals from some UK property funds after a wave of requests to move money, per Bloomberg.
https://twitter.com/unusual_whales/status/1577306453160886274
Illiquid investments are the worst!
Underwater housing in a falling price market is a great example. Who wants to HODL underwater real estate when prices are falling and you can’t sell it for enough to pay off the loan you took out to buy it?
‘The pandemic starkly changed the home-price landscape so what was only two years ago relatively rare — a million-dollar ZIP — is now Orange County’s norm’
IIRC it was in the 2000-teens that this same paper reported that a third of county shacks were ‘luxury,’ defined by the million $ mark.
U.S. Dollar futures …
https://finviz.com/futures_charts.ashx?p=d1&t=DX
A lower dollar could make it more expensive to buy stuff Americans need. This could create the impression that inflation is increasing, which the Fed doesn’t want to happen.
“‘I’ve been hearing that the interest rates could go down as soon as the midterm elections,’ Sakala said.”
Keep wishing that sweetheart.
I grew up knowing people who lived through the Great Depression. They were extremely debt averse. Perhaps after tens of millions of Americans are absolutely crushed by debt, debt of their employers, default by their investments and all the Etc. they will reform for a time, and form a society and a government that is based on honesty and prudence.
Farming people knew how the fix things and think outside the box. Today’s dads can’t even assemble their children’s Christmas toys without a manual, and they still might hurt themselves, and they’ll blame everyone but the guy in the mirror.
Great Depression
The last Fourth Turning.
YouTube has been “cleaning” their search results on basic keywords. Enjoy this Golden Oldie before it disappears forever:
OBAMA’S GONNA PAY FOR MY GAS AND MORTGAGE (10/30/2008):
https://www.youtube.com/watch?v=Bg98BvqUvCc
“From each according to his abilities, to each according to his needs” — Reddit
I know a number of you read ZH so I want to get ahead of its most recent article. Twitter vs. Musk is NOT over. Musk sent a letter to Twitter conditionally promising to do what he contracted to do months ago but has spent months and millions of dollars trying to avoid doing. One of those conditions is that the litigation be stayed. Twitter Investor Relations’ response was brilliant but misinterpreted: “Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.” Twitter by NO means agreed to the terms of the letter. Given Musk’s bad faith, Twitter has very little reason to trust Musk and agree to it.
” to close the transaction at $54.20 per share”
Oh ya he’s so smart.
From The Atlantic no less: Elon Musk’s Texts Shatter the Myth of the Tech Genius
This article …
https://www.zerohedge.com/political/canada-verge-political-revolution
… makes for a good read.
“Nearly Half Of Americans Making Six-Figures Living Paycheck To Paycheck”
https://www.zerohedge.com/personal-finance/nearly-half-americans-making-six-figuress-living-paycheck-paycheck
(snip snip)
Roughly 60% of Americans say they’re living paycheck to paycheck – a figure which hasn’t budged much overall from last year’s 55% despite inflation hitting 40-year highs, according to a recent LendingClub report.
Even people earning six figures are feeling the strain, with 45% reporting living paycheck to paycheck vs. 38% last year, CNBC reports.
“More consumers living paycheck to paycheck indicates that many are continuing to lose their financial stability,” said LendingClub financial health officer, Anuj Nayar.
The consumer price index, which measures the average change in prices for consumer goods and services, rose a higher-than-expected 8.3% in August, driven by increases in food, shelter and medical care costs.
Although real average hourly earnings also rose a seasonally adjusted 0.2% for the month, they remained down 2.8% from a year ago, which means those paychecks don’t stretch as far as they used to. -CNBC
Meanwhile, Bank of America found that 71% of workers say their income isn’t keeping pace with inflation – resulting in a five-year low in terms of financial security.
“It is no secret that prices have been increasing for everyday Americans — not only in the goods and services they purchase but also in the interest rates they’re paying to fund their lives,” said Nayar, who noted that people are relying more on credit cards and carry a higher monthly balance, making them financially vulnerable. “This can have detrimental consequences for someone who pays the minimum amount on their credit cards every month.”
According to an Aug. 30 report from the Federal Reserve Bank of New York, credit card balances increased by $46 billion from last year, becoming the second-biggest source of overall debt last quarter.
And as Bloomberg noted last month, more US consumers are saddled with credit card debt for longer periods of time. According to a recent survey by CreditCards.com, 60% of credit card debtors have been holding this type of debt for at least a year, up 50% from a year ago, while those holding debt for over two years is up 40%, from 32%, according to the online credit card marketplace.
And while total credit-card balances remain slightly lower than pre-pandemic levels, inflation and rising interest rates are taking a toll on the already-stretched finances of US households.
About a quarter of respondents said day-to-day expenses are the primary reason why they carry a balance. Almost half cite an emergency or unexpected expense, including medical bills and home or car repair.
The Federal Reserve is likely to raise interest rates for the fifth time this year next week. Credit-card rates are typically directly tied to the Fed Funds rate, and their increase along with a softening economy may lead to higher delinquencies.
Total consumer debt rose $23.8 billion in July to a record $4.64 trillion, according to data from the Federal Reserve. -Bloomberg
The Fed’s figures include credit card and auto debt, as well as student loans, but does not factor in mortgage debt.
“And while total credit-card balances remain slightly lower than pre-pandemic levels, inflation and rising interest rates are taking a toll on the already-stretched finances of US households.”
Donkeys can carry more weight.
I truly appreciate the collective experience and wisdom on this blog and profusely thank Ben for enabling it!
This one would be a real tickle for some here. Blue Checkmarks with Ukraine flags may want to pass.
FRED REED: A Diagnostic Letter To Our Euro-Peon Vassals, Who Are Dumber Than The Better Class Of Nematode
European countries aren’t real countries, says Fred. They have American occupation troops and military bases everywhere, uncouth foreign soldiers drinking [their] beer, diddling [their] daughters—Italian ones are best; English girls are often mistaken for dead—and letting Massuh Washington blow up their energy sources
https://barelyablog.com/fred-reed-a-diagnostic-letter-to-our-euro-peon-vassals-who-are-dumber-than-the-better-class-of-nematode/#ixzz7gntPOz3ZWRSA.
https://barelyablog.com/fred-reed-a-diagnostic-letter-to-our-euro-peon-vassals-who-are-dumber-than-the-better-class-of-nematode/#ixzz7gntE44qn
“U.S. NEWS Former Clinton Advisor Says Hillary May Run In 2024
‘I see more and more signs that Hillary’s going to run’”
https://summit.news/2022/10/04/former-clinton-advisor-says-hillary-may-run-in-2024/
(snip)
Following comments criticising the handling of mass immigration on the southern border, a long time Clinton advisor says that it appears Hillary may be positioning herself for another presidential run in 2024.
The New York Post reports that strategist Dick Morris believes Hillary is moving toward presenting herself as a “moderate” centrist candidate in 2024.
“I see more and more signs that Hillary’s going to run,” Morris, a former aide to Bill Clinton, said during a radio interview.
Morris said the fact that Hillary is acknowledging that most Americans “do not believe in open borders,” is a tell tale sign.
“These are all signals that she is going to be the moderate candidate for president. She’s going to say after the election, ‘See, the left cost us the House and the Senate. If we stay with a left-wing candidate in 2024, we’re going to lose the White House. I’m the only one who will tack to the center and give us a chance at victory,’” Morris said.
The political consultant added that “it’s the strategy I designed for Bill Clinton in 1992” and that “Hillary is just dusting off Bill‘s playbook that I wrote for him and applying it herself this year.”
8 Comments
Following comments criticising the handling of mass immigration on the southern border, a long time Clinton advisor says that it appears Hillary may be positioning herself for another presidential run in 2024.
The New York Post reports that strategist Dick Morris believes Hillary is moving toward presenting herself as a “moderate” centrist candidate in 2024.
“I see more and more signs that Hillary’s going to run,” Morris, a former aide to Bill Clinton, said during a radio interview.
Morris said the fact that Hillary is acknowledging that most Americans “do not believe in open borders,” is a tell tale sign.
“These are all signals that she is going to be the moderate candidate for president. She’s going to say after the election, ‘See, the left cost us the House and the Senate. If we stay with a left-wing candidate in 2024, we’re going to lose the White House. I’m the only one who will tack to the center and give us a chance at victory,’” Morris said.
The political consultant added that “it’s the strategy I designed for Bill Clinton in 1992” and that “Hillary is just dusting off Bill‘s playbook that I wrote for him and applying it herself this year.”
Listen (relevant part starts at 46 mins):
Morris previously recently predicted that Democrats are going to reject Biden for a second run in favour of Clinton in order to avoid the potential of “some crazy radical like Gavin Newson, Bernie Sanders. Maybe even AOC herself” becoming a front runner.
“That’s going to drive the Democratic Party leaders to go to Hillary and say, ‘Hey look. Please run again. We need you to save us from the crazy left,’” Morris said, adding “Otherwise we’ll have Sanders as our candidate. We’ll lose Congress by a ton. And we’ll get wiped out in the presidential race.’”
During an MSNBC interview a fortnight ago, Hillary noted “nobody wants open borders who has any idea of how government and countries work.”
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Following comments criticising the handling of mass immigration on the southern border, a long time Clinton advisor says that it appears Hillary may be positioning herself for another presidential run in 2024.
The New York Post reports that strategist Dick Morris believes Hillary is moving toward presenting herself as a “moderate” centrist candidate in 2024.
“I see more and more signs that Hillary’s going to run,” Morris, a former aide to Bill Clinton, said during a radio interview.
Morris said the fact that Hillary is acknowledging that most Americans “do not believe in open borders,” is a tell tale sign.
“These are all signals that she is going to be the moderate candidate for president. She’s going to say after the election, ‘See, the left cost us the House and the Senate. If we stay with a left-wing candidate in 2024, we’re going to lose the White House. I’m the only one who will tack to the center and give us a chance at victory,’” Morris said.
The political consultant added that “it’s the strategy I designed for Bill Clinton in 1992” and that “Hillary is just dusting off Bill‘s playbook that I wrote for him and applying it herself this year.”
Listen (relevant part starts at 46 mins):
Morris previously recently predicted that Democrats are going to reject Biden for a second run in favour of Clinton in order to avoid the potential of “some crazy radical like Gavin Newson, Bernie Sanders. Maybe even AOC herself” becoming a front runner.
“That’s going to drive the Democratic Party leaders to go to Hillary and say, ‘Hey look. Please run again. We need you to save us from the crazy left,’” Morris said, adding “Otherwise we’ll have Sanders as our candidate. We’ll lose Congress by a ton. And we’ll get wiped out in the presidential race.’”
During an MSNBC interview a fortnight ago, Hillary noted “nobody wants open borders who has any idea of how government and countries work.”
Hillary recently declared that she would never run for President again, but that hasn’t stopped the rumours from circulating.
Meanwhile, despite continued questions over his mental degradation, Joe Biden has reportedly told Al Sharpton that he plans to run again for president in 2024.
In related news, an underreported piece by Breitbart last week detailed how Hillary aides reportedly seriously believed that Donald Trump, acting as a Russian agent, planned to poison Hillary with some sort of deadly handshake during the presidential debates in 2016.
The revelation is made in a forthcoming book by New York Times reporter Maggie Haberman, who details how “During preparations for the third debate, Clinton’s team was disrupted by a warning from the husband of Senator Dianne Feinstein, who said he had been told that Russians might try to poison Clinton through a handshake with Trump, to inflict a dramatic health episode during the debate.”
While the book claims Hillary personally didn’t take the threat seriously, “Her communications director, Jennifer Palmieri, took the prospect seriously enough to check it out,” Haberman writes.
Interestingly, there was no handshake at the beginning of the third debate:
The democrats are sick-n-tired of Hillary Clinton, IIUC.
Who isn’t?!
They are going to lose, so maybe they are posturing for what’s after. Hillary screeching relentlessly that the election was stolen? She’s good at that.
Just imagine the psychotic irony.
The Financial Times
Markets volatility
‘Someone will get hurt’: Investors and analysts warn on rising market stress
Big swings across asset markets are raising the risk of a financial accident
An FT montage of a Wall Street sign and market volatility
As the dollar strengthens and interest rates rise, price swings in the Treasury market are getting more intense
Eric Platt and Kate Duguid in New York yesterday
Investors and Wall Street analysts are sounding the alarm about a possible “market accident”, as successive bouts of tumult in US stocks and bonds and a surging dollar cause rising levels of stress in the financial system.
A gauge of strain in US markets — produced by the Treasury’s Office of Financial Research — has soared to its highest level since the coronavirus pandemic ructions of May 2020.
Even as equities on Wall Street start the new quarter with gains, the OFR’s Financial Stress index is near a two-year high at 3.1, where zero denotes normal market functioning. That has added to a growing list of benchmarks which suggest trading conditions in US government debt, corporate bonds and money markets are increasingly stretched.
“The velocity of things breaking around the world . . . is obviously a ‘neon swan’ telling us that we are clearly now in the market accident stage,” said Charlie McElligott, a strategist at Nomura.
Line chart of Office of Financial Research financial stress index and subcomponents showing Stress is evident in US financial markets
Rising concerns have been fuelled by a series of big interest rate increases by the Federal Reserve to curb inflation. Higher borrowing costs and fears of an economic slowdown have led a steep sell-off in public markets, while strengthening the US currency to the detriment of its global peers.
Rate rises by the European Central Bank and the Bank of England — as well as aborted tax plans by the UK government — have also amplified swings in the market this year as global policymakers attempt to rein in price growth.
“When financial conditions tighten this much, everyone is looking for who or what will be the cause for central banks to blink,” said Michael Edwards, the deputy chief investment officer of hedge fund Weiss Multi-Strategy Advisers. “They [the Fed] are determined to get financial conditions tighter, and [because] the economy is very strong . . . they have to use funding markets as the transmission mechanism. So someone will get hurt.”
McElligott pointed to the 20 per cent slide in the Japanese yen this year, a sell-off in British sovereign debt in recent weeks, and a smattering of loans stuck on banks’ balance sheets that lenders are unable to offload to investors even with deep discounts, as signs of the strains in markets.
He added that the strength of the dollar was “causing tremendous strains economically . . . and increasingly, metastasising in markets”.
The stresses mean that markets are not operating as they should: companies aren’t easily able to obtain funding, it is harder to buy and sell securities, prices are volatile and investors are less willing to take on risk.
Conditions have been deteriorating all year, but until late it has been evident primarily in the stock market where valuations have dropped precipitously as borrowing costs have risen and the prospects of growth have been slashed.
Private companies have been unable to list their shares publicly and banks have had to withdraw planned debt financings for their clients after investors refused to open their cheque books.
Last month banks were forced to hold $6.5bn of debt to fund the buyout of software maker Citrix on their own balance sheets after they failed to find willing buyers for the entirety of the debt financing.
“This is a story about boiling lobsters. You put them in cold water and slowly turn the heat up,” said George Goncalves, head of US macro strategy at MUFG. “That is what is happening in markets. The Fed is turning up the heat. But because the market is still flush with liquidity, it’s not yet clear where the weakness is.”
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