thehousingbubble@gmail.com
Blog

Loans Become Bad From The Moment Of Creation

A report from Fox Business. “A year ago, business was booming for Touchstone Living Inc. The Nevada builder had a list of 639 qualified buyers who wanted homes in its development about 15 miles north of the Las Vegas Strip. Today, that list has shriveled to about 30. Owner Tom McCormick said, ‘I’ve never seen it change this fast,’ referring to the rapid decline in sales. Now that new-home sales have slowed, the risk of a glut is rising. About 800,000 single-family homes were under construction in September, on a seasonally adjusted basis, up 11% from a year earlier and 52% from September 2019, according to the Census Bureau. Many of those homes were started before the market slowed.”

“Some are already sold, but not all. In an effort to lure reluctant buyers or keep others from canceling, builders are paying upfront fees to mortgage lenders to reduce buyers’ mortgage rates and offering other incentives, such as long-term rate locks. Builders also are canceling deals to acquire land. There was an 8.1-month supply of new homes on the market at the end of August, according to the Census Bureau.”

“In September, Touchstone decided to start renting out some of its properties because it expects home-buying demand to stay low. ‘People still want to own homes, but they simply can’t afford it,’ Mr. McCormick said. ‘So the business plan has to change.'”

From Deseret News. “Since they peaked in May, home values in certain local markets have shifted downward — and areas with the biggest shifts are concentrated in the West, largely in states that went wild during the pandemic housing frenzy: California, Arizona, Nevada, Colorado, Idaho and, yes, Utah. Some counties on the south end of the state are seeing year-over-year price declines. That includes Washington County, home to booming St. George, down -3.7%. Kane County is down -12.9% and San Juan County is down -6.7%.”

Fort Morgan Times in Colorado. “These days, real estate prices in Durango, as in so many Western towns, have outrun most workers’ ability to buy or even rent modest digs. Candace McNatt, who works as an operating room nurse, tells the story of two clinical experts at the hospital, each making $160,000, who ‘have looked for a house forever. And he’s like, I refuse to pay $1 million for a house.’ In the end, ‘they paid over $1 million and are now house poor.'”

From Mission Local in California. “When Simon and Amy Jansuk in 2018 won the San Francisco housing lottery for a Below Market Rate unit, it well and truly felt like winning the lottery. They landed the unit for $460,000 and, just like that,atel felt much the same way. He beat out hundreds of lottery applicants to win the right to buy a one-bedroom unit at Mint Plaza for around $213,000. But that was then and this is now. Both the Jansuks, Patel, and other owners of BMR units contacted by Mission Local said they were broadsided when they learned of a 2019 policy change enacted by the Mayor’s Office of Housing and Community Development. They are now being encouraged to price and sell their units at a loss — in some cases, at a staggering loss.”

“For the Jansuk’s, Patel and others, their Gregor Samsa of a home has certainly metamorphosed into a giant cockroach. It’s an especially vexing one for the Jansuks. Their ‘affordable price’ allotted to them by the Mayor’s Office of Housing is $386,263 — some $74,000 less than they paid for their home just four years prior. ‘It’s a visceral response. It’s crushing,’ says Amy Jansuk. ‘The fact they’re asking us to start at that price and then negotiate with people is exhausting. It feels like everything we worked for is starting to deteriorate.'”

“‘There’s no question about it: This screws the sellers,’ sums up Supervisor Myrna Melgar, herself an alumna of the Mayor’s Office of Housing. ‘What they are doing is ensuring these units are affordable — but instead of doing it on the public dime, they are doing it at the expense of the family who is selling.'”

Bisnow Los Angeles in California. “ACORE Capital Managing Director of Capital Markets and Syndications Brent Wagner recounted an investment committee call the morning of the event discussing a potential deal on the Westside of LA. ‘That appraisal is 2 months old,’ Wagner said. ‘Well, it’s useless. There are no comps taking place,’ he said, which made it more difficult to figure out how much they should be paying. Additionally, several panelists said banks are largely at a standstill, having paused their commercial real estate lending. ‘It’s a massive slap in the face for everybody to get comfortable with that new environment,’ Wagner said.”

“‘If you’re borrowing money, and all of us do, your fixed rate is no longer at 5%, it’s at 7%,’ said Sonnenblick Development Chairman Bob Sonnenblick. ‘That has to have an effect on the price of any kind of existing asset, but it hasn’t yet repriced. So the market is kind of stalled right now. Once sellers understand that us buyers who are financing things have a higher cost of funds, I think you’re gonna see prices come down.’ That is a good thing, Sonnenblick said, calling the prices for LA real estate ‘insane.'”

“Meridian Capital Senior Managing Director Seth Grossman said prices were already dropping. ‘Every single deal I have in the pipeline right now that’s been in process for more than six or eight weeks has had not one but multiple price adjustments,’ Grossman said. ‘I had a deal close last week that had five different price adjustments that occurred since March.'”

Times of San Diego in California. “My husband and I bought and sold small apartment buildings for more than 47 years. Recently we sold our last two apartment buildings. We are done with owning and managing multi-family housing. Over the past few years, in the eyes of some, owning apartments became synonymous with being a greedy landlord. Local, state and federal legislators felt they needed to protect vulnerable tenants from their onerous landlords.”

“By now, we had been retired from our full-time jobs for several years. We were just a small ‘mom and pop’ operation. We had hoped that owning an apartment building would help to build a little nest egg to help us through our retirement years, and maybe even enable us to retire a little earlier.  However, with the rents we charged and the expenses we paid, retiring early was just a pipe dream. How many other responsible apartments owners have decided to call it quits under the burden of unfunded and unreasonable government mandates. And who will be left?”

The Globe and Mail. “A short burst of activity in the Toronto-area real estate market was sputtering by the end of September. The market’s foray into uncharted territory is leading sellers to try some eyebrow-raising gambits, says Andre Kutyan, broker with Harvey Kalles Real Estate. He points to a four-bedroom house he listed for sale in late spring with an asking price of $7.75-million. When the property in an upscale midtown neighbourhood didn’t sell after several weeks, the owners agreed to reduce the asking price to $7.249-million.”

“The home still didn’t draw a buyer so the sellers informed Mr. Kutyan they’d like to change the price again – back to $7.75-million. Mr. Kutyan pointed out they had already tried that price – what was their rationale? ‘We don’t want to ruin the reputation of our listing,’ they said. The owners are in no rush to sell and they figure they are unlikely to strike a deal this fall. They are positioning the property to relist in the spring of 2023. They want the history to show the most recent asking price as $7.75-million so a future buyer won’t know they tried a lower price without success.”

“Mr. Kutyan points out that realtors can provide a complete listing and sales history to any client who requests the records. ‘You’re not fooling anyone,’ he says. ‘They’re hoping for some sucker who’s not going to find the information.'”

From Reuters. “Yields on UK government bonds, or gilts, drive swap rates and hence dictate how much lenders pay in the money markets. Fixed rates have jumped. Average two-year and five-year fixed rates hit 6.65% and 6.51% on Thursday, according to Moneyfacts, the highest since 2008. One year ago, the average two-year rate was 2.25%. Josh Hardy, a 32-year-old landscape gardener and economics student, was in the process of reserving a new-build house on the outskirts of Exeter, a prosperous cathedral city in south west England, when interest rates edged higher.”

“‘Anywhere between three to maybe four and a half percent, we could just about stomach,’ he said. ‘But the mini-budget sent the gilt market into chaos. Banks just began pulling mortgage products left, right and centre.’ His broker sourced a two-year fixed rate of 6.39%. ‘Essentially that has taken our prospective mortgage from 850 pounds a month as we were looking at it, to just short of 1,250,’ he said. ‘That was the final nail in the coffin. The idea of taking on a six, a six and a half percent mortgage and then sitting for however long in negative equity is just a scary prospect for a first time buyer.’ He pulled out.”

“With house prices outstripping wage growth, an average full-time worker in England had to spend more than nine times their annual salary on a home, more than double the level of just over four times in 2000, ONS data shows.”

The Daily Monitor on Uganda. “Majority of borrowers default on loans because they divert the money to other purposes, make wrong business decisions, or simply do not scrutinise the terms of offer, bank executives have said. The comments follow an enterprise story published yesterday which showed the collaterals advertised in this newspaper for sale between January-June, this year, doubled the numbers auctioned within a similar period in 2019. The findings illuminated the rising problem of loan default, leading to borrowers losing property including family homes, to lenders, among them financial institutions, loan sharks and savings and credit cooperatives (Saccos).”

“Mr Micheal Mugabi, the managing director of Housing Finance Bank, said loans go bad from the onset when the intentions for use have not been made clear or borrowers divert the money. ‘The number one cause for defaults is a diversion. Loans become bad from the moment of creation,’ Mr Mugabi said, adding, ‘[Therefore], the purpose of funds should be made clear from the onset so that discipline is observed and the money utilised for intended use.'”

“In interviews for yesterday’s story, some defaulters accused lenders of being aggressive and hard-nosed while pursuing recovery. Mr Kenneth Agutamba, the corporate communications manager at Stanbic Bank Uganda, in a rejoinder noted that ‘the action of taking possession of a mortgaged property when the borrower fails to keep up their mortgage payments is defined by the laws of Uganda. ‘The process can continue until an appropriate buyer is found. Foreclosure is not a desired process by the bank and customer because it is a ‘forced sale’, [and] in most cases the lender will lose money,’ he said.”

“A private money lender who preferred anonymity to protect their business, told this newspaper that many individuals who borrowed money defaulted, and selling off the collateral is the only feasible way to recover the finances. He, however, said some borrowers acquire loans for projects with no returns. ‘Some people borrow to pay another loan, others for weddings. Someone has called me to lend them Shs10m for a wedding and attached their car. When people borrow, they should have discipline and take in what they can chew. You get excited that you are getting a loan in 3 hours, but what are the measures?’ the lender said, referring to inadequate due diligence by borrowers.”

Related Posts
This Post Has 122 Comments

  1. ‘tells the story of two clinical experts at the hospital, each making $160,000, who ‘have looked for a house forever. And he’s like, I refuse to pay $1 million for a house.’ In the end, ‘they paid over $1 million and are now house poor’

    That’s some sound lending right there.

    2. It’s about 3x their annual salaries. Seems pretty sound to me. Now paying a million bucks to live in Durango is insane.

  3. ‘The number one cause for defaults is a diversion. Loans become bad from the moment of creation,’ Mr Mugabi said, adding, ‘[Therefore], the purpose of funds should be made clear from the onset so that discipline is observed and the money utilised for intended use’

    So Mike, are you saying borrowing a sh$t load of money and pissing it off on a vacation (year after year) might be a bad idea? Cuz that’s what has gone on for over a decade.

  5. ‘It’s a visceral response. It’s crushing…The fact they’re asking us to start at that price and then negotiate with people is exhausting. It feels like everything we worked for is starting to deteriorate’

    Alas Amy, yer dreams of easy riches are crumbling like the lamp post out front from bum urine.

    1. “Alas Amy, yer dreams of easy riches are crumbling like the lamp post out front from bum urine.”

      We had a lamp post light on a bar in our den (what we used to call a playroom) like the one in the link below when I was a kid. By the time I was old enough to use the bar for it’s intended use with my parents away for the weekend the Drunk Bum Lamp post light had long been broken.

      https://www.worthpoint.com/worthopedia/vintage-drunk-hobo-bum-leaning-lamp-1807028599

  6. ‘In September, Touchstone decided to start renting out some of its properties’

    That’s right Tom, hold yer ground, don’t give it away!

  7. ‘with the rents we charged and the expenses we paid, retiring early was just a pipe dream. How many other responsible apartments owners have decided to call it quits under the burden of unfunded and unreasonable government mandates. And who will be left?’

    Thornberg?

    via GIPHY

  8. Colorado Sun — Group led by former Trump adviser targets Colorado Latino voters with anti-transgender ads (10/25/2022):

    “group led by a top adviser to former President Donald Trump is producing Spanish-language mailers and radio ads with anti-transgender messaging targeted toward Colorado’s Latino voters.

    The messages come from the political nonprofit America First Legal Foundation, which is led by Stephen Miller, who served as a key aide to Trump, namely on immigration issues. Because it’s a nonprofit, the organization does not have to reveal its donors and so The Colorado Sun refers to it as a dark-money group.

    The mailers falsely claim that Democratic President Joe Biden and his liberal allies “are pushing radical and irreversible gender experiments on children” like blocking puberty and removing genitalia.”

    https://coloradosun.com/2022/10/25/colorado-latino-voter-targeted-spanish-language-ads/

    Note that this article does not once ask a Latino / Hispanic voter about their Catholic faith or family values, not once.

    Do you know what happens to chomos in prison? LOLZ

    1. It’s all lies!! Lies!

      “President Joe Biden signed an executive order Wednesday to enhance protections for transgender children and take steps to ban conversion therapy as efforts continue in Texas and other states to restrict gender-affirming medical care.

      The executive order calls on the U.S. Department of Education and the Department of Health and Human Services to increase access to gender-affirming care and develop ways to counter state efforts aimed at limiting such treatments for transgender minors.

      Gender-affirming care is recommended by all major medical associations to treat gender dysphoria, the distress a person can feel when their biological sex does not align with their gender identity. It can range from social transition — changing pronouns or dressing differently — to medical transition, including reversible puberty blockers and hormone therapy.”

      https://www.texastribune.org/2022/06/15/joe-biden-texas-transgender-care/

    2. The hysteria surrounding this and other issues (climate change) really gets to me, I could use the word offensive.

      Most places i go into today have an all-access bathroom 1 person and lock the door behind you, a simple easy low cost solution to the trans community. but nooooooo thats not good enough.

      But giving puberty blockers to children is child abuse. When you turn 18 do what you want. A lot grow out of this phase and regret it later.

      And We all glammed up for the Rocky Horror show, and it was just a funky night out with friends.

  10. ‘They want the history to show the most recent asking price as $7.75-million so a future buyer won’t know they tried a lower price without success’

    ‘Mr. Kutyan points out that realtors can provide a complete listing and sales history to any client who requests the records. ‘You’re not fooling anyone,’ he says. ‘They’re hoping for some sucker who’s not going to find the information’

    See, Andre here is a perma bear. These winnahs! just want the K-da dream of easy riches, dammit! And you want to deny them Andre. You WANT them to give it away. You are a soul crusher – a stuck clock, like Logan, Larry and Lisa.

  11. ‘But the mini-budget sent the gilt market into chaos. Banks just began pulling mortgage products left, right and centre’

    Reuters is globalist scum media. As usual, they try to make every gotdam thing about – Brexit! Never mind bond markets all over the planet are sinking like a turd in a well. Oh sure, a tax PROPOSAL that got pulled in days is crashing yer shack markets.

  12. ‘If you’re borrowing money, and all of us do, your fixed rate is no longer at 5%, it’s at 7%’

    Inflation is north of that Bob. Yer lender is losing money on every $ loaned and will every day fer years. Wake up and smell the bum poop.

    1. So she says the presidential election should be based on the popular vote and calls the electoral college “anachronistic”, and yet the Republicans are the ones threatening our current form of government. Makes sense.

      1. I have always maintained the electoral college was America’s first affirmative action program giving the small states a more equal voice in our elections

    2. Right on cue.

      With the majority of American voters now positioned to rebuke the political efforts of Joe Biden and federal Democrats, the narrative from the DOJ and FBI does a 180° reverse course. The transparency of a corrupt and manipulative political justice system is beyond obvious.

      ♦Old Message to support the 2020 Democrat vote initiatives (ballot harvesting, mail-in voting, precinct manipulation): The 2020 election was the most secure election in American history.

      ♦New Message to support the Democrat 2022 vote initiatives: The 2022 election is not secure, subject to manipulation by disinformation and misinformation, and likely to encounter interference by domestic and foreign adversaries.

      https://theconservativetreehouse.com/blog/2022/10/24/fbi-and-doj-switch-tactics-now-claim-2022-election-is-vulnerable-to-manipulation/

    3. Hillary Clinton says Joe Biden should not concede on election night

      By Jason Lange
      AUGUST 25, 2020

      WASHINGTON (Reuters) – Hillary Clinton has a piece of advice for Democratic presidential candidate Joe Biden: Whatever happens, do not concede defeat on the night of the Nov. 3 election.

      As many as half of U.S. voters are expected to cast their votes by mail this year, more than twice as many as in 2016, but not all state and local officials have the capacity to count mail ballots as quickly as those cast in person.

      Also, some states, including battlegrounds like Ohio and North Carolina, allow ballots to count if they arrive days after polls close but are postmarked by election day.

      “Eventually I do believe he will win if we don’t give an inch and if we are as focused and relentless as the other side is,” Clinton said.

      https://www.reuters.com/article/us-usa-election-clinton/hillary-clinton-says-joe-biden-should-not-concede-on-election-night-idUSKBN25L2FJ

  15. Washington Post — Right-wing roadshow promotes Christian nationalism before midterms (10/23/2022):

    “Since April of last year, the ReAwaken America Tour has brought hardline-election deniers, anti-vaccine doctors, self-proclaimed prophets and conspiracy theorists to enthusiastic crowds across the country. The central message is that America’s white, evangelical Christian way of life is under threat from the globalist cabal on the “woke” left.

    The traveling carnival of misinformation merges entertainment, politics and theology and makes the existential argument to those attending: The debate is no longer about Republican vs. Democrat, they say, it’s about good vs. evil. And it’s time to pick a side.

    “We face a battle in our country,” retired Lt. Gen. Michael Flynn, Trump’s former national security adviser turned election denier, told the crowd. “I mean, Christianity is under attack. Honestly, it feels like everything is under attack.”

    https://archive.ph/lI4h6

    Flynn is correct.

    There can never be any negotiation with Marxists. None. Never.

  16. The Associated Press is globalist scum media.

    Drag Queen Story-Time At Oregon Pub Draws Gun-Toting Protesters (10/25/2022):

    “Protesters, some of them armed, threw rocks and smoke grenades at each other outside a drag queen storytime event at an Oregon pub, but the weekend show that was to have featured a child performer went on as planned.

    The 11-year-old did not take part as scheduled but was in the audience of about 50 people as some 200 demonstrators and counterdemonstrators — some of them armed — faced off outside the Oregon pub where Sunday’s storytime was held.”

    This next paragraph:

    “The Drag Queen Story Hour, a national project conceived as a means to educate and entertain children by appealing to their imaginations, has generated social media backlash from opponents who claim they want to protect children.”

    The Associated Press are groomer pedophiles.

    “Inside the pub, the child who had been expected to perform instead became the show’s guest of honor as several adult drag queens sang and read picture books before an audience that included families with small children.”

    https://www.huffpost.com/entry/drag-queen-story-time-protests_n_63578cc1e4b0b7f89f6527c5

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

    And if you dare object, you’re getting tossed in the January 6th gulag.

  17. China
    Streetwise
    Chinese Stocks Are a Screaming Bargain. Don’t Buy Them.
    By Jack Hough
    Updated Oct. 25, 2022 9:08 am ET / Original Oct. 25, 2022 1:30 am ET
    Monday’s selloff of Chinese shares was sparked by investor concern about the government’s heavy hand. Above a digital art show in Hong Kong.
    Anthony Kwan/Getty Images

    Another brutal selloff for China’s tech champions presents U.S. investors with a dangerous bargain. Shares like Alibaba (BABA –12.51%) are deeply discounted compared with their U.S. counterparts. But “shares” might be the wrong word to describe them. Cryptostock, perhaps. Gains depend on a form of economic make-believe that’s becoming increasingly difficult to buy into.
    …
    https://www.barrons.com/articles/chinese-stocks-51666654400?noredirect=y

    1. Do trade wars help end recessions ?

      “Although modern economists may disagree over the extent to which the Smoot-Hawley tariff exacerbated the Great Depression, it is certainly clear that it did not help. Smoot and Hawley both lost their subsequent elections, and the tariff wars of the 1930s damaged international relations leading into World War II.”

  18. “For the Jansuk’s, Patel and others, their Gregor Samsa of a home has certainly metamorphosed into a giant cockroach.”

    It’s San Francisco… what did they expect?

    Reminds me of a time when I was wandering around Prague and I accidentally came across a bust of Franz Kafka near where he lived. It was cool.

    1. Hah! Similar story.
      I was wondering around Denmark, many laptops ago, and found a bust of Kierkegaard. Inspiring moment …

  20. ‘People still want to own homes, but they simply can’t afford it,’ Mr. McCormick said. ‘So the business plan has to change.’”

    Ya think?

  21. ‘That appraisal is 2 months old,’ Wagner said. ‘Well, it’s useless. There are no comps taking place,’ he said, which made it more difficult to figure out how much they should be paying.”

    These are the big boys of investing, and they need an appraisal from some $50 an hour guy with a BA in communications to tell them “how much they should be paying”? The smartest guys in the room right there!

    1. Appraisals are not about telling someone what the property is worth. They are about covering your a$$. Oh look Bob’s appraisal service said it was worth X, not my fault the deal went bad.

      Same thing with houses. The banks should certainly know what a house is worth or not (it’s “their’ money after all) but instead they hire some one man shop to come up with a number so it’s bob’s appraisal service on the line when the loan goes bust.

      It’s all about the grift (making sure everyone gets paid) and covering your butt so no one can be found at fault.

  22. This is Democrat Party:

    “Four animals brutally attacked a Marco Rubio canvasser last night. The violent leftists broke the man’s jaw and caused internal bleeding.

    The Republican canvasser will need reconstructive surgery to repair the damage.

    The young Rubio worker was wearing a Rubio hat and DeSantis T-shirt.”

    https://www.thegatewaypundit.com/2022/10/violent-leftists-brutally-attack-marco-rubio-canvasser-4-animals-beat-causing-internal-bleeding-broken-jaw/

    This is Democrat Party.

    1. she apologized to everyone except the American people for not standing for the flag…..she had the incredible luck of being 6’9 making big $$$ and married to a woman… and??????

  24. A reader sent these in:

    The Hong Kong Heng Seng Index (down 1030) and the Shanghai A share Index are melting down. US hedge funds and managed money are dumping all Chinese equities. Alibaba & Tencent both went down around 11% for the day.

    https://twitter.com/KingKong9888/status/1584526411599319040

    I’m listening again in more detail, and some of the stuff you guys were talking about clicked …
    In 2008 the big complaint was about subprime borrowers who could never afford it.
    In 2023 it’ll be about inflated FICO scores; subprime borrowers were given prime loans on bad data.

    https://twitter.com/Johnonstocks/status/1584737938994126848

    Chinese stocks are in total liquidation mode. Led down by Tech stocks which are also weighing on the Nasdaq.

    https://twitter.com/SuburbanDrone/status/1584545418100109312

    Two of China’s largest property developers close to penny stocks after 90% declines (in US $ already there):

    https://twitter.com/hmacbe/status/1584569898080272384

    The number of homes in contract is falling rapidly even while inventory increases

    340k single family homes in contract, with only 54k new this week.
    Last year almost 80k homes went into contract at this time.

    https://twitter.com/mikesimonsen/status/1584613301488476160

    And the terminal rate isnt far off. But the BS is going to continue to shrink no matter what inflation does, at least by 3-4Tn. Volcker used inflation to break the S&Ls in the 80’s, and Powell will follow his lead with the ‘new’ non-bank banks. Maybe this time they will stay dead.

    https://mobile.twitter.com/Stimpyz1/status/1584569515454525440

    Bond markets are growing increasingly unstable, and many have warned of a “sovereign debt crisis” unfolding. But monetary leaders now possess numerous tools to prevent a disaster. The Great Sovereign Debt Intervention™ is upon us… 1/

    https://twitter.com/concodanomics/status/1583269755267338241

    Danielle DiMartino Booth

    I can hear you before you respond: “Rents still rising like crazy where I live!!!” (Patience, grasshopper.)

    https://mobile.twitter.com/DiMartinoBooth/status/1584568874842075136

    Liz Ann Sonders

    Normalizing: Back in March, nearly 54% of U.S. homes sold above their list price, up from 21% in March 2019 … share has since plunged to 33%.

    https://mobile.twitter.com/LizAnnSonders/status/1584499115596996609

    1. Normalizing: Back in March, nearly 54% of U.S. homes sold above their list price, up from 21% in March 2019 … share has since plunged to 33%.

      I can’t get over this. What kind of idiot pays OVER list price. Everyone knows when setting a price, you can always bargain down but never up. (so you set a little high so you have room to move down). I can think of maybe 1 to 2% of properties that are actually special might get into a bidding war. Maybe. But really in the end they are just priced too low (yeah realtor “expertise”). and left money on the table.

      But the buyer’s? How stupid do you have to be to pay OVER list price? I don’t get it. Especially now when the market is slowing, rates are going sky high, who exactly are you bidding against? Yourself?

      This is just more free money idiocy.

    1. If he had been a regular Joe, 68 isn’t an unexpected age to die, maybe a little on the early side, but not unusual. But he was not a regular Joe and no doubt had great medical care and would have been receiving treatment had he any known cardiac issues. I’m gonna guess that it’s highly probable that it was the jab.

      Now he gets to meet his maker, and it won’t go well for him and his ilk.

      Some say that if we wish damnation on others that we should expect a very stern judgement for ourselves: forgive us our trespasses as we forgive those who trespass against us.

      1. That’s a nice sentiment and all, but…

        I’m not even religious but I do enjoy the parts of the Old Testament describing the WRATH of God.

        Not upset, but the WRATH, and the kinds of punishments inflicted.

        1. Do not confuse my words as saying that unrepentant evildoers will enter the Kingdom. They will not; but it is not up to me to decide who enters and who does not.

          Many are called but few are chosen.

      2. That may be, but I can comfortably say that forgiving some of these trespasses is going to be a bit more work than forgiving mine.

    2. biotech so I searched. For
      Lots listed in including one for a small town I lived in for over a decade. Seems like a lot of firings going on everywhere, especially mortgage related, but the UE claims still are remaining exceptionally low.

      1. There’s a reason why foreigners hate learning English. It also doesn’t help that there is more than one version of it.

    1. Award-winning journalist missing since FBI ‘seized classified docs’ in home raid: report

      By Ariel Zilber
      October 19, 2022

      An Emmy Award-winning ABC News journalist who broke several high-profile national security and terrorism-related stories has gone missing since the FBI reportedly seized classified information from his laptop during a raid on his Virginia home, according to published reports.

      James Gordon Meek, a 52-year-old investigative reporter and producer of Hulu’s acclaimed documentary “3212 Un-redacted,” has not been seen in public since heavily armed federal agents raided his penthouse apartment in Arlington in April, according to Rolling Stone.

      https://nypost.com/2022/10/19/journalist-james-gordon-meek-missing-since-fbi-seized-classified-docs-in-home-raid-report/

  29. “With house prices outstripping wage growth, an average full-time worker in England had to spend more than nine times their annual salary on a home”

    Nope, no subprime here (insert Goofy laugh)

    1. Although the best part of the clip is DeSantis ignoring Chalice’s question as though he is not there or at best a pile of Amoeba spit, I would like to have seen the face on the Harvard educated think tank twit that came up with that question for this debate and the open jawed look of shock on his, her or their chosen pronouns face when Ron DeSantis answered the moderator and they realized they had just led old Charlie the chameleon into a big steaming pile of Democratic Donkey Dung.

  33. How dare you!

    Net Zero Bombshell: The World Does Not Have Enough Lithium and Cobalt to Replace All Batteries Every 10 Years – Finnish Government

    3 days ago

    The world has insufficient reserves of minerals such as lithium and cobalt to continually replace all the batteries needed for Net Zero every decade, a report for the Finnish Government has said.

    https://ground.news/article/net-zero-bombshell-the-world-does-not-have-enough-lithium-and-cobalt-to-replace-all-batteries-every-10-years-finnish-government-report-the-daily-sceptic_b5a348

    1. The World Does Not Have Enough Lithium and Cobalt to Replace All Batteries Every 10 Years

      It does if only the elite have cars. Remember, this is not about emissions. They don’t want you to have a car.

  34. WEF, I have no interest in being involved with them says Danielle Smith. 24-10-2022

    “Until that organization [World Economic Forum] stops bragging about how much control they have over political leaders, I have no interest in being involved with them.” Says the new premier of Alberta Danielle Smith.

    https://www.bitchute.com/video/Rl2h15m8xDJQ/

    50 seconds. Rebel News

  35. This is what passes for Tory conservatism:

    “The free mkt experiment is over – it’s been a low point in our party’s great history. The reset begins. ” – Tobias Ellwood.

    Call me old school, but I would expect a Labor MP to say that.

    Neil Oliver interview on the subject:

    https://www.youtube.com/watch?v=x3p_1Wncf-8

  36. Case Shiller is starting to pick up the trends in housing. I wonder when regular folks/buyers (not speculators) start to pick up on this.

    Home prices are still higher than they were a year ago, but gains are shrinking at the fastest pace on record, according to one key metric, as the housing market struggles under sharply higher interest rates.

    Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those monthly comparisons is the largest in the history of the index, which was launched in 1987, meaning price gains are decelerating at a record pace.

    The West Coast, which includes some of the costliest housing markets, saw the largest monthly declines, with San Francisco (-4.3%), Seattle (-3.9%) and San Diego (-2.8%) falling the most.
    …
    “With monthly mortgage payments 75% higher than last year, many first-time buyers are locked-out of housing markets, unable to find homes with budgets that have lost $100,000 in purchasing power this year,” said George Ratiu, senior economist at Realtor.com.

    3. In some of these markets, the data is showing that the fall is starting to happen faster than the preceding rise. We are looking at a roughly symmetrical backside currently. As this backside develops we are going to see major bankruptcies. As those bankruptcies hit we will then have another big leg down in publicly traded shares. Somewhere in the midst of this process we will have some financial entities that go under. Smaller ones at first and then larger more important ones until suddenly a big one appears and they go begging to Potato Joe. When this happens they will begin fretting about what to do with all of the surplus property that is going to be up for grabs. This bust is going to be epic, we are just scratching the surface of what is coming. Many cities like Dallas, Phoenix, Philly, Chicago, Sacramento, etc etc will have very long lists of vacant properties in various states of repair that are in limbo and not on MLS. I expect to see lots of terms like ‘former airbnb rental, needs work – make offer.’

    4. the most Mentally Insane College Students in America

      All Victim’s Studies majors, of course.

      I saw an article today about how these useless NPC’s think they will be getting 6 figure jobs when they graduate. Reminds me of a Far Side cartoon where some parents fantasize about their video game addict son getting lucrative job offers to play video games. “Can you rescue Zelda? Salary plus car.”

      1. While I understand your point, the fact is there are a lot of people making mad stacks playing video games and/or making videos about playing videos games. The video game industry rakes in billions.

        1. I don’t know if there are a lot of people making big bucks playing video games. Sure, there are tournaments and I expect the top players can make some good coin. Probably a lot more people make money designing the games. And these days it’s like making a movie, it takes an army of people to make a video game,

  38. New York City Ordered by Court to Reinstate All Those Fired Over ‘Unconstitutional’ Covid Vaccine Mandates

    by Jamie White
    October 25th 2022, 12:29 pm

    “The Court finds that in light of the foregoing, the vaccination mandates for public employees and private employees is arbitrary and capricious,” court rules.

    Backpay must also be issued to every single employee who was wrongfully fired for not taking the experimental Covid injection.

    Marina Medvin 🇺🇸
    @MarinaMedvin
    ·
    🚨🚨🚨🚨🚨
    NY State Supreme Court reinstates all fired unvaccinated employees, orders backpay, says the state violated rights, acted arbitrary & capricious, notes:“Being vaccinated does not prevent an individual from contracting or transmitting Covid-19.”

    https://twitter.com/MarinaMedvin/status/1584930051166208000?s=20&t=AEfZogkQ6sniDKdZfawyNg

    2. NY State Supreme Court

      In NY, contrary to its name, the Supreme Court is the trial court. Appeals can then be made to the Appellate Division then to the Court of Appeals. I wouldn’t be so quick to celebrate.

    3. “Being vaccinated does not prevent an individual from contracting or transmitting Covid-19.”

      Indeed. My two vaccinated kids have the BA.5 tee shirt.

        1. That’s what my daughter’s new employer mandated, and she already got it along with the flu shot.

          My son in college hasn’t encountered any recent mandates, and he’s not volunteering, but he did get a flu shot.

  39. Now that a new PM is in place at 10 Downing Street, is it safe to conclude that the gilts crisis is over?

    1. The Financial Times
      UK politics & policy
      Rishi Sunak warns UK facing ‘profound economic crisis’
      New British PM reshuffles cabinet in bid to stabilise Tory government after entering No 10
      Rishi Sunak on the steps of Number 10 Downing Street on Tuesday
      Rishi Sunak says his predecessor Liz Truss made mistakes and that he is standing in Downing Street ‘in part, to fix them’
      George Parker, Jim Pickard and Jasmine Cameron-Chileshe in London an hour ago

      Rishi Sunak on Tuesday became Britain’s third prime minister in the space of two months and immediately started to assemble a “unity cabinet” to tackle “the profound economic crisis” facing the country.

      Sunak, who was invited to form a government by King Charles on Tuesday morning, said he would prioritise “economic stability and confidence” but said: “This will mean difficult decisions to come.”

      Jeremy Hunt, the man charged with clearing up the economic mess left by Liz Truss’s calamitous 49-day premiership, will remain as chancellor and will present a debt-cutting plan in the coming days.
      …

      1. Jeremy Hunt, the man charged with clearing up the economic mess left by Liz Truss’s calamitous 49-day premiership, will remain as chancellor and will present a debt-cutting plan in the coming days.

        Translation: No spending cuts, just more taxes. I read somewhere that Britain cannot handle “more austerity”. But once the heating bills start to rise there will be plenty of austerity, it just won’t be in the public sector.

        I hope Britain enjoys being ruled by a foreign, globalist banker.

      2. Coup Complete: Globalist Rishi Sunak Installed as Prime Minister of the United Kingdom

        KURT ZINDULKA
        25 Oct 2022

        Former Chancellor of the Exchequer (finance minister) Rishi Sunak has officially been installed as prime minister of the United Kingdom following the overthrow of Liz Truss, who has become the shortest-serving leader in British history after the establishment-wing of the Conservative Party ousted her over attempts to introduce supply-side market reforms and some small tax cuts.

        With the ‘coronation‘ of Sunak, which came after a brief leadership contest among parliamentarians (without allowing voters, either in the wider Conservative party or the country at large to have a say), the UK can expect the very type of globalist government that the public believed they were freeing themselves from in the 2016 Brexit referendum.

        For the 42-year-old, it has been a quick rise to power, after entering the House of Commons in 2015 and ascending to the top economic cabinet position of Chancellor under Boris Johnson in 2020. During his tenure as the top man at the Treasury, Sunak ushered in the highest tax burden placed on the British public in seven decades to supposedly pay down the enormous debt he accumulated by passing out checks to keep workers at home and businesses shut during the Chinese coronavirus crisis.

        Sunak has the distinction of being so wealthy, with an estimated combined net worth of £730 million ($825 million) alongside his wife, that he will reportedly be the first inhabitant of Number 10 Downing Street to have a larger fortune than the reigning British monarch, leading to questions about his ability to empathise with the plight of the common man during the economic crisis, which he, in part, helped to create.

        https://www.breitbart.com/europe/2022/10/25/coup-complete-globalist-rishi-sunak-installed-as-prime-minister-of-the-united-kingdom/

        1. With the ‘coronation‘ of Sunak, which came after a brief leadership contest among parliamentarians (without allowing voters, either in the wider Conservative party or the country at large to have a say), the UK can expect the very type of globalist government that the public believed they were freeing themselves from in the 2016 Brexit referendum.

          And these are the Tories! What other choice do Brits have? The Communist Party (AKA Labor)?

          The WEF is definitely making its moves and I’m sure they have something planned for Nov 8.

    1. IIRC, Trumpkin is a character in the Chronicles of Narnia. But I’m sure he would be a patriot were he an American, and approve the T shirt.

    2. Joe Biden took his fifth Covid shot today on National T.V.
      Does anybody believe he could survive 5 of those vaccines?
      Blanks, he’s getting blanks.

      1. He already had the coof, recently. Why would he need a jab? Highly probable it was just saline solution.

    1. The Financial Times
      Chinese politics & policy
      China’s wealthy activate escape plans as Xi Jinping extends rule
      Rich citizens fearing high taxes and personal safety move capital out of country and arrange residences overseas
      Passengers at Hongqiao International Airport
      Singapore has become a favoured destination for many wealthy Chinese as Hong Kong is now less attractive as Beijing exerts its control over the territory
      Edward White in Seoul and Mercedes Ruehl in Singapore yesterday

      Wealthy Chinese are pulling the trigger on exit plans from their homeland as pessimism builds over the future of the world’s second-largest economy under Xi Jinping and the ruling Chinese Communist party.

      At the weekend, Xi cemented his position as the most powerful leader since Mao Zedong, staying on as head of the CCP and its powerful central military commission for another five years. Following the quinquennial party congress, the 69-year-old now has an ironclad grip on power and the potential to rule for the rest of his life.

      David Lesperance, a Europe-based lawyer who has worked with wealthy families in Hong Kong and China, says Xi extending his rule beyond two terms is a tipping point for the country’s business elite, who thrived for decades as China’s economy boomed.

      “Now that ‘the chairman’ is firmly in place . . . I have already received three ‘proceed’ instructions from various ultra-high net worth Chinese business families to execute their fire escape plans,” Lesperance said.
      …

    2. Economy
      News
      California’s Economy Looks Headed for Disaster
      Arjun Singh / October 20, 2022
      Just nine companies based in California have held initial public offerings so far in 2022, compared with a total of 81 last year. Pictured: California Gov. Gavin Newsom speaks during a press conference Oct. 1, 2021, at James Denman Middle School in San Francisco. (Photo: Justin Sullivan/Getty Images)

      California officials are sounding the alarm after recent statistics showing that less corporate and start-up activity in the state will lead to a decline in tax revenue, according to a report by Bloomberg News.

      This year, just nine companies based in California have held initial public offerings, or IPOs, which is when a company first lists shares for sale on the stock market—considered a milestone in its growth after strong activity and high valuation, Bloomberg’s report revealed.

      In 2021, California—whose start-up ecosystem in Silicon Valley is considered the most prodigious in the world—saw 81 companies conduct IPOs, making 2022 the year of a ninefold decrease.

      Moreover, the value of these IPOs was far lower than in the past, raising $177 million, or 2% of the total amount raised by U.S. companies that went public in 2022. By contrast, in 2021, California’s share of the revenue generated by IPOs was 39%, by far the largest of any state.

      Over the past few years, many companies have departed Democrat-run California for other states that are run by Republicans. Texas has been the top destination, gaining 44% of companies that left, according to a report by BuildRemote, a business consultancy. These include high-profile departures such as that of electric carmaker Tesla Inc., led by CEO Elon Musk, which moved its headquarters to Texas.
      …
      https://www.dailysignal.com/2022/10/20/californias-economy-looks-headed-for-disaster-as-companies-flee-in-droves/

Comments are closed.