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Panic Has Set In, And The Band’s Striking Up Nearer My God to Thee

A report from NPR. “The housing market has already slowed to a crawl, as mortgage rates top 7% for the first time in two decades. Kansas City homebuilder Shawn Woods said his company has gone from selling a dozen houses a month before the Fed started raising rates to fewer than five. ‘Never in my wildest dreams would I have thought we’d go from 3% to 7% within six months,’ said Woods, president of Ashlar Homes and the Home Builders Association of Kansas City. ‘I think we’re in for a rough six or eight months,’ Woods said. ‘Typically, housing leads us into downturns and it leads us out of downturns. And I think from a housing perspective, we’ve probably been in a housing recession since March or April.'”

WZTV on Tennessee. “Home prices are expected to fall significantly in the coming months in markets like Boise, Flagstaff, and Nashville, according to Moody’s. They are all projected to fall more than 20%. Joel Sanders with Real Stone Capital says demand is waning because of the significant increase in mortgage rates. With mortgage purchase applications down nearly 42% year over year (41.8%). ‘There’s no surprise that that’s down. I think what’s also interesting is a lot of room finance applications are down. Because with all of those bidding wars that were going on, people had a lot of equity built up in their home, and they were refinancing their mortgage to pull that equity out.’ But Sanders urges homeowners not to panic, as he believes the market will correct itself in time, and to be patient.”

From KOAA. “Ed Behr a partner with The Platinum Group Realtors, has worked in the Colorado Springs Real Estate Market for nearly four decades. He offered some honest perspective on the pluses and minuses of rising interest rates. ‘You factor in just the effects of inflation with how much you’re paying for groceries, gas, utilities, everything in life right now, I think it’s just making people pause, but it’s certainly not a time to panic,’ said Behr. Housing prices hikes have slowed dramatically. They are no longer rising at the rapid rate of recent years. Behr doesn’t see major price drops in the near future. And even if sellers have to make some price concessions they are likely still financially ahead.”

From House Digest on Washington. “After the record-setting competition in the real estate market that sent housing prices through the roof over the past couple of years, home prices in Seattle are beginning to see a downward trend. Recent data compiled by House Digest determines that the median price for a home sold in the Seattle area in the winter of 2018 was as low as $477,000. In May of 2022, the average price rose to $865,000, which is an increase of about 81%. By August, the average sale price had dropped to around $755,000. Several analysts predict that this trend may continue. ‘I predict prices will drop further as we move into the fall,’ explains Matthew Gardner, Chief Economist at Windermere. ‘The market is simply reverting to its long-term average as it moves away from the artificial conditions caused by the pandemic.'”

The Review Journal. “After last year’s buying spree, Southern Nevada’s housing market has been pumping the brakes for months. Sales totals have plunged from 2021 levels, sellers have increasingly cut their prices, inventory has soared, and homebuilders have pulled fewer construction permits. ‘Home-selling in a month is not a terrible thing; that’s fairly normal when we look at what the historic trends have been. Things are in this rebalancing moment. It’s not necessarily that sellers don’t have any power; it’s just that they don’t have all the power anymore,’ said Nicole Bachaud, senior economist with Zillow. ‘The market was very hot, and then all of a sudden, rates jumped up overnight essentially and kept jumping up. Now we’re in a different phase of the market. We’re no longer in this pandemic frenzy that’s induced by a ton of demand and limited supply.'”

ABC 7 in California. “Ernest Chen experienced it first hand. Chen moved to France during the pandemic. He recently returned to his San Francisco teaching job but continued renting out his home, opting instead to rent an apartment in the city. Chen says he got a great deal on his new apartment, but also took a loss on the home he’s renting. ‘It was $400 less than we were expecting,’ said Ernest Chen. ‘If you’re a renter and you want a good deal, now is the time to start looking,’ said Crystal Chen.”

ABC Action News in Florida. “For close to three years Oswald Robinson and his son rented a home in Riverview. According to their landlord, the rent was paid on time and the year-long lease did not expire until June 2022. But late last year the home went into foreclosure. And, in February, the bank sold the property to a new owner. Robinson thought he was protected by the lease. But in March, the new owner taped a notice to the garage door ordering Robinson and his son to leave the premises. Two weeks later the home’s new owner, Jose Lodeiro, filed a lawsuit in court against Robinson and his son. It accused them of living in the house illegally. The Robinsons didn’t respond to the court case and when they didn’t, the judge ordered an eviction.”

ABC 7 in Illinois. “‘Zombie properties’ and ‘zombie foreclosures’ are haunting some people in the Chicago area. The City of Chicago has issued tens of thousands of dollars in fines to people who are no longer property owners. Corita Sergeant built an empire of rental properties until the financial collapse in 2008 forced her to sell some of them. She lost others to foreclosure, including one in Chicago’s Burnside neighborhood. She thought the home, now knocked down, was in her past but she’s been fined for weeds.”

“‘It can range anywhere starting a $600 go anywhere to like $1,200,’ she said. Sergeant said the city even garnished her wages to pay fines. ‘It’s been years of this and I just don’t know what to do at this point,’ said Sergeant.”

WKBN in Ohio. “Youngstown City Council’s finance committee was presented with a new program to beautify some of the city-owned vacant lots. It centers around homeowners living adjacent to the lots and provides a way for them to eventually own them. Under the city’s new ‘Mow to Own Adjacent Lot Disposition Program,’ if the city owns the land, the homeowner could work towards buying it. ‘We want people to take care of the properties so we don’t have to constantly do it,’ said Mike Durkin, who oversees Youngstown housing code enforcement and demolitions which includes mowing 6,000 vacant properties three times a year.”

The Commercial Observer. “If the commercial real estate lending climate from 2012 to mid-2022 was the Titanic out of Southampton, England — sleek, agile, strong and seemingly invulnerable — the last six months have been the first hour after the ship hit the iceberg. Panic has set in, and the band’s striking up ‘Nearer My God to Thee.’ ‘At the end of the day, I think the vast majority of the market right now is definitely looking more apprehensive right now, just trying to take a little bit of a pause trying to figure out what’s going on,’ said Matt Stearns, head of originations at Black Bear Capital Partners. ‘People are looking for reasons to not do deals.'”

“Andrew Schnissel is one such lender who has taken the ball and run with it with the launch of Gramercy Capital, a new bridge lending platform. Schnissel, who was a partner at national hard-money lender, provides short-term bridge loans in New York City with the backing of an unnamed New York City family office. Schnissel said most demand for his platform comes from property owners in distressed scenarios in danger of defaulting on previous debt, especially with commercial mortgage-backed securities (CMBS) loans.”

“‘Banks are turning back in terms of leverage point and prefer to work with existing relationships,’ Schnissel said. ‘People who took out CMBS loans on commercial assets pre-COVID overinflated values, and those loans are underwater at this time, and base owners are in the process of being foreclosed on.'”

Better Dwelling in Canada. “Greater Toronto’s new construction housing has seen demand completely vaporize. Data from BILD GTA and Altus Group show new construction sales fell 90% in September. Prices are now falling, especially for condos which saw a $30k drop in the month. The segment was mostly bought by investors which have disappeared, helping inventory recover. Greater Toronto Area (GTA) new construction prices are falling, just not as fast as resales. Single-family homes (detached, semi-detached, and town) saw the benchmark price fall to $1.85 million in September. That’s a drop of 0.4% (-$8,400) for the month, with prices now 4.2% (-$80,698) lower than the July 2022 peak.”

“Condo apartments are seeing sharper price declines, which are coming suddenly. The price of a typical, or benchmark, condo fell to $1.16 million in September. This is a decline of 2.5% (-$30,200) from a month before, with prices down 7.4% (-$93,100) since peaking in February 2022. Monthly price declines were nearly 5x the rate of single-family.”

The Globe and Mail. “For Canadians retiring with mortgage debt, the likelihood of having to manage higher payments in the near future is a growing concern. Chris Merrick, a fee-only certified financial planner (CFP) with Merrick Financial Inc. in Toronto, says he’s seeing more clients in the Greater Toronto Area carrying mortgage debt into retirement. While Justin Prasad, financial advisor with BlueShore Financial Credit Union in North Vancouver, says a lot of retiring clients sold their homes and paid off their mortgages during the pandemic, other pre-retirees took out home equity lines of credit or fixed-rate mortgages to help their kids get into the housing market – leaving them open to higher payments after they’ve retired.”

“‘Before, when people were in a bit of a pinch, they would just sell their single-family home and then downsize and they would realize a nice windfall,’ he says. ‘Now, they’re stuck in a situation in which they’re not selling and they’re stuck with these higher payments.'”

The Australian Associated Press. “While rate hikes are driving down property prices, they also reduce borrowing capacity. ‘This has the property market rattled, with both buyers and sellers exiting in droves,’ RateCity research director Sally Tindall said. ‘The hordes of cashed-up buyers are gone, while some nervous home-owners who were thinking about selling are now benching their plans.'”

From ABC News. “The Reserve Bank of Australia (RBA) will be ‘very carefully’ watching how inflation evolves over summer, and it will lift interest rates aggressively in the new year if it thinks it needs to. Beauty salon owner Linh Linh will also be watching closely. She said she would like the rate increases to slow down so she has time to figure out what is happening to her finances. Ms Linh told the ABC she owns two properties, one was her family home (bought in 2015), and another house from which she runs her business (bought in 2019).”

“She said the rate rises are not only affecting her mortgage repayments. They are affecting her customers’ willingness to spend money too. ‘Everything has increased, so for me I actually experience that I need to pay double compared to the beginning of the year,’ Ms Linh said. ‘So of course, I need to cut down on holiday travelling or shopping, so my client is the same – they minimise the time that they pamper themselves, or spend in beauty services.'”

“Ms Linh is worried about how further interest rate hikes will affect her business and personal finances. ‘I hope in the future that we have a stable interest rate or it does not increase as quick, so at least we have a bit of time to adapt with that, and prepare our financial and everything,’ she said. ‘Because for me, I feel like whenever we struggle with the finance, it’s affecting a lot for my mental health.'”

From News Talk. “Some households and businesses will be challenged by rising interest rates and financial institutions should take a long-term view in supporting their customers, Reserve Bank governor Adrian Orr says. The report noted house prices in New Zealand continued to decline and had fallen 11 per cent from the November 2021 peak with Auckland prices down 15 per cent and Wellington declining 18 per cent. While house sales had fallen to levels seen in the aftermath of the global financial crisis.”

“The RBNZ report warned the decline in house prices meant some borrowers who bought houses in 2021 were now in negative equity. ‘Negative equity and mortgage servicing arrears are not widespread at present, but will grow if prices continue to fall and as mortgages reprice to higher interest rates. Significantly higher unemployment would lead to further stresses among households, and is the biggest risk to financial stability at present.'”

“‘Negative equity among borrowers does not in itself lead to losses in the financial system. However, the default of a borrower who is in negative equity means the lender may not be able to recover the full value of their lending, for example through a mortgagee sale. A significant number of borrower defaults in an environment of widespread negative equity would lead to material financial losses for lenders. Repayment increases will be particularly significant for many households that first borrowed in the past two years.'”

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This Post Has 133 Comments

  2. ‘Under the city’s new ‘Mow to Own Adjacent Lot Disposition Program,’ if the city owns the land, the homeowner could work towards buying it. ‘We want people to take care of the properties so we don’t have to constantly do it’

    Dammit Mike, yer giving it away.

    1. It seems like a good idea to me, trying to get properties into the hands of people who have the capacity to maintain them.

      1. The city is increasing their tax burden AND getting them to mow the lawn. LOL! We need more articles like this though because it shows a hidden reality that the bubble obscured. There are many places in the US where the bubble was always an illusion.

  3. ‘the median price for a home sold in the Seattle area in the winter of 2018 was as low as $477,000. In May of 2022, the average price rose to $865,000, which is an increase of about 81%. By August, the average sale price had dropped to around $755,000. Several analysts predict that this trend may continue. ‘I predict prices will drop further as we move into the fall’

    How the mighty have fallen, eh Matt?

      1. I just found the video of that. A couple comments:

        “That wasn’t a gator attack, that was a gator defense.”

        “That gator showed remarkable restraint.”

      2. When I was in the military in the deep south the alligators were present at most of the public parks that had lakes. Kids in diapers would be throwing sand at them while their parents laughed and the dogs barked, tails wagging.

        1. When I was living/working in New Iberia LA a neighbor of mine liked to stop at the park along the bayou each morning and throw donuts to the gaiters who were out sunning on the bank. One day he found out how fast a gaiter can run and swore off the donut tossing thing forever.

        1. What an imbecile

          Truly. He attempts the grab it like it’s a carrier pigeon when it’s a friggin’ alligator that outweighs him by a large margin.

          1. It got ahold of his bicep looks like. He reached for it right after that. I’m guessing there was some hefty tissue damage.

  5. ‘There’s no surprise that that’s down. I think what’s also interesting is a lot of room finance applications are down. Because with all of those bidding wars that were going on, people had a lot of equity built up in their home, and they were refinancing their mortgage to pull that equity out’

    Ima runnin’ – with scissors!

    1. “But Sanders urges homeowners not to panic, as he believes the market will correct itself in time, and to be patient.”

      Uh…this is the correction.

    2. I saw a few guys back in 08 that had $60k ski boats in my neighborhood. I knew what they did for a living and it weren’t no $60k boat living. Noticed they were no longer parked alongside the garage year or two later. Now that I think of it nothing was left in the garage, nor the house just a lawn turned brown.

      1. Circa 2007, we had a neighbor across the street who kept lots of recently purchased grownup toys on display in front of his place, including expensive sports equipment and motorcycles. When the Great Recession hit, the toys disappeared, and then the neighbor disappeared. Word was he had to take a job out of the area to make ends meet. Left behind his wife and two high school aged sons. Never saw much of him or the toys after that episode.

        Sad…

  6. ‘For close to three years Oswald Robinson and his son rented a home in Riverview. According to their landlord, the rent was paid on time and the year-long lease did not expire until June 2022. But late last year the home went into foreclosure. And, in February, the bank sold the property to a new owner. Robinson thought he was protected by the lease. But in March, the new owner taped a notice to the garage door ordering Robinson and his son to leave the premises’

    There must be more to this story. But UHS said I could always sell?

    You gotta show up for court. I’d bet 95%+ of tenants don’t.

    1. agreed, it’s the failing to show part that is the judgement against her, not the lease part. You gotta actually show up if you wanna fight it. and clearly didn’t show up for a long time. “2 months later got an eviction notice”. Your failure to act does not constitute an emergency on my part.

  7. ‘Corita Sergeant built an empire of rental properties until the financial collapse in 2008 forced her to sell some of them. She lost others to foreclosure, including one in Chicago’s Burnside neighborhood. She thought the home, now knocked down, was in her past but she’s been fined for weeds.’

    ‘It can range anywhere starting a $600 go anywhere to like $1,200,’ she said. Sergeant said the city even garnished her wages to pay fines. ‘It’s been years of this and I just don’t know what to do at this point’

    Buy a lawn mower Corita.

    1. If Kamala Harris made a Venn diagram of D-voters and people who don’t mow their lawns or keep up their property, the overlap would be damn near 100%.

      1. If Kamala Harris made a Venn diagram of D-voters and people who don’t mow their lawns, keep up their property, bathe, brush their teeth and go to work daily, the overlap would be damn near 100%.

        fixt

  10. “they were refinancing their mortgage to pull that equity out.’”

    Joel… you conveniently omitted these facts

    a) a mortgage contract is defective when founded on a fraudulent appraisal

    b) the motivation for borrowers to sign up for more juice was simply to stay cashflow positive, i.e, stay current on their mortgage

    Takeway?

    89% of all residential housing in the US is mortgaged, liened or encumbered.

    Ashland, OR Housing Prices Crater 31% YOY On Collapsing Housing Demand As Mortgage Defaults Skyrocket From Coast To Coast

    https://www.movoto.com/ashland-or/market-trends/

  11. I’ll admit, I nearly spat out my coffee when I saw Brown Professor Emily Oster’s new headline in the Atlantic on Monday morning: “Let’s Declare a Pandemic Amnesty: We need to forgive one another for what we did and said when we were in the dark about Covid.”

    It’s the headline we’ve been waiting to see – and, in the revisionist, gaslighting style that’s become the journalistic norm on the response to Covid – it’s about the closest thing to an outright admission of guilt that we’ve seen since Covid began.

    The article is about as pathetically transparent as it is self-serving. Gee, I wonder what Oster did and said during Covid for which she might want amnesty…Oh…

    And that leads to the ultimate problem, from a legal perspective, with Oster’s call for “amnesty” for the advocacy of totalitarian policies during Covid: the implicit assumption that all those who advocated lockdowns, mandates, censorship and an indefinite state of emergency, all the way up the chain of command, did so in good faith. If those who advocated these policies are simply presumed to have done so out of well-meaning ignorance, then any inquiry into the many outstanding questions as to the origin of these policies – and the underlying motivations of highest-level officials who promulgated them – is foreclosed.

    The implicit assumption is that, owing to their socioeconomic status, the superficial cutesiness of public health, and the panic surrounding the pandemic, all those who advocated these mandates must have done so in good faith. But this argument presupposes that the ‘pandemic’ was a natural phenomenon, like a tsunami, which would have inevitably led to panic. On the contrary, studies have long shown that it was the mandates themselves that caused the public to panic, making them believe their chances of dying of Covid – which never had an overall infection fatality rate much higher than 0.2% – were hundreds of times greater than they really were. Further, there’s a growing mountain of evidence that the handful of key officials who led the initial push for unprecedented lockdowns and mandates did not, in fact, do so in good faith.

    Our institutions are in serious need of restoration after the incalculable damage that’s been done to them during the response to Covid. But we forget, at our peril, that those institutions weren’t built with flowery words and good intentions. They were built with blood, sweat and tears, by those who fought for them with their lives. Let’s not declare a pandemic amnesty. Let’s declare a real pandemic inquiry.

    Michael P. Senger is an attorney and author of Snake Oil: How Xi Jinping Shut Down the World. This post first appeared on his Substack page.

    https://dailysceptic.org/2022/11/01/lockdown-proponent-calls-for-amnesty-but-wheres-the-apology/

    1. Judging by the top posts on Gab, the perpetrators of the scamdemic are delusional if they expect their victims to forgive & forget. “We didn’t know” might be the new version of “I was only following orders,” but too many people have been killed & harmed by the globalist campaign of coerced “compliance” for amnesty to be an appropriate response. There needs to be accountability followed by justice.

      https://gab.com

    2. “Mocking anti-vaxxers’ COVID deaths is ghoulish, yes — but may be necessary”

      ~Michael Hiltzik
      Los Angeles Times

      It’s scvm like this who need to be held accountable, both the writer and the LA Times. They actually had the audacity to print that celebrating a human being’s death is not only justified, but encouraged. It doesn’t get any more vile than this.

      1. It doesn’t get any more vile than this.

        I would say that describing abortions as healthcare is even worse.

      2. Targeted assassinations of journalists (in a fictional game of Minecraft) are not always a bad thing.

        4chan has this guy’s home address…

    3. Sure would be a shame if some loose cannon went Charlie Hebdo on The Atlantic newsroom (in a fictional game of minecraft).

      Sure would be a shame 🙁

        1. Is there even such a thing anymore? Don’t they all work remotely?

          Translation: Sitting around the house in stinky sweats, eating cold pizza and banning article commenters who don’t fit the narrative. Some “job.”

  12. ‘Condo apartments are seeing sharper price declines, which are coming suddenly…Monthly price declines were nearly 5x the rate of single-family’

    You have to be a connoisseur of K-dn REIC horse biscuits to see what they did here. For many months, it was ‘oh airboxes are holding up compared to shacks.’ Now what’s leading the charge?

  13. ‘The market was very hot, and then all of a sudden, rates jumped up overnight essentially and kept jumping up. Now we’re in a different phase of the market. We’re no longer in this pandemic frenzy’

    A mild respiratory illness isn’t gonna save you Nikkie.

  14. Whoa, Trumpy just went there on Gab, explicitly calling the Democrat-Bolsheviks what they are: Communists. Since they’ve been following the same playbook Lenin & his Reds used to seize power in Russia and turn it into a totalitarian slave state, maybe its time to start calling things by their proper name. Forward, Soviet!

    We really are living in a Communist Country. We’ve skipped over Socialism as if it doesn’t exist. We’ve headed straight to the Big “C”, and that’s really bad. Get smart Republicans!

    https://gab.com/realdonaldtrump

  15. A reader sent these in:

    The 17% decline over the last 27 months is now the longest and largest drawdown in history for the US bond market.

    https://twitter.com/charliebilello/status/1587283672700522502

    This chart of NZ housing prices from today’s RBNZ financial stability report is one of the best I’ve seen. It shows both the massive run up in housing prices and the falls, putting both in perspective. Also note that the RBNZ uses the REINZ house price data, same as I do.

    https://twitter.com/AvidCommentator/status/1587572135991513088

    “The Reserve Bank (RBNZ) says our house prices are still above “sustainable levels” and a continued decline in prices “remains desirable” for long term financial stability.” Housing prices in NZ nationally are down 12.6% already.

    https://twitter.com/AvidCommentator/status/1587576058312028160

    ‘It’s been a long time since we had high inflation, and we’re rediscovering that it corrodes the social fabric’ – Bank of Canada Governor Tiff Macklem. I don’t really have a PG take on the stupidity of this statement…

    https://twitter.com/AvidCommentator/status/1587601865667391488

    Pretty much all of you knows what I think of the RBA. But it’s really something that we keep getting these sob stories complaining about rising rates and there is minimal mention of housing prices and more importantly APRA. If this is such a disaster its their responsibility.

    https://twitter.com/AvidCommentator/status/1587636262512443393

    Lawrence H. Summers

    As the Fed prepares to meet, there is a growing chorus–both among political figures and economists– that the Fed should pause very soon for fear they will throw the economy into recession, given the lagged response of monetary policy. I believe this advice is badly misguided.

    https://twitter.com/LHSummers/status/1587524611532431360

    The Kobeissi Letter

    The Fed has created a market where everything is about them. We count the days until the next Fed meeting and hear from Fed members daily. A healthy market cannot be entirely driven by the Fed. This week, markets will become more divided than ever on “Fed Pivot” speculation.

    https://twitter.com/KobeissiLetter/status/1587420574690729986

    Ron Butler

    Talked To Bunch of Mortgage Brokers: How Slow is It? 3 Types of Responses: 1) Fck Me it’s just the end of the world.. so bad = HONESTY
    2) The slight slow down is a great opportunity to retool, perfect our CRM and really provide value to Clients = SENDING OUT RESUMES
    3) Business is great, we pivoted to Alternative & Commercial Mortgages and we’re such an established group of specialists with pitch perfect marketing we succeed in any situation = DRUNK OR HIGH AF . Or just chronic liars. Jesus it’s slow.

    https://twitter.com/ronmortgageguy/status/1587234974083780611

    David Rosenberg

    Equifax just reported that Canadians are tapping their credit cards at a record rate. What ever happened to the “excess savings” and “strong balance sheets” that Bay Street economists have long been fawning over?

    https://twitter.com/EconguyRosie/status/1587451414627893251

    One interesting observation: Homes prices are plummeting in New Zealand, Canada and Australia without any kind of “forced selling” (ie foreclosure crises or recession)

    https://twitter.com/NipseyHoussle/status/1557930472084324353

    John Burns

    Our “GPA” for the land market fell from a solid A- or B+ to a D+, based on our survey of 78 large land brokers. Land prices are usually quite sticky in a soft market. Let’s see what happens this time.

    https://twitter.com/johnburnsjbrec/status/1587414790800130048

    Rick Palacios Jr.

    New homes represent 27% of all for sale inventory (new + resale), more than double the 13% historical average. Builders meet the market on price, which explains part of why home prices are rapidly correcting. More than ever, builders ARE the price setters today for housing.

    https://twitter.com/RickPalaciosJr/status/1587488427187937281

    “But for airbnb superhosts, they are seeing an airbnbust with decline in bookings. Simply put, they told us inflation is causing a decline in business”

    https://twitter.com/texasrunnerDFW/status/1587510630659022849

    Ryan Lundquist

    Sluggish volume? Yep. October sales in Sacramento County were down about 40% in volume from last year. Here’s a wide look at two decades of closed sales. This change is the byproduct of a rapid increase in rates. I’ll push out final October numbers in about a week.

    https://twitter.com/SacAppraiser/status/1587528554459193344

    Charlie Munger Makes A Scary Prediction 🚨
    Comparing the current situation with how former Fed Chair Paul Volcker handled things in late 1970s thru early 1980s.
    🔊sound …😰

    https://twitter.com/WallStreetSilv/status/1587433985449271299

    This is exactly how inflation becomes entrenched like it did in the 70s. Dogmatic and economically clueless politicians panic at the approach of the ballot box moment of truth and start pressuring CBs to change course. Lack of political courage coupled with economic illiteracy

    https://twitter.com/INArteCarloDoss/status/1587565350232772612

    BREAKING: Elizabeth Warren and other US senators ask Powell to stop rising rates so fast. Political pressure building on the Fed. JPow doesn’t have the same political support that Paul Volcker has during the late 1970s.

    https://twitter.com/WallStreetSilv/status/1587504613426712577

    Economic data has had a knack of late exposing the absolute incompetence of Central Bankers and usual commentators. Mary Daly comes across as a total clown having taken the positions she took just ahead of this jobs opening nbr. Job openings INCREASES to 10.7m, +437k. Timmy too

    https://twitter.com/INArteCarloDoss/status/1587453212483026945

    If your investment strategy is hoping for a FED pivot. It’s time to fill that McDonald position.

    https://twitter.com/AlessioUrban/status/1587484920200536066

    Australia’s economy can’t support rate raises anymore, they’re at their limit. The quicker the U.S. raises now the more destructive it will be to other economies.

    https://twitter.com/FinanceLancelot/status/1587289333899436032

    CarDealershipGuy

    Canada is a disaster 🤯

    https://twitter.com/GuyDealership/status/1587106708446482437

    1. there is a growing chorus–both among political figures and economists– that the Fed should pause very soon for fear they will throw the economy into recession

      We NEED a recession. That’s the whole point. Without it, there is no way to stop this raging inflation. Yet, we get headlines like this from the very people who caused inflation, which consequently is absolutely destroying the working class and poor. So they are warning that we need to continue to destroy the working class and poor with inflation or bad things might happen? Let’s fire these cawksvckers!

      2. “We NEED a recession.”

        Falling prices is what we’re getting. That’s a good thing.

        Newtown CT Housing Prices Crater 32% YOY As Fairfield County Housing Bust Accelerates

        https://www.movoto.com/newtown-ct/market-trends/

        As one Fairfield broker put it, “We’ve been directed to flat out lie about and conceal falling prices and collapsing demand. Whatever you hear about the market, it’s a lie.”

      3. “…Yet, we get headlines like this from the very people who caused inflation…”

        We are witnessing a fundamental organizational flaw prevalent in many large organizations (both public and private).

        Problem is the Fed sees itself as the ‘smartest guys in the room’.

        It doesn’t take much for a BOD to get detached from reality.
        (Cases studies of Ford and GM come to mind)

        I’ve seen this phenomena take hold in other private companies.

        Its hard to fix, but it has to be done.

  16. ‘Never in my wildest dreams would I have thought we’d go from 3% to 7% within six months,’

    Has there ever been a comparable bond market crash in the U.S.? Perhaps not in the lifetime of anyone reading this.

    The dust has not settled yet, and the crash isn’t over.

    1. Bloomberg
      Markets
      Bond Market Sees No End to Worst Turbulence Since Credit Crash
      – Fed policy pause may calm markets for only a limited period
      – BofA says Treasury market ‘fragile & vulnerable to shock’
      By Michael Mackenzie
      October 22, 2022 at 1:00 PM PDT

      For bond traders, the upward drift of Treasury yields hasn’t been that hard to predict. It’s the short-term swings that are vexing.

      The world’s largest bond market is being whipsawed by its longest stretch of sustained volatility since the onset of the financial crisis in 2007, marking a stark break with the stability seen during the long era of historically low interest rates. And the uncertainty that’s driving it doesn’t appear set to fade anytime soon: inflation is still running at a four-decade high, the Federal Reserve is raising interest rates aggressively, and Wall Street is struggling to gauge how well a still-resilient economy will hold up.
      …
      https://www.bloomberg.com/news/articles/2022-10-22/bond-market-sees-no-end-to-worst-turbulence-since-credit-crash

        1. “….couple hundred a month to their donkey cart….”

          Stories like these constantly remind me about how close to edge the vast majority live their lives.

          Is it just lack of math skills, greed, or lack of common sense?

          2. Same here, even though I’ve heard lots of statistics about the average American not being able to handle a $500 emergency expense, or how almost everyone is paycheck to paycheck. It has been quite shocking. And it’s just getting started.

          3. “…lots of statistics about the average American not being able to handle a $500 emergency expense…”

            A generally accepted stat I have seen numerous times is that 2/3 of all USA households can’t come up with $1K cash for an unexpected expense.

            You just can’t make this stuff up.

          4. A generally accepted stat I have seen numerous times is that 2/3 of all USA households can’t come up with $1K cash for an unexpected expense.

            And many of those households have pricey cars with huge monthly payments.

    1. More homebuyers feeling remorseful after pandemic purchases

      That chart which showed the percentage of “pandemic purchases” that were 2nd homes was stunning. It was a speculative frenzy by people who already had houses, they were just loading up on more.

  20. With new mortgages down 55%, US lenders are starting to go bankrupt — could this one factor trigger the worst surge of failures since 2008?
    Chris Clark
    Tue, November 1, 2022 at 3:00 AM

  23. We won’t say it was the jab; but it was the jab

    WASHINGTON — Julie Powell, the food writer who served as inspiration for the 2009 movie “Julie & Julia,” died on Oct. 26. She was 49.

    Her husband, Eric Powell, confirmed her death to the New York Times, citing cardiac arrest as her cause of death.

    Meanwhile, the tyrants had their mouthpiece, The Atlantic, try to make a case for “Covid Amnesty”.

    As many predicted here on this blog, we have reached the “Mistakes were made” milestone. Funny, though, how the thought of moving forward with caution or using what worked in the past (quarantining the sick) didn’t cross their minds, instead they locked us down, masked us up and tried to to jab everyone with a harmful experimental treatment.

    Even though there was no hard evidence that it was the black death, it was treated as such. The Denver Convention center was transformed into an overflow hospital, and despite the media’s hysterical shrieks of packed hospitals it never had a single patient, not one.

    Businesses were destroyed, children were harmed, the economy is wrecked and suffering from a stubbornly high inflation rate. But are asked to forgive and forget. And we know what will happen if we do forgive and forget, they will push extreme warmism and wreck things even more.

    1. ‘tried to to jab everyone with a harmful experimental treatment’

      Including pregnant women, which had never been done before.

      1. Including pregnant women, which had never been done before.

        My conclusion is that this lab-leaked woohoo had a penchant for killing olds, so the old billionaire globalists scvm freaked the fawk out about the thought of having to exit this mortal coil and their precious billions, and in turn fawked everybody in their insane control freak reactions, which consequently also enriched them even more.

      2. No good faith by these Entities that unleashed these crimes against the people of the Globe regarding the fake vaccines and medical tyranny and a pre-planned fraud as a weapon of mass destruction to take over the World.
        They achieved their objectives by fraud, fear mongering, censorship of informed consent, to get as many expiermental toxic vaccines shots in as many arms as possible.
        The vaccines are still on the market, people are still being mandated to inject this poison, and the vaccine is on the mandated children’s schedule of vaccines.

        Forgive a mass genocide by Entities trying to take over the World by pre-planned Pandemics with fake vaccines . NO WAY
        Whatever it takes to stop them, and whatever justice is appropriate for mass genocide and extensive injury of the public, that they are covering up as we speak.
        These are not forgivable crimes, and famine and freezing won’t be either.
        This is a enemy force that striking against the human race to take over the Globe, using contrived emergencies as weapons of mass destruction.
        Off with their heads.

        1. My dad and I built my fourth raised bed on Monday. We still need to set up the 16ft cattle panel as a trellis.

          2. Nothing wrong with a little Victory Garden!

            This time of year I do quite a bit of canning. It’s food security, but also meals ready to go without depending on a freezer. In the colder months my standard lunch is a pint of soup or chili from the pantry. My Amish neighbors are serious gardeners.

  24. President of El Salvador on Tucker tonight saying destruction of U.S. cities being done by design and he doesn’t even mention Soros sponsored District Attorneys and cashless bail.

    “the demise of the U.S. has to come from within”

    “the enemies have to be inside”

    “cities that were pristinely beautiful thirty years ago are a wasteland”

    “when you look how the cities are eroding so fast, this has to be by design”

    “who would make so many stupid decisions?”

    “ok, we’re gonna give you money for drugs”

    “they are literally giving people drugs in some U.S. cities”

    “we’re going to give you money if you don’t work”

    “They have high crime, ok I have a solution let’s defund the police”

    “Lets allow shoplifting up to this amount”

    ‘They make the decisions openly, I mean it’s not even a secret”

    “we all know what will be the consequence of it”

    “When they see more problems they say oh we need more of these solutions that caused the problems in the first place”

    “You would think these people, they can be so dumb, of course they’re not they are smart, they are very smart people. So why are they doing this? It’s by design, it has to be by design there is no other logical explanation”

    Nayib Bukele: America’s demise has to be ‘by design’

    Tucker Carlson Tonight
    November 01, 2022

    3:42

    https://www.foxnews.com/video/6314760476112

    1. “When they see more problems they say oh we need more of these solutions that caused the problems in the first place”

      Like the “inflation checks” which the Sniffer in Chief will probably be sending out to people to “help with the pain of inflation,” thereby drastically increasing inflation and the associated pain.

      1. Massachusetts Gov. Asks Other States to Fund Its Illegal Workers and Renters

        NEIL MUNRO
        2 Nov 2022

        Massachusetts’ governor wants Americans in other states to fund food and shelter for the several thousand illegal migrants sent by the federal government to cheap-labor employers and high-rent landlords in the Old Colony State.

        The state’s establishment-Republican governor, Charles Baker, is welcoming the illegal migrants. But he also asked the Department of Homeland Security (DHS) on October 31 to fund many of the poor migrants who cannot earn enough wages to pay the high rents demanded by the state’s landlords.

        https://www.breitbart.com/economy/2022/11/02/massachusetts-gov-asks-everyone-else-to-pay-for-its-illegal-workers-renters/

    2. New username?

      BTW, the 2020 election was stolen.

      Joe Biden will NEVER be the legitimately elected president of the United States.

      And perhaps more importantly, Merrick Garland has zero legitimate authority to prosecute anything.

      To the Glowie getting paid to read this, your wife is getting plowed by MAGA Chad, and the thought of you touching her body fills her with revulsion and disgust.

      1. “New username?”

        Yes, agreeing with people that say the 2020 election was stolen and proudly so, makes me a denier.

    1. It’s a credit bubble, and she’s gonna blow! What’s disturbing is the number of millennials and Gen Z who brag about the government forgiving auto and mortgage loans, so they won’t have to pay them off. The government and the FED have destroyed every fiber of the economy with their recklessness.

      1. What’s disturbing is the number of millennials and Gen Z who brag about the government forgiving auto and mortgage loans, so they won’t have to pay them off.

        While they blame every problem on boomers.

        1. They’d have a lot less to blame if the boomers weren’t confiscating 15% of every paycheck they earn.

          2. the boomers

            We didn’t exactly volunteer for that. If the politicians hadn’t stolen our contributions to pay for wars and welfare we’d have an excellent self funded retirement already in the bank.

            Social Security. Socialism is in the name of it.

          3. I’m sure when it’s their turn they too will collect Social Security.

            You may be sure, but the SS actuaries certainly aren’t. They’re recommending an immediate and permanent 25% increase in SS tax rates just to keep the program solvent through 2075. That’s on top of the parabolic increases we’ve already seen since the program started in 1937. And even that may not be enough given demographic and economic trends.

            We didn’t exactly volunteer for that. If the politicians hadn’t stolen our contributions to pay for wars and welfare we’d have an excellent self funded retirement already in the bank.

            Well the older boomers and FDR/WWII era babies didn’t exactly object either. And their contributions didn’t pay for wars, they paid for extraordinary pension benefits for the prior generation. Google “Ida May Fuller”. Then multiply her by 20-30,000,000 and you have some idea of the scope of the problem.

          4. their contributions didn’t pay for wars

            I’m not a great student of these things, but I got the impression the fund was raided to facilitate deficit spending. When it comes to government spending, killing people for political reasons always seem to top my charts. I’ve objected to taxation on that basis since 1970 at least, but I didn’t drop out of the system so I guess I’m no hero.

            WWII baby. 1952, does that qualify? What do you suggest, that I fall on my sword? I’m not sure that would fix anything for you. I gave the bulk of my income to raising the generation you plead for as victims, four in my own house. Just exactly do you want from me? Better yet, how do you imagine you can free yourself from such tyranny?

          5. I’d happily take the $200K+ my employers and I paid in over the years back. Maybe at 4% compounded interest?

          6. You may be sure, but the SS actuaries certainly aren’t.

            It will be a reduced payout, but they will be happy to tax whoever is left to pay for it.

          7. “I’d happily take the $200K+ my employers and I paid in over the years back. Maybe at 4% compounded interest?”

            👍👍👍

            I’d accept my money back at 0% so long as they don’t take any more.

          8. WWII baby. 1952, does that qualify? What do you suggest, that I fall on my sword?

            Obviously I don’t know your specific situation and I’m not talking about you personally.

            But I do believe the older generation as a group has made out very well financially, not through moral superiority, hard work, thrift, etc., but simply by being born in the right time period. I also think they tend to have a lot of time on their hands and they have an obligation to future generations, to inquire whether the economic benefits they’ve gotten are equitable and sustainable for the younger cohorts.

            I think they should be asking Congress whether it is reasonable for workers today to be paying over *six times*, *as a percentage of income* to support retirees compared to workers in 1937 when SS started out. They should be asking whether it is reasonable for millionaire retirees (including the billionaire globalists we all revile here) to be collecting 3-4k per month from SS, with annual COLA increases, year after year, for *decades*, for doing *nothing*, while the younger generations struggle with downsizings and out of control health care, education, and housing costs. They should be asking whether a suggested further 25% increase in SS taxes is reasonable and if so, how much more of the economy are we willing to flush down the toilet in a futile attempt to save this obsolete Marxist boondoggle.

            And then we can start talking about the misallocation of resources and inequitable distribution of wealth caused by the stock, real estate and crypto bubbles.

            The Founding Fathers of this country wanted “to secure the blessings of liberty to ourselves *and to our posterity.*” The elders of 2022 owe no less to today’s young people.

          10. “And even that may not be enough given demographic and economic trends.”

            SSDI has become the de facto unemployment insurance throughout many of the red states that lost factories to offshoring. Software means lingerie for the toothless dull.

  27. Looks like we’re being treated to another #PedoHitler speech about the dangers to “our democracy.” Note that the Constitution says nothing about “democracy,” which the globalists and their Democrat-Bolshevik Quislings have subverted into a mobocracy of dumbed-down, easily-manipulated entitlement voters. This is exactly what the Founding Fathers warned would happen to our former Constitutional Republic if we didn’t remain vigilant against the “monied interests” and their schemes to establish a corrupt and venal oligarchy – what we have today.

    Biden to make a speech on the dangers to Democracy TONIGHT at Union Station – a DC crime hotspot: President will address election deniers and ‘undermining the the faith in voting’ at venue where safety concerns are soaring

    https://www.dailymail.co.uk/news/article-11381871/Biden-speech-democracy-TONIGHT-Capitol-Hill.html

    2. Note that the Constitution says nothing about “democracy

      Has there ever been nation with the word “Democratic” in its name that wasn’t communist?

    1. ill-informed Americans

      Does she mean the ones who are staring at a pile of bills with no way to pay them? Or the ones whose kids are being treated to drag queen shows at school? Or the ones whose teenage daughters have to shower with men in the women’s locker room?

  30. Fed hikes another 75bps.

    Interesting to see where the 10year treasury (and mortgage rates go).

    Will we see 8% mortgages soon?

    Man o man. Talk about pandemic buyers remorse.. (see previous post)

    1. Fed hikes another 75bps.

      Variable rate mortgage owers in Aus, NZ, Canuckistan and the UK scream out in terror, then fall silent.

      1. Ironically, they are lamenting .25 while the US does .75 and attracts all the capital away from them. We should see a bunch of countries begging the IMF for money soon.

          2. But the ‘casino’ is acting like it’s ‘dovish.’

            A 500+ point crater on the DOW, and 3.36% drop on the Nasdaq are “acting like it’s dovish?” Powell just came out and told the market that the FED is going to have to lift higher than initially expected. Inflation is not coming down, it’s increasing. Core PCE just had its highest reading in over 40 years.

          3. The act no matter what the Fed does or says….. Expect a Dow staggering around the 16k level by the time we’re done. It’s not gonna happen fast either.

          4. “A 500+ point crater on the DOW”

            I wasn’t talking about today. What happened in Casino In October, it’s beyond me. Pump and dump?

          5. I wasn’t talking about today. What happened in Casino In October, it’s beyond me. Pump and dump?

            Perhaps the most massive short squeeze in history? Dunno, but what I do know is Powell said, verbatim, “pausing is not something we’re thinking about.”

            CNBC and all of those talking head shills have been making up fantasy after fantasy about the FED pivoting, having to pivot, pausing, etc., but none of it is based upon facts, it’s based entirely upon wishful thinking, greed, denial and delusion.

            The FED is not pivoting, pausing, or any other nonsense. They are going full steam ahead with more and more supersized rate hikes as inflation is actually running away from them. 10%+ mortgage rates are in the bag at this point. What remains to be seen is if they really rocket to like 15% or something. Housing is DOA.

        2. Ironically, they are lamenting .25 while the US does .75 and attracts all the capital away from them.

          Their central banks are stuck between a rock and a hard place. If they don’t keep up with the Fed, capital will indeed flee. If they do keep up, their housing market will crater beyond belief and there will be countless foreclosures.

  34. ‘other pre-retirees took out home equity lines of credit or fixed-rate mortgages to help their kids get into the housing market’

    This is another form of speculation using borrowed money.

  35. The Hill — Biden to give speech on threats to democracy from Capitol Hill on Wednesday (11/2/2022):

    “President Biden on Wednesday evening will deliver a speech focused on threats to democracy ahead of the midterm elections and following the violent attack on Speaker Nancy Pelosi’s husband last week.

    The speech will be made on Capitol Hill, White House senior adviser Anita Dunn and deputy chief of staff Jen O’Malley Dillon announced at an Axios event on Wednesday morning.

    Biden will speak at the Columbus Club in Union Station at 7 p.m. The speech, hosted by the Democratic National Committee, will focus on the threat of election deniers and “those who seek to undermine faith in voting and democracy,” according to the DNC.

    https://thehill.com/homenews/administration/3715469-biden-to-make-speech-on-threats-to-democracy-from-capitol-hill-on-wednesday/

    You’re not the legitimate president. Trump won 2020.

    Gateway Pundit — Dark Brandon Returns: Biden to Give Speech Tonight on “Threat of Election Deniers” and Political Violence (11/2/2022):

    “Joe Biden will speak at a DNC fundraiser in Washington, D.C. Wednesday evening on the “threat of election deniers” and political violence, according an announcement by the Democrats and comments by White House officials. The theme is a reprise of the ‘Dark Brandon’ speech Biden gave in Philadelphia in September. The 7 p.m. EDT speech is scheduled for a Democrat fundraiser being held at the Columbus Club in Union Station–a formerly vibrant retail and transportation hub on Capitol Hill that has become overrun by crime and homeless camps in recent years.

    White House Senior Advisor and Assistant to the President Anita Dunn said that the setting of Capitol Hill is important.

    “Because on January 6th we saw violence geared towards subverting democratic processes there.”

    “It is an appropriate place to make these remarks tonight,” she said. “The threat of political violence … it’s something that unites almost all Americans and something we can all be united against,” Dunn said.

    Andrew Quinn, Chief Speechwriter & Strategic Communications Director for Senate Minority Leader Mitch McConnell (R-KY) said it appears the homeless were cleared out for Biden’s speech, “It appears that either D.C. or local authorities finally cleared out the homeless tent city in front of Union Station… in time for President Biden to give a speech there tonight”

    https://www.thegatewaypundit.com/2022/11/dark-brandon-returns-biden-give-speech-tonight-threat-election-deniers-political-violence/

    “They’re not sending their best”

    1. That’s one of those air-boxes with windows out front and back, nothing on the sides because you’re sandwiched between neighbors.

  39. Did Wall Street somehow delude itself yet again that a Fed pivot is just around the corner? What is it about them raising interest rates again and again in a futile attempt to catch up with runaway inflation that is so difficult for the HODLers to grasp?

    1. Fed’s Powell: ‘Time for easing rate increases is coming’
      Stocks tumble after Fed signals rate hikes are here to stay
      By Paul R. La Monica and Nicole Goodkind, CNN
      Updated 5:23 p.m. ET, November 2, 2022
      What we’ve covered here
      – The Federal Reserve hiked its target interest rate by three quarters of a percentage point, as expected.
      – Chair Jerome Powell said that the Fed could start to dial back rate hikes in future meetings, giving the economy a bit of a breather from punishing interest rate spikes that have slowed hiring – if not inflation.
      – But stocks plunged after Powell noted rates will rise higher than expected to combat surging prices, dimming Wall Street’s hopes that a slower pace of rate hikes could mean interest rates will soon peak.

      8 hr 57 min ago
      Stocks fall on a volatile day as Powell disappoints

      From CNN Business’ Paul R. La Monica

      US stocks sank after Federal Reserve chair Jerome Powell suggested that more big interest rate hikes may be coming, even though the Fed may slow the pace of those increases. That’s raising fears about a possible recession next year.

      Powell conceded that the chances of a “soft landing” for the economy are lower now, adding that it’s proven to be more difficult than expected for the Fed to get a handle on inflation.

      – The Dow ended the day down more than 500 points, or 1.6%.
      – The S&P 500 sank 2.5%.
      – The Nasdaq Composite slid 3.4%.
      …
      https://www.cnn.com/business/live-news/stocks-market-fed-rate-hike/index.html

      1. The Financial Times
        Federal Reserve
        Jay Powell warns US rates will peak at higher level than expected
        Federal Reserve implements fourth 0.75 point increase in a row but signals smaller rises might be in the offing
        Jay Powell speaks to media after the Federal Reserve raised interest rates
        Jay Powell: ‘Data since our last meeting suggests that the ultimate level of interest rates will be higher than expected’
        Colby Smith in Washington
        8 hours ago

        Jay Powell warned US interest rates would peak at a higher level than expected even as he held out the possibility of the Federal Reserve slowing the pace of its campaign to tighten monetary policy.

        Speaking after the central bank increased its main interest rate by 0.75 percentage points for the fourth time in a row, Powell warned the Fed had “some ways to go” in its quest to tame soaring prices and pointed to a string of economic reports suggesting it has yet to make a dent in inflation.

        “Data since our last meeting suggests that the ultimate level of interest rates will be higher than expected,” the Fed chair added.
        …

      2. Yahoo
        Reuters
        INDIA BONDS-Bond yields seen tracking U.S. peers’ rise post Fed remarks
        Dharamraj Dhutia
        Wed, November 2, 2022 at 7:36 PM·2 min read
        By Dharamraj Dhutia

        MUMBAI, Nov 3 (Reuters) – Indian government bond yields are expected to trend higher in early trades on Thursday, tracking their U.S. peers, after the U.S. Federal Reserve stuck to its hawkish tone on monetary policy, dampening hopes of a moderation in rate hikes.

        The benchmark 10-year yield is likely to be in a 7.41%-7.46% band, a trader with a private bank said. The yield ended at 7.4044% on Wednesday.

        “There was an initial dovish reading of the Fed’s statement, but (Fed Chair Jerome) Powell made it amply clear in his remarks at the press conference that there will still be more rate hikes, even though 75 bps moves are less likely to be repeated,” the trader said.

        The Fed raised interest rates by 75 basis points, as expected, on Wednesday and said its battle against inflation will require borrowing costs to rise further.

        Powell said even if policymakers do scale back future hikes, they were still undecided about just how high rates would need to rise to curb inflation and were determined to stay the course until the job is done.

        Regardless of how fast the Fed moves, “there’s some ground to cover” for the target federal funds rate to reach a “sufficiently restrictive” level that will slow inflation, Powell said. The final destination is “very uncertain … We’re going to find it over time.”
        …
        https://finance.yahoo.com/news/india-bonds-bond-yields-seen-023659363.html

  40. Is it smart for young, savvy Millennials to run away from the stock market in favor of safer alternatives like Bitcoin?

    1. MoneyWise
      Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead. Get in now for strong long-term tailwinds
      Jing Pan
      Tue, November 1, 2022 at 4:00 AM·4 min read

      The stock market has long been the go-to choice for people looking to invest their money. But that could be about to change as a younger generation enters the scene.

      According to a recent survey from Bank of America, individuals aged 21 to 42 with at least $3 million in assets only have 25% of their portfolio invested in stocks. For wealthy investors over age 43, the allocation to equities is much higher at 55%.

      This year’s bear market may have something to do with these millennials’ decisions.

      “We’ve had a very strong run in the stock market over the last decade and are now living through volatile times. That’s on the front of people’s minds,” says Jeff Busconi, chief operating officer at Bank of America Private Bank, in an interview.
      …
      https://finance.yahoo.com/news/rich-young-americans-lost-confidence-110000070.html

      1. “According to a recent survey from Bank of America, individuals aged 21 to 42 with at least $3 million in assets only have 25% of their portfolio invested in stocks.”

        I invested in wine, women and song when I was 21, and I don’t regret a single day of life’s lessons.

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