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Are We Going To See Fire Sales?

This Post Has 16 Comments
  1. From the first 2:38 video:

    Home sellers see drop-off in offers as high interest rates weigh down buyers
    KPIX CBS SF Bay Area
    Dec 8, 2022
    A cooling Bay Area housing market is giving buyers more leverage but sales are still off thanks to the rising mortgage interest rate.

    The second 11:14 video:

    WOW!! The Average Sale Price for Portland Metro This Week Fell Below Last Year’s Number.
    Ron Milligan
    Dec 9, 2022
    Do you want to know the very latest in Portland Oregon’s real estate market? You’re in the right place. Regular weekly updates on the health of the entire Portland Oregon metro area – including Southwest Washington.

    The third 12:30 video:

    Is This The Last Bank Of Canada Increase? – Finance Fridays
    Team Sessa Real Estate
    Dec 9, 2022
    Anthony Venuto

    The fourth 7 minute video:

    Bank Of Canada’s Rate Hike WIPES OUT The Real Estate Market
    Vic Singh – Honest real estate talk
    Dec 9, 2022
    Bank of Canada raised the interest rate again in December by 50 basis points. That is the 7th interest rate hike by Bank of Canada this year. They’re doing whatever it takes to bring down the inflation.
    Here’s how the Bank of Canada rate hikes have affected the real estate market in the Greater Toronto area.
    #torontorealestatecrash #bramptonrealestate #movingtocanada

    1. To answer Mr. Venuto’s question, it could be said there already have been firesales in Greater Toronto. And it still needs to fall a lot more.

      1. been firesales in Greater Toronto. And it still needs to fall a lot more.
        This entire concept of negative amortizing loans in Canada (video mentions) is nuts. Did they not learn anything from the “pick-a-Pay” loans in the U.S. during the last melt down.

  2. Housing industry jobs disappearing amid fears of a prolonged recession
    HousingWire|7 hours ago
    CoStar Group trims about 100 employees and UpEquity slashes 25% of its workforce as the housing industry continues to rightsize.

    Housing turnover will drop to lowest rate since the 80s, economist projects
    Fox Business on|14 hours ago
    Redfin deputy chief economist Taylor Marr estimated that the number of households buying or selling real estate nest year will fall to the lowest level since the 80s.

    Americans Have Lost $6.8 Trillion This Year As Stocks Crashed, Housing Market Collapsed And Savings Dwindled
    Forbes|15 hours ago
    As the Federal Reserve works to combat rising inflation by slowing down the economy, the wealth of American households has evaporated—collapsing by more than $6.8 trillion this year as Americans load up on debt and face plunging stock values,

  3. Crypto media site The Block was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research, The Block confirmed on Friday.

    The Block’s CEO, Michael McCaffrey, immediately resigned after the loans came to light, and will also step down from The Block’s board. The company said no one at the company had any knowledge of the loans except for McCaffrey.

    According to The Block, McCaffrey received three loans for a total of $43 million from 2021 through this year. The first loan was for $12 million in 2021 to buy out other investors in the media company, at which time McCaffrey took over as CEO. The second was for $15 million in January to fund day-to-day operations, and the third was for $16 million earlier this year for McCaffrey to purchase personal real estate in the Bahamas, according to The Block.

    Bobby Moran, The Block’s chief revenue officer, will step into the role of CEO, effective immediately, according to the report.

    “No one at The Block had any knowledge of this financial arrangement besides Mike,” Moran said in a statement. “From our own experience, we have seen no evidence that Mike ever sought to improperly influence the newsroom or research teams, particularly in their coverage of SBF, FTX and Alameda Research.”

    Bankman-Fried, known as SBF, is the founder and former CEO of FTX, a crypto exchange that filed for bankruptcy last month after CoinDesk revealed an unusually close relationship between FTX and Alameda, a trading firm affiliated with FTX.

    In a tweet thread on Friday, McCaffrey said that in early 2021, the company was in dire straits and “the only option that materialized” was to secure a $12 million loan for his holding company from SBF.

    He said he didn’t disclose that loan, nor a subsequent $15 million loan, to anyone since he didn’t want knowledge of the loan to be seen as compromising the objectivity of the coverage of Bankman-Fried and his companies.

    Still think these people aren’t going to jail?

  4. Browsing the main page of the New York Times, Washington Post, and Guardian websites just now there is zero mention of the Twitter Files story that has been developing the past week.


    Globalist scum media.

    1. Russia Today publishes what the globalist scum media never will.

      How the ‘Twitter Files’ have exposed a senior FBI official’s role in manipulating the outcome of the 2020 US election (12/9/2022):

      “Internal Twitter documents and communications published by the journalist Matt Taibbi have provided devastating detail on a sweeping censorship operation conducted by the social network. They expose the central role played by a senior FBI agent in potentially influencing the outcome of the 2020 US election. 

      Immediate reaction to the Twitter Files was mixed, but overwhelmingly the mainstream American media has rushed to pour cold water on Taibbi’s bombshell disclosures, with, for example, The Washington Post branding them a “dud” and CNN claiming they “largely corroborated what was already known.”

      Such responses are quite extraordinary given that the Twitter Files offers incontrovertible evidence of one of the largest, most influential global social networks taking extraordinary measures – usually reserved to prevent the dissemination of child pornography – to block information on its platform.

      In particular, Twitter banned, both publicly and privately, the sharing of a New York Post article, based on the contents of a laptop owned by Hunter Biden, pointing to possible corruption on the part of his father, then-presidential candidate Joe Biden. The report reinforced existing concerns about Hunter’s role with Burisma, for which he received up to $50,000 per month from the Ukrainian energy giant over a five-year period for attending a handful of corporate events.

      The material exposed by Taibbi shows that a decision was made by individuals at the highest levels of Twitter – with direct connections to Biden’s Presidential campaign – due to apparent fears the laptop contents had been hacked and/or had been released as part of a Russian information operation. This was despite there being zero evidence or even a vague suggestion that either was the case, and significant internal concerns.

      The Twitter Files show how, among the top brass involved in the suppression of this hugely significant story was the social network’s legal vice president Jim Baker, a former FBI general counsel. He was coincidentally also fundamental to the Bureau’s multiple attempts to fraudulently concoct a link between Trump’s campaign and Russia, one way or another.

      It’s clear that many staffers didn’t believe there were grounds to ban the New York Post story on the basis of Twitter’s policies on sharing hacked materials. One communications department official wrote that they were “struggling to understand the policy basis for marking this as unsafe,” while their superior fretted, “can we truthfully claim that this is part of the policy?”

      However, their legitimate worries were overruled. Twitter later reversed this ban but by that point the false specter of Russian meddling had been so successfully cemented – including via a joint letter signed by over 50 senior US spies – that the story was largely discredited in the eyes of many Americans and, thus, ignored. It is only now, with Biden safely in the White House, that other outlets have begun to verify the laptop’s contents as not only real, but damaging.”

    2. Zero.

      THey are doing everything they can to send it to the memory hole, while screaming that Twitter is now run by Fascists.

  5. Buying votes

    Biden Devotes $36 Billion to Save Union Workers’ Pensions

    The money comes from last year’s Covid-19 relief package and will avert cuts of up to 60 percent in pensions for 350,000 Teamster truck drivers, warehouse and construction workers and food processors.

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