If You Sign On That Dotted Line And Prices Have Declined, You’re On The Hook

1. ‘What that’s done to the market is we’ve seen prices go down, but we haven’t seen valuations go down’

   If it makes you feel better Jack.

   ‘San Antonio within itself is a hot market. Now we do see the east side of San Antonio getting a lot of love as we turn more into a suburb of Austin’

   There’s a lot of drugs in this part of Texas.

   1. I used to know a cute gal from San Antonio. Her parents lived rural, on 15+ acres. I remember she was shocked how high house prices were out west, because her parents’ place was only worth $35,000 or something. And this was less than 20 years ago.

      I also remember her telling me how poor wages were down there. Most people would head off to Houston or somewhere to try to do better.

      1. less than 20 years ago.

         Before houses were Beanie Babies.

2. So you don’t have to give it away….

   “Bottom line is, I really don’t see prices getting lower.”

3. ‘First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades, for a single-detached home that would house himself, his wife, their two children and his mother. ‘We thought, if we live hand-to-mouth, we can still afford it,’ Rehal, an Uber driver’

   That’s some rock solid lending right there! What happened was the developer opened the next phase at much lower prices and fooked the previous buyers. And remember, there is the ‘Brampton loan’ as it’s known in RE circles. I’ll try to find the video later where I learned this.

   1. “To be fair…” he can’t find a lender to give him a mortgage.

      His deal is a “promise” to buy the shack from the developer.

      1. “To be fair…” he can’t find a lender to give him a mortgage.”

         This might be the thing that saves him. If you can’t get financed, you can’t complete the contract and you can leave the deal. I think he should make it his priority to not actually get the mortgage funded so that the deal falls through.

         1. not in Canada. It’s a binding contract. Not the seller’s problem. And if you do bail out and they sell it for less later, the seller can come back after you (the failed buyer) for the difference in price.

            Notice that not one of these people would be bitching if prices had still gone up.

            They gambled, they lost, pay up.

            1. if you do bail out and they sell it for less later, the seller can come back after you

               Sounds like it’s time to head back to India (or wherever they came from) for them.

            2. the seller can come back after you

               The exit door is marked “Bankruptcy”.

   2. Here’s that video:

      Paradise or Developer Nightmare – Downward Price Death Spiral – The Canadian Real Estate Show
      Dec 18, 2022
      Darryl and TK discuss the Canadian Real Estate Market in depth from their own unique perspectives with a particular focus on The Toronto Real estate Market. Today we are lucky to be joined by Austin Yeh

      https://www.youtube.com/watch?v=JC4fqp4bnhE

      1 hour.

   3. It was still cheaper than renting.

   4. Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades Rehal, an Uber driver’
      I think a CA$1.959 MM ($1.435 MM USD) for an Uber driver is a new low in credit lending as I believe that combination ($1.435 MM to an Uber driver) exceeds the level of stupidity back in 2006 or so when strawberry pickers were supposedly getting $600,000 loans.
      I think this is a new all tie low but I would not be surprised if it was outdone in the near future.

      1. There are tens of thousands of pre-construction airboxes going up in greater Toronto right now.

         1. I wonder how much of an impact SADS the death jab will have on demand.

   5. “‘First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades…”

      ‘We thought, if we live hand-to-mouth, we can still afford it,’ Rehal, an Uber driver’

      $2M, Uber driver. Now that’s sound lending!

      1. Here’s the crazy part: he was probably up huge by February. It’s washing away like it always does.

   6. Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades…Rehal, an Uber driver

      I seriously just choked on my drink of water when I read this. This should come with a warning label. This makes the $750,000 house the strawberry picker purchased look sane by comparison.

4. ‘Then there are pension funds that are forced out by the need to comply with their caps on allocations to such investments. They are among the biggest sellers. In steadier times, buyers usually extract modest discounts against book value, but these have lately widened dramatically. ‘Usually, you would have a portfolio trading close to book value … maybe a 1 to 2% discount. Today we’re seeing these top-quality portfolios trading at double digit discounts’

   How do those 5% cap rates look now?

5. ‘The city may not crack down on violations, but it certainly profits from them. ‘We have this conflict of our values, if you will. We prohibit short-term rentals, we’re struggling to create housing, yet we don’t enforce our ban on short-term rentals and are collecting TOT tax’

   Ahem…

6. Wow.

   This is worser than the strawberry pickers buying $750,000 houses in HB1.

   Uber driver purchasing a $2 million house…what could go wrong?

   ““First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades, for a single-detached home that would house himself, his wife, their two children and his mother. ‘We thought, if we live hand-to-mouth, we can still afford it,’ Rehal, an Uber driver, told CBC News. But with his closing date approaching next month, he’s so far been unable to secure a mortgage.”

   1. ‘a single-detached home that would house himself, his wife, their two children and his mother. ‘We thought, if we live hand-to-mouth, we can still afford it’

      Everybody on the note to qualify, BTW.

      1. Everybody on the note to qualify, BTW.

         I started seeing advertisements for this around 2015 if I recall. They were talking about how you could still afford a house, you just used more than one income to qualify. Shortly thereafter, they started allowing the “rental income” from roommates, too.

         It just goes to show that the central bankers and their credit bubble are to blame for everything. They unleashed a tsunami of cheap money across the entire globe, and indebted all of the svckers. They’ve basically ruined the entire world.

         1. ruined the entire world

            The bankers had a partner, and it was Greed.

            1. The bankers had a partner, and it was Greed.

               Only losers “work”. Winners rake in effortless, sweet equity.

   2. Combine this with the absolute trainwreck that auto market is and you’ll see a ton of people out of a home AND a car. The news out of the auto market is that they’re waiving ‘open auto stipulations’ in the car loan market. That means you can buy (and finance) a new car while also having a prior car that is still financed. The expectation is that they’ll just default on the first loan for the second!

      https://twitter.com/GuyDealership/status/1603794722140688384

      1. That twitter thread is WILD and not in a good ending kind of way and well worth a read.

      2. “Car values were inflated (and frankly, still are to some extent).”

         Car prices need to drop 35-40% to get back to pre-covid levels!

         1. Here’s an example:
            2011 Toyota RAV4 Limited w/105,000-miles $16,900
            https://wenatchee.craigslist.org/cto/7569540871.html
            *KBB trade-in value is less than $10k

            1. Remember, insurance will only pay the KBB value.

            2. Remember, insurance will only pay the KBB value.

               Some years ago my son totalled one of the cars. Fortunately, he was uninjured. The insurance paid out based on retail comps, which they showed me. I got a lot more than I was expecting.

            3. Yeah, full coverage w/comprehensive.

               I carry full coverage on my daughter’s two cars and my wife’s car, the three of which are low mileage top of the EX-L Honda(s). It’s liability only for my son and I, both driving older 200k and 350k trucks and car, respectively.

            4. It’s liability only for my son and I”

               Suggest get uninsured motorist that way insurance company goes after the a$$hole that hits you and then makes up all kinds of lame excuses about insurance, yea man its , ah cant find it starts with a A, ah my grandparents have the insurance for me… blah blah.

            5. Here’s an example

               Craigslist private party sellers asking prices are a bad way to gauge the market. They didn’t get the memo that prices have tanked. Most of them are still holding out for some delusional price that is not steeped in reality, but rather greed.

            6. my daughter’s two cars

               Two cars?

            7. “Suggest get uninsured motorist…”

               We do have that now that you mention it, but if we ruin it, we own it. But they’re not worth full coverage.

   3. This is worser than the strawberry pickers buying $750,000 houses in HB1.
      Sorry i commented above essentially the same thing above. I had not scrolled down to see your comment.

   4. This is worser than the strawberry pickers buying $750,000 houses in HB1.

      This is why I need to read the whole thread before commenting.

      1. Good luck with that.

7. ‘When we look back at 2021 housing market numbers, what we saw was an anomaly compared to previous years, which makes the year-over-year declines that we’re currently experiencing appear significant’

   Can we all just forget 2021? It’s all good if we ignore 2021.

   1. I’d gladly forget 2020 and 2021, but alas, the damage everywhere is already done.

   2. Can we all just forget 2021?

      Absolutely! Then in a little while we can forget the last ten years, then the last 20 or 30.

8. You walk away. Take the consequences.

   You think you got stress now just wait if you “figure” out a way to own that FB anchor.

   “An appraisal recently estimated the home’s value at $1.7 million — more than $300,000 less than what he agreed to pay for it. On top of that, he says the mortgage rate he was pre-approved for would have required monthly payments of $5,000, but now he’s being quoted amounts between $12,000 and $15,000 per month. ‘Me and my wife, I think we haven’t slept for [the] last three months,’ said Rehal. ‘Our kids, they can see the stress on me and my wife’s face.’”

   1. You walk away.

      Buying Pre-construction in a soaring market is gambling, going for the jackpot. Obviously, you already had a place to live and don’t mention once the prospect of being homeless. You’ve gambled away the family money as surely as if you’d spent the night in a casino.

      1. He put $260k down. Maybe his wife is a doctor. Oh well.

         1. You’d think she would be smarter then!

9. ‘Facing few of the disclosure requirements of deposit-taking banks, thes so-called shadow banks binged on borrowed money and acquired assets that could be hard to sell in rocky markets, analysts said. Non-bank mortgage providers such as Quicken Loans last year wrote more than 7 out of every 10 home loans’

   But, senator running deer fixed all that?

   ‘Since the 2008 crisis, persistently low rates encouraged companies to load up on borrowed funds. Business debt this year rose to almost $20 trillion, equal to more than 78 percent of the economy, up from about 66 percent or $9.5 trillion in mid-2007, according to the Fed. ‘Risk is definitely building up, unseen and unmonitored, and it’s going to surprise regulators just like AIG surprised regulators in 2008’

   Is that a lot?

10. FTX solves this.

    Fight them in court, drag it out and then run back to India.

    “Buyers who want to break their contracts risk losing their deposits. But if those buyers walk away, builders could also sue them in an effort to recover the difference between the original purchase price and the price they end up selling the home for. That’s something Paradise might do in this case. CBC viewed an email sent to one homebuyer where a lawyer for Paradise threatened legal action to recoup ‘all costs, loss and damages it may suffer as a result of your client’s failure to complete this transaction.’”

    1. SBF blamed the FTX debacle on his vapid 28-year-old risk manager, and now not-so-Sweet Caroline is getting ready to throw him under the bus. Gosh, who knew a polyamorous GF could be so disloyal?

       https://www.dailymail.co.uk/news/article-11552167/Sam-Bankman-Frieds-ex-girlfriend-working-prosecutors-against-spin-narrative.html

       1. “Caroline Ellison, the CEO of Alameda Research, is apparently working with the federal government against her ex-boyfriend Sam Bankman-Fried”

          “not-so-Sweet Caroline”

          That Dog won’t hunt.

          1. If you can’t trust a S L Yew T, who can you trust?

       2. Gosh, who knew a polyamorous GF could be so disloyal?

          As if a polyamorous BF is any different.

          1. Those two deserve each other. At this point I’m sure her objective is to stay out of the slammer, so she’ll sing like a canary.

    2. same thing with student loans they cant sue you if you move to another country

       1. “I’ve put America behind me.” —Chad Haag, student loan debtor

       2. But if say you have some social security coming your way, they can seize it.

          1. Maybe this is the road to ending SSI!

             1. I doubt many will leave the US to escape their student loans. First of all. where will they go? Other countries don’t just hand out immigrant visas.

                Those who leave often have citizenship in other countries. Sure, you can enter with a tourist visa and “work remotely” for a US firm, but then you’re still paying into SS and paying US income tax.

                If you want to work locally you’ll need papers and will be appalled at how low the pay is. Burger flippers are paid more in the US than college grads are in third world countries. Why do you think millions try to come here illegally every year?

11. Bethesda, MD Housing Prices Crater 21% YOY As Inventory Surges On Subprime Mortgage Defaults Across Northern Virginia

    https://www.movoto.com/bethesda-md/market-trends/

    As one real estate economist so eloquently stated, “Nothing accelerates the economy and creates jobs like falling housing prices to dramatically lower and more affordable levels. Nothing.”

12. Remember when the FBI was about upholding the rule of law instead of serving as the Stasi secret police for our unelected rulers? Neither do I.

    https://www.dailymail.co.uk/news/article-11552469/Emails-FBI-repeatedly-grilled-Twitter-execs-state-propaganda-app.html

13. The builders with a lot of homes on hand may be trying to liquidate them with sales very soon, he explained.

    Gosh, but that means the FBs who bought last Spring might learn the new comps are putting them deep underwater.

14. Die, speculator scum.

    https://www.dailymail.co.uk/femail/article-11537133/Is-Airbnb-turning-holiday-nightmare.html

15. Oh the irony….

    “We Are In Urgent Need For Help”: NYC Mayor Starts Freaking Out Over Impending Wave Of Illegal Migrants

    https://twitter.com/zerohedge/status/1604807540314968065

    1. ““We Are In Urgent Need For Help”: NYC Mayor Starts Freaking Out Over Impending Wave Of Illegal Migrants”

       – Wait a minute. What happened to U.S. (deep blue) “Sanctuary Cities” and “Sanctuary States”? Where are the open arms? What about the “Welcome Wagons?”

       https://finance.yahoo.com/news/fair-analysis-5-5-million-145700831.html

       FAIR Analysis: 5.5 Million Illegal Aliens Have Crossed our Borders Since Biden Took Office–How is Secretary Mayorkas Still Employed?
       October 25, 2022 · 3 min read

       “”In typical fashion, the Biden administration attempted to conceal the reality of a historic crisis they created by releasing final FY 2022 border numbers late on a Friday evening, hoping in vain that no one would notice on the eve of consequential midterm elections. After digging through them, we can see why,” said Dan Stein, president of the Federation for American Immigration Reform (FAIR).”

       – Where do you think all of these new “citizens” were going to go?
       – Whom did you think was going to pay for all of these new, low skill, no resource, Democratic voters?
       – 5.5M. Is that a lot? That’s not an up-to-date number either.
       – What about when Title 42 expires on Wed., 12/21?

       https://www.foxnews.com/politics/texas-border-patrol-facility-overwhelmed-migrants-title-42-expiration-looms
       Border security
       Published December 19, 2022 9:20am EST

       “Texas Border Patrol facility overwhelmed with illegal immigrants as Title 42 expiration looms”

       “El Paso declared a state of emergency Saturday as border crossings have overwhelmed law enforcement personnel”

       – What about terrorists?
       – What about housing, jobs, social services?
       – What about disease? Note: Polio is making a comeback in NYC. It’s a mystery.
       – All is going as planned.
       – When do Americans decide to do something? Does anyone care? Running out of time.
       – ¿Hablas español?

       “Every socialist is a disguised dictator.” – Ludwig von Mises

       “The problem with socialism is that eventually you run out of other people’s money [to spend].” – Margaret Thatcher

       “Socialism is the same as Communism, only better English.” – George Bernard Shaw

       “The goal of socialism is communism.” – Vladimir Lenin

       1. 5.5 Million Illegal Aliens Have Crossed our Borders Since Biden Took Office

          To put that into perspective, that’s more than the entire population of Costa Rica.

          1. It’s more than quite a few states. It’s about the population of Colorado.

             1. Yup.

                It is fun to watch the mayor of Dumver freak out over a few thousand useless, illiterate Venezuelans that the local Mexican community will shun. As long as they get sent somewhere else, like North Dakota or Montana, then open borders are just awesome, the humane thing to do. But when they become your problem, then suddenly it’s “Help! Will something please send us some money to deal with this flood of unassimilable refugees? Will someone please close the border?”

    2. CA governor Newsom’s crying about the open boarder too. All excuses no policy . probably blame it on global climate change

       1. The gates are open so wide that even the wokest of the woke are starting to see that there’s a problem, and it’s no longer someone else’s problem.

          1. “…and it’s no longer someone else’s problem.”

             This!

16. In the long term, however, broker Mike Lamb doesn’t think housing will become significantly more affordable. ‘

    1. Realtors are liars
    2. Cratering shack prices with no end in sight are not conducive to Always Be Closing.

17. Home closings and pending contracts year over year plunged for an 11th-straight month across the 16-county region, showed Canopy Realtor Association’s report for November.

    Gosh, I sure hope this doesn’t disincentivize would-be buyers from signing on Mr. Banker’s line which is dotted, due to fears the housing market has a lot further to fall.

    1. Mr. Banker has all sorts of dotted line specials: mortgages. HELOCS, car loans, personal loans, credit cards, etc.

18. Seriously, globalists? This is the best puppet you could come up with?

    https://www.news.com.au/finance/work/leaders/biden-slings-antiirish-words-claims-to-be-italian-in-speech/news-story/76dbe3e957692f60ca414424b6d78c86

    1. It’s their way of giving us the finger. They’re saying “He’s our puppet and there’s NOTHING you can do about it.”

       Now, be a good little lemming and go get you spike protein booster. Because we care about you.

19. Pueblo, CO Housing Prices Crater 17% YOY As Double Digit Price Declines Blanket Colorado

    https://www.movoto.com/pueblo-co/market-trends/

    As one national builder joked, “If you paid more than $50 a square foot, you got burned.”

20. KSAT in Texas. “Prices are going down because less people are buying. ‘You’re just going to see less people buying because they have less buying power.

    Fewer people, not “less” people. Can’t you REIC shill media outlets hire marginally competent editors?

21. “‘The noise levels are high, there’s numerous cars parked on the street, there’s loud music — it goes on into the night,’ Kou said, ‘And even though police are called, oftentimes it’s really hard to disperse them and the owner or the company manager are nowhere nearby.’”

    AirB&B, bringing vibrancy into formerly livable neighborhoods since 2008.

    1. And lots of diversity too!

    2. “‘The noise levels are high, there’s numerous cars parked on the street, there’s loud music — it goes on into the night,’ Kou said, ‘And even though police are called, oftentimes it’s really hard to disperse them and the owner or the company manager are nowhere nearby.’”

       “AirB&B, bringing vibrancy into formerly livable neighborhoods since 2008.”

       – AirB&B is a hotel without zoning or enforced regulations.
       – AirB&B is a hotel without a front desk or adult supervision. The local law enforcement is the new front desk.
       – Enjoy your new (short-term) neighbors until the next batch show up. Party on Garth!
       – Every guest is Keith Moon. Every house soon to become a reno.
       – Lawlessness ensues. “It’s a mystery” said no one.
       – It’s a sound business model though…

       1. Plus, on a percentage basis, there are far more shootings at airbnbs than hotels.

22. The city may not crack down on violations, but it certainly profits from them. ‘We have this conflict of our values, if you will.

    There is no “conflict of values.” The Democrat-Bolshevik city government is on the take, as are all corrupt Democrat-Bolshevik apparatchiks. Companies like AirB&B are naturally going to exploit the Neo-Bolsheviks’ proclivity for patronage, graft, and “donations” to get around laws and regulations.

23. “As rising interest rates shake financial markets, dangers are growing in the ‘shadow banking system,’ a network of largely unregulated institutions that provides more than half of all U.S. consumer and business credit.

    Wut? You mean to tell me that with such dilligent stewards of the public interest as Maxine Waters & Senator Running Deer overseeing the banking sector, such systemic risks to the financial system could ever arise?

24. This is Extremely Dangerous to Our Democracy (1m36s):

    https://m.youtube.com/watch?v=ZggCipbiHwE

25. New Zealand’s WEF puppet regime has gone full police state. This is the template for what the globalists & their Democrat-Bolshevik Quislings want to impose on the former America.

    https://twitter.com/WallStreetSilv/status/1604160940211306497

    1. Told ya she wasn’t going to be voted out. It would take a genuine revolt. Kiwis don’t have it in them to push back. Ardern’s WEF backed iron fist is going to tighten. This is going to happen in all the West, and unlike in the movies, there is no James Bond or Luke Skywalker coming to save it.

       1. And they said womyn would be better than men at jobs.

          1. I’m sure Klaus is very pleased with her performance. She is effectively turning the islands into a penal colony. And there won’t be any leaving because airliners are Earth destroying machines (private jets exempted, of course)

26. A reader sent these in:

    Financial Repression pays back high debt levels people 👇

    https://twitter.com/WinfieldSmart/status/1581321441324457986

    Subprime ABS widening

    https://twitter.com/WinfieldSmart/status/1604588841716817920

    DISTRESSED LOANS

    https://twitter.com/WinfieldSmart/status/1600828353661251585

    write a horror story with 4 words: “I bought in 2021”

    https://twitter.com/atelicinvest/status/1604650297011601408

    CarDealershipGuy

    The average interest paid over the life of a car loan hit an ALL-TIME record in November:
    New car loan: $8,436 in interest
    Used car loan: $10,204 in interest (!!!)

    https://twitter.com/GuyDealership/status/1604686648897306624

    Been saying since late 2020: we don’t have a subprime crisis we have people with high credit karma scores taking out way more than they can afford. Their DTI looks passable, until you include child care, health insurance, etc that aren’t debt, but aren’t easy to get out of

    https://twitter.com/NipseyHoussle/status/1604526342556438528

    Ironically enough, if you look at the foreclosures from the 2008 crash it wasn’t the lowest/subprime that saw the highest foreclosure. It was the mid to higher credit scores. Those people had to much confidence in themselves and got in over their heads.

    https://twitter.com/WonkyWombat32/status/1604537667223318531

    Millions of this sort of shadow inventory coming 2023-2024
    Nearly 1M MF units coming in 2023 will have all these newbie landlords running for the hills

    https://twitter.com/NipseyHoussle/status/1604560534204043264

    30 min of my life I’ll never get back, but I visited their channel. They purchased 9 properties between 8/20 and 5/21, partnering w/others for capital & taking out loans. I suspect their newfound millionaire status is primarily equity gains on whatever portion they “own”

    https://twitter.com/texasrunnerDFW/status/1604558898291265536

    Here is a real story. House bought in 2018 for 800k in Hamilton. Sold for $1.8m end of 2021($400k over asking). Friend knows the family who bought it, panicking because payments have gone up a lot, they went variable. Realturd estimate says could sell $1.3m now. Welcome to 🇨🇦

    https://twitter.com/cap_zay/status/1604641203110039552

    “History doesn’t repeat itself, but it sure as heck rhymes” – Mark Twain
    2008 vs 2022

    https://twitter.com/WallStreetSilv/status/1604663712421380096

    Low inflation will be a memory

    https://twitter.com/AlessioUrban/status/1604563371814273029

    The implosion of Housing Bubble 2.0 is well underway. Great job, Bernanke, Yellen, Uncle JPow. 🔥 Phoenix prices are in free fall … 😲

    https://twitter.com/WallStreetSilv/status/1604546949243441152

    Well…most worrisome is that finance Co’s are waiving “0pen Loan” restrictions…ie..tacitly allowing consumers to default on an existing underwater auto loans in order to write new paper. This allows them to qualify Debt to income without counting existing loan…crazy😬

    https://twitter.com/Chicagomike666/status/1604574374522228740

    John Wake

    Metro Phoenix Median House Price Down 12% in 6 Months

    https://twitter.com/JohnWake/status/1604508170033893376

    Dont worry. UST markets will rally as recession deepens. The Fed will be forced to sell MBS to keep the basis wide. Inflation? Not. Its about killing the Fed put and poisoning the Tapeworms before it’s too late. Securitization is like radiation. No such thing as a safe dose.

    https://twitter.com/Stimpyz1/status/1604495817007452161

    I remember back in 2012 I STILL thought the market was overpriced….and it was. What I didn’t account for was ZIRP being a feature, not a bug

    https://twitter.com/GRomePow/status/1604527036126466048

    Every reliable indicator of the economy tells the same story. Growth is declining rapidly and a stone’s throw from recessionary territory.

    https://twitter.com/EPBResearch/status/1604451752710922242

    Global Inflation Rates…

    https://twitter.com/charliebilello/status/1604121740266848256

    Lumber prices are at their lowest levels since June 2020, down 78% from the peak in May 2021.

    https://twitter.com/charliebilello/status/1604216584888897536

    Already happening. Homes in my hood’ that rented for $2700 last summer down to $2000. Phoenix, SE Valley. $1400 by summer as they stay empty.

    https://twitter.com/realAAAbbott/status/1604307865409183746

    This room is currently being advertised for £2,100 ($2,560) per month in Central London…

    https://twitter.com/Charles_SEO/status/1603720167116181504

    Thousands of 2021 Reddit posts from Seattle area with people asking for advice from the Reddit experts on if they could afford to overbid by 200k
    They assured their jobs were very secure— they were in tech
    The experts assured them it was worth whatever they were willing to pay

    https://twitter.com/NipseyHoussle/status/1604515174341386240

    Imagine having a $1.2m house with no savings

    https://twitter.com/GRomePow/status/1604511827550908416

    Bloomberg Canada

    ‘Condo futures’ were a big housing bet in Canada. Now investors are facing losses or mortgages they can’t afford

    https://twitter.com/BloombergCA/status/1603169917758496770

    $7MM power of sale in King

    https://twitter.com/BenRabidoux/status/1603392385643433984

    Market chasing

    https://twitter.com/BenRabidoux/status/1603568825844252672

    we’re stuck in 2022 while this man is living in 2075

    https://twitter.com/AndrewArruda/status/1604130476737777664

    CarDealershipGuy

    Carvana may have just quietly started liquidating: The company is now advertising its *retail* inventory to *wholesale* dealers. Look at the $5,000 price difference. Wild times.

    https://twitter.com/GuyDealership/status/1604114489133223937

    CarDealershipGuy

    Good summary of the issues I laid out yesterday with some added color:

    https://twitter.com/GuyDealership/status/1604256142175088640

    CarDealershipGuy

    Disturbing consequence of rapidly rising interest rates: People are rolling back miles on cars at absolute RECORD numbers. Today, more than 1.9 million cars on the road have had their odometer rolled back – a 7% increase from 2021. Let me explain:

    https://twitter.com/GuyDealership/status/1604304243657261056

    My feed keeps talking about Tesla which is in free fall.. funny right! This is one of our models which I’ve already posted few days ago.. as you can see expenses keep increasing and Elon musk keeps selling his shares because he knows.. and lithium price is surging as well.

    https://twitter.com/AlessioUrban/status/1604110939934138368

    Lithium prices keep on increasing while Tesla’s margin doesn’t fall. One day those long term contracts will end and then it will be 🔥

    https://twitter.com/SagarSinghSetia/status/1604129084954378241

    While stagflation accelerates. Bond yields to da moon!

    https://twitter.com/drsparwaga/status/1604166061317824512

    People have learnt a wrong concept about bonds on Twitter. You don’t buy bonds because you think there will be a recession, you buy bonds because you think inflation will collapse. Risk premia is based on inflation expectations! Would you buy Zimbabwe bonds?

    https://twitter.com/AlessioUrban/status/1604156720409989121

    When you wanna laugh.. just open Twitter

    https://twitter.com/AlessioUrban/status/1604242161746190336

    Cumulative flows into US equity funds according to Goldman Sachs
    As always retail is the bagholder.

    https://twitter.com/AlessioUrban/status/1604267450866208768

    Had an Austin builder tell me they’ve had framers showing up at their main office looking for work….

    https://twitter.com/KeithHughesTx/status/1603840709055889408

    Two years ago, @kmasonrealtor
    held open houses with lines around the block to get in. Last weekend, one open house didn’t draw a single visitor. How the white-hot pandemic housing market was killed:

    https://twitter.com/BrianJScheid/status/1603085389803261954

    #smallerpockets

    https://twitter.com/GRomePow/status/1604330334748672000

    German real estate market, I have received quite few 15% asking price reduction notifications so far, now it’s getting closer to 20% 👇 Say goodbye to German real estate bubble

    https://twitter.com/MichaelAArouet/status/1603399931108421632

    1. The average interest paid over the life of a car loan hit an ALL-TIME record in November

       And isn’t the average price now close to 50 grand?

       People are rolling back miles on cars at absolute RECORD numbers.

       Wouldn’t that be easy to catch with a carfax? I don’t take my newer car to the dealer for service, yet they know that I’ve had someone else rotate tires, change the oil, etc. when it was done and how many miles when it was done.

       1. “People are rolling back miles on cars at absolute RECORD numbers.”

          That’s a complex task since the car’s ECM stores that data, and each time the dealer has the vehicle or the emissions is tested all of that data is uploaded to a central repository.

          1. If a car’s airbag is deployed that data follows the VIN to the grave.

          2. the car’s ECM stores that data

             I suppose that there are ways to hack the ECM, but as you said, everytime the car is serviced that data is uploaded and saved. And I think it’s not only dealers who uploaded it. I had my tires rotated at Sams Club and the dealer knew I had it done. They send me quarterly emails with service reminders, and it shows everything I’ve already had done to the car.

    2. Been saying since late 2020: we don’t have a subprime crisis we have people with high credit karma scores taking out way more than they can afford. Their DTI looks passable, until you include child care, health insurance, etc that aren’t debt, but aren’t easy to get out of

       That’s the definition of subprime.

27. Is a soft landing in 2023 pretty much a sure thing?

    1. The Financial Times
       The Henry Mance Interview
       Global Economy
       Nouriel Roubini: ‘I hope I didn’t depress you too much’
       The famously gloomy economist has turned up the dial on dark predictions for 2023 and beyond, but is upbeat about technology and the meaning of life
       Henry Mance yesterday

       Nouriel Roubini is gloomy, and it’s not just that he arrived in London on a red-eye flight and couldn’t get a table at Nobu. It’s not even conventional economic worries. It’s everything: a confluence of problems, old and new.

       “I think that really the world is on a slow-motion train wreck. There are major new threats that did not exist before, and they’re building up and we’re doing very little about it,” he says.
       …
       “The conventional wisdom, coming from policymakers or Wall Street, has been systematically wrong. First, they said inflation’s going to be transitory . . . Then there was a debate over whether rising inflation was due to bad policies or bad luck,” namely supply shocks such as Russia’s invasion of Ukraine and Chinese zero-Covid restrictions. Roubini sees the consensus now as “six months of recession, big deal”. Again, he disagrees. “No, this is not going to be a short and shallow recession, it’s going to be deep and protracted.

       “The Fed, ECB, Wall Street, the City say, yeah, we’re going to have a soft landing. In US monetary history for the last 60 years, we’ve never had an episode where inflation is above 5 [per cent] — today it’s 7.1 — and unemployment is below 5 [per cent] — and right now it’s 3.7 — that when you raise rates to fight inflation, you get a soft landing. You always get a hard landing.”

       As for Europe, “it’s much worse. The UK is already in a stagflation. Inflation is above 10 per cent and even the BoE expects at least five quarters of negative economic growth . . . And the Brits shot themselves in the foot with Brexit, so that’s another stagflationary shock.” Because public and private debt is so high — up from 220 per cent of global GDP in 1999 to 350 per cent in 2019 — central banks won’t raise rates far enough.
       …

       1. “It’s everything: a confluence of problems, old and new.”

          Translation: Ignore everything I am about to report on what this gloomster is predicting… even though he kicked the consensus opinion writers’ asses in the 2007-2009 episode.

    2. Goldman Sachs Research
       2023 US Economic Outlook: Approaching a Soft Landing
       22 NOV 2022
       TOPIC: Outlooks

       The key macroeconomic question of the year has been whether inflationary overheating can be reversed without a recession. Analysis from Goldman Sachs Research economists suggests that the answer is yes—an extended period of below-potential growth can gradually reverse labor market overheating and bring down wage growth and ultimately inflation, providing a feasible if challenging path to a soft landing.
       …
       https://www.goldmansachs.com/insights/pages/us-economics-outlook-2023-approaching-a-soft-landing.html

    3. Markets
       The godfather of the inverted yield curve breaks down why his famous recession indicator with a perfect track record won’t be accurate this time around
       William Edwards
       Dec 16, 2022, 2:00 AM
       Cam Harvey
       This story is available exclusively to Insider subscribers. Become an Insider and start reading now.

       With calls for a recession in 2023 now the base-case scenario for many economists, the inverted yield curve looks primed to keep its perfect track record as a predictor. 
       …
       https://www.businessinsider.com/recession-indicator-inverted-yield-curve-godfather-famous-wont-work-harvey-2022-12

28. Jesse Waters Exposes FBI Sitting on TROVES of Secret Jeffrey Epstein Evidence

    https://www.bitchute.com/video/e2lJLMjW69rT/

    3 minutes.

    1. And nothing will happen 🙁

29. New Documents Reveal Alleged Epstein Victim Claimed To Have Copies Of ‘Blackmail’ Sex Tapes He Made Of Associates

    by Steve Watson
    December 19th 2022, 7:12 am

    An alleged victim of the deceased elite pedophile Jeffrey Epstein has claimed that she has digital copies of ‘blackmail’ sex tapes Epstein made of his associates.

    Not one of Epstein’s ‘clients’ has been named since his mysterious death or during the sex trafficking trial of Ghislaine Maxwell, yet unsealed documents from Virginia Giuffre’s lawsuit against Maxwell have revealed that another accuser, Sarah Ransome (pictured above earlier this year at Maxwell’s sentencing), says she stashed away in secret locations copies of sordid tapes recorded by Epstein.

    An email from Ransome reads “When my friend had sexual intercourse with [redacted] and [redacted], sex tapes were in fact filmed on each occasion by Jeffrey.”

    The email, apparently addressed to New York Post reporter Maureen Callahan, continues “Thank God she managed to get ahold of some footage of the filmed sex tapes which clearly identify the faces of [redacted] and [redacted] having sexual intercourse with her. Frustratingly enough Epstein was not seen in any of the footage but he was clever like that.”

    “I will be more than willing to swear under oath and testify in court over these sex tapes,” Ransome further declared, adding that she had told someone close to her where to find the back up copies of the videos “in case anything happens to me before the footage is released.”

    https://www.infowars.com/posts/new-documents-reveal-alleged-epstein-victim-claimed-to-have-copies-of-blackmail-sex-tapes-he-made-of-associates/

    1. An alleged victim of the deceased elite pedophile Jeffrey Epstein has claimed that she has digital copies of ‘blackmail’ sex tapes Epstein made of his associates.

       I hope she has trusted bodyguards or she might end up arkancided.

    2. “Not one of Epstein’s ‘clients’ has been named…”

       An oligarchy runs this country too.

30. From Crain’s New York:

    On Politics: Adams’ hope for New York as crypto hub ends the year deflated

    Not to worry mayor, El Salvador is coming to you!

    1. “Not to worry mayor, El Salvador is coming to you!

       Lol, that comment deserves a post of the day award.

31. Does the “buy the dip” trade work in a period of Quantitative Tightening, when the Fed is actively taking away the punchbowl?

    1. “Does the “buy the dip” trade work in a period of Quantitative Tightening, when the Fed is actively taking away the punchbowl?”

       – Hussman is talking about stonks, but the investor Pavlovian behavior via the Fed’s cattle prod stimulus of TINA and free $ applies to all asset classes as part of The Everything Bubble, which is now bursting.

       https://www.hussmanfunds.com/comment/mc220925/
       Now Comes the Hard Part
       John P. Hussman, Ph.D.
       President, Hussman Investment Trust
       September 2022

       “A decade of deranged Federal Reserve zero-interest rate policy has exerted what former FDIC chair Sheila Bair recently described as a “corrosive” effect on the financial markets and the economy. Faced with zero interest rates, investors became convinced that they had no alternative but to speculate. As speculation drove valuations far beyond their historical norms, investors embraced the idea that valuations simply did not matter. Advancing prices in the rear-view mirror seemed to provide evidence that zero-interest rate cash was an unacceptable alternative to passively investing in stocks, regardless of price.”

       “There’s no question that Fed-induced speculation encouraged investors to chase extreme valuations, and to accept low returns on every class of investments. Unfortunately, Fed policy does not change the arithmetic that links valuations with subsequent returns. By our estimates, the S&P 500 is likely to lag Treasury bonds, and even Treasury bills, for more than a decade. Now comes the hard part.”

       – We’re seeing the application of “mean reversion” across all bubble asset classes. 2023 should be more of 2022, only more losses + recession. 2022 = slow-motion train wreck. 2023 = accelerated train-wreck. Going off a bridge. Into a deep canyon.
       – Don’t expect 14 years of free $ + rampant speculation + ensuing asset bubbles to end with a run of the mill, garden variety recession.
       – A “soft landing” is assured though, I’m told (when pigs can fly…).
       – The Fed’s massive balance sheet expansion – the true cause of the 40-year high inflation that we’re all experiencing – has hardly budged. Raising the Fed Funds rate (FFR) isn’t the same as reducing their balance sheet. We’ll see if it can decline by even $1T (out of $9T) before the SHTF. This is pure debt monetizaion. Banana republic stuff. Wile E. Coyote super geniuses.

32. The FBI is facing subpoenas after the so-called “Twitter Files” revealed that the bureau had been working closely with the social media company, according to Rep. Mike Turner (R-Ohio), who is the incoming chairman of the House Intelligence Committee.

    “We are definitely pursuing the Department of Justice and also the FBI,” Turner told Fox News’ “Sunday Morning Futures,” before adding, “We certainly intend to pursue subpoena power to expose the extent to which the FBI has been doing this.”

    He thanked the new Twitter chief Elon Musk for making the internal Twitter documents available.

    “While we pursue intelligence community to try to hold them accountable, while we’re doing that, Elon Musk is showing what’s happening on the other side with the willing partners, the mainstream media, social media, and really exposing coordination that was occurring between the FBI and them,” Turner added.

    The sixth batch of internal Twitter documents, released by journalist Matt Taibbi on Dec. 16, revealed that the FBI and Twitter had “constant and pervasive” communications. The bureau allegedly treated Twitter as a “subsidiary” and flagged accounts and tweets for Twitter to take action against.

    One particular set of documents House Republicans will seek to obtain via the subpoenas are the FBI’s “secret files,” according to Turner.

    “It is my understanding from our contacts that we have had with the FBI that there are secret files that the FBI has of these contacts that they were having with social media and with mainstream media,” Turner said.

    The Ohio Republican added that the bureau has resisted providing these files so far.

    “It has been our objective to get ahold of those files, to see the extent of this, so we can stop it, we can cut off the funding and prevent, obviously, average Americans being impacted by FBI actions,” he said.

    In fact, the FBI has been engaging with social media companies under false pretenses, according to the Ohio Republican.

    “The FBI had, under the cover of saying they were pursuing foreign malign influence, had really exploded into activities that involved engaging with mainstream media and social media, and really impacting what is the normal debate of democracy,” Turner said. “What’s really troubling here in my opinion is this is not based on intelligence.”

    The House Intelligence Committee in the Republican-led House will look into who was the mastermind behind the FBI’s interactions with Twitter.

    “Who is it that’s coordinating this? How can we cut off the money, prohibit this in the future?” Turner said. “We will use our subpoena power to track that down and make certain that this doesn’t happen again.”

    Turner expressed confidence that the committee’s investigation will get the answers it is looking for from the FBI and the Department of Justice.

    “Luckily, the January 6 committee has established some great legal precedent that shows the Congress has full access,” he continued. “So they’re going to have very much a difficult time trying to prevent us [from] getting those documents.”

    Turner is not the only Republican demanding answers from the FBI following the release of the sixth installment of the “Twitter Files.”

    “@FBI has a lot to answer for after the latest drop of #TwitterFiles6,” Rep. Matt Gaetz (R-Fla.) wrote on Twitter on Dec. 16.

    Gaetz said that he will be joined by Reps. Jim Jordan (R-Ohio), Mike Johnson (R-La.), Andy Biggs (R-Ariz.), and Dan Bishop (R-N.C.) in “asking the questions.”

    “Clear your calendar,” he added.

    Jordan is poised to become chairman of the House Judiciary Committee in January.

    According to Taibbi, the FBI formed a social media-focused task force of 80 agents after the 2016 election, and they “corresponded with Twitter to identify alleged foreign influence and election tampering of all kinds.”

    Additionally, the Department of Homeland Security partnered with third-party security contractors and think tanks “to pressure Twitter to moderate content,” according to Taibbi.

    “80 @FBI agents were colluding with Twitter to police content and moderate Americans’ speech? Sounds like Communist China to me,” Rep. Greg Steube (R-Fla.) wrote on Twitter on Dec. 16, in response to Taibbi’s revelation. “Investigations are coming!”

    Rep. James Comer (R-Ky.), the incoming chairman of the House Oversight Committee, also took exception to the FBI’s task force, in an appearance on Fox News’ Hannity on Dec. 16.

    “What we found today is the FBI had its own ministry of propaganda—80 FBI agents dedicated to nothing but censoring free speech on the internet,” Comer said. “Eighty! As someone who’s going to be incoming chairman of the House Oversight Committee, that’s roughly $12 million in expenses to the taxpayers in salary and benefits.”

    Two Republicans suggested the sixth installment of the “Twitter Files” could suggest that FBI has worked with Facebook and Google in a similar capacity.

    “And if FBI used Twitter to censor, you bet they also used Google and Facebook,” Sen. Josh Hawley (R-Mo.) wrote on Twitter.

    “Now apply what we know they did at Twitter to @facebook @Google and more,” Rep. Marjorie Taylor Greene (R-Ga.) wrote on Twitter. “I’m really looking forward to Republican control, committee work, and subpoena power.”

    https://www.theepochtimes.com/mkt_app/fbi-faces-subpoenas-after-twitter-files-exposing-social-media-ties-house-republican_4932275.html

    1. I appreciate what Jordan is doing but unless their are prison sentences for these treasonous acts and the complete demolition of the state security appparatus, I spare no quarter for Jordan and anyone else who is tasked with getting the job done on this. Nothing less than blood is acceptable and I’m indifferent whom is doing the job… Jordan, Hawley, McCarthy or even Trump.

       These limpwristed maggots (you know who they are) either took orders from deep state or acted like God and used the heavy hand of state gov to commit acts of treason against US citizens.

       These were Stasi/KGB/Gestapo level actions against US citizens. No joke… no exaggeration.

    2. “We are definitely pursuing the Department of Justice and also the FBI,” Turner told Fox News’ “Sunday Morning Futures,” before adding, “We certainly intend to pursue subpoena power to expose the extent to which the FBI has been doing this.”

       I wish the COngressman great success in his endeavor. I also expect those brought in to testify to lie through their teeth.

33. Ok, probably a stupid question, but I’m learning.
    I have a couple of hundred bucks we got as baby gifts and I stuck it in a saving’s account for my daughter. Since it’s not a ton of money, I’m wondering if we should buy a couple bonds and hold onto it until she’s 30.

    1. Make it easy on yourself and send it to me.

       1. LOL! xD

    2. I have no idea what you should do. However, I do have some government “notes”. I bought them in $1000 increments. You can get $100 increments at the TreasuryDirect website.

       Good on you setting some savings aside for your daughter. I have given Silver Dollars as baby gifts for decades.

       1. Silver dollars are a sweet gift idea!

    3. 1 year treasuries pay more than 30 at this point. I would suggest buying a 1 year bond, then reevaluate when it matures. You could also get a 1 year CD at your bank and reevaluate when it matures.

       1. 1 year treasuries

          are called a “note”.

    4. The main problem with this line of thinking is that you aren’t actually getting a return you are taking a yearly loss when properly accounting for inflation. This is why bonds have often been called certificates of confiscation. I believe one of the best things people can do is invest in themselves or in this case directly into your child. For instance, there are many tools and experiences you can buy that will last a lifetime. Enrich her life well in the present and the future should take care of itself.

       1. The main problem with this line of thinking is that you aren’t actually getting a return you are taking a yearly loss when properly accounting for inflation.

          And we wonder why people were speculating with shacks?

    5. Not sure about your zip code, but Citibank here has a 12-month No Penalty CD at 3.40% APY and a 1-Year Fixed Rate CD at 4.15% APY. Teller said people are doing the No Penalty waiting to see if the 1-Year Fixed Rate goes higher.

34. Is it wise for young families to buy a house when prices are falling and the economy is on shaky footing?

    1. Bank of America CEO Issues Dire Warning for Housing Market: Prepare for 2 More Years of Pain
       by Maurie Backman | Published on Dec. 19, 2022
       A young man and woman speaking with their realtor who’s holding a tablet in an open house.
       Image source: Getty Images

       That’s really not news home buyers want to hear.

       Key points
       – Home prices are up right now and mortgage rates are soaring.
       – Until things change, home buyers might continue to struggle.

       It’s been a really tough go for prospective home buyers since mid-2020. For the past two years and change, the real estate market has sorely lacked inventory. That’s driven home prices upward and forced buyers into countless bidding wars.

       This year, mortgage rates are also higher than they’ve been in decades, adding another layer of difficulty to an already hard situation. And unfortunately, it doesn’t look like housing market conditions are about to get more favorable for buyers anytime soon.

       In a recent interview with CNN, Bank of America CEO Brian Moynihan said he’s concerned the housing market will continue to challenge buyers in the coming years. Moynihan pointed to sky-high mortgage rates as a big reason buyers might continue to struggle — especially first-time buyers with more limited financial resources.
       …
       https://www.fool.com/the-ascent/mortgages/articles/bank-of-america-ceo-issues-dire-warning-for-housing-market-prepare-for-2-more-years-of-pain/

       1. “That’s really not news home buyers want to hear.”

          Where’s that miniature violin?

35. Falls Church, VA Housing Prices Crater 18% On Surging Inventory And Plunging Rental Rates Across Northern VA

    https://www.movoto.com/falls-church-va/market-trends/

    As one Arlington, VA broker explained, “How can I sell a house when a builder is selling a new one right next door for 35% less?”

36. You heard what he Said By 2023 Y’all!!!
    Anthony D.Williams “Streetministries For Christ”
    Dec 18, 2022

    https://www.youtube.com/watch?v=OD8lzNu4NYA

    50 seconds. Reduce the worlds population by 50%. If you got the death injection, just remember the good old HBB in yer wills.

    1. I think I’ve seen this before, and that it was an edit of a longer speech, and that he wasn’t actually talking about reducing global population.

       These people are ghouls, of that there is no doubt. But they would never discuss such a goal in the public eye. That kind of stuff is discussed behind closed doors in Davos, and only amongst the very inner circle. Clowns like Bono and St. Greta are not privy to such information.

    2. 50 seconds

       Is how we got the Charlottesville “fine people” hoax.

37. AIG’s losses on the credit default swaps ultimately led to $182.3 billion in federal bailouts for the company, which AIG repaid in 2012.

    https://finance.yahoo.com/news/aig-subsidiary-files-bankruptcy-135807941.html

38. Honkey McCracker the white privledged lecture warns future doctors…

    ‘I have a really hard time being neutral around issues of systemic oppression,’ the lecturer told medical students

    EDUCATION
    Published December 18, 2022 9:58am EST

    EXCLUSIVE: A lecturer for Washington University in St. Louis’ medical school was caught on camera warning students that if they try to debate her on critical race theory and “systemic oppression,” she “will shut that s— down real fast.”

    “I have a really hard time being neutral around issues of systemic oppression,” Kaytlin Reedy-Rogier told a class of medical students this past semester in a video exclusively obtained by Fox News Digital. “So oftentimes you will know how I feel. This does not mean that I am opposed to hearing other perspectives. I would like to be very clear about that: I am always willing to engage in dialogue with folks that may disagree with me. Always.”

    “And I will not think less of you, nor will I try to fight you or debate you. And in fact, if you try to fight me or debate me, I will shut that s— down real fast,” Reedy-Rogier, who holds a master’s in social work, added.

    https://www.foxnews.com/us/washington-u-lecturer-warns-medical-students-not-debate-systemic-oppression-shut-down

    1. I envision a future where MD’s will be like the one in Idiocracy.

       1. Oh, so you’re an optimist.

          I”m pretty sure we’re already there (idiocracy) and moving rapidly downards.

          1. If every company, governmental entity, and university hires a diversity and equity chief or some CRT bozo like this lady, then yes we’re almost to peak Idiocracy. Just another generation or so.

39. These condos with the retirees are getting dangerous.

    That old dude down here gunned down the Condo HOA pres and his spouse last week after his wife was yelled at for leaving the laundry room door open and now this.

    5 Dead After 73-Year-Old Allegedly Goes on Shooting Spree in Toronto

    AWR HAWKINS
    19 Dec 2022

    Five people are dead after a 73-year-old man allegedly went on a shooting spree inside a condominium in Toronto on Sunday night.

    MacSween added, “There is no further threat to the community at this point. We offer our sincere condolences to the victims and their families.”

    The Daily Mail reported that the alleged 73-year-old attacker “is understood to have lodged a civil complaint against the condo corporation for $1.5 million – but his exact grievances are unclear.”

    https://www.breitbart.com/politics/2022/12/19/5-dead-after-73-year-old-allegedly-goes-shooting-spree-toronto/

40. On the 1st day of Christmas
    a realtor sold to thee
    a run down worthless shanty

    On the 2nd day of Christmas
    a realtor sold to thee
    2 spalling chimneys
    and a run down worthless shanty

    On the 3rd day of Christmas
    a realtor sold to thee
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 4th day of Christmas
    A realtor sold to thee
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 5th day of Christmas
    a realtor sold to thee
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 6th day of Christmas
    a realtor sold to thee
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 7th day of Christmas
    a realtor sold to thee
    7 leaking pipes
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 8th day of Christmas
    a realtor sold to thee
    8 drafty windows
    7 leaking pipes
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 9th day of Christmas
    a realtor sold to these
    9 rotting rafters
    8 drafty windows
    7 leaking pipes
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 10th day of Christmas
    a realtor sold to thee
    10 shorted circuits
    9 rotting rafters
    8 drafty windows
    7 leaking pipes
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 11th day of Christmas
    a realtor sold to thee
    11 tiles a’ popping
    10 shorted circuits
    9 rotting rafters
    8 drafty windows
    7 leaking pipes
    6 sparking fixtures
    5 broken stair treads
    4 tiny bedrooms
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    On the 12 day of Christmas
    a realtor sold to thee
    12 structural defects
    11 tiles a’ popping
    10 shorted circuits
    9 rotting rafters
    8 drafty windows
    7 pipes a leakin
    6 sparking fixtures
    5 broken windows
    5 broken stair treads
    30 years of labor
    2 spalling chimneys
    and a run down worthless shanty

    Aurora, CO Housing Prices Crater 21% YOY As Foreclosures And Inventory Surge Across Denver Area

    https://www.movoto.com/aurora-co/market-trends/

    1. Well done!

       We should all be reminded, that for some of us, it’s that kind of Christmas all year long!

    2. Where do the 10,000 termites laying fit into the song?

41. Any thoughts on why Mr Market is so glum? Doesn’t he know that a Santa Claus rally is on the way?

    1. LIVE UPDATES
       Updated Mon, Dec 19 2022 2:51 PM EST
       Dow falls more than 300 points as hope for a year-end rally dwindles
       Carmen Reinicke
       Samantha Subin
       Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022.
       REUTERS/Andrew Kelly

       Stocks fell Monday as recession fears mounted and investors worried time is running out for a year-end rally.

       The Dow Jones Industrial Average shed 278 points, or 0.84%. The S&P 500 fell 1.18%, and the Nasdaq Composite shed 1.63%, weighed down by shares of Amazon, which slipped 3%.

       The moves followed another down week for stocks after the Federal Reserve delivered a 50 basis point short-term interest rate hike and signaled higher-for-longer rates. Fears that the central bank will push the U.S. economy into a recession increased as the group upped its forecast for future hikes above previous expectations, saying that it now expects to increase rates to 5.1%.

       “As we near the end of December, investors are still waiting on that Santa Claus Rally, with stocks coming off back-to-back down weeks for the first time since September,” said Chris Larkin, managing director of trading at E*Trade from Morgan Stanley. “Data showing inflation cooling may have given the market a short-lived boost, but the Fed standing firm with Powell driving home the point that rates could remain elevated for quite a while likely grounded some investors.”
       …
       https://www.cnbc.com/2022/12/18/stock-futures-inch-lower-to-start-the-week.html

    2. Do you feel like your 401(k) plan has been robbed?

       1. U.S. News and World Report Logo
          Money
          How Much Have 401(k)s Lost in 2022?
          Look at how 401(k) balances have dropped when evaluating your retirement portfolio.
          By Rachel Hartman
          Reviewed by Emily Brandon
          Dec. 16, 2022
          U.S. News & World Report
          Upset female thinking about high prices while looking at utilities, gas, electricity, rental charges, water bill due to inflation and crisis. Planning personal budget while sitting in kitchen. Weighing options on how to save money

          If your timeline for retirement has not changed, and you are comfortable with your current risk tolerance, you may decide to continue saving as you had before.

          If you’re concerned by dipping figures on your 401(k) financial statements, you’re not alone. Ongoing market swings have impacted retirement accounts, and the last 12 months indicate losses for many retirement savers. During the last year, 401(k) balances have dropped 22.9%, according to a Fidelity Investments analysis of 24,500 corporate retirement accounts. Ongoing inflation can cause additional anxiety over saving for the future.

          To manage your retirement savings plan during uncertain times, it may be helpful to reflect on:

          – 401(k) losses since last year.
          – Changes in savings rates.
          – Asset allocation adjustments in retirement accounts.
          – How to cope with market volatility.

          401(k) Losses in 2022

          In the third quarter of 2021, the average 401(k) account balance was $126,100. Twelve months later, the figure is $97,200, according to Fidelity research. “To say that 2022 has been challenging for retirement plan participants would be a huge understatement,” says Matthew Compton, managing director of retirement services at Brio Benefit Consulting, an employee benefits consulting firm based in New York City. “Even prudent retirement investors, who historically have maintained well diversified investment portfolios, have likely seen their account values decrease significantly.”

          The drop has changed the attitude of some savers. Fidelity reports 32% of individuals have negative feelings about their finances, compared to 30% who have positive feelings. This is a shift from a year ago, when 45% of workers viewed their finances with optimism, while 22% had a downturned view. For those who have lost a significant amount, it could be hard to view the current balances. “In some instances their accounts may be down 30% or more,” Compton says.
          …
          https://money.usnews.com/money/retirement/401ks/articles/how-much-have-401ks-lost-in-2022

       2. Personal Finance
          401(k) ‘hardship’ withdrawals hit record high, Vanguard says — another sign households feel the pinch of inflation
          Published Thu, Dec 8 2022 7:47 AM EST
          Updated Thu, Dec 8 2022 3:48 PM EST
          Greg Iacurci

          Key Points
          – About 0.5% of workers participating in a 401(k) plan took a “hardship distribution” in October, according to Vanguard Group, which tracks 5 million savers.
          – While a relatively small percentage, it’s the largest share on record dating to 2004, Vanguard said.
          – Inflation has led prices for food, rent and a host of other consumer items to rise at a historically fast pace. But withdrawing retirement savings should be among the measures of last resort for cash-strapped households, financial advisors said.

          The share of retirement savers who withdrew money from a 401(k) plan to cover a financial hardship hit a record high in October, according to data from Vanguard Group.

          That dynamic — when coupled with other factors like fast-rising credit card balances and a declining personal savings rate — suggests households are having a tougher time making ends meet amid persistently high inflation and need ready cash, according to financial experts.

          Nearly 0.5% of workers participating in a 401(k) plan took a new “hardship distribution” in October, according to Vanguard, which tracks 5 million savers. That’s the largest share since Vanguard began tracking the data in 2004.

          Put another way, roughly 25,000 workers took one of these distributions, which allow workers to tap their 401(k) plans before retirement for an “immediate and heavy” financial need.

          Meanwhile, savers have been dipping into their nest eggs via other means — loans and “nonhardship” distributions — in higher numbers throughout 2022, according to Vanguard data.
          …
          https://www.cnbc.com/2022/12/08/401k-hardship-withdrawals-hit-all-time-high-vanguard-says.html

    3. The Financial Times
       Markets Briefing Equities
       US stocks fall as investors assess pace of rate rises to come
       Bond markets also come under selling pressure
       People walk outside the New York Stock Exchange
       The S&P 500 closed 0.9% lower, while the tech-heavy Nasdaq Composite index lost 1.5% on Monday
       Nikou Asgari in London and Harriet Clarfelt in New York 7 hours ago

       US stocks and global fixed-income markets fell on Monday, extending a drop last week sparked by a new round of interest rate rises and hawkish comments from central bankers.

       The S&P 500 closed 0.9 per cent lower, while the tech-heavy Nasdaq Composite index lost 1.5 per cent at the start of the last full trading week of the year, as investors assessed the pace and scale of interest rate rises to come.

       The Federal Reserve, European Central Bank and the Bank of England each pushed interest rates higher by 0.5 percentage points last week, a step down in the previous pace of increases. However, they stood firm on their plans to continue their attempts to slow rising prices, with the ECB saying “inflation remains far too high”. Their warnings that further interest rate rises are needed to bring record inflation under control sent global stock markets lower last week.

       Among individual stock moves on Monday, Facebook’s parent company Meta was among the biggest fallers, sliding more than 4 per cent. The company has been served with a complaint from the EU’s antitrust watchdog over concerns that the social network’s classified advertising service is unfair to rivals.

       Fixed-income markets were also under selling pressure on Monday. The 10-year UK gilt yield jumped 0.17 percentage points to 3.5 per cent, while the equivalent US Treasury yield gained 0.11 percentage points to 3.59 per cent. Higher yields indicate falling prices.
       …
       “The market doesn’t believe the Fed, with a pricing disconnect now opening up,” wrote Jim Reid, head of global fundamental credit strategy at Deutsche Bank. “The market is now worried the ECB has upped its level of hawkishness.”
       …

    4. Asian markets follow Wall St lower amid gloomy outlook
       By JOE McDONALD
       35 minutes ago
       A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 20, 2022. (AP Photo/Ahn Young-joon)

       BEIJING (AP) — Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.

       Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher.

       Markets are sliding after the U.S. Federal Reserve raised its key lending rate last week and the European Central Bank said more rate hikes are ahead. That fueled investor fears central bankers might be willing to cause a recession to fight inflation that is at multi-decade highs.

       Wall Street declined Monday for a fifth day after the Fed said last week rates might have to stay elevated longer than previously forecast.

       “The tone in markets reflects a cloudy outlook for the global economy,” said Anderson Alves of ActivTrades in a report.

       The Shanghai Composite Index lost 0.6% to 3,087.32 after the World Bank cut its forecast of China’s economic growth this year to 2.7% from its June outlook of 4.3%. The bank cited repeated shutdowns of major cities to fight COVID-19 outbreaks.
       …
       https://apnews.com/article/inflation-europe-business-china-financial-markets-731d0daab348d80c2624a40bf76c2ad6

42. Theres that problematic chain of custody thing that keeps popping up. Why is there so little interest in it when CoC is the key to the back door?

    https://rumble.com/v21bx8e-mockery-of-democracy-whatfingers-7.html

    Worth watching and listening to every second.

    1. Interesting times.

43. Joke of the day:

    “Amy Schumer wows in plunging navy blue bathing suit as she packs on the PDA with husband Chris Fischer during romantic beach day in St. Barts”

    (trust me you do not want the link)

    1. I don’t even want the mental image … thanks a lot.

       1. LMAO!

    2. Here ya go

       https://hollywoodlife.com/wp-content/uploads/2020/12/amy-schumer-one-piece-bathing-suit-backgrid-post3.jpg

       1. A cursory glance at her arms, legs and neck suggest she could still make a comeback. Her face has that steroid look, so maybe she’s been fighting an illness? But exercise, diet and some group support confidence could yield remarkable results in six months time, and probably improve her outlook too. She’s still a keeper!

          1. Bean bag on toothpicks

          2. remarkable results

             Apparently headed in the opposite direction.

             1. Haven’t seen her man yet, but he has to be part of the solution too. No soda pop in the fridge, no processed bakery treats, she cooks, he cleans up, etc., but they have to get serious while there’s still a chance.

             2. Husband’s got Asperger’s. Seems to be a very mellow guy.

             3. Forgot to add, he’s a chef, as I recall.

          3. If you see potential in that photo…

          4. She’s still a keeper!

             My friend, and ye of good taste, have you been imbibing? Because she’s a throwback if there ever were one.

             1. If it was a dating game it would have likely ended things much earlier, but if married then they must work at it before declaring the end. She’s still working, moving about, so no loose stuff. That means there’s a chance.

                FWIW, I would have intervened much sooner.

44. “The Next Pandemic Will Be Arriving Shortly”

    https://foreignpolicy.com/2018/09/28/the-next-pandemic-will-be-arriving-shortly-global-health-infectious-avian-flu-ebola-zoonotic-diseases-trump/

    Check out the date and the author. Then go read about her.

    1. Lisa Monaco

       Deep State Sally

45. Has the fallout from the FTX implosion finished working its way through the financial system?

    1. Crypto’s Crash Reinforces Old Lessons for Fund Investors

       What we found when we looked at the damage cryptocurrencies’ catastrophic 2022 had on certain mutual funds we cover.
       Illustration shows coin with the word crypto emblazoned on it
       Eric Schultz
       Dec 16, 2022

       When cryptocurrencies cratered in 2022, they left their mark on some mutual funds that invested directly or indirectly in digital coins, trading platforms, or banks with crypto clients.

       But the extent of the crypto damage depends on how eagerly the funds jumped on the decentralized finance bandwagon, according to our analysis.

       We looked at some of the biggest crypto investors among funds covered by Morningstar analysts to understand the impact. We found a big difference between funds whose crypto stakes were measured and built as part of established investment philosophies and diversified portfolios—and those that seemed to throw caution and prudence to the wind.
       …
       https://www.morningstar.com/articles/1129914/cryptos-crash-reinforces-old-lessons-for-fund-investors

    2. 4 minute read
       December 19, 2022 12:17 PM PST
       Last Updated 12 hours ago
       Insurers shun FTX-linked crypto firms as contagion risk mounts
       By Noor Zainab Hussain
       and Carolyn Cohn
       Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022.
       REUTERS/Dado Ruvic/Illustration

       Dec 19 (Reuters) – Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said.
       …
       https://www.reuters.com/technology/insurers-shun-ftx-linked-crypto-firms-contagion-risk-mounts-2022-12-19/

    3. Forbes Digital Assets
       Money
       What Happened To Crypto? How The House Of Cards Is Falling
       Q.ai – Powering a Personal Wealth Movement
       Contributor
       Making wealth creation easy, accessible and transparent.
       Dec 18, 2022,10:30am EST
       What has happened to the crypto industry in the last year? We look at what led to the dramatic fall of the digital asset space that seemed unstoppable just one year ago.
        
       Key takeaways
       – While 2021 created many crypto success stories, with regular folks becoming millionaires, 2022 has reversed course as trillions of dollars have been wiped out of the space.
       – The catastrophic collapse of FTX has hurt investor confidence, and there are many casualties coming out of this debacle after what has already been a challenging year for digital assets.
       – There were times in 2021 when you couldn’t turn a corner without hearing about cryptocurrency. Cryptocurrency peaked in November 2021 and has experienced a meteoric collapse since then, with bitcoin dropping in value from roughly $68,000 to below $20,000.

       In 2021, it was all about meme stock rallies and crypto. In 2022, one could argue the same is true about crypto, but for very different reasons.

       The cryptocurrency market plummeted, to put it mildly. The industry was plagued by macroeconomic pressures, scandals and meltdowns that wiped out fortunes seemingly overnight. As 2022 comes to a close, many crypto supporters are confused about the state of the industry, especially after the recent FTX collapse and all of its casualties.

       Let’s look at what happened to crypto over the last year to make sense of how the house of cards has been falling…

       How the house of cards is falling

       As this grim year in the crypto space comes to a close, it’s only appropriate that the man once touted as a “Crypto Robin Hood” has ended up behind bars. At the same time, investors and government officials are struggling to figure out how a relatively new company with a peak valuation of $32 billion could end up filing for bankruptcy by November. Sam Bankman-Fried, often referred to as SBF, was supposed to appear in front of Congress to testify about what happened to FTX, the crypto exchange he was the CEO of until early November.

       On the evening of December 12, SBF was arrested by authorities in the Bahamas at the request of the U.S. Justice Department. He will face various civil and criminal charges as Congress attempts to make sense of how FTX imploded and discusses possible regulatory structures for the digital asset space. The DOJ plans on laying charges against Bankman-Fried that include wire fraud, securities fraud and money laundering, to name a few. The SEC has filed its civil complaint accusing Bankman-Fried of executing a “years-long fraud” and orchestrating a scheme to defraud investors.

       SEC Chair Gary Gensler released the following comment in a statement on the charges being laid against SBF:

       “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”

       Before we break down the timeline of this crypto collapse, we must briefly mention some of the bankruptcies that have shaken up the space. The following crypto exchanges and lenders have either filed for bankruptcy or paused customer withdrawals in 2022:

       FTX.
       Genesis.
       Three Arrows Capital.
       Alameda Research.
       Voyager Digital.
       BlockFi.
       Celsius Network.

       Crypto-born millionaires

       Cryptocurrency became massively popular during the pandemic months. You would often hear rags-to-riches stories of folks becoming millionaires seemingly days after purchasing “meme coins,” tokens that were essentially introduced as a joke.

       In 2021, Shiba Inu, a meme coin, shot up more than 700,000%, and one man came forward with a story of how he could quit his warehouse job because he was now a millionaire. Many more stories like this one popped up throughout the year, and it seemed like the crypto space was filled with free money.

       By creating wealth through high returns with cryptocurrency tokens, the space attracted users by promising generous returns on investments. We all know that banks offer meager interest rates for savings accounts. Crypto lenders and exchanges took advantage of this by offering yields approaching 20%. Naturally, this led many folks to turn to the crypto space.

       Cryptocurrency peaked in late-2021.

       In October of 2021, SBF was on the cover of Forbes (for good reason) and the Miami Heat started a new season at the FTX Arena, where the crypto exchange paid $135 million for a 19-year naming rights deal. At that time, SBF was sharing his benevolent plan to give the majority of his fortune away for the good of humanity.

       Near the end of 2021, cryptocurrency prices skyrocketed, and it felt like everyone in the space was getting rich. Around November of last year, bitcoin was trading at around $68,000, the price of ether reached about $4,800, and the crypto market was estimated to be worth around $3 trillion. It felt like the crypto space was unstoppable.

       Crypto prices start to drop

       Near the end of 2021, it was evident that inflation was still soaring and that the Fed would have to raise rates to cool off the economy. Bitcoin dropped by 19% in December as the stock market sell-offs began and investors started liquidating their assets. In early 2022 the market volatility further escalated for stocks and crypto. Even though many crypto enthusiasts touted that the digital assets would serve as an inflation hedge, that’s not what happened. As it became apparent that inflation would have to be tamed with rate hikes from the Fed, markets began to swing.

       Investors rushed to cash out, and many felt that the crypto winter had begun. It became evident that crypto wouldn’t be the hedge against inflation many hoped it would be. Crypto was just another speculative asset that fluctuated based on macroeconomic factors. Crypto prices continued to drop with every rate hike and they haven’t shown any signs of recovery lately.

       The Luna collapse

       When the Luna crypto network collapse occurred in May, it was considered the most enormous crypto crash ever with an estimated wipeout of about $60 billion. Stable coins were no longer stable. This shook the entire global digital currency market as there were many casualties and retail investors lost significant money.

       There were two major players involved in the collapse: the TerraUSD/UST stablecoin and the actual luna coin. When luna and UST crashed, there was a liquidity crunch in the entire crypto space. The Luna coin went from an all-time high of around $119 to plummeting below a fraction of a penny, before it was delisted.

       The fall of TerraUSD started the crypto contagion that bankrupted Three Arrows Capital and many other lenders. By June, Celsius paused withdrawals due to “extreme market conditions,” and this news caused crypto prices to drop even further. Then a month later, Celsius ended up filing for bankruptcy. BlockFi had to be bailed out by FTX with a $400 million cash injection.

       FTX went down and took many casualties

       When crypto enthusiasts thought things couldn’t get worse, it did. The FTX platform collapsed, and it brought down even more crypto lenders. While we’ve already covered this ongoing saga in other articles, it’s worth repeating that the FTX exchange went from being too big to fail to melting down completely in just a few days.

       Investigations are ongoing to determine if FTX was lending its customers’ money to the trading firm Alameda Research, which SBF also owned. Bankman-Fried has tried to blame management failures and poor accounting for the collapse of the once $32 billion exchange, but those simple answers need to be expanded on.

       What’s next for crypto?

       MicroStrategy cofounder Michael Saylor recently declared that the crypto industry needs to grow up and speculated that this crypto crash could lead to the acceleration of regulation in the space. There is no way to avoid government scrutiny at this point.

       White House press secretary Karine Jean-Pierre spoke last month about how cryptocurrencies risk harming ordinary Americans and that proper oversight is required. Jean-Pierre also stated, “The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed.”

       Many crypto enthusiasts hope that the worst is behind them. Others aren’t so sure of what to expect. What will this government involvement mean for the crypto space? It’s difficult to tell what will happen next.

       How should you be investing?

       Since crypto exchanges and lenders aren’t overseen with the same regulations as the banking industry, it can be extremely risky to invest in these speculative digital assets. If 2022 has taught us anything about investing it is that when something seems too good to be true, it almost always is.

       If you’re looking to invest in the cryptocurrency space, you may want to consider our Emerging Tech Kit, which helps spread risk across the industry, in favor of investing in a single coin or company. If you’re looking for something more stable, something less speculative and even less affected by the current volatility int he market, check out the Large Cap Kit.

       Q.ai takes the guesswork out of investing. Our artificial intelligence scours the markets for the best investments for all manner of risk tolerances and economic situations. You can activate Portfolio Protection at any time to protect your gains and reduce your losses, no matter what industry you invest in.

       The bottom Line

       It’s tough to tell if crypto will be doomed for the foreseeable future or if the space can eventually bounce back, but the entire industry has been exposed. The crypto space is filled with flaws and risks that will make it difficult for retail investors to find the confidence to invest heavily in this industry again. Many retail investors have seen their hard-earned money evaporate and disappear this last year.
       …
       https://www.forbes.com/sites/qai/2022/12/18/what-happened-to-crypto-how-the-house-of-cards-is-falling/?sh=2c7817fa39c2

46. ‘Big Short’ investor Michael Burry says crypto reserve reviews like Binance’s are ‘essentially meaningless’
    Morgan Chittum Dec 19, 2022, 4:29 PM
    Dr. Michael Burry
    Michael Burry Astrid Stawiarz/Getty Images
    – Michael Burry commented on news that the accountant that produced Binance’s proof-of-reserves report would halt all work for crypto firms.
    – The legendary “Big Short” investor described proof of reserves, which has been popularized since FTX’s implosion, as “essentially meaningless.”
    – Burry was one of the first investors who predicted the subprime mortgage crisis.
    …
    https://markets.businessinsider.com/news/currencies/michael-burry-proof-of-reserves-binance-crypto-audit-essentially-meaningless-2022-12?amp

47. Has the Ghost of Christmas Past paid Wall Street a visit this year?

    1. Stock market news live updates: Stock futures slump as Wall Street’s losing streak continues
       Alexandra Semenova
       Tue, December 20, 2022 at 3:26 AM PST·2 min read
       In this article:

       U.S. stock futures slumped ahead of the open Tuesday as pessimism permeated Wall Street following four straight days of losses for the major equity indexes.

       A hawkish move by the Bank of Japan to adjust the cap on its 10-year government bond yield also weighed on sentiment as investors worry aggressive monetary tightening by central banks around the world may cause a global recession. Last week, the U.S. Federal Reserve, European Central Bank, and others raised interest rates.

       Futures tied to the S&P 500 (^GSPC) were flat, while futures on the Dow Jones Industrial Average (^DJI) ticked up just 0.1%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were off by 0.2%. On Monday, all three major averages sank to their lowest closes in six weeks, with the S&P 500 weighed down by declines of more than 1% for Apple (AAPL), Microsoft (MSFT) and Alphabet (GOOG).
       …
       https://finance.yahoo.com/news/stock-market-news-live-updates-december-20-2022-112641416.html

    2. LONDON MARKET OPEN: Gloom descends on global markets
       Alliance News
       20 December, 2022 | 9:09AM

       (Alliance News) – European markets opened in the red on Tuesday, after a weak performance from Asian equities, after the Bank of Japan tightened monetary policy slightly.

       The FTSE 100 index opened down 45.50 points, 0.6%, at 7,315.81. The FTSE 250 was down 183.26 points, 1.0%, at 18,465.70, and the AIM All-Share was down 2.66 points, 0.3%, at 820.88.

       The Cboe UK 100 was down 0.7% at 731.68, the Cboe UK 250 was down 1.3% at 15,915.22, and the Cboe Small Companies was up 0.2% at 12,872.89.

       “A sackful of concerns about the prospects for global growth are still being lugged around by investors and are weighing down sentiment on financial markets. The Wall Street sell-off has continued as recession worries prove hard to shake off, while the surge of Covid infections across China is spreading more unease,” said Hargreaves Lansdown’s Susannah Streeter.

       In New York on Monday, the Dow Jones Industrial Average closed down 0.5%, the S&P 500 down 0.9% and the Nasdaq Composite down 1.5%

       In European equities early Tuesday, the CAC 40 in Paris was down 1.3%, while the DAX 40 in Frankfurt was down 1.0%.
       …
       https://www.morningstar.co.uk/uk/news/AN_1671527340487040600/london-market-open-gloom-descends-on-global-markets.aspx

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