The Latest Sign That The Climate Of FOMO Has Swiftly Turned To Regret
A report from Reuters. “U.S. single-family homebuilding tumbled to a 2-1/2-year low in November and permits for future construction plunged. It put residential investment on track to contract for the seventh consecutive quarter, which would be the longest such stretch since the collapse of the housing bubble. ‘There’s nowhere for homebuilders to hide. We don’t know about the rest of the economy, but the housing market is clearly in recession,’ said Christopher Rupkey, chief economist at FWDBONDS in New York.”
Yahoo Finance. “National Association of Home Builders CEO Jerry Howard joins Yahoo Finance. HOWARD: I think we’re in a housing recession right now. I do think that it’s going to be different from ’08. I don’t think people should panic here. And the big difference is, in ’08 we had a glut of supply. Here, we do not have a glut of supply. In fact, we have a supply shortage. And that’s going to limit how low prices can drop.”
Dallas Morning News. “North Texas homebuilders are hitting the brakes at a pace not seen since the Great Recession. Ted Wilson, principal of Residential Strategies, said homebuilders are focusing now on selling unsold inventory. Builders who built a large number of homes speculatively when the market was busier have been discounting prices over the last few months, he said. ‘There’s no sense of starting extra units if you have a bunch of unsold units that you have to move,’ Wilson said. ‘We hear that a lot of consumers are waiting for prices to come down; well, they’ve come down a lot already. And they’re likely to come down a little bit more.'”
From MoneyWise. “Now we can add mortgage lender financial troubles — and the rise (and fall) of “non-qualified mortgages” — to the factors aggravating an already uncertain market. NQMs use non-traditional methods of income verification. With First Guaranty Mortgage Corp. and Sprout Mortgage — a pair of firms that specialized in non-traditional loans not eligible for government backing — running aground this year, real estate experts are beginning to question their value. First Guaranty filed for bankruptcy protection in the spring while Sprout Mortgage simply shut down early this summer.”
“In documents tied to its bankruptcy filing, First Guaranty leaders said once interest rates started to climb, lending volume dropped and left the company with more than $473 million owed to creditors. Meanwhile, Sprout Mortgage, which leaned heavily on NQMs, abruptly shut down in July. And real-estate tech startup Reali has shuttered as well. Other non-bank lenders are being forced to streamline to stay afloat.”
The Boston Globe in Massachusetts. “It was another month of declines in Greater Boston’s housing market, except for the one measure that matters most to buyers: Price. The median-priced single-family home sold for $760,000 last month, up from $749,000 in October, according to GBAR, and that’s 1.3 percent higher than in the same month last year. But the underlying point, that our housing market is in decline, still stands. While the median price was up month-to-month, it was still down significantly from June, when it peaked at just under $900,000. ‘It’s quite likely we’ve hit the ceiling on prices, at least for now,’ said GBAR president Melvin A. Vieira Jr.”
From Geekwire on Washington. “A recent spate of layoffs combined with tumbling tech stock valuations now may be putting downward pressure on the Seattle real estate market, which has seen some of the nation’s steepest price drops and a sizable increase in housing supply. Seattle’s median sale price has dropped from $891,000 in May to $810,000 in November, according to data from Redfin. That’s a 9% decrease, the largest drop between May and November in five years.”
“The layoffs could spark more outflow of people from the region and add supply to the market, said tyler Gardner, a broker at Windermere Real Estate. ‘If some laid off tech workers were to sell and relocate, that influx of inventory would be helpful in providing prospective buyers more options, which could help bring some of the steep prices down further,’ he said.”
The Nevada Independent. “The incoming Las Vegas Realtors Association president, Lee Barrett, dismissed fears surrounding falling prices. ‘The interest rate adjustment going up caused a contraction, but it’s a natural contraction. There always has to be change in the real-estate business,’ Barrett said. ‘The sky is not falling. It’s just adjusting.’ The median sales price for a single-family home in the Las Vegas area reached $430,990 in November, up only 2.6 percent from the previous year and down almost 11 percent from the all-time record of $482,000 set in May. Meanwhile, Northern Nevada’s median sales price hit $550,000 in October, the same as last year.”
From Bisnow. “Castles, gold mines, decommissioned missile silos and entire brands like Polaroid and Tommy Bahama’s. Hilco Real Estate Senior Vice President Steve Madura, whose firm specializes in distressed assets, has sold it all, but soon he expects an onslaught of a much more common type of property: CRE. ‘The process is the process, and it works for any asset class,’ Madura said. And increasingly, he sees this process put to work for commercial real estate.”
“The next couple of years, when roughly $500B in commercial mortgage loans will require repayment or refinance, per the Mortgage Bankers Association, will ‘dwarf the 2008 financial collapse,’ Madura said. Refinancing with rising rates will lead to ‘a reckoning,’ with borrowers in a ‘world of hurt,’ and whereas the financial mess of 2008-2009 was caused by bad decisions around the financing of needed assets like single-family homes, the question about the long-term utilization of certain commercial real estate assets may lead to more trouble. ‘There are huge rows of office buildings in Chicago with 50% vacancy rates,’ Madura said. ‘You want to convert so many office buildings to residential? That only goes so far.'”
The Los Angeles Times in California. “A Beverly Hills developer was sentenced Thursday to four years in prison for bribing a Los Angeles County official in what prosecutors described as one of the biggest corruption cases in L.A. history. Arman Gabaee, 61, admitted giving a county official dozens of cash payoffs during furtive meetings in cars, restaurants and men’s rooms while reaping lucrative real-estate leases in return. The developer also offered to buy the official, Thomas J. Shepos, a $1-million home in return for the county spending $45 million to lease office space at a Gabaee property in Hawthorne.”
“U.S. District Judge George H. Wu rejected the government’s request for a nine-year prison term but agreed to its recommendation of a $1.1-million fine that Gabaee must pay by the end of March. Wu called the case an example of ‘systemic’ public corruption. ‘There is so much of it going around,’ the judge said. ‘His seven-year spree of monthly cash bribes, culminating in a massive million-dollar bribe, was not [born] of financial or emotional desperation — but immense, deliberate, and almost unfathomable greed,’ Greer Dotson and Assistant U.S. Atty. Thomas F. Rybarczyk wrote in a memo to the court. ‘He had everything, and yet it was never enough.'”
“Gabaee was recorded offering to buy Shepos a million-dollar house in Northern California wine country in return for a 10-year lease that would make L.A. County the anchor tenant of his Hawthorne Mall property. Gabaee quickly moved to sell the property, saying the long-term $45-million lease from a reliable tenant made the property’s market value soar overnight from $17 million to $500 million, according to the government.”
The Langley Advance Times in Canada. “An assignment sale, if you’ve forgotten, is when someone signs up for a pre-sale contract to buy a condo or townhouse (usually when the site is still a big muddy hole in the ground), but instead of moving in, they wait until just before the project is finished and flip it to another buyer, an actual prospective homeowner. This became a particularly popular move in Langley, where the boom in condos and townhouses under construction has been pronounced.”
“In 2019, there were 103 assignment sales in Langley, 177 in 2020, and then 854 in 2021, as real estate sales in general were going absolutely ballistic. I wrote that this was making homes more expensive for residents. This seemed obvious to me – with investors and would-be homeowners competing for pre-sales, that would drive prices higher, right? A couple of people told me I am an idiot who doesn’t understand economics. Well, maybe that’s true.”
“However, a recent Bloomberg article found that assignment holders are now worried about losing their shirts, since the price of housing has been dropping. If they bought their assignment on a big building back in 2019, they’re probably still fine. They won’t make an astronomical amount of money, but they won’t be in the hole. But if they bought in late 2021 or early this year, they bought at the peak of the market. The value of their assignment is now edging into the negative. And as the Bloomberg piece pointed out, that could mean a rush to unload those future condos, which would drive the price down still further by creating a glut in the market.”
From This Is Money. “A calm is descending on Britain’s property market. After two and half years of soaring prices and frantic bidding wars, for sale signs are staying up longer and estate agents’ phones are quieter. In 2020 and 2021, there wasn’t the usual pre-Christmas slump. Buyers were keen to take advantage of the stamp duty holiday and rock-bottom home loan rates, even during the December festivities. But this year is different. Money Mail has spoken to estate agents across the country and many of them say the housing bubble has burst, with soaring mortgage costs putting buyers off moving.”
“‘I have never seen the market go from so warm to so cold in such a short space of time,’ says North Wales estate agent Ian Wyn-Jones. ‘Properties are being put on the market for £250,000 and selling for £180,000.'”
From Bloomberg. “The declines in Swedish housing prices extended to the eighth straight month, as the worst slump in three decades deepens. Prices have now declined by 15% since a March peak, according to the HOX housing index from Valueguard, which compiles the data. The rapid slide has made Sweden emblematic of a development that is playing out in countries around the world. Most forecasters predict a 20% slump from the highest levels, which would erase outsized price gains during the pandemic. In a more adverse scenario, with rapidly rising unemployment and larger-than-expected interest-rate increases by the Riksbank, Sweden’s central bank, the slide could be deeper and more protracted.”
“‘We notice that the worst distress has abated in many areas, and that is most obvious in Stockholm,’ Marcus Svanberg, chief executive of Lansforsakringar Fastighetsformedling, said in a statement. ‘However, it remains hard for sellers to get used to the fact that the value of their homes has declined and that means sales take longer and supply remains high.'”
The Daily Telegraph. “An alarming share of recent homebuyers have admitted they got a little carried away in the frenzy of the recent housing boom and borrowed too much money. More than one in five homeowners across the country said they’ve now realised they should have borrowed less from the bank, according to the Finder.com.au polling. It’s the latest sign that the climate of FOMO, or fear of missing out, that governed the market during the early pandemic in 2020 and 2021 has swiftly turned to regret now that interest rates are rising and real estate values are falling.”
“A worrying 693,000 households have too much mortgage debt, the Finder research estimated. This could climb if interest rates continue to rise in early 2023 as widely expected by economists. Sarah Megginson, home loans expert at Finder, said it was a precarious situation for many. ‘Many Australians bought property during a record low interest rates environment and didn’t plan for what they’d do if rates went up,’ she said. ‘Now as interest rates skyrocket – many have been pushed to their financial limit. Buying a property when interest rates were low made many people feel like they were getting a good deal. But if you didn’t stress test your budget to see how much you’d be paying when rates increased, you could be feeling a lot of financial pressure now.'”
From Bloomberg. “Negative yields R.I.P. The global pile of bonds with sub-zero yields shrank on Wednesday as Japan’s two-year sovereign yield briefly climbed into positive territory for the first time since 2015. The worldwide stock of negative-yielding debt stood at about $686 billion on Tuesday, down from a peak of $18.4 trillion reached two years ago. The jump in Japan’s yields was triggered by the central bank’s policy adjustment, a move which may signal that the world’s last uber-dovish monetary authority is inching toward normalization. The European Central Bank exited its negative-rate policy in July, followed by its counterparts in Switzerland and Denmark in September.”
“‘What we are looking at is a reexamination of the efficacy of ultra loose monetary policy, and the BOJ is the last skittle to fall in all of this,’ said Stephen Miller, a former head of fixed income at BlackRock Inc. in Australia, who’s now at GSFM Pty. ‘I hope this is the end for negative rates because it might mean we’re going to stop relying on central banks to do everything. We now know that negative rates don’t work, full stop.'”
“‘The current growth and inflation settings globally no longer justify keeping sub-zero interest rates,’ said Winson Phoon, head of fixed income research at Maybank Securities Pte in Singapore. ‘Negative yielding debts are set to disappear as global major central banks are withdrawing from the negative interest rate regime one by one, with the BOJ probably the last man standing.'”
This Post Has 125 Comments
Comments are closed.
‘In documents tied to its bankruptcy filing, First Guaranty leaders said once interest rates started to climb, lending volume dropped and left the company with more than $473 million owed to creditors’
Now that we got a subprime lender cratering and leaving a half billion $ hole, are we there yet?
Half a billion? Pffffffft, Jerome Powell says “I print that while on lunch break.” He and his buddies were printing up to $130+billion per month in MBS. It’s almost like First Guaranty was a result of Jerome Powell’s deranged schemes. Oh, wait…..
the shortest day of the year and a train wreck
A train collided with a truck carrying a 134-foot concrete truss beam in Collegedale, Tennessee,
https://news.yahoo.com/train-derails-crashing-truck-carrying-220213463.html
Yikes! That’s f* crazy!!
That’s a massive FU and it’s all on the trucking company. I used to work for a company that moved those bridge beams. (and the weight is considerable, a rig with a beam like that weighs in the range of 200 to 275k pounds (reg semi weighs 80k loaded for comparison). You aren’t just moving just one, you are typically moving 4 to 10 beams all at once because the process is considerable)
There are special permits for routes, times, cop involvement (to close intersections). flag cars front and rear. The actual steering on those style of trailer is actually done by the rear following flag car. They control the rear steering. Clearance from everyone (power companies, telephone wires, buildings). pre running of the route, measuring corners, bridge height, etc. And then most of them were done at night (less traffic).
Somebody effed the dog bad on this one and it’s not the train and TBH it’s not the truck driver. He’s just a small part of a very big process. Moving oversize loads is not a simple deal. That trucking company is in deep doodoo though.
‘It was another month of declines in Greater Boston’s housing market, except for the one measure that matters most to buyers: Price’
This is what we have to put up with.
‘The median-priced single-family home sold for $760,000 last month, up from $749,000 in October, according to GBAR, and that’s 1.3 percent higher than in the same month last year. But the underlying point, that our housing market is in decline, still stands. While the median price was up month-to-month, it was still down significantly from June, when it peaked at just under $900,000’
‘It’s quite likely we’ve hit the ceiling on prices, at least for now’
Yer sinking like a turd in a well Melvin.
‘Seattle’s median sale price has dropped from $891,000 in May to $810,000 in November, according to data from Redfin. That’s a 9% decrease, the largest drop between May and November in five years’
5 years. Oh yeah, the Eeebola! period that the REIC pretends never happened.
Actor Tim Robbins expresses remorse about turning on the unvaccinated and the unmasked: ‘We turned into tribal, angry, vengeful people’
https://www.theblaze.com/news/actor-tim-robbins-expresses-remorse-about-turning-on-the-unvaccinated-and-the-unmasked
There will be no amnesty.
Never forgive. Never forget.
+1
‘We turned into tribal, angry, vengeful people’
No. That’s what you always were. You just showed your true colors. Now fawk off, scvmbag.
‘I do think that it’s going to be different from ’08. I don’t think people should panic here. And the big difference is, in ’08 we had a glut of supply. Here, we do not have a glut of supply. In fact, we have a supply shortage. And that’s going to limit how low prices can drop’
Jerry, meet Ted:
‘Builders who built a large number of homes speculatively when the market was busier have been discounting prices over the last few months, he said. ‘There’s no sense of starting extra units if you have a bunch of unsold units that you have to move,’ Wilson said. ‘We hear that a lot of consumers are waiting for prices to come down; well, they’ve come down a lot already. And they’re likely to come down a little bit more’
Here, we do not have a glut of supply. In fact, we have a supply shortage. And that’s going to limit how low prices can drop
Clown Boy, meet Airbnb. Airbnb, meet Clown Boy.
The funny thing about “supply” is that the back room is full of it. Just put it out for sale and voila!
I think we’re in a housing recession right now. I do think that it’s going to be different from ’08. I don’t think people should panic here. And the big difference is, in ’08 we had a glut of supply. Here, we do not have a glut of supply.
Lie all you want, Jerry, but the data tells its own story. CRATER!!!!
“Pandemic tracking technology” was never about public health.
https://hotair.com/ed-morrissey/2022/12/20/ap-youll-never-guess-what-governments-are-doing-with-all-of-that-pandemic-tracking-tech-n519049
My favorite weather app that displays data in graphs rather than tables was removed from Google Play because the developer resides in Russia, so the sanctions crushed him. That access to TikTok is set to be banned is also alarming. When is Guy Montag and Co going to empty my bookshelf onto the front lawn and set fire to it?
Friendly reminder that Trump tried to ban TikTok.
Google Play claims to vet the apps for permission issues prior to advertising them publicly.
I trust Google like I trust Sam FriedBankman. I install ZERO “apps” on my phone.
‘The median sales price for a single-family home in the Las Vegas area reached $430,990 in November, up only 2.6 percent from the previous year and down almost 11 percent from the all-time record of $482,000 set in May. Meanwhile, Northern Nevada’s median sales price hit $550,000 in October, the same as last year’
A lot of you probably don’t remember or never knew about Northern Nevada. It’s a remote group of sh$tholes that have no reason for being and went to the moon in the 2000’s. Well guess what? They are way higher now. And they apparently just rolled over YOY.
Northern Nevada is where the Bay Aryan speculators love to gamble their equity. Consequently, when the tied goes out, Northern Nevada has no swim trunks on.
‘We hear that a lot of consumers are waiting for prices to come down; well, they’ve come down a lot already. And they’re likely to come down a little bit more.’”
No, Ted. They’re going to come down a LOT more, because broke-a$$ Murican debt donkeys can’t afford to pay the current shack prices. This party won’t get started for real until millions of FBs trapped in underwater shacks stop paying their mortgages.
‘Gabaee quickly moved to sell the property, saying the long-term $45-million lease from a reliable tenant made the property’s market value soar overnight from $17 million to $500 million’
That’s some sound lending right there.
Remember this story from the 19th in the daily blog entry. It turns out that at least 4 of the 5 are realtors. So they depend on RE for the income and they are also speculating big time by counting on a pre-assignment sale. All their eggs in a single basket (RE in one city).
https://twitter.com/TDot_Macro/status/1605201428393467907
CBC News in Canada. “A group of Ontario residents who purchased pre-construction homes in Brampton at the peak of the recent real estate frenzy say they’re now struggling to close on their deals because of a perfect storm of rising interest rates, falling home prices and stricter federal mortgage rules. CBC News spoke to eight people who bought homes at the Paradise Developments Valley Oak community in late 2021 or early 2022. They all said they’re having trouble getting financing due to the sudden real estate downturn.”
“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.”
“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.’”
I think we haven’t slept for [the] last three months
Better spend all those extra waking hours driving Uber.
‘In 2019, there were 103 assignment sales in Langley, 177 in 2020, and then 854 in 2021, as real estate sales in general were going absolutely ballistic’
Here we observe the curious fact that when things are really crazy, the amount of mistakes dwarfs the previous era. BTW, one of you K-dns left the freezer door open.
Thats the thing about speculation …. it works reasonably well until it doesn’t. And many times it goes really bad (think 2 AM in a Vegas casino where you have been drinking and you are on a losing run)
If you knew you were speculating – why wouldn’t you do an assignment sale the minute the central banks did a 50 basis point increase.
“BTW, one of you K-dns left the freezer door open.”
It’s so cold I can clear the driveway snow with a leaf blower.
It’s so cold I can clear the driveway snow with a leaf blower.
Yeah, looking forward to this moving on Saturday. Arctic blasts are overrated.
In Northern Virginia, we’re getting it on Saturday and Sunday. Fun times, walking my dog. Having a double coat, he likes it fine and is frisky. I curse under my breath while trying to keep my balance.
‘Money Mail has spoken to estate agents across the country and many of them say the housing bubble has burst’
These UHS are knuckle dragging stopped clock perma bear doom and gloomers.
As households sink deeper into debt due to the “cost of living” crisis brought on by central bank money-printing, who is going to be able to afford insanely overpriced shacks?
https://www.thisismoney.co.uk/money/bills/article-11558581/Missed-bill-payments-Two-million-households-defaulted-mortgage-credit-card-energy.html?
How Did You Become President? “I Stole The Election” Creepy Joe
https://www.bitchute.com/video/tBCvfqydROuv/
19 seconds.
Just because something is dubbed doesn’t mean it isn’t true.
Good find! LOL
Mumbled, but he did say it here:
Joe Biden Says He Doesn’t Need Voters To Get Elected | Oct 31, 2020
https://www.youtube.com/watch?v=v3mv6XOUBdM
Mumbled
Dubbed. Watch the lips.
I thought this one was real. With Joe, it’s so hard to tell 🤨
There always has to be change in the real-estate business,’ Barrett said. ‘The sky is not falling. It’s just adjusting.’
You keep using that word “adjusting,” NAR dissemblers. I don’t think that word means what you think it means.
https://www.youtube.com/watch?v=Z3sLhnDJJn0
The sky is not falling. It’s just adjusting.
It’s adjusting downward at 9.8 meters per second per second.
The former USSR collapsed when ordinary people begin to see through the lies and propaganda they were being fed by the corrupt, mendacious Communist regime. We’re moving closer to our own denouement as our fabricated, Soviet-style BLS & CPI stats bear no resemblance to reality.
https://amgreatness.com/2022/12/20/sen-rick-scott-demands-explanation-for-biden-regimes-wildly-inflated-q2-employment-numbers/
Remember when the FBI was about upholding the rule of law instead of serving as the DNC’s gestapo/KGB/Stasi secret police? Neither do I.
https://www.dailymail.co.uk/news/article-11559535/FBI-agent-Elvis-Chan-DENIES-warned-Twitter-security-chief-Hunter-Biden-leak-operation.html
All these limpwristed pukes in “big tech” are now backpedalling and attempting to diminish their actions in these interviews. Every last one of them need the teeth cleaned out of their head.
“Remember when the FBI was about upholding the rule of law instead of serving as the DNC’s gestapo/KGB/Stasi secret police? Neither do I.“
– There’s a laundry list. See ‘Richard Jewell,’ for example.
– Great movie, BTW.
– Didn’t J Edgar Hoover dress up in women’s clothes? That would fit right in today.
– Joseph Goebbels and Heinrich Himmler would be proud, in some kind of sick, dystopian way.
– America or USSA? You be the judge.
– There goes my social credit score…. 😉
Hunter needs some leather chaps and heels for Christmas!
He already has a set he stole from the white house floozy.
Wouldn’t be great if that was Dr. Jill on all fours? 🙂
How do you know it isnt?
The Bidens prefer incest and Jill is only Hunter’s stepmother.
Which reminds me just how vile the Biden shithouse rats really are.. the entire lot of them.
Park City, UT Housing Prices Crater 24% YOY As Mortgage And Appraisal Fraud Cripples US Housing Market
https://www.movoto.com/park-city-ut/market-trends/
As one broker conceded, “Of course fraud is rampant. It’s how we profit.”
Our creepy Orwellian tech companies are, and have always been, adjuncts of the Deep State and globalists.
https://www.dailymail.co.uk/news/article-11559991/Twitter-colluded-Pentagon-run-network-fake-accounts-world.html
“U.S. District Judge George H. Wu rejected the government’s request for a nine-year prison term but agreed to its recommendation of a $1.1-million fine that Gabaee must pay by the end of March. Wu called the case an example of ‘systemic’ public corruption. ‘There is so much of it going around,’ the judge said.
Democrat-Bolshevik judges will always resist jailing their partners in corruption. Any fines can readily be recouped from Democrat patronage and graft rackets.
How long can TPTB and their media lapdogs keep covering up the true toll of their vaccine mandates?
https://pjmedia.com/news-and-politics/stacey-lennox/2022/12/20/covid-accountability-not-amnesty-the-shocking-vaccine-numbers-public-health-leaders-are-ignoring-n1652674
Nuremberg Trials v2.0
More than one in five homeowners across the country said they’ve now realised they should have borrowed less from the bank, according to the Finder.com.au polling.
Die, speculator scum.
Just wait until the RBA raises rates even more! It will be two out of five who will regret borrowing so much.
Do they have Remorse?
Gosh, what happens when all this borrowed money has to be repaid? Oh right, it won’t be – the central banks will print away any and all debts. Weimar Republic 2.0, here we come.
https://www.dailymail.co.uk/news/article-11561299/Government-borrowing-hits-22billion-MONTH-highest-November-rate-records-began.html
Japan should have gone Weimar a long time ago, with BOJ and politicians choosing to continue their poor policy of keeping interest rates low to avoid mass bankruptcies of leveraged companies. The only thing saving Japan for now, is their large UST holdings. They sold some not insignificant number last month to stop the downward spiral of the Yen.
Don’t look now but, Japan households are loaded up on cheap loans <1% 40 years. Japanese banks will need a bailout first.
“U.S. single-family homebuilding tumbled to a 2-1/2-year low in November”
I guess that “extreme housing shortage” is going to get even more extremer (while at the same time there is 9 months’ of new housing supply).
Globalist propaganda mouthpieces claim UK essential workers are striking for “above-inflation pay” – as if our falsified official inflation numbers are remotely close to the true rate of inflation. With central bank money-printing debasing the currency & destroying the purchasing power of the 99%, “industrial action” might be the only recourse for essential workers trying to keep their heads above water in our oligarch-looted economies.
https://dnyuz.com/2022/12/21/uk-ambulance-workers-join-widening-strike-for-above-inflation-pay/
Since the peak of the Fed’s Ponzi markets, $11.7 trillion in ficticious Yellen Bux valuations have flown off to debauched currency heaven – and the real fun hasn’t even started yet.
https://twitter.com/bespokeinvest/status/1605277309237604352
A reader sent these in:
Wonder how this couple is doing 🤔
https://twitter.com/FinanceLancelot/status/1605027008303353856
Reminder: If your house was worth what you think it is, the Federal Reserve wouldn’t have to hold $2t in MBS that no one wants
https://twitter.com/GRomePow/status/1605382077569896448
Hey guys the dude who is balls deep in MF thinks it’s a great time to buy
https://twitter.com/NipseyHoussle/status/1605360433598042112
The Kobeissi Letter
Just to put things in perspective: The total market cap lost in $AMZN, $MSFT, $META, $GOOGL and crypto this year is $5.5 trillion. The total market cap lost from 2007 to 2009 was approximately $8 trillion. Just 4 stocks and crypto alone are already nearing 2008-level losses.
https://twitter.com/KobeissiLetter/status/1605222416539688961
The Kobeissi Letter
JUST IN: FTX says it has just located over $1 billion in assets. How do you just casually find $1 billion nearly 40 days after a company files bankruptcy?
https://twitter.com/KobeissiLetter/status/1605309582007422976
CarDealershipGuy
This is what happens when you don’t really have conviction and just follow the herd. Market changes and suddenly you’re questioning long-term viability. *Doesn’t matter whether you’re pro-EV or not* Just shows how rare the true ‘independent thinkers’ are
https://twitter.com/GuyDealership/status/1605189676708528128
Ben Rabidoux
How’s the new home market in Toronto? This has to be the ultimate “how it started, how it’s going”.
https://twitter.com/BenRabidoux/status/1603793435131084800
Ben Rabidoux
Price discovery still a bitch. Sold for 40% under original ask price.
https://twitter.com/BenRabidoux/status/1604669929030049792
Ben Rabidoux
Did this guy ever have a hope of closing? Who finances this, even in good times?
https://twitter.com/BenRabidoux/status/1604878575077036032
They updated the article to include the additional sources of income. Property management and business back in India.
https://twitter.com/MOJOJONO/status/1604887771726086144
Ben Rabidoux
“Dreadful” affordability trends per RBC
https://twitter.com/BenRabidoux/status/1605202408736538629
Ben Rabidoux
Hearing that several of the people interviewed in this CBC piece are practicing realtors. Who can confirm? Doesn’t make it less shitty for them, but if these are industry professionals, they at least should have known the risks.
https://twitter.com/BenRabidoux/status/1605241433476194304
The Japanese central bank has lost control. If rates rise to 3% yield, 100% of the Japanese budget goes to paying interest on their debt. Is the market predicting a Japan default (massive devaluation)? Italy, Greece and EU next?
https://twitter.com/WallStreetSilv/status/1605263603057438720
Housing market recession signal 🚨 Insider selling in Airbnb… >$2 billion sold… not a single share bought…
https://twitter.com/WallStreetSilv/status/1605258162508075008
What’s happening now that Fed slowed hikes pace as inflation is slowing but labor market still hot? Real disposable incomes are going up and that is anything but recessionary. US curves will have a painful wake-up!
https://twitter.com/INArteCarloDoss/status/1605124518174986240
For example, I was talking to a property manager yesterday with a 4plex with 2 vacancies and a 3rd coming available in January and only 1 applicant. Owner lives in outta state and likely falls in the category HBD was referring to. 2023 is gonna be ugly
https://twitter.com/Jamesjcramer/status/1605312475099906048
These sweepers in $TLT, yields gonna blow soon…
https://twitter.com/eliant_capital/status/1605255300176551939
Right on top.. $TLT will become TNT explosive 😂
https://twitter.com/AlessioUrban/status/1605275144808812573
David Rosenberg
Well, the bond vigilantes barked, and the BoJ blinked. The BoJ last pulled a surprise like this on Christmas Day 1989, we had a level shift in global bond yields, and next thing you know, bond yields sank under the weight of recession for the next four years.
https://twitter.com/EconguyRosie/status/1605182487054917632
AMAZON BECOMES THE WORLD’S FIRST PUBLIC COMPANY TO LOSE OVER $1 TRILLION DOLLARS IN MARKET VALUE
*AMAZON MARKET CAP SHRINKS TO $867 BILLION FROM $1.88 TRILLION
https://twitter.com/Investingcom/status/1605254450544721921
An Airbnb Investor with 11 listings calls me for photos. Showed samples of my work = was impressed. He told me he is having issues with ADR/ADO. No bookings at 9 of his properties. Then proceeds to want me to shoot a property an hour away for $100. Good luck with your STR biz!
https://twitter.com/TonyPeric/status/1605258412454977544
The 10year 3month is the most inverted in history but somehow we will enjoy a soft landing? Lol
https://twitter.com/DonMiami3/status/1605265170703712256
People thought this guy was a genius
https://twitter.com/WifeyAlpha/status/1605267581102858261
‘The total market cap lost from 2007 to 2009 was approximately $8 trillion. Just 4 stocks and crypto alone are already nearing 2008-level losses’
It is different this time.
“Just 4 stocks and crypto alone are already nearing 2008-level losses”
Things That Make You Go Hmmm.
It is different this time.
That was one of the first replies.
“Real disposable incomes are going up and that is anything but recessionary.”
– I disagree. Nominal wages are rising, but inflation is still rising faster. Real (inflation-adjusted) incomes in the U.S., just like real FFR are negative. Have been for a long time. Capital wins (asset bubbles); labor loses (negative incomes in real terms).
– The crushing of the bourgeoise between the mill stones of taxation and inflation continues apace.
– End the Fed (aka Bank of Evil).
“How’s the new home market in Toronto? This has to be the ultimate “how it started, how it’s going”.
The usual suspects.
“Reminder: If your house was worth what you think it is, the Federal Reserve wouldn’t have to hold $2t in MBS that no one wants.”
The comments section for that Tweet is what is really important. People saying things like “An asset is worth whatever someone is willing to pay for it.”
Yes, that’s true, but only on the condition that one lives in an actual free market economy.
In recent decades, the Fed has greatly expanded its mandate to include deciding what houses should cost and pulling financial levers to inflate housing prices.
Now they are trying to walk back the policy, but it’s too late to close Pandora’s box.
The Fed needs to be ended.
I think the only way the Fed and other western central banks will end is with the the west’s collapse.
Senator Rand Paul
@SenRandPaul
I brought along the 1.7 trillion, 4,000+ page Pelosi-Schumer omnibus spending bill that’s being fast-tracked through the Senate. This process stinks. It’s an abomination. It’s a no good rotten way to run government. We’re standing up and saying NO.
https://twitter.com/SenRandPaul/status/1605295030305816576?s=20&t=Opo0SjSBehBikGYEnt27Fw
Rand Paul has more balls than DeSantis AND he’s actually more conservative, but since he’s not governor of a warm state people don’t give him as much attention.
4,000+ page Pelosi-Schumer omnibus spending bill that’s being fast-tracked
Yet another “We have to pass the bill to find out what’s in it.”
CE lost track of 150,000 illegal migrants due to Biden admin’s ‘no processing’ policy, training video reveals – Florida AG says the border crisis was the admin’s ‘plan all along’
https://www.theblaze.com/news/ice-lost-track-of-150000-illegal-migrants
“Florida AG says the border crisis was the admin’s ‘plan all along”
Understood but what is the end game?
Is it the Cloward-Piven strategy, collapse of social safety net?
“designed to overwhelm the American government by placing so many demands on the bureaucratic structure that it collapses”
Permanent Democrat super majority due to massive number of undocumenred voters?
Or somthing else?
Amnesty and 10,000,000 New Democrat voters the next time they control all the branches of
Government. They’re importing their own voters. They’ve said that.
A bursting housing bubble, yet the Fed’s Ponzi markets managed to turn green today. One of these things is not like the other.
https://www.marketwatch.com/story/u-s-existing-home-sales-fall-for-the-10th-straight-month-in-november-longest-losing-streak-on-record-11671634992?mod=mw_latestnews
Rancho Cordova, CA Housing Prices Crater 14% YOY As Double Digit Price Declines Blanket Sacramento County
https://www.movoto.com/rancho-cordova-ca/market-trends/
As a noted economist stated so eloquently, “A house is a rapidly depreciating asset that empties your wallet every day it owns you.”
But still cheaper than renting
https://www.zillow.com/homedetails/6532-Red-Coach-Dr-Huntington-Beach-CA-92647/25264298_zpid/
love how the taxes were $1537 this year and now they are estimating $489 per month…..
Prop 13 in action.
Journalist Lee Fang released the latest installment of the “Twitter Files” on Tuesday, showing how the social media platform “quietly aided” U.S. intelligence officials’ online campaigns.
In a lengthy thread that was reposted by Twitter owner Elon Musk, Fang wrote that “despite promises to shut down covert state-run propaganda networks, Twitter docs show that the social media giant directly assisted the U.S. military’s influence operations.”
“Twitter has claimed for years that they make concerted efforts to detect & thwart gov-backed platform manipulation. Here is Twitter testifying to Congress about its pledge to rapidly identify and shut down all state-backed covert information operations & deceptive propaganda,” the thread continued.
However, according to screenshots of messages from U.S. Central Command (CENTCOM) to Twitter, the social media platform gave approval and protection to U.S. military psychological influence operations targeting several Middle Eastern countries. That went on for about two years or more, and some accounts remain active, he reported.
“The same day CENTCOM sent the list, Twitter officials used a tool to grant a special ‘whitelist’ tag that essentially provides verification status to the accounts [without] the blue check, meaning they are exempt from spam/abuse flags, more visible/likely to trend on hashtags,” the thread continued.
Those accounts, Fang wrote, primarily posted about U.S. operations in the Middle East, including promoting messages targeting Iran and the Saudi war in Yemen.
“One Twitter official who spoke to me said he feels deceived by the covert shift,” he said. “Still, many emails from throughout 2020 show that high-level Twitter executives were well aware of DoD’s vast network of fake accounts & covert propaganda and did not suspend the accounts.”
In one Twitter message released by Fang, it shows that Twitter’s public relations team was working to “minimize Twitter’s role” and that at one point, “Twitter officials congratulated each other” after a Washington Post “story didn’t mention any Twitter employees [and] focused largely on the Pentagon.”
Twitter spokesman Nick Pickles in 2020 delivered testimony before the House Intelligence Committee, telling lawmakers that the firm was taking aggressive actions to shut down “coordinated platform manipulation efforts” by government agencies. He did not say whether that involved the U.S. government.
“Combatting attempts to interfere in conversations on Twitter remains a top priority for the company, and we continue to invest heavily in our detection, disruption, and transparency efforts related to state-backed information operations. Our goal is to remove bad-faith actors and to advance public understanding of these critical topics,” said Pickles.
On Monday, independent journalist Michael Shellenberger posted screenshots of internal Twitter messages that showed there was a longstanding influence campaign by the FBI around the time the New York Post released its report on Hunter Biden’s laptop. Messages show that the FBI paid Twitter $3.4 million between October 2019 and February 2021 for “[law enforcement]-related projects” including “LE training, tooling, etc.”
The FBI, according to Shellenberger, would also target media articles on alleged foreign influence operations that Twitter would then investigate and debunk. Those probes, however, “repeatedly” revealed “very little Russian activity,” he said.
Reporter Matt Taibbi posted the first Musk-endorsed installment of the Twitter files in early December, showing how Twitter officials internally struggled to deal with the NY Post’s story and discussion on whether or not it violated its “hacked materials” rules.
After Taibbi’s drop, Musk later confirmed that he “exited” Twitter counsel James Baker, a former top FBI official, after it was learned that Baker was secretly vetting the Twitter Files without Musk’s knowledge.
The second installment, published by Bari Weiss, showed that Twitter blacklisted certain conservative commentators and a prominent professor who criticized COVID-19 lockdown policies. She published internal communications showing that those accounts were either blacklisted from appearing in Twitter’s search function or blacklisted from appearing in the app’s trending tab.
The subsequent installments dealt with the permanent suspension of former President Donald Trump’s account following the Jan. 6, 2021, Capitol breach. Internal communications showed that a growing number of Twitter staffers were calling for the former president to be banned in the wake of the incident.
In response to the recent revelations, the FBI told Taibbi that “the FBI regularly engages with private sector entities to provide information specific to identified foreign malign influence actors’ subversive, undeclared, covert, or criminal activities. Private sector entities independently make decisions about what, if any, action they take on their platforms and for their customers after the FBI has notified them.”
https://www.theepochtimes.com/mkt_app/twitter-files-show-company-directly-assisted-in-us-military-psychological-operations_4935884.html
“And the big difference is, in ’08 we had a glut of supply. Here, we do not have a glut of supply. In fact, we have a supply shortage. And that’s going to limit how low prices can drop.”
The HODLers are holding out hope for the Fed to cave on interest rates at the first sign of economic distress. But the Fed is signaling more rate hikes are in the pipeline, with no rate decreases in 2023, keeping at it until inflation is contained.
It seems plausible that inventories will rise, once the HODlers realize that the Fed is not going to ride in to rescue them from their real estate investing losses.
‘What we are looking at is a reexamination of the efficacy of ultra loose monetary policy, and the BOJ is the last skittle to fall in all of this…I hope this is the end for negative rates because it might mean we’re going to stop relying on central banks to do everything. We now know that negative rates don’t work, full stop’
After 40 years of wandering in the dark forest. How much interest earned has been denied by these dangerous fools? Many trillions fer sure. How much massive market distortion – all for nothing? You can cover bernakes chest with medals, but he’s still an ignorant fraud.
“How much interest earned has been denied by these dangerous fools? Many trillions fer sure.”
The other part of the story is the negative wealth effects on risk assets, like stocks, bonds, housing and cryptocurrencies, due to the Fed taking away the punchbowl. If it wasn’t already obvious before, it is now certainly apparent that Quantitative Easing completely swamped market signals that normally direct funds towards worthwhile investments, and turned the financial landscape into a vast gambling casino.
The S&P 500 rarely dips 2 years in a row, but history says 2023 could bring even worse pain for stocks if they don’t rebound from 2022 losses
Phil Rosen
Dec 21, 2022, 7:19 AM
Stock Market Traders
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 28, 2020 at Wall Street in New York City. JOHANNES EISELE/AFP via Getty Images
– The S&P 500 is down roughly 20% in 2022, and history says 2023 losses could be worse unless a rebound takes shape.
– The index rarely sees consecutive losing years, but when that does happen, the second year is worse than the first.
– The S&P 500 has only seen back-to-back down years on four occasions.
…
https://markets.businessinsider.com/news/stocks/stock-market-outlook-history-performance-sp500-rebound-investing-markets-economy-2022-12
Stocks could go down if they don’t go up.
Pure genius.
Rekenthaler Report
The Worst Bond Market Ever
By history’s standards, stocks have not performed too badly, but bonds certainly have.
Illustrative photograph of John Rekenthaler, Vice President of Research for Morningstar.
John Rekenthaler
Nov 21, 2022
Portfolio Matters
In the grand scheme of things, balanced portfolios have not performed terribly in recent months. The chart below shows the worst 12-month returns since 1926, adjusting for the effects of inflation, for a U.S.-based portfolio consisting of 50% stocks, 40% intermediate-term government notes, and 10% cash. (For simplicity’s sake, I have included only the steepest loss posted during each bear market.)
A bar chart showing the largest 12-month losses for a portfolio that consists of 50% U.S. stocks, 40% U.S. government bonds, and 10% U.S. cash, adjusted for inflation, during the 6 worst bear markets since 1926.
Although the returns have by no means been pleasant, performance overall rates merely as bad, not historically awful. Not only was the Great Depression’s largest loss nearly twice the size of today’s decline, but three other periods also posted significantly greater decreases: 1) the 2009 global financial crisis, 2) the 1973-74 oil crisis, and 3) the post-World War II funk. Also somewhat worse than this year was the headache following the “go-go” years of the 1960s.
…
https://www.morningstar.com/articles/1126416/the-worst-bond-market-ever
Ideas
The Homeownership Society Was a Mistake
Real estate should be treated as consumption, not investment.
By Jerusalem Demsas
A flying house leaking coins
Katie Martin / The Atlantic; Getty
December 20, 2022, 6 AM ET
It is a truth universally acknowledged that an American in possession of a good fortune must be in want of a mortgage. I don’t know if you should buy a house. Nor am I inclined to give you personal financial advice. But I do think you should be wary of the mythos that accompanies the American institution of homeownership, and of a political environment that touts its advantages while ignoring its many drawbacks.
Renting is for the young or financially irresponsible—or so they say. Homeownership is a guarantee against a lost job, against rising rents, against a medical emergency. It is a promise to your children that you can pay for college or a wedding or that you can help them one day join you in the vaunted halls of the ownership society. In America, homeownership is not just owning a dwelling and the land it resides on; it is a piggy bank, where the bottom 50 percent of the country (by wealth distribution) stores most of its wealth. And it is not a natural market phenomenon. It is propped up by numerous government interventions, including the 30-year fixed-rate mortgage. America has put a lot of weight on this one institution’s shoulders. Too much.
…
https://www.theatlantic.com/newsletters/archive/2022/12/homeownership-real-estate-investment-renting/672511/
…
Timing isn’t the only external factor determining whether homeownership “works” for Americans. Paying off a mortgage is a form of “forced savings,” in which people save by paying for shelter rather than consciously putting money aside. According to a report by an economist at the National Association of Realtors looking at the housing market from 2011 to 2021, however, price appreciation accounts for roughly 86 percent of the wealth associated with owning a home. That means almost all of the gains come not from paying down a mortgage (money that you literally put into the home) but from rising price tags outside of any individual homeowner’s control.
This is a key, uncomfortable point: Home values, which purportedly built the middle class, are predicated not on sweat equity or hard work but on luck. Home values are mostly about the value of land, not the structure itself, and the value of the land is largely driven by labor markets. Is someone who bought a home in San Francisco in 1978 smarter or more hardworking than someone trying to do so 50 years later? More important, is this kind of random luck, which compounds over time, the best way to organize society? The obvious answer to both of these questions is no.
And for people for whom homeownership has paid off the most? Those living in cities or suburbs of thriving labor markets? For them, their home’s value is directly tied to the scarcity of housing for other people. This system by its nature pits incumbents against newcomers.
…
The writer of this article may never win himself a Nobel Prize, but he certainly does speak more sensibly about housing than a lot of high falutin economists who work in the bubble inflation industry.
a form of “forced savings,”
BS, and not punctuated properly!
The comma before the end quote is correct, but “whereby” or “wherein” would likely work better than “in which.” English is too complicated.
Crypto peaked a year ago — investors have lost more than $2 trillion since
Published Fri, Nov 11 2022 7:00 AM EST
Updated Mon, Nov 14 2022 3:07 AM EST
Ari Levy
MacKenzie Sigalos
Key Points
– A year after bitcoin peaked at more than $68,000 it’s down below $18,000.
– The industry has been hit with macroeconomic challenges, market forces and scandals.
– What was dubbed the crypto winter earlier this year turned disastrous this week with the spectacular collapse of FTX.
…
https://www.cnbc.com/2022/11/11/crypto-peaked-in-nov-2021-investors-lost-more-than-2-trillion-since.html
Yahoo
MoneyWise
‘They will come to a bad ending’: Just over a year since its $69K peak, Bitcoin has plummeted more than 70% — here’s why Warren Buffett has hated cryptocurrency all along
Ethan Rotberg
Wed, December 21, 2022 at 4:00 AM PST·5 min read
It’s been a tough year for Bitcoin and its backers. Even back in 2018, the Oracle of Omaha himself predicted that it and other cryptocurrencies were headed for trouble.
“They will come to a very bad ending,” Warren Buffett told CNBC at the time.
After hitting an all-time peak of around $69,000 per unit on November 10, 2021, the world’s leading digital currency has since erased roughly 75% of its value, sitting at $16,600 as of the end of the trading day on Dec. 19.
Holdout investors who once thought they’d missed an opportunity of a lifetime are now sighing with relief; meanwhile, those who bought in at the peak are trying not to think about their losses.
What would the world’s most famous investor say to those who might be thinking of firing up their investment apps and buying Bitcoin at a bargain price?
“If you … owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett told CNBC earlier this year.
Other than Bitcoin’s disappointing track record, here are three more reasons Buffett won’t go near it.
…
https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html
Why a US housing recovery is ‘still miles away’ after sales cratered in November
By Thomas Barrabi
December 21, 2022 11:39am Updated
Home for sale
Existing home sales fell by over 35% year-over-year.
Getty Images/iStockphoto
The struggling US housing market is “still miles away” from a recovery, a prominent firm warned Wednesday after data revealed existing home sales cratered in November.
Sales of previously owned homes plunged 35.4% to 4.09 million in November compared to the same month one year earlier, according to a monthly release from the National Association of Realtors. Sales fell 7.7% from October to November.
Existing-home sales have fallen for 10 consecutive months — the longest losing streak on record. The typical property stayed on the market for 24 days last month, up from 18 days year-over-year.
The alarming drop in sales is mostly attributable to the impact of surging mortgage rates, which have resulted in much higher monthly payments for buyers. While the average 30-year rate dipped to 6.31% as of last week, it has still more than doubled since January.
“Our estimate of monthly mortgage payments was still up by 53% year-over-year in November, however, supporting our view that a meaningful recovery in sales is still miles away,” Pantheon Macroeconomics senior US economist Kieran Clancy said in a note. “House prices, meanwhile, have much further to fall from here.”
Home prices are still “extremely elevated by past standards” and are likely to slide by “a further 15 to 20%” over the next year, according to Clancy.
The housing market has been under immense pressure this year as the Federal Reserve hiked interest rates to tame inflation. Higher mortgage rates have scared off potential buyers and caused sellers to either slash their listing prices or think twice about trading in their existing low rate for a new property.
The median existing-home price fell for the fifth straight month, dropping to $370,700 in November after peaking at $413,800 in June. Still, the price was up 3.5% compared to one year ago — a sign that the correction could be just getting started.
“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR chief economist Lawrence Yun.
Fed Chair Jerome Powell has repeatedly acknowledged that policymakers are seeing significant weakness in the housing market due to the impact of interest rate hikes.
In a late November speech, Powell referred to conditions in the market as a “bubble.”
“Coming out of the pandemic, rates were very low, people wanted to buy houses, they wanted to get out of the cities and buy houses in the suburbs because of COVID,” Powell said. “So you really had a housing bubble, you had housing prices going up very unsustainable levels and overheating and that kind of thing.”
“Now the housing market will go through the other side of that and hopefully come out in a better place between supply and demand,” Powell added.
…
https://nypost.com/2022/12/21/why-a-us-housing-recovery-is-still-miles-away-after-sales-cratered-in-november/
Another day, another crypto firm goes belly up…
The Financial Times
Bitcoin
US bitcoin miner Core Scientific files for bankruptcy
Texas-based group’s market value registered at almost $3bn as recently as April 2022
A representation of bitcoin
The price of bitcoin has fallen more than 65% this year against the dollar
Joshua Oliver in London 6 hours ago
One of the largest US-listed bitcoin miners has filed for bankruptcy as companies battle falling token prices and rising costs for the energy-intensive business of churning out cryptocurrencies.
Core Scientific filed for Chapter 11 bankruptcy protection in Texas, where it is based, on Wednesday. The company said it planned to keep operating and producing bitcoin while it hammered out a restructuring deal with its lenders and creditors.
The Nasdaq-listed crypto miner is a constituent of the Russell 2000 Index, a widely held benchmark of smaller US companies, meaning its bankruptcy will hit the portfolios of many investors and deepen the woes of the crypto industry.
…
Zelensky the globalist is in Dee Cee today demanding more shekels from Congress.
Keep paying your federal income taxes, slaves. You will never be seen as anything more than cattle to these parasites.
Globalists gonna globe.
Russia Today — Trump ally blasts Zelensky’s visit to US (12/21/2022):
“Republican Congresswoman Marjorie Taylor Greene has spoken out on Ukrainian President Vladimir Zelensky’s upcoming visit to Washington DC, expressing outrage over his anticipated efforts to gain more support.
In a tweet on Tuesday, Greene, who represents Georgia’s 14th District, described Zelensky as a “shadow president” who “has to come to Congress and explain why he needs billions of American’s taxpayer dollars for the 51st state, Ukraine.”
“This is absurd. Put America First!!!” she added.
https://www.rt.com/news/568660-taylor-greene-zelensky-visit-us/
Anybody who supports another penny given to this globalist should be executed for treason.
Zelensky is not a Christian. The future of Christian European civilization belongs to Russia.
The Daily Hodl
Type your search query and hit enter:
Type Here
Altcoins | On December 20, 2022
Staggering $3,200,000,000 in Stablecoins Exit Crypto Exchange Binance in 30 Days: Analytics Firm Glassnode
By Daily Hodl Staff
Staggering $3,200,000,000 in Stablecoins Exit Crypto Exchange Binance in 30 Days: Analytics Firm Glassnode
Leading analytics firm Glassnode says billions of dollars worth of stablecoins are being withdrawn from top crypto exchange Binance.
Glassnode says that Binance has witnessed $3.2 billion in combined outflows of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) in a 30-day period.
Image
Source: Glassnode/Twitter
Based on Glassnode’s chart, Binance’s net outflows of dollar-pegged crypto assets this month appear to be the highest rate of stablecoin withdrawal in nearly three years.
Traders and investors have been taking off crypto assets from digital asset exchanges following the high-profile collapse of FTX amid fears that centralized entities operating in the space could be facing solvency issues.
Looking at Bitcoin, Glassnode says that Binance saw its largest Bitcoin (BTC) net outflow on December 13th.
“We can see greater volatility in Binance exchange balances through December.
‘If they bought their assignment on a big building back in 2019, they’re probably still fine. They won’t make an astronomical amount of money, but they won’t be in the hole’
We’ll talk about that in six months Langley.
The Guardian — Zelenskiy’s US visit to counter emerging opposition to support for Ukraine (12/21/2022):
“A few months ago Volodymyr Zelenskiy’s aides were adamant. The president would not go abroad until Russia was defeated. In the days after Vladimir Putin’s February invasion, as Russian tanks rolled towards Kyiv, Zelenskiy refused to flee. He turned down offers of assistance and told his citizens: “I’m here.” He also famously declared: “I need ammunition, not a ride.”
On Wednesday, however, Zelenskiy was riding to Washington by plane at the personal invitation of President Joe Biden. It is his first foreign trip since Russia’s full-scale attack. It comes at a pivotal moment: on the battlefield, where Russian and Ukrainian troops are locked in a grinding face-off, and in the politically rancorous halls of the US Congress.
Zelenskiy is expected to speak there in a special address this evening. Up until recently, support for Ukraine has been a largely bipartisan affair. In March, Zelenskiy gave a video address to members of the House of Representatives and Senate, likening Russia’s onslaught to the agonies of Pearl Harbor and 9/11. The room went quiet. Some congresspeople wiped away tears.
Ten months later, and with the Republicans about to take control of the House of Representatives, there are signs this consensus is beginning to fracture. America-first conservatives have increasingly questioned the vast amounts of US aid – military and economic – being delivered to Ukraine. The influential Fox News host Tucker Carlson has repeated Kremlin talking points and joked he was “rooting” for Moscow.
https://www.theguardian.com/world/2022/dec/21/zelenskiy-us-visit-biden-opposition-support-ukraine
Emerging?
Nobody outside of Dee Cee supports this phony war or this greedy grabby clown in his dirty green sweater. GTFO of my country.
https://files.catbox.moe/bwqvha.png
Wannabe Eurotrash.
I get calling BMW, Audi, Volvo and MB wannabe eurotrash…. But people too?🤣
But people too
Check the definition.
Twenty years ago, Boston University’s undergrads were best characterized as Eurotrash.
Wannabe Eurotrash
She looks like a wild and crazy gal.
What is Air Force 3? Pelosi’s jet?
Rolling Stones — Memo From Turner:
https://www.youtube.com/watch?v=yCoCgB3eIU4
Sly & The Family Stone — Plastic Jim:
https://www.youtube.com/watch?v=mFr8w8QPI9E
The Guess Who – No Sugar Tonight / New Mother Nature:
https://www.youtube.com/watch?v=yMG-Mi9I0-k
For those who care . . .
https://twitter.com/compound248/status/1605773370439700483:
We just discovered Caroline Ellison and Gary Wang turned on
@SBF_FTX, rattling him out to the Feds. The SEC’s civil (non-criminal) complaint is built on their participation and gives us our first “insider’s account” of the FTX disaster.
I’ve given you 12 key takeaways below:👇🧵
For those who care . . .
I don’t.
I just went down that rabbit hole and I found some absolute gems that had me rolling, so thanks. SBF is truly gifted, I mean grifted. 🙂
I’m always good for a 🐇 🕳. 🙂
I told you so.
The Financial Times
Opinion Cryptocurrencies
What this year in crypto has taught us
Saying I told you so is not much use, but the market implosion holds some real lessons
Jemima Kelly
Ben Hickey illustration of flies circling bitcoins stuck in a pile of manure
Jemima Kelly an hour ago
At various points over 2022 — particularly since the collapse of the terra/luna ecosystem in May, and then the FTX exchange in November — people have suggested I take some sort of virtual victory lap for calling out, over several years, the steaming pile of horse manure that is crypto.
And I guess I do feel a certain sense of vindication at seeing the market start to implode, having stood my ground against numerous crypto bros telling me to “have fun staying poor”. But I have been reluctant to write an “I told you so”, because I’m not sure that I really did.
In April, I explained why I was still refusing to take crypto seriously despite many supposedly serious people doing so. (The market has more than halved since then.) In May, I made the moral case against crypto, arguing that it was not just “harmless fun” for the many who couldn’t afford it. (FTX has lost some $8bn, ruining many of its customers’ lives.) And last year, I argued that NFTs were not the future of art or of asset ownership but just the latest crypto get-rich-quick scheme. (These days the only person who seems to find them cool is D J T.)
But I never called the top in the market — given the whole thing is underpinned by sheer belief, that’s always seemed a fool’s errand — and I certainly didn’t forecast exactly how it would start to unravel. In many ways, I have been shocked myself at what has happened in the world of crypto over the past year. It has proved itself more shameless, dishonest, interconnected and fantasy-based than even its strongest critics could have imagined.
So what, in particular, have we learnt from all this?
…
“So what, in particular, have we learnt from all this?”
1) If it sounds too good to be true, it probably is.
2) A sucker is born every minute.
You know, the stuff we relearn every time there is a credit bubble.