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There Were All These High Hopes And Now Everything Is Stuck

A report from the Boston Globe in Massachusetts. “For the two decades Erika Patino’s parents owned their modest two-family in Hyde Park, the house was a rock for them, their ticket to economic stability. As federal and state rental assistance programs dried up last year, the Patinos stopped receiving payments from their tenants, who were themselves struggling to make ends meet. Soon, they fell behind on their mortgage. Left with no other options, they sold the house in September. ‘My parents didn’t really have a choice,’ said Erika, who is 37. ‘They couldn’t pay the mortgage without the rent money after they retired, and they had no one to turn to for financial help.'”

“‘There are landlords in this state — particularly our mom-and-pop folks — that are finding themselves in a situation where their property is no longer paying for itself, or they are actually losing money,’ said Doug Quattrochi, executive director of the trade association MassLandlords. Beatriz Yañez Placencia, with her husband owns a three-decker in East Boston. Her tenants — both families she is close with — lost their jobs during the pandemic, and the rising cost of everyday goods means they are paying less and less of the agreed-upon rent. That in turn is hammering Placencia; she and her husband, who are both temporarily out of work due to medical issues, had to take a loan from a friend to keep up with the mortgage payments. ‘We are really struggling,’ she said in Spanish through a translator. ‘I don’t know what we will do.'”

From Candy’s Dirt. “We started the year with a market so hot we could barely write up listings — they’d sell by the second graf. Then the Federal Reserve raised interest rates and the market slowed in a fell swoop to get a grip on inflation. Texas did have more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros — especially Austin, ouch! Since the fall, sellers have had to make repairs and trim prices to entice buyers. The median sales price of a single-family North Texas home fell almost 9 percent from a record $435,000 in May and June to $396,500 in November.”

“We watch the real estate industry 24/7, which made our heads spin during the second half of the year. Lots of layoffs, mostly at the ‘disruptors.’ That includes OfferPad, Opendoor, Redfin, and Compass. The tech-driven, early-to-mid-2000s were the birthplace of the internet broker — brokerages who called themselves tech companies looking to provide consumers with one-stop, hassle-free online shopping for a home and maybe even replace the agent. OfferPad recently laid off more than 7 percent of its workforce, suffered losses of $8 million in Q3, and is posting anemic stock prices.”

“Compass’ stock has fallen 85 percent since going public last year and experienced two rounds of layoffs. The aggressive NYC-based brokerage from founder Robert Reffkin reached a market capitalization of $8 billion on its first day of trading April 1, 2021. Now the company is valued at just $1 billion following disappointing earnings, including a second-quarter report outlining how its losses have risen to $101 million.”

“It’s not just the disruptors: Ryan Gorman was pushed out as CEO of Coldwell Banker, a subsidiary of Anywhere Real Estate, whose stock has fallen nearly 60 percent this year despite turning a $55 million profit in Q3. Gorman made $3.5 million annually, and shareholders are liking that he won’t be replaced. The non-traditional brokerages that focus on revenue and pleasing shareholders rather than old-fashioned profits seem to be ailing.”

8 News Now in Nevada. “Omar Jones has lived in the neighborhood off of Pecos Road and Lake Mead Boulevard for 3 years and said people who are experiencing homelessness started moving into the back lot last year. ‘One time I got a call from my wife, and she was facetiming me and showing me the fire is up above the wall and at this point, you’re talking about a 12-foot fire that they started,’ Jones said. He is not the only one experiencing problems. For now, Jones said he feels stuck and is running out of options even after contacting his HOA and the property owner.”

“‘I don’t even know what to say right now, I just think we need help either from the community or the city of Las Vegas or if our jurisdiction is the city of North Las Vegas, I would like help from them,’ Jones added.”

“Gray Stojanovich became homeless in February 2021 after his home was foreclosed. He and his wife temporarily live in the middle of the lot and plan to move out soon. Stojanovich said many people experiencing homelessness suffer from mental health and substance issues. With nowhere to go, he said most people without housing stay put until they are kicked out. ‘I don’t know what to tell you, I’d be concerned too if I was a neighbor. I was a homeowner before,’ Stojanovich added.”

From WKRN. “As we head into 2023, the Nashville real estate market is in a much different position than it was last year. If you ask Greater Nashville Realtors’ 2022 President Steve Jolly what he thinks of Middle Tennesse’s housing market, he’ll tell you it’s still in solid shape. However, he warns challenges could lie ahead. ‘My biggest concern is inflation and whether the Fed can get that under control. If they can’t, we’re definitely going to see more interest rate rises, and that would be devastating to the market. It would bring home sales down to a screeching halt,’ Jolly said.”

“Jolly said 2022 turned up some major perks for buyers. ‘They don’t have to give up as many of the terms that they were giving up last year. They can have an inspection, they can have an appraisal. They can actually get some closing costs paid or possibly even get an interest rate buydown so it’s more affordable that first and second year,’ Jolly explained.”

The Real Deal on California. “Dreams for hundreds of housing units and other development projects in the Bay Area have given way to nightmares of dilapidated spaces filled with illegal dumping, homeless encampments and drug users. Vacant development sites have proliferated across the South of Market neighborhood in San Francisco. Apartments, condos, hotels and office space have all fallen by the wayside, failing to deliver an expected 16 million square feet of housing and office space in Central SoMa alone, the San Francisco Chronicle reported.”

“‘There were all these high hopes and now everything is stuck,’ SoMa resident Brian Wallace told the publication.”

KFMB in California. “San Diego’s homeless crisis is profoundly impacting both people living on the streets and the people living and working near unhoused individuals. For some people living in Downtown San Diego, the situation has gotten so bad – they want to leave the area and are willing to break their leases. Fred Altman is among the many San Diegans who call downtown home. He says he and his family are considering moving out due to issues he says comes with the homelessness crisis. ‘I’ve seen overdoses, I’ve seen stabbings… people dying on the sidewalk,’ said Altman.”

From Nerd Wallet. “John Burns Real Estate Consulting predicts that home prices will fall 20% to 22% from their peak in spring 2022, and Zonda, a real estate consulting firm, forecasts a 15% drop from the peak. These companies don’t expect the entirety of the declines to happen in 2023; prices may fall through 2024. Rick Palacios Jr., director of research for John Burns, noted that the median existing home price rose about 40% from spring 2020 to spring 2022. The way he sees it, a drop of 20% wouldn’t be surprising after such a swift run-up in prices. ‘We squeezed a decade of home price appreciation into two years,’ Palacios said.”

The Star Phoenix in Canada. “Higher interest rates are beginning to soften Saskatoon home sales, which have been strong since the middle of 2020. Interest rates may start to affect homeowners trying to renew mortgages , which could drive up inventory, said Norm Fisher, owner of Royal LePage Vidorra. ‘My concern is there are going to be people faced with having to sell their house when it comes to renewing their mortgage. That is potentially going to bring more inventory back on the market. In fact, a lot of people who are going to renew, they won’t even have the option of being able to shop around. They won’t qualify at the posted rate.'”

“Shawna MacDonald, a Saskatoon mortgage broker, is hearing from clients asking for advice. ‘A lot of my variable (rate) clients are really feeling the pinch,’ she said. ‘I’m fielding calls: does it make sense to lock in? What do we do?’ There are measures in place to help people stay in their homes, she added. For example, some lenders are extending amortizations from 20 to 30 years for clients with equity.”

“For those who are seeking a home in a tight price range, Fisher suggests looking for a home that is not move-in ready. ‘There’s property out there that has been sitting for a little while. You can actually get some dollars off . . . replace flooring and cabinets and get a decent house at a fair price.'”

From Globes. “In November the Central Bureau of Statistics reported a 25% fall in the purchase of new apartments compared with the second quarter, and a 40% fall from the third quarter of 2021. This trend will likely continue, and this has been the aim of the Bank of Israel, which has been raising interest rates in order to fight the cost of living in Israel, including housing prices.”

“The sales departments of real estate developers have been examining how to tempt buyers in the current situation. ‘I think that 2021 was not a relevant indication for today,’ explains Irit Hopper, the owner of InHouse Real Estate Management and Marketing, which is currently marketing new homes in five projects in Ashkelon, Modi’in, Rosh Ha’ayin and elsewhere. Hopper explains that 2021 was an exception in every possible way, and the comparison to this year in her eyes is a mistake. ‘In my opinion, the logical comparison should be to 2019 – before Covid – which was a relatively normal year, but with zero interest. In relation to it, we really see a slowdown, but definitely not stagnation.'”

“Eldar Real Estate and Marketing CEO Ronny Cohen, who is currently marketing 100 projects around Israel agrees and thinks that 2021 was an abnormal year in which 151,000 new and second-hand apartments were sold, while in a regular year the figure would be closer to 110,000. ‘If you look at the numbers for 2021, we see that there was a rise of about 40% in sales, and what we see now is a return to a sane market.'”

“‘We feel the fall and we’re experiencing it in the field in the past few months. Ultimately it is a return to a sane market. Although the reasons are a rise in interest rates and the harm to the purchasing power of the public, and there are other reasons, but it is a return to sanity and normality in the market.'”

“Nir Shmol, CEO of the Urban Renewal Co., which currently markets more than 15 projects nationwide that include about 2,000 housing units, believes that the slowdown in sales is felt more in the Tel Aviv area than in the rest of Israel and the reason for this is the tech crisis.”

“‘The housing market in Tel Aviv was driven by tech people. The tech sector, which was responsible for 40% of Israeli exports, has suffered a big blow in the last six months, and the value of many of the companies has been cut by more than 50%. As a result, tech employees who had options in the company and equity of several million shekels, as soon as the stock fell, these options were worth nothing and their equity disappeared.'”

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This Post Has 101 Comments

  1. ‘Gray Stojanovich became homeless in February 2021 after his home was foreclosed. He and his wife temporarily live in the middle of the lot and plan to move out soon. Stojanovich said many people experiencing homelessness suffer from mental health and substance issues. With nowhere to go, he said most people without housing stay put until they are kicked out’

    But UHS said you can always sell? The bank doesn’t want yer shanty? It’s cheaper than living in a vacant lot!

    ‘I don’t know what to tell you, I’d be concerned too if I was a neighbor. I was a homeowner before’

    I know Gray, get some pallets and build a 12 foot fire!

    1. ‘I don’t know what to tell you, I’d be concerned too if I was a neighbor. I was a homeowner before’

      No, Gray. Until your last mortgage check clears, you’re not a homeowner – you’re a debt donkey with a mortgage.

      1. No, Gray. Until your last mortgage check clears, you’re not a homeowner – you’re a debt donkey with a mortgage.

        You’re never a “homeowner” in the US, you’re the local government’s cash cow to be milked for life. Try not paying property taxes on a paid off house and see what happens. They take it away and send you packing.

  2. ‘I’ve seen overdoses, I’ve seen stabbings… people dying on the sidewalk’

    You know Fred, I’ve never seen any of these things. Where can I sign up? Is there a half month rent free deal? How long do yer lamp posts stand up to bum urine? That’s an important real estate statistic fer me.

  3. ‘I’m fielding calls: does it make sense to lock in? What do we do?’

    Shawna, yer K-dn. You kick the can down the road!

    ‘There are measures in place to help people stay in their homes, she added. For example, some lenders are extending amortizations from 20 to 30 years for clients with equity’

    Stress test will save us! Oh, they skipped the stress test. They’ll be fine by 2052.

    1. For example, some lenders are extending amortizations from 20 to 30 years for clients with equity’

      That equity is evaporating daily.

    2. “For example, some lenders are extending amortizations from 20 to 30 years for clients with equity”

      Yeah sure, another mortgage origination fee plus interest payments for another 120-months. Doing gawd’s work is rewarding!

  4. ‘I think that 2021 was not a relevant indication for today’…Hopper explains that 2021 was an exception in every possible way, and the comparison to this year in her eyes is a mistake. ‘In my opinion, the logical comparison should be to 2019 – before Covid – which was a relatively normal year, but with zero interest. In relation to it, we really see a slowdown, but definitely not stagnation’

    Irit, here in the US we’ve already decided 2020 and 2021 didn’t happen if you close yer eyes hard enough. Now if only we could get the zero interest rates back.

    ‘The housing market in Tel Aviv was driven by tech people. The tech sector, which was responsible for 40% of Israeli exports, has suffered a big blow in the last six months, and the value of many of the companies has been cut by more than 50%. As a result, tech employees who had options in the company and equity of several million shekels, as soon as the stock fell, these options were worth nothing and their equity disappeared’

    Yer fooked Nir.

  5. ‘Dreams for hundreds of housing units and other development projects in the Bay Area have given way to nightmares of dilapidated spaces filled with illegal dumping, homeless encampments and drug users. Vacant development sites have proliferated across the South of Market neighborhood in San Francisco. Apartments, condos, hotels and office space have all fallen by the wayside’

    That’s some red hotcakes right there.

  6. Lots of layoffs, mostly at the ‘disruptors.’ That includes OfferPad, Opendoor, Redfin, and Compass.

    Companies with such ludicrous business models were only possible in a world awash in Yellen Bux funny money. Now that the punchbowl is being taken away, the long-deferred financial reckoning day is coming for all of these F*cked Companies and their shareholders.

  7. “Omar Jones has lived in the neighborhood off of Pecos Road and Lake Mead Boulevard for 3 years and said people who are experiencing homelessness started moving into the back lot last year.

    You need to take this up with your Democrat-Bolshevik neighbors, Omar. They own this. #BidensAmerica.

  8. Stojanovich said many people experiencing homelessness suffer from mental health and substance issues. With nowhere to go, he said most people without housing stay put until they are kicked out.

    Meanwhile, our Republicrat duopoly political whores have sent Ukraine more than $100 billion.

  9. ‘My concern is there are going to be people faced with having to sell their house when it comes to renewing their mortgage. That is potentially going to bring more inventory back on the market.

    Canada is a non-recourse country. FBs who sell their shacks for less than what they paid are going to have lenders coming after them for the difference. But at least they weren’t throwing away money on rent.

  10. “In November the Central Bureau of Statistics reported a 25% fall in the purchase of new apartments compared with the second quarter, and a 40% fall from the third quarter of 2021.

    Is that a lot?

  11. So far, thanks to the great work of David Zweig, who has somehow managed to elude the censors all along (he was in attendance at the original Great Barrington Declaration event, god bless him), we have a better accounting of what happened. Names we all recognize as friends are listed, including Martin Kulldorff and Andrew Bostom, but there are thousands more. There is no question in my mind that my own accounts were targeted. 

    This is about much more than free speech and the operation of media channels without government intervention. The Covid controls utterly smashed American liberty and social functioning, resulting in mass suffering, educational losses, shattered communities, and a precipitous collapse in public health that has shaved off years in life expectancy and caused an explosion of excess deaths. 

    It might have been stopped or at least lessened in duration with some open discussion. This is not just of interest to tech and legal geeks. The closing down of opinion and debate resulted in unspeakable human carnage. And even as I write, the largest sources of the mainstream media are still refusing to report on this. 

    Ask yourself: why might this be? I think we all know the answer.

    https://brownstone.org/articles/how-occupied-twitter-ruined-lives/

    2. Operation Warp Speed.. Public and Private program to speed up and dispense EUA vaccines to US populations .
      So, a fake vaccine was launched, over a fake Panademic, using fake PCR tests, and Government collusion with the censorship of free speech to prevent “vaccine hesitancy” and informed consent on a
      experimental vaccine .
      Evidence of USA gain of function bio-weapon research funded and transferred to a rival foreign Communist Country being China .. China being ground zero for Covid 19 bio-weapon released..
      What is US doing working on weapons of mass destruction with Communist
      China?
      Why is the WEF talking about a One World Order with Communist China being the model?
      Isn’t this a Declaration of War with intent to
      take over the World by a International group of about 1000 Mega Corporation in collusion with Red China?
      Why is Joe Biden in Jan going to sign a treaty with the United Nations WHO, transferring all power of Pandemic response to a unelected corrupt World Health Agency that would supersede all sovereign rights and US Constitution protections? WHO also in charge of Climate Change response being labeled a health concern of global concern.
      The conquences of rigged election whereby treasonous Puppets are selling out the US to a One World Order Dictorship.

  12. “Beatriz Yañez Placencia, with her husband owns a three-decker in East Boston. Her tenants — both families she is close with — lost their jobs during the pandemic, and the rising cost of everyday goods means they are paying less and less of the agreed-upon rent. That in turn is hammering Placencia; she and her husband, who are both temporarily out of work due to medical issues…”

    Jebus, their entire economic model is depending on the welfare state to continue ladling the gravy.

    1. 10K a day are over the boarder and ready for housing and public assistance . At the same time the company I work for is sending trained Engineers back to India because they didn’t make the lottery.

      1. My husband’s company is expanding its presence in India. I’ve joked with him that we may end up moving to India. On the salary he’s paid we’d be living like freaking royalty there. He has Indian coworkers who are ready to retire and move back to India. They’ll be living the high life.

        1. I’ve lived in the developing world with a good salary. Aside from being able to afford a chauffeur it’s still the developing world.

          So things don’t work well. It’s polluted. There is crime. The food is unsafe. The water is unsafe. You are not welcome (I was a visible minority, so YMMV). In general it’s pretty horrible.

          But yeah, affordable if you make those developed-dollars.

        2. I would recommend a trip to India before you make that decision. It’s definitely a question of taste. People are quite nice and welcoming and q, but India is special in so many ways, and you need to be able to deal with it. You can have all the money you want, it won’t help you. India will find you everywhere you’ll go, every moment of your day, every corner you may trey to hide from it. 🙂

        3. Go to Youtube and search “pooping on the beach in India” and you’ll be cured from ever considering it as a viable option. Most of the place doesn’t even have indoor plumbing. It’s disgusting.

    2. Sad, not good.

      We have all these anti-vax LGBTQ people moving here. Sure, they don’t want forced vaccination. They just want to force you to watch them make out in the street and let them adopt poor children they can screw up for life.

      1. They are moving away almost entirely due to the high housing prices, to find something cheaper. They bring all of their policies and baggage with them.

  14. 𝗥𝗲𝘀𝘁𝗼𝗻, 𝗩𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟰% 𝗬𝗢𝗬 𝗢𝗻 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗘𝘅𝗰𝗲𝘀𝘀, 𝗘𝗺𝗽𝘁𝘆 𝗔𝗻𝗱 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝗲𝗱 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗔𝗰𝗿𝗼𝘀𝘀 𝗡𝗼𝗿𝘁𝗵𝗲𝗿𝗻 𝗩𝗶𝗿𝗶𝗴𝗶𝗻𝗶𝗮

    https://www.movoto.com/reston-va/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨 𝘪𝘳𝘳𝘦𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦 𝘰𝘧 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘳𝘢𝘵𝘦𝘴.”

  17. I know guy who is selling his house so he and his wife can move in with his mother-in-law who apparently needs in home care.

    I went and looked at the house to find out what they wanted and if it was worth it.

    Per Zillow they paid about 184k for the house. It was also apparently in pre-foreclosure in 2019.

    Now they want 320k for it. It’s right on a main through road. Tiny yard.

    Is the foreclosure moratorium still going?

    1. “I know guy who is selling his house so he and his wife can move in with his mother-in-law who apparently needs in home care.”

      Poor guy!

    2. “…they paid about 184k for the house. It was also apparently in pre-foreclosure in 2019.

      Now they want 320k for it…”

      Every homeowner believes themselves entitled to a massive cash windfall from the next home debtor in the line of succession. Financial reality following a doubling of interest rates, with more rate hikes to come in 2023, suggests many will realize their entitlement.

        1. Nah there aren’t that many equity locusts to go around. They are like “all cash buyers”, represented only a small percentage but made news nonetheless. It was your neighbors and colleagues and their greed fueled the mania.

  18. Are you still holding out hope for a Santa Claus rally?

    Perhaps you missed the memo that mean old Mr. Grinch has cancelled Christmas on Wall Street this year….

    1. The Financial Times
      Markets Briefing Equities
      US stocks fall further at end of grim year
      Markets subdued in post-holiday trading but brighter tone in China
      Masked commuters in Beijing. China is due to remove quarantine requirements for inbound travellers in January
      Martha Muir in London
      6 hours ago

      US stocks are closing 2022 on a sour note, on track for one of the worst ends to a year in decades after indices opened lower following the Christmas break.

      The S&P 500 fell 0.6 per cent in early trading, taking the benchmark index of US stocks down 6 per cent this month alone, breaking a generally reliable pattern of year-end rallies. The tech-heavy Nasdaq Composite index fell 1 per cent.

      The downbeat performance rounds off a dire year in stocks, with a 19 per cent fall in the MSCI World index over the course of 2022.
      …

    2. Markets
      Published December 22, 2022 3:10pm EST
      Blue-chip stocks plummet, pulling Dow lower as Grinch makes home on Wall Street
      Investors turn defensive and start selloff amid global central bank tightening
      By Joe Toppe FOXBusiness

      The major U.S. benchmarks are erasing gains made earlier in the week as key blue-chip stocks pull the Dow down, extending its year-to-date deficit. The index tracking 30 large, publicly-owned companies fell as much as 800 points to an intraday low of 32,573.43 around 1:30 p.m. Eastern time before recovering some losses.
      …
      https://www.foxbusiness.com/markets/blue-chip-stocks-plummet-pulling-dow-lower-grinch-makes-home-wall-street

    3. Stock Market
      Dow Jones Falls After Housing Data As Apple Hits New Low; Tesla Plunges On Reduced Production Schedule In China
      SCOTT LEHTONEN 10:17 AM ET 12/27/2022

      The Dow Jones Industrial Average dropped 130 points Tuesday, after an early dose of economic data launched the short, final trading week of the year. Tesla stock dived more than 7% after Reuters reported that the electric-vehicle giant plans to run a reduced production schedule at its Shanghai plant in January. Apple stock hit a new 52-week low. And China-based stocks rallied as that nation further eased its Covid restrictions.

      Tuesday’s economic data includes two housing reports, with Case-Shiller home price index and FHFA House Price Index — both out at 9 a.m. ET — along with the Dallas Fed Manufacturing Survey out at 10:30 a.m. ET.

      October’s Case-Shiller home price index came in better than estimates, but still fell 0.5% after September’s 1.2% decline, and a year-over-year increase of 8.6%. Meanwhile, the FHFA House Price Index was flat for October, with a 9.8% year-over-year rise.

      Finally, the Dallas Fed Manufacturing Survey is expected to post a -11.0 reading in December vs. -14.4 in the previous month.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-rise-ahead-of-housing-data-tesla-plunges-as-china-stocks-rally/

  19. I realize this Substack article is in the scientific weeds, but the average reader should be able to gleam important information.

    Philadelphia 2023
    Your immune system on the edge.

    So, now we have a problem on multiple pathways leading to the same scenario.

    Suppression of the body’s defence against cancer

    Suppression of the body’s defence against viruses

    Exhaustion of the very components of the immune system that protect against those two things.

    Do you know what this reminds me of?

    Kaposi’s sarcoma. It’s what happens when your immune system is so depleted it can’t suppress tumours that are unheard of in people that have a functioning immune system. It’s seen in HIV-AIDS. Tom Hanks showed us in the original Philadelphia movie. Watch the lawyers turn away.

    But it’s not 1993. It’s 2023 (give or take). And what we are seeing is not (yet) Kaposi’s sarcoma but Lymphomas and Leukaemias and rare aggressive cancers.

    1. Right, and my friend I talk about now has cancer of the blood. They aren’t going to tie all the conditions he’s getting to him taking the vaccine .
      Took him a Christmas dinner the other day and was shocked at how he looked. Big red blotches all over his arms and his legs, he could hardly walk because of neurological problems .
      Hard to see this suffering .

      1. It’s widely reported on the internet that pretty much all health problems befalling the vaccinated are due to the vaccine.

        1. ‘widely reported on the internet’

          No it isn’t and hasn’t been. Maybe on twitter the past few days or weeks, not before. Same with faceplant, googawokie. An amazingly high number of people get all their news from those sources: IIRC 60-80%. Not only is your statement incorrect, these facts and thousands of others have been banned, scrubbed, blacklisted, labeled, and purged from most that exact internet. We all know why.

          2. I know people who have suffered from vax injuries who are in complete denial. In a way it’s understandable, they can’t face the possibility that they made a huge mistake, one they will pay for dearly. It is much easier to tell themselves that they had “bad luck”.

        2. My friend , before the vaccine had just bought a new car and was chasing women , with minor stuff regarding health status.
          After the vaccine all these health problems came on fast, one after another.
          I can’t say what caused this onslaught of life threatening health problems of my friend , all I know is he wasn’t doing to bad before the vaccine.

        3. It’s widely reported

          Bull$h!t. Enough with the derision. Maybe if you read less MSM you’d have a better understanding of things.

          The author of this Substack article had to masquerade as a nude lab mouse on Twitter. His account is suspended.

          1. And people are buying the “it was climate change” explanation. Nevermind that pretty much every house and building is climate controlled.

      2. “Hard to see this suffering.”

        A friend’s sister, who was an honors graduate at Radcliffe and a very successful P&G executive, passed away from leukemia in her late-thirties. My friend, her brother, was a loser by every measure who finally pickled his liver in his sixties. Life isn’t fair.

    1. Why Southwest is melting down
      Analysis by David Goldman, CNN Business
      Updated 12:54 PM EST, Tue December 27, 2022
      Southwest canceled about two-thirds of its flights. See how travelers are faring

      New York CNN — 

      A punishing winter storm that dumped multiple feet of snow across much of America led to widespread flight cancellations over the Christmas holiday. By Monday, air travel was more or less back to normal – unless you booked your holiday travel with Southwest Airlines.

      About 87% of Tuesday’s US flight cancellations are Southwest, according to flight tracking website FlightAware. Southwest canceled more than 2,500 flights. The next highest: Spirit Airlines with 83.

      Southwest warned that it would continue canceling flights until it could get its operations back on track. The company’s CEO said this has been the biggest disruption he’s seen in his career. The Biden administration is investigating.

      What gives?

      Southwest had a combination of bad luck and bad planning.
      …
      https://www.cnn.com/2022/12/27/business/southwest-airlines-service-meltdown/index.html

    2. Southwest Airlines
      Published December 27, 2022 3:12am EST
      Southwest Airlines criticized by passengers, Transportation Department as flights delayed nationwide
      Southwest Airlines canceled nearly 3,000 flights on Monday

      Thousands of Southwest Airlines flights were delayed or canceled nationwide on Monday, leading to growing criticism of the airline from disgruntled passengers and the federal government.

      The airline canceled 2,886 flights on Monday, or 70% of scheduled flights, amid a winter storm impacting portions of the country, according to flight tracking website FlightAware. Every airline has had to cancel or delay flights over the last several days, but Southwest’s totals are particularly high.

      Of the more than 160 flight cancelations and more than 340 delays at Los Angeles International Airport that left passengers stranded as they attempt to return home after Christmas, 106 of the cancelations and nearly 30 delays were from Southwest flights, according to FOX 11.

      Southwest said they are rebooking as many customers as possible and that people who have had flights canceled may ask for a refund or receive a credit, although rebooking depends on open seats on available flights.

      Passengers at LAX said the earliest the airline could rebook their flight was December 31. Southwest Airlines’ website shows there are no flights available departing LAX for Sea-Tac (SEA), New York (LGA) or San Francisco (SFO) through December 31.

      And in Chicago’s Midway International Airport, more than 300 flights were canceled as of 5 p.m. local time. 

      Passengers are frustrated with the airline and have said they did not learn of the problems until arriving at the airport for their flights. More than half of the Southwest flights at that airport were canceled Monday.

      Southwest delayed 48% of flights on Sunday and 16% on Monday, and the airline has already canceled 60% of its scheduled flights for Tuesday.

      Now, the U.S. Department of Transportation is criticizing Southwest, saying the rate of canceled flights is “unacceptable.”
      …
      https://www.foxbusiness.com/economy/southwest-airlines-criticized-passengers-transportation-department-flights-delayed-nationwide

    3. The Financial Times
      Natural disasters
      US airline passengers hit by more chaos after deadly snowstorm
      Southwest hardest hit as thousands of flights still being cancelled across US
      Vehicles trapped under heavy snow in downtown Buffalo, New York, on Monday
      Joshua Franklin in Miami 2 hours ago

      US airline passengers are facing continued disruption following a deadly blizzard that swept across the country over the Christmas period, with thousands of flights still being cancelled on Tuesday.

      According to the flight tracking site FlightAware, more than 2,900 US flights had been cancelled by Tuesday lunchtime, and over 3,000 had been delayed.

      The majority of axed flights were operated by Southwest Airlines, which accounted for 63 per cent of Tuesday’s cancellations, according to FlightAware.

      On Monday, the US Department of Transportation wrote on Twitter: “USDOT is concerned by Southwest’s unacceptable rate of cancellations and delays & reports of lack of prompt customer service.”

      Southwest said in a statement: “With consecutive days of extreme winter weather across our network behind us, continuing challenges are impacting our customers and employees in a significant way that is unacceptable.”
      …

    4. It’s hard to understand how bad weather in Buffalo leads to flight cancellations in San Diego, but I suspect very poor risk management by Southwest Airlines executives is a big part of the explanation.

      1. It hit minus 24F in Denver last Thursday. A lot of this started here with ramp agents calling in because they didn’t want to work out on the tarmac in those conditions, and labor disputes with management about their pay rates for working in those conditions. This story has been playing out in the Denver local media the past week but isn’t fully complete yet.

        1. One of the selling points for DIA was that it was supposed to be “blizzard proof”. Of course, there was no blizzard, it was just effing cold. Curiously though, mighty Southwest was hit far harder than United, American or Delta. So the problem appears to be with Southwest.

          Of course, it doesn’t matter if planes can take off and land at DIA if the source and destination airports are not prepared for the weather.

      3. but I suspect very poor risk management by Southwest Airlines executives is a big part of the explanation.” All their pilots and airplanes must be grounded back east. Maybe not being able to read weather forecasts ?

        1. “Unlike most of the legacy air carriers that operate through major “hub and spoke” cities, Southwest operates a point-to-point network where its aircraft hopscotch between major and intermediate cities without returning to a hub. In normal times, it’s an efficient operation but not so much during especially treacherous weather.” —Henry Harteveldt, airline analyst

          3. I was reminded of the

            Canal system I travel. If Lock 26 is closed, you’re not going to arrive at Lock 25 on schedule. Nor the rest of them.

            As Grandpa used to say; when you’re traveling, you have to be prepared for some minor inconveniences.

          4. I was reminded of the “just in time” supply chain philosophy whose fragility was recently exposed.

            One of Southwest’s claims to fame is that it turns planes around at the gate faster than the other majors. Or as someone said: your airplanes make money while they are flying, not sitting at a gate. I recall reading that Southwest arriving pilots would help clean the cabin for the next flight (I don’t know if that is still true).

            Of course bad weather can affect an airplane’s turn around time, which will especially wreak havoc with an airline like Southwest.

        2. We had pilots and a plane… just no flight crew. I guess potential crew members were stranded in other places.

    5. From what I hear, Southwest’s crew scheduling system sh*t the bed. Too many people called in sick, everything got out of place and it wasn’t possible to re-position and reallocate the “human resources” within the new restraints.

      That’s what happens when employees are treated as disposable.

  21. Stock markets sell off as 2022 fatigue, Tesla drama weigh on investors
    By Daniel Shvartsman

    Investing.com — Stock markets chopped lower in mid-day trading Tuesday, as tech led the market lower much as it has through the rest of 2022.

    The S&P 500 lost .15% as of 13:15 ET (18:15 GMT) in Tuesday trading, at 3838. The Dow Jones Industrial Average rose 121 points or .36%, while the Nasdaq Composite was down nearly 1%. The Russell 2000 was down only .1% in Tuesday trading.
    …
    https://m.investing.com/news/stock-market-news/stock-markets-sell-off-as-2022-fatigue-tesla-drama-weigh-on-investors-2970453

    1. California’s population keeps shrinking
      Downtown Los Angeles (David McNew/Getty Images)
      by: Marc Sternfield
      Posted: Dec 26, 2022 / 06:00 AM PST
      Updated: Dec 26, 2022 / 07:24 AM PST

      California will always be a popular destination for tourists and those looking to move away from extreme seasonal weather in other parts of the country. The state’s population, however, continues to decline, according to the latest data from the U.S. Census Bureau.

      Figures released last week showed California’s resident population at 39,029,342 in July 2022, a decline of more than 113-thousand since July 2021 and down more than a half-million people since July 2020.
      …
      https://ktla.com/news/california/californias-population-keeps-shrinking/

      1. Those numbers are misleading because they don’t break out the huge numbers of foreign nationals that moved in thus masking the real decline. The domestic population of California is being replaced at a rapid pace. The land of fruits and nuts will soon be known as the land of curry and beaners.

    2. Governor Newsom is a tool of the public unions.

      Like the movie ” night at the museum” where the old guards hired the biggest idiot they could so they could come back and steal the magic tomb.

    1. I wonder how the gooberment is planning on housing these people. From what I have read in almost every major metro there are long waiting lists (as in years long) to get a section 98 voucher. IIRC, in Dumver there is a lottery to get ON the waiting list. Unless there they put in a provision in the Omnibus bill to fund meillion more vouchers, and EBT cards, etc.

      City hall in Dumver is already panicking over what to do with a few thousand “refugees”. What will his honor, mayor Hancock, do if say 100,000 were to arrive? Commandeer every high school gym and church hall in the metro area and fill them with cots?

      2. Many years ago I spoke with an old man in Dodge City. He remembered living in a sod house as a child.

        Welcome to America! Here’s your shovel.

      3. ‘About to Break’: Newsom Says Feds Are Overwhelming California With Immigrants’

        When liberals fight over who’s at fault for their failed ideology the rest of the country suffers . I thought they were voted in to solve problems not constant excuses and complaining.

        1. ‘About to Break’: Newsom Says Feds Are Overwhelming California With Immigrants’

          As long as terrible policies, such as open borders, don’t affect them leftists think such policies are magnificent. They pass “sanctuary state” legislative bills and posture and virtue signal, until it becomes a problem for them.

          I wonder what all of the Venezuelans in Dumver thought of the -20F lows last week.

          1. When your local government makes it clear that you are no longer welcome the logical thing to do is leave.

  24. This story goes along with the new Christmas Carols…

    Silver Bells ·

    No cash bail
    No cash bail
    It’s Christmas time in the city
    Rob a store
    Loot some more
    You’ll still be out Christmas day

    Footage Shows “Looting Across Buffalo” As City Plunged Into Chaos After Blizzard

    by Zero Hedge
    December 27th 2022, 4:56 am

    A winter storm barreled through Buffalo, New York, over the weekend and ended Christmas morning, but the emergency was far from over, as claims across social media indicate widespread looting.

    “Looting in Buffalo being significantly downplayed by local media,” said one Twitter user. Local media outlet WGRZ reported, “New York State Police confirm reports of 2 looting incidents.” But judging by the footage posted on Twitter, looting appears to be widespread.

    Rowan
    @canmericanized

    BREAKING: Looting in Buffalo being significantly downplayed by local media. A simple Facebook search of “Buffalo looting” shows multiple incidents. @WGRZ @ViralNewsNYC

    #BuffaloBlizzard2022 #BuffaloLooting

    https://twitter.com/canmericanized/status/1607228471255744512?s=20&t=un2c0U1kISrI9S24bRytOw

    😎 KoolKid JJ
    @KoolKidJJ

    Another looting at family dollar in Buffalo smh 🤦‍♂️

    https://twitter.com/KoolKidJJ/status/1607219301840482304?s=20&t=TuLyFRGBVhBvb2BEmYbA_w

    1. Instead of expending some of that effort outdoors in such nasty conditions to rescue a stranded motorist from their car (over 25 dead in Buffalo) just go out to steal.

      “They’re not sending their best”

  26. The Financial Times
    Opinion Bitcoin
    Year in a word: Crypto winter
    The flaws in the lawless cryptosphere were laid bare in this crash
    Joshua Oliver
    Bitcoins and FTX tokens range out from a central, circular circuit board
    Joshua Oliver yesterday

    Crypto winter
    (noun) a period of low or falling cryptocurrency prices, alternating with bull markets

    The crypto world calls it “winter”. Others might call it a meltdown. Whichever you prefer, 2022 has been the year of crypto catastrophe. More than $2tn in notional value has vanished into thin air as the total market capitalisation of crypto tokens has plunged 70 per cent from its peak in November 2021. The timing of the downturn points to what many view as its cause: the Federal Reserve.

    It took just about six months from when Fed chair Jay Powell raised interest rates, and thus turned off the flow of cheap money that had buoyed the global economy and fuelled Covid-era speculation, for crypto to reach full-blown crisis. By May, the plummeting price of bitcoin and other currencies had strained crypto business models to breaking point and exposed fraud and mismanagement.
    …

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