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All Sellers Are Expecting To Be Chipped

A report from the Real Deal on Arizona. “Two months ahead of hosting the 2023 Super Bowl, Arizona Cardinals owner Michael Bidwill sold his mansion in Paradise Valley at a loss for $5.3 million. Bidwill sold the property two months after listing it for $5.8 million, the Wall Street Journal reported. Bidwill bought the Paradise Valley property for $7.5 million in 2005, according to Redfin.”

From Boise Dev in Idaho. “The median cost of a home in the Treasure Valley is less than it was one year ago. The latest data from the Intermountain Multiple Listing Service shows the median price in Ada Co. in December stood at $515,000, down from $546,000 in December of 2021 – a decline of 5.6% It’s the cheapest level the median price has hit in Ada Co. since April of 2021, and 14.5% lower than the market’s peak in May of last year. In Canyon, the median ducked back under the $400,000 mark for the first time since April of 2021, landing at $390,000. That’s seven percent less than the same time a year ago, and 18.2% lower than the peak in Canyon County in April of last year.”

From Berkeleyside in California. “Berkeley’s astronomically expensive real estate market has cooled slightly amid rising interest rates, with the city’s median home sale price declining from $1.8 million last April to $1.3 million in November, according to Redfin. ‘Projects that don’t have a built-in, recognizable demand are going to be very, very hard to finance,’ said Patrick Kennedy, a developer. Nathan George of NX Ventures cited the San Pablo Avenue corridor in West Berkeley, which he and other developers are hoping to line with new apartments, as an area that could feel the slowdown more acutely. ‘You might not see anything get built there for a while,’ said George.”

Bisnow Dallas Fort Worth in Texas. “Several months of negative absorption at Class-B and C apartment properties are behind the decline, said Bruce McClenny, senior director of ‘They’re going into the new stuff — Class-A — but they’re really moving out of Class-B and Cs,’ he said. ‘Occupancy is going lower, and all of the sudden, landlords are adjusting prices to attract more [renters]. In 2021, demand dwarfed supply. Now, it’s reversed.'”

“DFW added around 20,000 new units in 2022, but absorbed less than 5,000, indicating a significant imbalance between demand for apartments and new supply coming online. There are more than 22,000 multifamily units under construction in DFW and another 77,000 are proposed, but when and if those projects get built is still uncertain, McClenny said. ‘Rents are going to come down — we are already starting to see that, and it may continue,’ he said. ‘Flat would be a great thing.'”

The Commercial Observer. “As the nation’s top commercial real estate financiers gather once again for the CRE Finance Councils annual Miami conference, there are some dark clouds on the horizon for the industry. Transaction and lending activity has been largely in a holding pattern of late, with some lenders stepping back altogether in late 2022 while the market irons out economic question marks.”

“‘The focus of the conference at the moment is more around how you address the challenges for the current book and how you protect existing investments,’ Bill Sexton, CEO of Trimont Real Estate Advisors, told Commercial Observer. ‘There is also an eye on how we invest into markets as asset values come back and we start to get some sort of price discovery and we start to close the bid-ask spread, which is pretty wide right now.’ Sexton said there are likely potential lending opportunities in the latter half of 2023 for distressed office and retail assets, but at the moment ‘it is a bit like catching a falling knife.'”

“Warren de Haan, managing partner and co-CEO of Acore Capital, said the real wild card is how the banks will respond to dislocation in the CRE market with increased regulation, which has already led to liquidity problems. ‘Now, a lot of assets are staying on the balance sheet, but loans that were going to get refinanced from a maturity perspective are not getting refinanced,’ de Haan said. ‘The banks’ balance sheets are ballooning.'”

The Philadelphia Inquirer in Pennsylvania. “A New York mega-developer that had decided to build in Philadelphia during the pandemic called time on a 360-unit building into which it had already sunk $42 million of its own money. ‘The Durst Organization is pausing on construction of the mixed-use project at 300 N. Columbus Boulevard,’ read a statement from the company’s Philadelphia spokesperson Anthony Campisi. ‘There are definitely people I know who penciled out deals, and then when everything went on these past nine months, they decided to pause those projects until things calmed down,’ said David Segal, senior vice president with TriState Capital Bank. ‘They didn’t want a roller-coaster ride in terms of materials, labor and now, obviously, borrowing costs.'”

“‘Anything that’s speculative is a challenge, and by that I mean it probably doesn’t get done,’ said Bernie Shields, regional president for Philadelphia and South Jersey with M&T Bank. ‘In normal times, if something is more risky, you may just require extra equity going in. Right now, I don’t know that any amount of equity would get a lender interested in doing a commercial deal that doesn’t have substantial pre-lease.'”

WINK News in Florida. “Imagine renting a property for your vacation just to discover it’s actually a construction site. That’s apparently what happened to one woman in Naples, and now an investigation is underway. The woman paid for a rental, then her radar went off, and she suspected something wasn’t right. She took matters into her own hands and then called the Naples police. ‘My overall reaction to people that are scamming other people should be arrested and put in jail,’ said Joseph Angi, condo association administrator for the Naples Continental Club.”

“On December 4, Naples police said a would-be renter started a conversation about a vacation rental on Facebook messenger. They came to an agreement; then, the victim sent money through Zelle. When the contract arrived, the victim said it didn’t look right. She visited the property in person only to find homes under construction. ‘It is unreal what is happening right now. A lot of scammers take advantage of the fact that the homeowners are not here and are probably in a different country or different state,’ said Dirk Fischer, a broker for 5th Homes. Fischer said people are getting ripped off left and right.”

The Globe and Mail in Canada. “British Columbia is giving itself a new tool to combat money laundering – one that will be closely scrutinized by other provinces also awash in dirty money. Premier David Eby plans to introduce legislation in the spring to create ‘unexplained wealth orders.’ Known as UWOs for short, they are legal instruments that make it easier for the province to seize residential properties or other valuables suspected of being purchased with the proceeds of crime.”

“‘I think that for many British Columbians, it’s very frustrating to hear police say this individual is known to police, we have reason to believe this individual is involved in organized crime, they’re driving around in luxury SUVs with secret compartments where they hide weapons, they live in fancy homes, they have fancy jewellery and luxury goods, with no apparent source of income,’ Mr. Eby said in November. ‘And when we look at that situation, coupled with the report, the public inquiry into money laundering that says that we have a multibillion-dollar problem with money laundering in our province, action needs to be taken.'”

The Financial Post. “As Canada’s real estate market wrapped up 2022 with price declines, some condo investors are expected to put their properties up for sale within the year as variable mortgage rates continue to rise, a real estate expert said. Steve Saretsky, a Vancouver realtor, said the market for detached homes has already gone through a ‘nice’ correction in past months, signalling a similar direction for the condo market. ‘The market seems to be expecting lower prices (this year). I think that’s where buyer sentiment is right now,’ he told Financial Post’s Larysa Harapyn.”

“Some owners who used to break even on their condo investments are now facing a different reality. With variable mortgage rates up 400 basis points, Saretsky said some investors are now losing money as they are not allowed to increase the rent they charge by more than two per cent under rental restriction laws. ‘A lot of investors are opting to actually hit the sell button and I think that we’ll see maybe a little bit more pressure on the inventory side in 2023,’ he said.”

“Another thing to keep an eye on in 2023 is the pre-sale market. Those who have entered a pre-sale agreement during the pandemic will have to qualify at a stress test of seven and a half per cent, Saretsky said. ‘We’re certainly seeing some stories of (buyers) not able to qualify to actually complete close on these units … people that are ultimately caught off side with a huge move and rates,’ he said.”

“Benchmark real estate prices in Canada’s major urban centres are off dramatically from highs posted earlier this year. Figures released this week showed the overall benchmark prices for all categories of properties in Toronto, Vancouver and Calgary were down 21 per cent, 19 per cent and nearly five per cent, respectively, from highs posted earlier in the year.”

The Telegraph in the UK. “Prices fell for the fourth month in a row in December, meaning values are now down by 4.3pc compared with their August peak, according to lender Halifax. The average home in ­December sold for £281,272 – £12,720 less than in August. Emma Fildes, of Brick Weaver, a buying agent, said: ‘It’s all negotiation at the moment. Every deal I’ve done recently has had a discount on it. Without a doubt across the market there are definitely reductions,’ she added. Buyers have scope to argue 5pc to 10pc off asking prices, she said. ‘All sellers are expecting to be chipped.'”

“Andrew Wishart, of Capital Economics, a research consultancy, said the Halifax data suggested the housing downturn ‘is further advanced than we previously thought.’ Capital Economics has forecast a ­bigger drop of 12pc, but Mr Wishart said prices could fall further, with the risks ‘firmly to the downside.'”

“‘If you are buying a new-build, there are lots of discounts. ­Developers are desperate to get rid of them. And there will be all of those buy‑to-lets that people want to get rid of before the capital gains tax allowance changes,’ Ms Fildes said.”

The Sydney Morning Herald. “The Australian property market has notched its deepest downturn on record after national home values slumped 8.4 per cent since their peak, CoreLogic figures show, and experts warn more falls are yet to come. The previous record downturn was the 8.38 per cent drop between October 2017 and June 2019, when the bank regulator clamped down on runaway lending to investors. This fall since the peak in May has been faster, taking less than nine months so far, after interest rates rose at the fastest pace on record.”

“CoreLogic head of Australian research Eliza Owen said the housing market is more sensitive to rate rises than in the past because households have more debt. ‘A lot more people are going to be feeling the effects of higher interest rates,’ she said. ‘The fact that property prices have reacted so strongly is just another sign of how much more expensive housing is in 2023 – the fact that it’s had such a strong reaction to what would be a relatively low interest rate compared to the early 1990s.'”

“Sydney home values have fallen most in the downturn, dropping 13 per cent from their peak, while Brisbane values have fallen 10 per cent and Melbourne is down 8.6 per cent. The falls come after property prices boomed during the lockdown years as households armed with cheap loans searched for more spacious homes. AMP Capital chief economist Dr Shane Oliver expects the record decline in values to continue until a few months after the cash rate stops rising. He said some mortgage holders whose fixed-rate terms end may not be able to service their debt, leading to an increase in distressed selling.”

“Anyone who fixed their rate at about 2 per cent could expect an increase to 5 to 6 per cent, Oliver said. The most recent downturn was more widespread than the 2017-19 price falls, which were largely confined to major cities. This was because a pandemic-induced shift in buyer preference towards regional property and larger houses was reversing, he said.”

This Post Has 115 Comments
  1. ‘Berkeley’s astronomically expensive real estate market has cooled slightly amid rising interest rates, with the city’s median home sale price declining from $1.8 million last April to $1.3 million in November’

    ‘it’s the cheapest level the median price has hit in Ada Co. since April of 2021, and 14.5% lower than the market’s peak in May of last year. In Canyon, the median ducked back under the $400,000 mark for the first time since April of 2021, landing at $390,000. That’s seven percent less than the same time a year ago, and 18.2% lower than the peak in Canyon County in April of last year’

    Good thing everybody put down a sh$tload of cash!

    1. Good thing everybody put down a sh$tload of cash!

      The ones who put nothing down are the winners. They can just walk and experience no financial pain.

  2. ‘Now, a lot of assets are staying on the balance sheet, but loans that were going to get refinanced from a maturity perspective are not getting refinanced,’ de Haan said. ‘The banks’ balance sheets are ballooning.’

    Sound lending!

  3. ‘DFW added around 20,000 new units in 2022, but absorbed less than 5,000, indicating a significant imbalance between demand for apartments and new supply coming online. There are more than 22,000 multifamily units under construction in DFW and another 77,000 are proposed’


    ‘Flat would be a great thing’

    Bruce, how do those 4% cap rates look now?

    1. This is interesting … Rents went up overall (8.5% in the article – not as much as before) … and tenants still moved from class B and C into class A apartments?
      Did new people move in A’s and folks in B’s and C’s move back in with family members? Or did they decide to move up a step in quality.

      ‘They’re going into the new stuff — Class-A — but they’re really moving out of Class-B and Cs,’ he said. ‘Occupancy is going lower, and all of the sudden, landlords are adjusting prices to attract more [renters]. In 2021, demand dwarfed supply. Now, it’s reversed.’”

      1. I recently moved and went with class A because all of the B and C was near the same price. Why live in a junky place where maintenance is never done to save a mere $200 per month? No section 8 is allowed where I live now, another perk.

    2. “There are more than 22,000 multifamily units under construction in DFW and another 77,000 are proposed”

      Open that border! 🙂

        1. I’d bet 90% plus of those are luxury.

          Everything went “luxury.” Even RV and trailer parks – and the trailers themselves. Granite and stainless in that single wide. Oooooooooh-baby, they’re livin’ large now!

          *For the record, I despise granite/stainless.

          1. Luxury apartment units cost the same to build as regular. They justify the high cost/rent, meaning low cap rates, with amenities.

          2. “Luxury apartment units cost the same to build as regular.”

            Careful with that kind of truth there Jonesy…. Truth like that causes extreme meltdowns everywhere.

  4. ‘sold his mansion in Paradise Valley at a loss for $5.3 million. Bidwill sold the property two months after listing it for $5.8 million. Bidwill bought the Paradise Valley property for $7.5 million in 2005’

    This sh$thole sinks like a turd in a well every time. And don’t be surprised to see 50% off or more.

  5. ‘If you are buying a new-build, there are lots of discounts. ­Developers are desperate to get rid of them. And there will be all of those buy‑to-lets that people want to get rid of before the capital gains tax allowance changes’

    That’s the spirit Emma, keep up the good work!

  6. Property taxes.

    Epoch Times linked via ZeroSludge — Oregon Advises Schools To Keep Students’ ‘Gender Identity’ Hidden From Families (1/9/2023):

    “If a student discloses their “gender expansive” identity to school staff, the guidance asks staff members to respect the child’s “confidentiality needs.” Students who do not publicly assert their “gender identity” might have concerns about their families and community members finding out, the new guidance states.

    “Parent and family support is the goal when supporting gender expansive students, but may not be possible in all situations,” according to the document.

    “Schools should refer to their current policies when there may be a safety concern. To the extent possible, schools should refrain from revealing information about a student’s gender identity, even to parents, caregivers, or other school administrators, without permission from the student.”

    What happened to teaching math and reading?

    Keep paying those property taxes.

    Keep paying to promote this.

    1. Marxists gonna Marx.

      The Atlantic — Is Defying Parents the Only Ethical Alternative? (1/10/2023):

      “Although disagreements between educators and parents are as old as the teaching profession itself, disputes over gender expression are becoming ever more frequent in American classrooms as the number of young people who identify as trans has increased. And to a degree that has surprised me, many educators believe that their judgments on these matters should trump the judgments of parents, if the latter are even consulted about their children.”

      Keep paying those property taxes, slaves.

      1. It’s Marxism.

        The people promoting this are Marxists, and targeting children is demonic.

        We’re not gonna vote our way out of this, that ship has sailed…

        1. It’s right to have pity for the rare freak of nature. It’s wrong to pity the self harmed. Worse to elevate them to celebrity.

    2. This happened to my 12 year old niece in exurban Chicago. The school kept it secret for a full year as she transitioned to a boy. They left the state into wi where that crap isn’t as prevalent. She seems to be doing better now, doesn’t think she is a boy any more.

  7. ‘Flat would be a great thing’

    No, cratering would be a good thing.

    I understand how zirp mispriced all asset classes, but I’m less clear on the mechanism by which it sent rents through the roof. Anyone?

    Happy New Year!

    1. I saw a stat somewhere that, in normal times, 6% of rental units have an eviction PER YEAR. Obviously that wasn’t happening over the past few years. That coupled with large numbers of people moving to new states created temporary shortages that caused rents to spike.

    2. the roof

      I imagine that the frenzied speculators buy to let or buy to let sit.

      The more rational rent and buy popcorn, crowding the rental market. Just a thought.

      Happy New Year Prime.

    3. “…less clear on the mechanism by which it sent rents through the roof. Anyone?”

      When house prices are increasing at double digit annual rates, investors from individuals to institutions snap up and HODL all available housing inventory in order to capture bubble appreciation. The result is an effective shortage of for sale inventory, leading to bidding wars and rapidly escalating prices in the for purchase housing market. High and rapidly inflating prices in the for purchase market naturally spills over into rental rates, as renting is a close substitute for owning.

    4. I understand how zirp mispriced all asset classes, but I’m less clear on the mechanism by which it sent rents through the roof. Anyone?

      That’s easy – Airbnb. It took a massive chunk of historically long term rental stock and moved it into the short term rental market.

      1. moved it into the short term rental market

        While, at least from what I see here, built new hotels in every little burg.

      2. It seems that every lake in northern Wisconsin is mostly air bnb now. That’s probably s slight exaggeration but there’s a lot of it.

  8. ‘A lot of investors are opting to actually hit the sell button’

    Manager? Where’s the manager? I keep pushing this button and nothing happens!

  9. A reader sent these in:

    SO BULLISH. Housing is dead bro give it up. Unless rates drop below 3% it’s over.

    If it doesn’t happen soon we’re going to see pandemic gains turn into “the one that got away” fishing stories by hoomers. “At one point in 2021 my zestymate was almost 1M! Now I hardly check it anymore…”

    Sounds like he’s really representing his clients


    The outflow of cash from Binance is worse than the CEO Chanpeng Zhao indicated last month, and its become considerably more severe since then, a Forbes analysis shows.

    Fed’s Mary Daly has said she sees interest rates rising above 5%. In Aug, she said I don’t feel the pain of inflation. I see prices rising but I have enough. I don’t have to make tradeoffs because I have enough. Many Americans have enough. Her active salary is $422,900. Wild.

    Today in Clown World 🤡🌎, I present Atlanta Fed President Raphael Bostic.

    I know one who left for Europe. Surgeon who couldn’t get a job anywhere in Canada except possibly Toronto and Vancouver, said he didn’t go to med school and residency to raise kids in a condo. He might return… If they don’t fall in love with Europe, and he can get a job here.

    A surprising number of people I know are leaving 🇨🇦 this year. Even more surprising is these are largely high-income homeowners in Toronto—not people struggling with the cost of living.

    How big of a bubble is 🇨🇦’s real estate? People are saying their plan to cope with overleverage is to renew at lower rates. In other words, a brutal collapse of 🇨🇦’s economy is the plan to fix the household budget. 🙄😂

    🇨🇦 is currently a perfect storm of poor governance, aggressive predatory growth, and extreme cost of living. I know 3 doctors that left TO for the US over the past year. It wasn’t for money, but a higher quality of life with lower cost of living.

    Living in Toronto is surreal rn. Real estate replaced grocery line talk about weather, since it’s less controversial I guess? 🤷‍♂️ A guy at Costco somehow got to explaining why I need to invest in real estate when I get out of school. I don’t know why he thought I was in school.

    Ben Rabidoux

    HPI was substantially negative y/y in December, but okay…

    The Kobeissi Letter

    Current market mentality:
    1. Economic data stronger than expected, sell stocks Fed will be more hawkish
    2. Economic data weaker than expected, sell stocks we are in a recession
    3. Economic data as expectations, sell stocks Fed will keep raising rates
    The Fed broke the market.

    An apartment hit the market in my street last week. Based on current rents the asking price implies 2% rental income. It was ok when German mortgage rates were at 0,8%, but who on earth pays 4% interests to earn 2%? German property prices need to get aligned with rents again 👇

    German publicly traded REITs have already dropped significantly and trade below NAV reflecting the expected drop in real estate prices. The funny thing is, there are people still investing in private REITs which have not marked their portfolios to market yet. Mind blowing.

    Decided to stay in a Holiday Inn instead of an Airbnb for an overnight trip and strongly feel, one hour after check-in, that there has never been a more luxurious experience in all of human history.

    PSA: Airlines out here trying to sell tickets for $27…Doesn’t bode well for cash flowing that $400/night #Airbnb

    Danielle DiMartino Booth

    “As a result it will not make its usual payouts to the Swiss government and member states, it said, with payments to its shareholders also set to be affected.”

    Lance Lambert

    “At 3% [mortgage rates] it was 26 million”

    I’ve underwritten 5 multifamily properties in the last week that were purchased in 2021 and early 2022. 4 of the 5 are worth less than the in-place bridge debt. Buckle your seat belts.

    I think you are totally right on some markets collapsing but in some markets that’s already happened in D.C. we are about 20% off our peak prices and because we “only” saw a run up of about 20-25% we are selling at 2018-19 prices.

    For two decades Australia’s main housing policy has been to throw money at first-home buyers, either via cash payments, or tax discounts. Here we go again in NSW

    Lance Lambert

    In the eyes of @RickPalaciosJr, this phenomenon (i.e. new construction making up a higher % of inventory) is one reason we’re more vulnerable to nominal house price declines.

    John Wake

    Latest Arizona Real Estate Notebook. “Metro Phoenix Median House Price Down 15% Since May Peak” So far we’ve lost over a year of house price appreciation.

    BREAKING: Prosecutors are telling lawyers connected to @SBF_FTX
    fraud investigation the case is so sprawling that it could exhaust resources of the southern district since it includes potential bribery, campaign contribution violations, market manipulation on top of theft & fraud


    “Close to $4.1 billion out of roughly $93 billion in outstanding lodging loans are delinquent, according to #Trepp. About $35 billion worth of those loans mature this year.”

    “bubble up” JFC these people.

    Ryan Lundquist
    I think sometimes the narrative is that we’re seeing few sales because there aren’t many listings. I get the idea, but that’s a false narrative. We’re seeing few sales because of affordability issues – not due to a lack of homes for sale (even though it’s relatively low).

    Ryan Lundquist
    ** Updated visual. I accidentally included too many sales in the one I posted an hour ago. It turns out this December had the lowest monthly volume over the past couple of decades in Sacramento County.

    The new trend in real estate: Suing your realtor because the house you bought from them has dropped in price. In a culture where everyone is used to getting a medal, no one is willing to accept being on the losing end of reality.

    Better Dwelling

    Canadian Real Estate Is Facing Disruption After 33 Years, With Mortgage Expert @ronmortgageguy

    1. “Unless rates drop below 3% it’s over.”

      How often in the history of modern finance have rates plummeted from 6%+ to under 3% within the span of less than a year?

      My guess is never, bit please enlighten me if I missed an example.

        1. Rates are falling because the bond market is calling Powells bluff, rates will come back down when we hit an elevator drop.

    2. The thing with the roof happened to me selling my last house. Buyers wanted a new roof.

      Does it leak? no
      Is it all worn up, chipped up requiring replacement? no
      Is it illegal (too many layers)? No

      But it’s old……………..

      Efff off, the answer is no.

      It’s an old house. You want a new house, go over there to generic new development. You get 5000 square foot lot, 3 or 4 levels all stairs and a brand new roof. You want a used house, mature landscaping, decent neighborhood, well some things are old. I don’t understand where people get these ideas.

      Is it broken? then yes, it needs to be fixed. But things that are old still work are just part of a used house.

      1. I was selling a farm house years ago that had a beautiful slate roof. It was well maintained. The porch addition had a shingle roof that didn’t leak, but color wise wasn’t a match. Buyer demanded a new roof on the porch ($600). I said “no”.

        UHS paid for it himself!

        1. My buyer, after saying he wouldn’t ask to fix anything under a specified amount, came back and wanted me to install new electrical outlets in the master bathroom for his girlfriend.

      2. But it’s old……………..

        Efff off, the answer is no.

        There is a service life for a roof. Period. If it’s at the end of its service life, wanting a replacement is a valid request. And saying no is a valid response. But it doesn’t change the fact that a 30 year old roof needs to be replaced. Because it does.

    3. The outflow of cash from Binance is worse than the CEO Chanpeng Zhao indicated last month, and its become considerably more severe since then, a Forbes analysis shows.

      The news just keeps getting worse and worse and worse, yet they have levitated crypto through the complete collapse of FTX and now this. Sh!tcon is actually going up. Again, makes no sense. Too much money sloshing around, looking for a place to get yield.

  10. 𝗔𝗻𝗻𝗮𝗻𝗱𝗮𝗹𝗲, 𝗩𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗡𝗼𝗿𝘁𝗵𝗲𝗿𝗻 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗼𝘁𝘀 𝗢𝗻 𝗧𝗵𝗲 𝗩𝗶𝗻𝗲.

    𝘈𝘴 𝘰𝘯𝘦 𝘋𝘊 𝘣𝘳𝘰𝘬𝘦𝘳 𝘭𝘢𝘶𝘨𝘩𝘦𝘥, “𝘚𝘦𝘭𝘭𝘦𝘳𝘴 𝘢𝘯𝘥 𝘩𝘰𝘮𝘦𝘰𝘸𝘯𝘦𝘳𝘴 𝘢𝘳𝘦 𝘴𝘵𝘢𝘮𝘱𝘪𝘯𝘨 𝘵𝘩𝘦𝘪𝘳 𝘧𝘦𝘦𝘵 𝘸𝘪𝘵𝘩 𝘳𝘢𝘨𝘦 𝘰𝘷𝘦𝘳 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘩𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴.”

  11. The article title is the joke.

    HuffPaint — What Happened To The Truth (1/10/2023):

    “Think about it: In the 21st century, a sitting president of the United States responded to losing his bid for reelection by throwing an extended and very public temper tantrum and embarking on possibly the most transparent propaganda campaign in modern politics.

    The idea that the election had been rigged — that voting machines had been programmed to abracadabra Trump votes into Biden votes; that dead people were being registered to vote blue in masses the size of zombie herds from “The Walking Dead” — was allowed to persevere despite the fact that it had no validity.

    The “big lie” pushed by the president of the United States inspired a domestic attack at the U.S. Capitol. It didn’t work; Trump’s lie didn’t earn him a second term. But it does appear to be one of a number of events that have normalized the political practice of repeating a lie enough times to obfuscate an obvious truth.
    And now, Republicans have gone full-scheme-ahead in spreading GOPropaganda, having seen that they can repeat any old lie over and over until it’s at least widely entertained as true.

    The 2020 election was stolen.

    Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

    1. FWIW, every single election that I can remember for my entire life has been stolen.

      It’s gotten a little ridiculous.

    1. CNBC Disruptor 50
      Coinbase to slash 20% of workforce in second major round of job cuts
      Published Tue, Jan 10 2023 6:42 AM EST
      Updated 2 Hours Ago
      Kate Rooney

      Key Points
      – Coinbase is cutting a fifth of its workforce following an 18% staff reduction in June.
      – CEO Brian Armstrong pointed to recent pressure on the crypto sector thanks to “unscrupulous actors in the industry,” referring to bankrupt exchange FTX and its founder, Sam Bankman-Fried. 
      – “The FTX collapse and the resulting contagion has created a black eye for the industry,” Armstrong says, adding that there’s likely more “shoes to drop.”

    2. Home Investing
      Opinion: I now definitely won’t go near crypto, but not because of the alleged FTX fraud
      Published: Jan. 9, 2023 at 1:15 p.m. ET
      By Chuck Jaffe
      As Schwab’s Liz Ann Sonders says to crypto fans: ‘Explain to me what problem crypto is solving for.’

      Every year, I review my investments and plan for where I might move the “explore” portion of my portfolio during the 12 months ahead.

      A few years back, I added cryptocurrency to the process, figuring there might come a day when I was ready to take a small plunge.

      I never actually invested in crypto, but my look-ahead for 2023 makes it clear that it’s definitely not happening now.

      I’ve never held myself out as a crypto expert, but I have been covering the space from its very beginnings, and have watched it move from the hype of hobbyists to something my friends and neighbors are discussing as much or more than they chat about international stocks and bonds.

      Investors considering crypto tend to come from three camps: the true believers, the non-believers and the people in the middle either waiting to be convinced or willing to take a small shot. I’m in the middle group.

      While I’ve never bought any coins, I do have $12 worth of crypto, or that’s what I was told it was worth years ago when one promoter gave me $10 worth of DuckDuckCoin and another offered $2 in BBQCoin. (I don’t turn down free money.)

      By now, I suspect that the value of my crypto holdings is about equal to the very real $1 billion bank note from Zimbabwe that I keep in my office. (Last time I checked, 1 billion Zimbabwe dollars were worth a bit less than a penny in the U.S.)

      The problem that has pushed me further away from crypto at a time when I wanted to be liking it more than ever is not the controversy stemming from Sam Bankman-Fried and the collapse of FTX, the never-ending headline risk or performance so miserable in 2022 that it made other declining assets like stocks and bonds look like big winners.

      It’s that crypto didn’t do the any of the jobs that its supporters tell me it should do, and there is no reason to think that trend will change.

      I am not expecting my thinking to change the mind of true believers. Bitcoin (BTCUSD, +0.59%) and ethereum (ETHUSD, +0.82%) and their competitors have attracted plenty of HODLers — investors who “hold on for dear life” — who are still in despite seeing their crypto assets cut by roughly 66% in 2022, and they may prove to be the long-term victors. Indeed, many of them have been clutching on to crypto for so long that they remain in plus territory despite the recent downturn.

      But crypto enthusiasts won me over just a little bit a few years ago, when I started including crypto in my year-ahead planning and decision-making. Just getting into the discussion was a victory, and that happened because a lot of smart, savvy investors were telling mainstream customers to dip toes into the bitcoin pool.

      The idea, of course, was that crypto had a few functions. It could be a digital alternative to gold, some said, helping as a hedge against inflation. It was unregulated and could withstand global economic and political crises better than traditional currencies, according to other experts. It was the wave of the future and would eventually be accepted everywhere.

      But none of those things actually happened.

      1. The Financial Times
        Bob Diamond says digital currencies to have ‘very important place’ in finance
        Former Barclays boss expects stablecoins to flourish in the future
        Bob Diamond: ‘I get frustrated by people saying crypto winter. It’s all good, it’s all bad. We need to do a better job’
        Laura Noonan in London yesterday

        Digital currencies will have a “very important place” in finance, according to veteran banker Bob Diamond, even as last year’s market carnage thwarted his plan to take stablecoin group Circle public.

        The former Barclays chief executive told the Financial Times that “there’s going to be a lot of good things” that survive last year’s crypto crash.

        His comments come only weeks after he abandoned attempts to list Circle, which runs the world’s second-largest stablecoin, at a $9bn valuation in New York owing to poor investor demand.

    3. The Financial Times
      Winklevoss calls for DCG to fire chief in spat over crypto debts
      Co-founder of Gemini exchange says Digital Currency Group unit owes $900mn to his clients
      Cameron Winklevoss had given the head of Digital Currency Group a January 8 deadline to commit to solving the matter
      Nikou Asgari in London an hour ago

      Cameron Winklevoss has called for the board of conglomerate Digital Currency Group to oust its chief executive, in a growing spat over debts stemming from last year’s FTX crypto shock.

      In a second open letter published on Tuesday, Winklevoss, who runs crypto exchange Gemini with his twin brother Tyler, reiterated his call for DCG boss Barry Silbert to pay back debts including $900mn in Gemini client funds that are stuck in one of DCG’s units. Cameron had given Silbert a January 8 deadline to commit to solving the matter.

      The cash demands underline how last year’s collapse of crypto exchange FTX continues to hurt the industry’s close-knit web of prominent firms and personalities in this self-styled decentralised market.

    4. Binance Outflows Sees the Exchange Lose 25% of Its Assets in Under Two Months
      DailyCoin | Jan 10, 2023 07:30AM ET

      Binance, the world’s largest cryptocurrency exchange, is going through a rough patch, losing almost 25% of its assets in less than 60 days as CEO Changpeng ‘CZ’ Zhao runs the exchange without a chief financial officer.

      1. Yahoo
        Business Insider
        Binance customers have pulled a staggering $12 billion from the crypto exchange in just 2 months, report says
        George Glover
        Tue, January 10, 2023 at 6:47 AM PST·3 min read

        – Outflows from Binance are accelerating rather than stabilizing, according to a Forbes report published Monday.

        – Customers reportedly pulled $12 billion from the crypto exchange over a two-month period.

        – CEO Changpeng Zhao has previously called the high levels of withdrawals “business as usual”.

        Binance lost an eye-popping $12 billion worth of assets in just two months as customers pulled their funds from the exchange amid a deepening confidence crisis in the crypto market, Forbes reported Monday.

    1. We had a trannie at the office some years ago. The dude was six feet tall had broad shoulders and a deep voice. He wore dresses and everyone, including the wokest of the woke, mocked him behind his back. I felt sorry for him, for being mentally messed up.

      He was eventually laid off.

      1. The “It’s Pat!” skits aired regularly on Saturday Night Live only thirty years ago, and people laughed at it because of the absurdity of it all.

        The United States is beyond peak decadence of Ancient Rome now, this is how civilizations end.

      2. “He was eventually laid off.”

        Oh he’s a a Lumberjack and he’s ok, he sleeps all night and he works all day.

  12. Townhall — New Twitter Files Details How Pfizer Board Member Wanted the Site to Suppress Debate on COVID Vaccines (1/10/2023):

    “The latest Twitter Files details how the social media giant responded to complaints from former FDA commissioner Dr. Scott Gottlieb, a senior board member at Pfizer, over posts he objected to on the site.

    As reported by former New York Times writer and PANDEMIA author Alex Berenson, Gottlieb took issue with a post by Dr. Brett Giroir, former FDA acting commissioner, calling on the White House to “follow the science” and exempt those with natural immunity from vaccine mandates.”

    Emphasis on the following:

    “By suggesting some people might not need Covid vaccinations, the tweet could raise questions about the shots. Besides being former FDA commissioner, a CNBC contributor, and a prominent voice on Covid public policy, Gottlieb was a senior board member at Pfizer, which depended on mRNA jabs for almost half its $81 billion in sales in 2021.”

    $40 billion is that a lot?

    It’s a medical genocide.

    1. Ron Unz posted an op-ed at his website, basically calling all anti vaxxers cranks, and claims that it’s the fatpocalypse that’s causing all the sudden deaths, and that he’s been jabbed and he’s just fine and dandy.

  13. Mega Mansions That Are Now Worthless
    August 24, 2022

    The world of the rich and famous remains a mystery to most of us. For hard-working people who save money and take care of their homes, the idea of letting a mega mansion go to ruin seems absurd. But it seems there’s no limit to the questionable behavior celebs display—as you’re about to see.

    Michael Jackson’s Toxic Neverland Ranch

    Michael Jackson’s Neverland Ranch was rebranded as Sycamore Valley Ranch and put on the market for 30% less its initial price in 2019. The supposed reasons were drought and natural disasters—but considering the California property seems to be in good condition, there may be other reasons why the property has a toxic vibe.

  14. Can stock market investors rest assured that a Fed pivot is right around the corner, and the bull market will soon be off and running again?

    1. Stock Market Predictions 2023: Why the Fed Still Doesn’t Care About Wall Street
      Stocks will struggle until the Federal Reserve adds liquidity back to the markets
      1h ago · By Craig Shapiro, InvestorPlace Contributor

      Who do you favor, Wall Street or Main Street? This dynamic in financial markets, as well as in monetary and fiscal policy decisions, has existed for decades. The belief is that Wall Street profits from movements in financial markets while Main Street benefits from underlying trends in the real economy. Decisions made by the Federal Reserve and U.S. government will then tend to favor one group over the other. This battle between the two “Streets” has been central to determining stock price and economic direction for a long time.

      There is very little doubt that monetary policy over the last 20-plus years has favored Wall Street with growth in financial assets and corporate profits largely outpacing growth in the real economy and worker wages. The wealth and income gap in the United States is extraordinary. Strong productivity, driven by technological innovation, kept inflation largely at bay and allowed the Federal Reserve to continue to pump money into the economy whenever growth faltered.

      However, with inflationary dynamics present in the current economy, this power struggle between Wall Street and Main Street is changing fast. The Federal Reserve is now sacrificing its support for Wall Street to ensure a sustainable Main Street recovery. And this is a major problem for stocks in 2023.

      Without incremental liquidity, the bearish trend is likely to remain in place.

    2. The Financial Times
      Goldman Sachs Group
      Bonus cuts and job losses: Goldman’s painful new year
      President John Waldron tells the FT that recession fears are forcing the bank’s hand
      Goldman Sachs chief executive David Solomon
      Joshua Franklin in New York and James Fontanella-Khan in Milan December 23 2022

      Goldman Sachs chief executive David Solomon has done little to stir any festive cheer at the investment bank’s headquarters in lower Manhattan.

      The mood soured this month as word leaked out that Goldman was preparing to cut almost 4,000 employees and considering slashing bonuses for investment bankers by at least 40 per cent.

      “I’m dreading the conversations I’m going to have with my team,” said one seasoned Goldman banker in anticipation of the cuts.

      1. The Financial Times
        Goldman Sachs embarks on biggest cost-cutting drive since financial crisis
        Wall Street bank reviews spending on everything from private jets to new consumer and tech unit
        People walk by the headquarters of Goldman Sachs in Manhattan
        The spending review comes as Goldman Sachs starts to implement more than 3,000 job cuts
        Joshua Franklin in New York and Stephen Morris in London
        12 hours ago

        Goldman Sachs has embarked on its biggest cost-cutting exercise since the financial crisis, with the Wall Street bank reviewing spending on everything from its private jets to expenses at a new technology and consumer unit.

        The spending review comes as Goldman starts to implement more than 3,000 job cuts, with many employees in London and New York due to learn their fates on Wednesday. Investment bankers are also bracing for a reduction of 40 per cent or more in their annual bonuses.

        Ericka Leslie, the bank’s chief administrative officer, has emerged as a central figure in the review under the direction of Goldman president John Waldron, according to multiple people briefed on the matter. The exercise comes as the lender braces for a potential recession and another year of lacklustre M&A and capital markets activity.

  15. There are sudden rolling blackouts around the Bay Area today. It has been raining a lot over there, but if a lot of rain can make that happen, then the place really is third world. Meanwhile, there is talk of giving vibrants one million bucks each. I’m sure the Mexicans and the Indian tribes will be thrilled about paying for that.

          1. Pretty sure western washington/seattle area that’s the case. The municipality “owns” the water coming off your roof apparently.

          2. “Can you get fined for collecting rainwater in California? Rainwater harvesting coming from your roof is fine in California. However, collecting rainwater for landscaping purposes would require a license.”

            What else would you use it for?

    1. “giving vibrants one million bucks each”

      Will the last taxpayer leaving California please turn out the lights.

      1. Hence why they are trying to implement an exit tax and even tax those fleeing up to ten years after they leave.

  16. California
    Newsom lays out spending cuts as California budget swings from surplus to deficit
    – California faces belt-tightening, particularly in climate spending, amid a projected $22.5B deficit.
    – Gov. Gavin Newsom has proposed delaying $7.4 billion in planned spending and cutting items like a $3 billion payment to offset inflation. | José Luis Villegas/AP Photo
    By Jeremy B. White
    01/10/2023 01:44 PM EST
    Updated: 01/10/2023 02:57 PM EST

    California Gov. Gavin Newsom is proposing to cut billions of dollars in climate spending and delay funding of major programs to balance a $22.5 billion budget deficit if tax revenues don’t rebound.

    The $297 billion budget blueprint Newsom unveiled on Tuesday was a stark departure from the fiscal boom times California enjoyed as recently as last year, when an unprecedented $100 billion surplus that Newsom himself called “absurd” underpinned a record $310 billion budget. California has $29.5 billion less revenue this year.

      1. I think all the reparations talk is just virtue signalling, and they know it, hence the absurd proposed amounts that are utterly unfundable.

        Meanwhile, large firms continue to move their HQs and the easy to relocate operations out of California.

      2. The least I have heard is $200,000 per.

        Methinks there will be some migration in, and some migration out. Takers will replace producers, until the mathematical formula introduces such a stinking pile of rot that even the most entitled leftist brats will not be able stand the stench.

        Thats my most optimistic prediction.

  17. Keep paying those federal income taxes, slaves.

    Washington Post — Pentagon to train Ukraine on Patriot missile system in Oklahoma (1/10/2023):

    “The Pentagon is planning to bring Ukrainian troops to the United States for training on the Patriot missile defense system, a U.S. official with direct knowledge of the development said Tuesday.

    The training will occur at Fort Sill, which spans about 145 square miles southwest of Oklahoma City, and could begin as soon as this month, the official said, speaking on the condition of anonymity to discuss the plan ahead of a formal announcement. The base is home to both basic Patriot missile defense training and field artillery training for U.S. troops.”

    Remember, you’ll never be seen as anything more than cattle to these globalists. Keep paying those federal income taxes.

  18. Suck it, globalists.

    American Greatness — Jim Jordan to Lead Select Subcommittee on ‘the Weaponization of the Federal Government’ Under Biden (1/9/2023):

    “House Judiciary Committee Chairman Jim Jordan (R-Ohio) is slated to lead a panel that will look into the Biden regime’s abuse of power to spy on Americans citizens and suppress their speech. The effort is being compared to the 1970s era Church Committee, in which Sen. Frank Church (D-Idaho) investigated Executive Branch intelligence abuses.

    The new Judiciary subcommittee will be called the Select Subcommittee on the Weaponization of the Federal Government, and will be composed of 13 members, according to Axios.

    House conservatives reportedly requested the subcommittee during the House Speaker showdown, and McCarthy went along with the idea to wrangle votes.

    A top concern among Republicans is reportedly “the politicization of the FBI,” including the sham Russia collusion investigation, and Attorney General Merrick Garland’s infamous memo directing FBI agents to investigate parents protesting masking and other COVID policies.

    In recent weeks, Elon Musk’s “Twitter Files” have exposed how the White House worked with Big Tech to suppress messages and take action against users. The Biden White’s House’s collusion with the tech giants against conservatives and anti-vaxxers was also exposed in the ongoing Missouri/Louisiana Attorneys General lawsuit against the Biden White House.

    In May, Attorneys General Eric Schmitt of Missouri and Jeff Landry of Louisiana filed suit against a slew of high-ranking Biden Administration officials, including Joe Biden, Jen Psaki, and Dr. Anthony Fauci, accusing them of colluding with social media giants to suppress freedom of speech under the guise of combatting “misinformation.”

    The “misinformation” is the New York Times and Washington Post.

    Globalists gonna globe.

  19. Remember, you will never be seen as anything more than cattle to these globalists.

    Your existence is only tolerated to function as a tax slave to finance the destruction of the nation your ancestors built.

    World Economic Forum’s Davos Set for ‘Record Participation’ as 52 Heads of State to Attend Globalist Summit (1/10/2023):

    “The Swiss town of Davos will host 52 heads of state and government and nearly 600 CEOs as the World Economic Forum hosts its annual meeting in the Alps next week, organizers said Tuesday.

    Forum organizers said their latest lineup for the elite gathering of political leaders, business executives, cultural trend-setters and international organization chiefs will tackle issues facing a divided world as 2023 begins, with war and conflict, economic pressures and climate change in focus.

    “There is no doubt that our 53rd annual meeting in Davos will happen against the most complex geopolitical and economic backdrop in decades,” said forum President Borge Brende, pointing to challenges like the threat of global recession, soaring energy and food prices, and the need to better address global warming.

    These globalists love to boast about the “penetration” of Western governments.

    The Stooges — Penetration:

  20. I picked up a family pack of porkchops and 3 tubs of mashed potatos and a quart of gravy at KFC….. summbich feel like i’m dying here.

    1. Extreme Weather
      Published January 10, 2023 8:20pm EST
      California scenes show devastation from flooding, sinkholes amid barrage of atmospheric rivers
      Moisture from rounds of rain have created dangerous mudslides and sent trees sliding off mountain roads. California first responders have been busy rescuing people from sinkholes and flooding.
      By Emilee Speck
      FOX Weather

    2. Thousands of Californians under evacuation orders as flood threats continue and death toll of recent storms climbs to 17
      By Nouran Salahieh, Jason Hanna, Joe Sutton and Christina Maxouris, CNN
      Updated 9:16 PM EST, Tue January 10, 2023

      CNN — 

      Thousands of Californians remained under evacuation orders as heavy rainfall continued in parts of the state, threatening more flooding as part of a series of storms that have left at least 17 dead in recent weeks.

      Thunderstorms were drenching northern California Tuesday afternoon with more rain expected Wednesday and Thursday. Across the state, more than 20 million people are under flood alerts as the risk of mudslides also spreads to the Los Angeles and San Diego areas.

      “Scattered to widespread instances of flash flooding will be possible, especially near steep terrain and burn scars,” the Weather Prediction Center said Tuesday afternoon.

      Roughly 34,000 remained under evacuation orders statewide, California Gov. Gavin Newsom said in a Tuesday afternoon news conference.

      1. Had a zoom meeting cancelled this morning because many Clownifornian attendees still have no power.

        In other news, all airliners were grounded this morning because of an FAA glitch.

        The effin’ country is falling apart.

    3. People U-Hauling out of NY, California — heading to Texas, Florida: study
      By Carl Campanile
      January 3, 2023 5:54pm Updated

      Start spreading the news — they’re leaving today.

      People are U-Hauling it out of Democratic-run New York and California — and flocking to lower-taxed places, including Republican-led Texas and Florida, a new study released Tuesday found.

      The report by U-Haul truck rental moving service shows that sunny California — the Golden State — has gone from Dreamin’ to Leavin’, while more folks are departing the once mighty Empire State than are moving into New York.

      California ranked dead last year, with more one-way U-Haul rentals leaving the state than moving in — while New York ranked a lowly 46th. The rest of the bottom six was rounded out by a group of other famously blue states: New Jersey at number 45, Massachusetts at 47, Michigan at 48 and Illinois at 49.

      “Demand for equipment out of California, Illinois and New York remained strong in 2022, as more people opted to leave areas of the West Coast, Northeast and Midwest,” the U-Haul report said.

      Where are folks moving to? Texas is the No. 1 growth state for the second consecutive year and the fifth time since 2016, U-Haul reports.

      1. Eventually, the only Clownifornians lefts will be vibrants and Hispanics, who will demand reparations from each other.

        1. LOL, now that would be funny if not so stupidly sad.

          In other news, the Clownifornians have been thinkin, and they say that they may have figured out how to make use of all this drought rain they been gettin, and that is to let the reservoirs fill up, instead of just letting flow out to sea.

          They are startin to get some farmer common sense out there.

      2. Bear: I moved to Fort Worth Texas five years ago, and I bought an 85 gallon tank to put behind my diesel truck cab, along with my 32 gallon standard tank. 2500 mile range. (My monster Dodge gets 23 mpg freeway)
        I can fill up in El Paso, drive to my kids house in San Diego, stay two weeks, and get back to Texas before I have to fuel up and I did it just so I dont have to pay those commie ba$tards any gas tax.
        Newsome hates me, and I am proud of that.

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