In The Past, Kicking The Can Down The Road Has Worked, It’s Not A Solution For 2023
A report from the Mercury News in California. “Signs of a homebuilding decline are already clear. In San Francisco, for instance, several of the city’s biggest housing developments are reportedly stalled. And in Concord, a 16,000-unit megaproject still in the planning stages is on hold after the developer asked the city to approve the addition of about 3,000 more homes to offset growing costs. Dean Wehrli, a principal with John Burns Real Estate Consulting, said tens of thousands of local layoffs by tech companies such as Facebook, Twitter and Salesforce also are having a big impact on housing demand, giving developers pause. And growing concerns about a recession freezing the local real estate market later this year are only increasing the uncertainty.”
“At the same time, the slow pandemic recovery of the region’s urban cores has some developers questioning whether it makes sense to pursue projects in city centers, where rents largely haven’t returned to pre-COVID prices. ‘Why would you want to live in a downtown if it is dark and empty and boarded up?’ asked Danny Haber, chief executive of Oakland-based developer oWOW.”
Go Banking Rates. “If you’ve been feeling priced out of the market the past few years, Odest Riley Jr., CEO of WLM Realty and Co., based in Inglewood, California said this is the year that regular, hard-working buyers will be able to get back in the game. ‘First-time homebuyers will be welcomed with their FHA loans,’ he said, ‘and sellers will be handed a dose of how it feels to not be in control of the whole transaction.'”
“This would be a major change of pace from the frenzy of the past few years. ‘From April 2020 to March 2022, sellers were able to put their properties on the market, kick their feet up and wait for a buyer to beg them to accept an offer,’ he said. ‘That time is long gone.'”
The Idaho Press. “Gem County ended the year with 326 total home sales, 21.4% fewer than in 2021, and the lowest level since 2019. Of those, 240 were existing sales while 86 were new construction. Those who are able to buy in today’s market have more options to choose from and more time to shop for a home than they’ve had in years. There were 106 homes available for purchase in Gem County in December, 76.7% more than in December 2021. Of those, 49 were existing/resale homes, and 57 were new construction. Buyers who haven’t looked at new homes may want to reconsider, as some builders are offering incentives and competitive pricing to move product, and many new construction homes have features and upgrades that aren’t readily available in the existing/resale segment.”
Fox 26 Houston in Texas. “Some experts believe the housing industry is teetering towards a buyer’s market and now is the time to act. ‘If your thoughts are I want to buy a home, get out now while there are fewer buyers and sellers are feeling it. They’re anxious to sell, so they’re willing to deal,’ said Tricia Turner CEO of Tricia Turner Properties Group. ‘They’re going to deal with you less when there is less competition and more buyers.'”
Bisnow Boston in Massachusetts. “Boston’s office market had appeared to be slowly recovering in early 2022, but as economic conditions continued to worsen in the second half of the year, the level of vacancy in the city rose to a new record high. Total availability in the Boston office market reached 17.4% at the end of December, a new all-time high that surpassed the vacancy rate seen during the dot-com bust of 2001, the Great Recession and the height of the pandemic, according to Colliers’ fourth-quarter market report.”
“Boston recorded 369K SF of negative office absorption in the fourth quarter and 1.4M SF in the full year, according to CBRE’s Q4 office market report. CBRE said its measure of Boston’s availability rate rose to the highest level in 20 years at 19.9%. The amount of space on the sublease market totaled 4.7% of all office inventory, an increase of 1.8% year-over-year, according to CBRE’s report, which said this is the highest sublease rate since the end of the 2001 recession. ‘You’re seeing vacancy climb across the board, and no neighborhood has been affected more than another at this point,’ said Suzanne Duca, director of research for CBRE.”
From CTV News. “Findings released by the Canadian Real Estate Association on Monday show that compared to December 2021, the number of homes sold in Canada dropped by 39 per cent. The amount they sold for also took a 12 per cent dip during the same period. ‘Right now it feels a lot like 2019,’ says Danielle Johnson, an agent based in Dieppe, N.B. That’s when the real estate market was more balanced. There’s also the lack of urgency that many were feeling during the pandemic, meaning selling strategies have changed.”
“‘Listing properties at the fair market value, which means not what your neighbour sold for in 2020 but more what your neighbours listed at and you should still be able to list it at that price and get a good offer. Gouging is not working right now,’ says Johnson. Johnson says, while the market has levelled out, sellers are still in the driver’s seat as long as they can be patient.”
“They missed the boat on the multiple offers, so they’re missing out on the gravy, the surplus, so you can still get a good offer. Your property hasn’t gone down in value 20 per cent, not at all. It’s just that you can’t anticipate to get over and above asking because people are not fighting over that property. People have buyers fatigue, they don’t want to play that game anymore,’ Johnson says.”
The Pretoria Rekord in South Africa. “If, as the The Economist magazine predicts, a global house-price slump is on its way, based on evidence in nine ‘rich economies’, SA’s market will similarly take a beating, which will significantly impact residential property prices. As it is, according to independent property economist and property valuer firm Rode & Associates, this will be the seventh consecutive year of decline in real property values (i.e. after having deducted inflation).”
“‘The thing is, after a boom period (such as was experienced when interest rates dropped to help sustain South Africans through the pandemic), it is hard for sellers to adjust their bullish expectations downwards,’ said Erwin Rode, MD and founder of Rode & Associates.”
Free Malaysia Today. “The Johor state government is seeking a relaxation of rules for foreign residents in Malaysia as a way for developers to sell off a large stock of unsold luxury condominium units and serviced apartments in the state. ‘I hope the requirement can be relaxed a little so that genuine buyers and investors can take up these expensive serviced apartment and condominium units that are RM500,000 and above,’ Jafni Md Shukor, the executive councillor for housing and local government told reporters in Kulai. ‘A review by the minister on the MM2H (rules and conditions), would open up the space not only to overseas buyers but also to investors to buy serviced apartments here. The developers would get the cash flow, and they can work on their next development projects.'”
“Last September, former deputy finance minister Shahar Abdullah said Johor had the highest level of unsold homes amounting to 6,000 units valued at RM4.7 billion, or 17% of the national property overhang and 21% of the national value. He said almost 60% of the unsold homes were apartments, with almost 43% costing more than RM500,000 each. The Johor state government had previously proposed that Putrajaya revive the MM2H programme as part of efforts to overcome the property glut in the state.”
From ABC News. “It took COVID-19 to, briefly, drag Australia into recession after around three decades without one. Even then, the pain was fleeting, lasting only a few months for most as record-low interest rates, unprecedented money printing and government stimulus dwarfing anything before it refloated the economy. The stimulus was so large that it not only righted the ship but propelled it at a rate of knots into a boom the likes of which Australia hadn’t seen since at least the heady years of the original mining boom in the early 2000s.”
“But now comes the hangover, in the form of inflation and interest rate rises the likes of which Australia also hasn’t seen in around three decades. If the cash rate hits 3.85 per cent, as forecast by two of the four major banks, our Sydney borrower will be up for almost $5,000 a month in repayments at a mortgage rate of about 6.3 per cent. Put another way, someone with an $800,000 mortgage is likely to have to find an extra $2,000 a month to meet their new repayments, or close to $500 a week.”
“More concerning, the analysis found that 15 per cent of owner-occupiers would have negative spare cash flows — that is, after paying their mortgage they would not even have enough money left over to buy life’s essentials, such as groceries, utilities, fuel, ‘as well as a small amount of discretionary expenditure.’ The Reserve Bank did its own modelling on this, published in October’s Financial Stability Review. The RBA concluded: ‘This latter group of (typically low-income, highly indebted) households would likely be forced to draw down on their stocks of saving in order to continue to meet their loan payments and essential living expenses.’ But here’s the kicker: ‘Some may have a limited ability to do this, given that low-income and highly indebted households typically have lower savings buffers.'”
“And there’s another risk to the Reserve Bank’s sanguine conclusion about the outlook for Australia. It is assuming that two years’ of savings buffer will be enough, and its modelling is based on rates peaking at 3.6 per cent. Implicit in this is an assumption that inflation will ease reasonably quickly without rates having to go too much higher than they are now. Graham Andersen, a financial tech consultant with decades of experience in the mortgage sector, believes that is a risky assumption to make.”
“‘The banks and regulators are hoping, not knowing, that interest rates will drop enough to solve the problem,’ he told me. ‘In the past, kicking the can down the road has worked because of low inflation and falling interest rates. It’s not a solution for 2023.’ He thinks that not only are a lot of individuals about to hit severe financial trouble, but the banks may be as well. ‘My view is that there will be enough who won’t be able to refinance and won’t be able to service their loans to become a problem for the banks.'”
“If we go back to the Reserve Bank’s modelling, the 15 per cent of owner-occupiers who will fall into negative cash flow equates to around half a million households. Even if just one in five of those ended up being unable to pay their mortgage, that would be more than 100,000 households defaulting or being forced to sell their home. Then the can might finally reach the end of the road.”
This Post Has 110 Comments
Comments are closed.
‘There were 106 homes available for purchase in Gem County in December, 76.7% more than in December 2021. Of those, 49 were existing/resale homes, and 57 were new construction’
That’s one of the highest percentages of new to existing I’ve seen.
Realtors are liars.
‘A review by the minister on the MM2H (rules and conditions), would open up the space not only to overseas buyers but also to investors to buy serviced apartments here. The developers would get the cash flow, and they can work on their next development projects’
They’ve had this glut for over a decade, and they want to build more.
‘The banks and regulators are hoping, not knowing, that interest rates will drop enough to solve the problem’
The problem? I suppose it’s refreshing to see a media question the central bankers rosy ‘forecast’ but these people are fooked.
‘the analysis found that 15 per cent of owner-occupiers would have negative spare cash flows — that is, after paying their mortgage they would not even have enough money left over to buy life’s essentials, such as groceries, utilities, fuel, ‘as well as a small amount of discretionary expenditure’
There goes the avocado sammies Australia.
The movement to turn every low income household into a homeowner household, at whatever price point, doesn’t seem very benevolent at this point.
In so-called primitive societies no one is a renter. The housing, such as it is, either belongs to individual or extended families. In some ways those folks seem better off than we do.
“In some ways those folks seem better off than we do.”
If it really was better we’d still be doing it that way.
Not necessarily. We don’t always “do things the way we do” because it’s better. Things are “done the way they’re done” because certain benefactors want it that way. That’s why you have places like Venezuela. How’s that workin’ out?
after paying their mortgage they would not even have enough money left over to buy life’s essentials
Time to get a second job! But at least you’ll have a shanty to come home and collapse in exhaustion after stocking shelves at whatever Oz’s equivalent of WalMart is.
‘Total availability in the Boston office market reached 17.4% at the end of December, a new all-time high that surpassed the vacancy rate seen during the dot-com bust of 2001, the Great Recession and the height of the pandemic’
How do those 4% cap rates look now?
‘Listing properties at the fair market value, which means not what your neighbour sold for in 2020′
Dial back those expectations Danielle. Who will give me 2018?
‘Why would you want to live in a downtown if it is dark and empty and boarded up?’
Weather?
In theory, downtown is pretty good when you are done raising kids. There are a lot of great activities and public transport is good.
That is assuming downtown is safe, clean and degenerates are not in your face. I am not sure that we get back to that state – in either N.America or Europe any time soon.
U been to Oakland?
U been to Oakland?
I did some work in downtown Oakland during the peak-prosperity run-up in HB #1, circa 2004. I don’t think the crackheads and bums got the memo that times were good.
‘the pain was fleeting, lasting only a few months for most as record-low interest rates, unprecedented money printing and government stimulus dwarfing anything before it refloated the economy. The stimulus was so large that it not only righted the ship but propelled it at a rate of knots into a boom the likes of which Australia hadn’t seen since at least the heady years of the original mining boom in the early 2000s’
The central bankers couldn’t see this was overkill? That mining boom left people underwater by the thousands on crap shacks in places that dust overtakes. Now you don’t even have a commodity boom, just the debt.
The Intercept — COVID-19 DRUGMAKERS PRESSURED TWITTER TO CENSOR ACTIVISTS PUSHING FOR GENERIC VACCINE (1/16/2023):
“it shows the extent to which pharmaceutical giants engaged in a global lobbying blitz to ensure corporate dominance over the medical products that became central to combatting the pandemic. Ultimately, the campaign to share Covid vaccine recipes around the world failed.”
https://theintercept.com/2023/01/16/twitter-covid-vaccine-pharma/
Stop noticing?
The “vaccination” rate in Sub-Saharan Africa is less than 10% and they’re all still alive. Meanwhile Japan is the highest “boosted” population and they’re all dying faster than ever now.
Yoel Roth could not be reached for comment…
Keep paying those federal income taxes, slaves.
“Ukraine’s first lady flew into the World Economic Forum (WEF) annual gathering in Davos on Tuesday, leading a push by President Volodymyr Zelensky and his government to secure more battlefield weapons to defend against Russia’s invasion.
Olena Zelenska used the opportunity afforded by a special address to warn that Kyiv and its forces are all that stands between Russian aggression and a new nuclear disaster along the lines of Chernobyl, while scolding foreign government representatives to do more to help her embattled country.”
https://www.breitbart.com/europe/2023/01/17/ukraines-first-lady-tells-davos-elites-you-must-do-more-to-support-kyiv/
Scolding? Go back to Paris to buy some more clothes you nasty skank.
You’ll never be seen as anything more than cattle to these globalists.
while scolding foreign government representatives to do more to help her embattled country.
She sounds like an older, better looking and better dressed version of St. Greta.
Meanwhile, NATO seems to be running short on goodies for Ukraine. How backordered are those replacement Javelin missiles?
She’s a wild and crazy gal.
“Meanwhile, NATO seems to be running short on goodies for Ukraine.”
The NATO countries are easily within Russian striking distance, so they’re reluctant to contribute anything more than medical supplies, generators, winter clothing, etc., that cannot be viewed as offensive weapons. NATO power is the U.S. military.
better dressed version
Gonna have to disagree there. That Gucci clown suit or whatever it was she was wearing on the plane was hideous.
Gaudy or garish would be the words you’re looking for.
I like hideous. It matches what they are doing to their people for money.
𝗛𝗲𝗿𝗻𝗱𝗼𝗻, 𝗩𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟯% 𝗬𝗢𝗬 𝗔𝘀 𝗙𝗮𝗶𝗿𝗳𝗮𝘅 𝗖𝗼𝘂𝗻𝘁𝘆 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗕𝘂𝗿𝗻𝘀 𝗧𝗼 𝗧𝗵𝗲 𝗚𝗿𝗼𝘂𝗻𝗱
https://www.movoto.com/federal-way-wa/market-trends/
𝘈𝘴 𝘰𝘯𝘦 𝘍𝘢𝘪𝘳𝘧𝘢𝘹 𝘣𝘳𝘰𝘬𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘏𝘰𝘸 𝘢𝘮 𝘐 𝘵𝘰 𝘴𝘦𝘭𝘭 𝘺𝘰𝘶𝘳 𝘩𝘰𝘶𝘴𝘦 𝘸𝘩𝘦𝘯 𝘢 𝘣𝘶𝘪𝘭𝘥𝘦𝘳 𝘪𝘴 𝘴𝘦𝘭𝘭𝘪𝘯𝘨 𝘢 𝘯𝘦𝘸 𝘰𝘯𝘦 𝘧𝘰𝘳 30% 𝘭𝘦𝘴𝘴?”
A reader sent these in:
$MHK Mohawk guiding down earnings. “The global residential flooring business softened more than the company expected in Q4” Another housing supplier about to get scalped.
https://twitter.com/TommyThornton/status/1615109711883378717
PRICE DISCOVERY OF THE DAY: Welcome to Whitby, ON, where this Fabulous End Unit, 2155 Sqft, 4 Bed 3 Bath, Freehold TownHome, sold for $1.405M in February 2022. The home closed in March 2022. Now, this 🏡 sold in January 2023 for $999K, a loss of $405K before RE fees.
https://twitter.com/ShaziGoalie/status/1614983382353551360
Danielle DiMartino Booth
RIDDLE ME THIS. Who is paying to have this biased article from December 7th constantly promoted? If @WSJ WHY if it’s supposed to be a NEWSpaper? If it’s @nardotrealtor well then that explains it. But WHY would @WSJ allow it to appear as if the NEWSpaper is the entity paying?
https://twitter.com/DiMartinoBooth/status/1615075059982553089
A leaked list of World Economic Forum attendees includes:
FBI director Chris Wray
Amazon CEO Andy Jassy
BlackRock CEO Larry Fink
Pfizer CEO Albert Bourla
https://twitter.com/GRDecter/status/1615074904759566350
Housing affordability attacking historical lows, and the recent streak of declines in #realestate indicators isn’t at its end. #housing starts, new home sales, existing home sales, permits… the trajectory is clear, and with the Fed tightening up to 5.50% FFR potentially…
https://twitter.com/Monica___K/status/1615071605884964864
The only chart that matters for the housing market in 2023. Who is the marginal buyer here?
https://twitter.com/MacroAlf/status/1615068921354227713
Canada’s property bubble and leverage is greater than Japan’s in the late 80s that lead a 70% drawdown from peak to trough. Not to mention, Canada has not even had a correction in housing since the 90s.
https://twitter.com/Wbp193/status/1615083252628291602
Steve Saretsky
The percentage of Canadian businesses expecting a decline in sales continues to ramp higher.
https://twitter.com/SteveSaretsky/status/1615051089426132992
CarDealershipGuy
Tesla’s price drops might just be the harbinger that starts the consumer credit meltdown. We should expect more downward pressure on car prices. But still unknown to what extent and over what time period.
https://twitter.com/GuyDealership/status/1615071458346106891
Office building: 100k square feet
Purchase Price: $100M
Rent: $8M (gross)
Year: 2019
Now half vacant
Rent: $4M/yr
Cost to operate: $2.4M/yr
Interest on loan: $3M/yr
Owner losing $1.4M/year, $40M down payment wiped out, and no tenant interest
Happening all over the country
https://twitter.com/realEstateTrent/status/1614986890398109697
Just in time for Chinese New Year… China Evergrande says PwC has resigned as its auditor, adding pressure on the developer at the epicenter of China’s property crisis.
https://twitter.com/CT_Osprey/status/1615026865281826817
$TSLA unsold inventory in Europe just keeps growing. Forums are dead (although delays can happen). FD: deliveries of backlog are ongoing and will last until early-mid Feb, but new orders get a VIN within hours
https://twitter.com/fly4dat/status/1615072573406216194
Steve Saretsky
Canadian home prices fall another 1.3% in December, now down 17% since peaking in early 2022.
https://twitter.com/SteveSaretsky/status/1615028704857698304
“A July 2022 survey of 1,001 homebuyers found 72% of them experienced regret”
2023 may well be the year of the homebuyer hangover
https://twitter.com/texasrunnerDFW/status/1615010815781773313
How cool is this. Emptying out my parents home found the paperwork. They paid 15,170 with a mortgage at 6.5% … from 1964 1989. $101.62/mo. 🤍🤍
https://twitter.com/REWoman/status/1614995686826582016
Funny how so many went from “I don’t see prices falling at all” to “I don’t see prices falling beyond 10-20%”
https://twitter.com/nihilistic_Xer/status/1615165911891058688
The fall already started and were not seeing the fed lower rates or “investors” swoop in to save the day.
https://twitter.com/NipseyHoussle/status/1615165376593297408
Christine Lagarde just posted a selfie.
https://twitter.com/RudyHavenstein/status/952416131360333824
“If Japan had done nothing after 1989…they would be long out of their problem, but they’ve tried one heroic response after another, which has ground them further and further…” – Lacy Hunt
https://twitter.com/RudyHavenstein/status/1613948115303927808
While this is presented by the MSM as great news, the reality is that the cost of living – even using the ridiculous CPI model – is running at 3.25x the Fed’s made-up 2% target, and massively above their legal mandate of “stable prices.”
https://twitter.com/RudyHavenstein/status/1613968763254079539
Thank the Fed “For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis”
https://twitter.com/TechQn/status/1615181019795324928
Ron Butler
Why Are So Many Power of Sale Houses Soon To Come to Market?
Last Friday there was a flurry of publicity about Ontario homes entering or being in some stage of the Power of Sale process which most people know as Foreclosure although that is actually a separate legal action 2
https://twitter.com/ronmortgageguy/status/1614987971559657475
Ron Butler
And a house that was valued at $1M may have fallen to $750K
These problems are true human tragedy for the borrowers caught up in it
But regrettably they will like be more as the year progresses
https://twitter.com/ronmortgageguy/status/1614987981097689089
Been following the RE in Vaughan for awhile. It reminds me of 1990 just before the collapse. When homes were being listed for insane prices. They want $6.5mil for this. In Maple/Vaughan, Teston near Bathurst
https://twitter.com/TraceyKent/status/1615103969033953282
Homes in the area were selling for over $2mil. Now most are trying to sell at https://realtor.ca/real-estate/25183408/15-quail-run-blvd-vaughan-rural-vaughan lowest for $1.4. There’s a lot of people in very deep debt.
https://twitter.com/TraceyKent/status/1615104507876188191
Wage growth is increasingly lagging behind shelter inflation.
https://twitter.com/SoberLook/status/1613840321263149057
Housing continues to drive the US core services CPI, with shelter inflation hitting a multi-decade high.
https://twitter.com/SoberLook/status/1613839820727455745
2/2 Friendly hint for Western climate „activists“, building ghost cities and idle airports is not good for environment.
https://twitter.com/MichaelAArouet/status/1615106742353895441
“And a house that was valued at $1M may have fallen to $750K
These problems are true human tragedy for the borrowers caught up in it”
Yes the buyer is out their 3% down payment, but the bank has the true tragedy to deal with.
“And a house that was valued at $1M may have fallen to $750K
These problems are true human tragedy for the borrowers caught up in it”
It was all fun and games and pop the champagne when prices were rising at double digit annual rates.
Now that prices are falling, with people losing their life savings and the financial world facing Armageddon, the mood has suddenly turned grim.
Now that prices are falling, with people losing their life savings and the financial world facing Armageddon, the mood has suddenly turned grim.
What’s more tragic, some debt-junkies losing a 3% down payment and some phantom equity, getting foreclosed on and having to get back into a rental, or people on the sidewalk who can’t even afford shelter due to said debt junkie, the government and the FED?
people on the sidewalk who can’t even afford shelter
Perhaps an example of “if living in a house was better we’d still be doing that”?
“What we have found in this country, and maybe we’re more aware of it now, is one problem that we’ve had, even in the best of times, and that is the people who are sleeping on the grates, the homeless who are homeless, you might say, by choice.” —Ronald Reagan, Good Morning, America
It’s funny how so many people assume that everything in the present must be, by definition, better than everything in the past, because apparently the mere passage of time automatically means progress has occurred.
How do they know it was Christine Legarde?
Gotta admit…that was funny!
Blood, blood!
When she’s tanned, she resembles beef jerky.
She probably smells like it, too.
How cool is this. Emptying out my parents home found the paperwork. They paid 15,170 with a mortgage at 6.5% … from 1964 1989. $101.62/mo.
Same deal with my parents. Dad cleared about $200 a week as a tool and die maker.
I remember that my mom carried a plastic gadget with buttons when she went grocery shopping to keep track of how much was in the cart. Say she put in something that was 19 cents, she would press the 10 cent button once, then the 5 cent button, then 1 cent button four times, with each button press the total would update. The gadget was 100% mechanical.
Sh also shopped at GEMCO, which she said had better prices than Vons or Alpha Beta.
Even though the mortgage was 1/2 a week’s pay, my mom drove a 10 year old station wagon and my dad had a 5 year old Impala, which he did buy new and paid cash for it.
I remember Gemco and Fedco.
Me too!
I remember those little plastic change counters too. I believe the maximum amount was $10.00, because one trip of groceries almost never cost more than that.
I can still keep a running total to the nearest dollar while shopping without a gadget. The teller couldn’t even make change without their computerized register.
They’re on eBay.
https://files.catbox.moe/oikwjx.png
“For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis”
A dollar will only contribute to Joe Sixpack troubles.
Joe Biden’s America:
“An unhinged vagrant who terrorized Manhattan’s Gramercy Park neighborhood last year is still at it — and locals say the city isn’t doing anything to help despite Mayor Eric Adams’ new program to get troubled homeless people off the streets.
Residents at one Lexington Avenue building told The Post that management even spent nearly $4,000 on a locksmith to try to keep the troublesome vagabond from camping out in their lobby — but he somehow still found a way in.
The Post first wrote about the man — known as Howard but nicknamed “Cheese” by local cops because of his stench — in April, when he was spotted wandering the area and muttering to himself as he tried to get into area businesses.”
https://nypost.com/2023/01/16/scourge-of-gramercy-park-still-terrorizing-locals-despite-pleas-to-cops-city-hall/
Too bad that Cheese didn’t come here from Venezuela illegally, he’d get a free hotel room and free beer and weed all day long.
“They’re not sending their best”
“An unhinged vagrant…”
The visiting jogger’s rapist?
“Your property hasn’t gone down in value 20 per cent, not at all.”
It’s just that you will get 20% less than your neighbor who sold in February. But you’re not down 20%. You’re just back to where prices were in mid 2021, when they were 20% lower than the peak. But you’re not down 20% from the peak. I hope that makes sense. Signed, your local caring Relitter® who only has your best interests in mind.
The Kia Challenge is a TikTok trend linked to a series of motor vehicle thefts in 2022 targeting Kia and Hyundai vehicles in the United States and Australia. The thefts, mainly perpetrated by teenagers,[1] have resulted in four deaths in the United States and a large increase in thefts of the affected car models.
A video was posted on TikTok on July 12, 2022 where the author uses a USB connector on a naked key slot and successfully hotwires a car.[2] This vulnerability exists on a type of ignition switch used in many Kia/Hyundai cars sold until 2021, which are not equipped with an immobilizer system.[3] The video was taken down on July 25.[2]
In Los Angeles, the trend has been linked to an 85% increase in thefts of Kia and Hyundai vehicles in 2022 compared to 2021. In Chicago, thefts of the affected vehicle models increased by over nine times, and children as young as 11 were reported to have participated in these thefts.[1]
“children as young as 11 were reported to have participated in these thefts”
The Cloward-Piven strategy as seen in effect, a few decades after its implementation.
“If I had a son, he’d look like Trayvon” — Barack Hussein Obama
Ain’t technology grand?
𝗪𝗲𝘀𝘁𝗯𝗼𝗿𝗼𝘂𝗴𝗵, 𝗠𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗕𝗿𝗼𝗸𝗲 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝗚𝗲𝘁 𝗕𝗿𝘂𝘁𝗮𝗹𝗶𝘇𝗲𝗱 𝗕𝘆 𝗙𝗮𝗹𝗹𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗔𝗰𝗿𝗼𝘀𝘀 𝗡𝗼𝗿𝘁𝗵𝗲𝗿𝗻 𝗡𝗲𝘄 𝗘𝗻𝗴𝗹𝗮𝗻𝗱
https://www.movoto.com/westborough-ma/market-trends/
𝘈𝘴 𝘰𝘯𝘦 𝘣𝘳𝘰𝘬𝘦𝘳 𝘥𝘦𝘤𝘭𝘢𝘳𝘦𝘥, “𝘴𝘭𝘢𝘴𝘩 𝘺𝘰𝘶𝘳 𝘱𝘳𝘪𝘤𝘦 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘥𝘰 𝘪𝘵 𝘢𝘨𝘢𝘪𝘯 𝘢𝘯𝘥 𝘢𝘨𝘢𝘪𝘯 𝘢𝘯𝘥 𝘢𝘨𝘢𝘪𝘯. 𝘛𝘩𝘢𝘵’𝘴 𝘵𝘩𝘦 𝘸𝘢𝘺 𝘪𝘵 𝘪𝘴 𝘩𝘦𝘳𝘦 𝘪𝘯 𝘕𝘦𝘸 𝘏𝘢𝘮𝘱𝘴𝘩𝘪𝘳𝘦.”
https://youtu.be/W4rR-OsTNCg?t=8
Another successful vaccination program.
100% safe and effective.
Another day, another leg deeper into Wall Street’s bottomless CR8R…
Stocks fall as Wall Street’s big banks report profit drops
Alexandra Semenova
Tue, January 17, 2023 at 6:34 AM PST·3 min read
In this article:
U.S. stocks fell Tuesday morning as a shortened but busy week packed with corporate earnings got underway on Wall Street.
The Dow Jones Industrial Average (^DJI) shed 350 points, or around 1%, weighed down by bank stocks after Goldman Sachs (GS) posted its largest earnings miss in a decade. The S&P 500 (^GSPC) and technology-heavy Nasdaq Composite (^IXIC) each slipped 0.2%.
…
https://finance.yahoo.com/news/stock-market-news-live-updates-january-17-2023-115704146.html
The Financial Times
Goldman Sachs’ profits plunge two-thirds as dealmaking slumps
Wall Street bank has embarked on biggest cost-cutting drive since financial crisis
People walk past Goldman Sachs’ headquarters in New York
Goldman Sachs’ net income tumbled to $1.3bn in the fourth quarter, short of analysts’ expectations of $2.2bn
Joshua Franklin in New York
4 hours ago
Goldman Sachs’ profits plunged two-thirds last quarter, missing expectations and capping a grim year that has forced the bank to embark on its largest cost-cutting exercise since the financial crisis.
It was the Wall Street bank’s fifth straight quarter of falling profits and Goldman has already moved to cut more than 3,000 jobs, slash bonuses and launch a review of spending.
The drop in fourth-quarter profit reported on Tuesday was led by a sharp slowdown in investment banking activity as higher interest rates and a weakening global economy ended a multi-year dealmaking boom.
…
The Financial Times
Silvergate Bank
US bank Silvergate sinks to $1bn loss as crypto crisis takes a toll
Lender braced for ‘sustained period of lower deposits’ even as its faith in digital asset industry remains intact
Logo for Silvergate bank
The California-based lender said it would slash its product offering and offload non-core customers in an attempt to cut costs
Nikou Asgari in London 5 hours ago
Crypto-focused US bank Silvergate swung to a $1bn loss in the last three months of 2022, underscoring how the lender has been rocked by the collapse of crypto prices and implosion of exchange FTX.
The California-based bank reported a $1.05bn net loss for the fourth quarter, compared with a profit of $18.4mn in the same period a year earlier, and said it would slash its product offering and offload non-core customers in an attempt to cut costs.
Silvergate has pivoted from a small community lender to becoming a crypto-focused bank in recent years and played a key role in providing services to Sam Bankman-Fried’s now-collapsed crypto empire. The earnings reported on Tuesday underline the extent of the pressure facing the bank, amid plunging crypto prices and the bankruptcy of several large companies, including Bankman-Fried’s FTX and Alameda Research.
…
as crypto crisis takes a toll
Wait, whaaaa? I thought it’s off to the moon for Bitcon again?
The Financial Times
European equities
Investors slash bets on US stocks as they seek returns in Europe and EM
Big fund managers take biggest ‘underweight’ position in Wall Street equities since 2005
Wall St road sign
Wall Street equities were in vogue during the pandemic-era bull market but reversed last year as the Fed began reining in the measures that lifted markets
Chris Flood 2 hours ago
Wall Street has fallen out of favour with global fund managers who have cut allocations to the US stock market to their lowest level for 17 years to hunt for opportunities in Europe and emerging market equities.
The Bank of America global fund managers survey showed a net 39 per cent of asset allocators held an “underweight” position in US stocks in January, up from 12 per cent in December, in the most abrupt collapse in sentiment in a single month in the history of the closely followed report, which began in 1985.
The darkening outlook for US stocks underscores a significant shift in global markets. Wall Street equities were in vogue during the pandemic-era bull market that was sparked by massive stimulus deployed by the Federal Reserve and US government to combat the coronavirus crisis.
…
Economy
Published January 10, 2023 9:55am EST
Jamie Dimon sounds alarm on rising US debt having ‘potentially disastrous outcomes’
JPMorgan Chase CEO talks macro outlook, politics, rising debt, China in exclusive interview on ‘Mornings with Maria’
By Kristen Altus FOXBusiness
JPMorgan Chase CEO Jamie Dimon says banks will be there for customers in good times and bad. video
Jamie Dimon: ‘High’ gov. debt has ‘potentially disastrous outcomes’
JPMorgan Chase CEO Jamie Dimon weighed in on fiscal policy under a new Congress and voiced concerns around rising debt’s macroeconomic impact in an exclusive four-part interview that aired on “Mornings with Maria” Tuesday.
While the U.S. government’s debt sits at $31 trillion and isn’t “today’s problem,” according to Dimon, trying to pay it off one day will be a “hockey stick” to the economy and Americans’ pocketbooks.
“I’m talking about on the day that America can’t pay its debt, that has potentially disastrous outcomes. Once American debt goes into default, a lot of people can’t own it anymore and American debt doesn’t cross-default, but it’s cumulative,” the CEO told host Maria Bartiromo.
“The [Treasury bill] defaults, and the next week T-bill defaults, the next week T-bill defaults, pension plans have to sell,” Dimon continued. “It is so potentially dangerous we shouldn’t get anywhere near it. And after all the shenanigans of politics, we’re going to have to fix this. I think it’s very bad for the nation to constantly be looking at this type of thing.”
…
https://www.foxbusiness.com/economy/jamie-dimon-sounds-alarm-rising-us-debt-potentially-disastrous-outcomes
“Jamie Dimon sounds alarm on rising US debt having ‘potentially disastrous outcomes’”
genius
Jamie Dimon last year income $34.5m. (Google)
and soon to be begging the Fed for a bailout
Updated Tue, Jan 17 20234:01 PM EST
Dow closes almost 400 points lower and snaps 4-day win streak, pressured by Goldman shares
Tanaya Macheel
Alex Harring
NEW YORK, NEW YORK – JANUARY 17: Traders work on the floor of the New York Stock Exchange during morning trading on January 17, 2023 in New York City. Stocks opened low after a holiday weekend disrupting an upswing in early 2023 momentum. Goldman Sachs reported that its quarterly profit plunged 66% from a year earlier to $1.33 billion and Morgan Stanley also reported more than $2 billion in profit for the fourth quarter, giving the company a 40 percent decline from the previous year.
The stock market was divided Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results.
The Dow Jones Industrial Average lost 397 points, or 1.2%, dragged down by a drop in Goldman Sachs shares. The Nasdaq Composite rose 0.1%. The S&P 500 fell 0.2%.
Goldman slid about 6% after the bank reported its worst earnings miss in a decade for the fourth quarter. Its results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers thank in part to record wealth management revenue. Its shares jumped 6%.
Those results came after other major banks such as JPMorgan and Citigroup reported mixed quarterly results.
“Goldman and Morgan Stanley have almost mirror image price action today following their earnings,” Yung-Yu Ma, BMO chief investment strategist, told CNBC. “Even within the financial sector, individual lines of business are faring very differently and Morgan Stanley’s wealth management segment provided a strong ballast.”
“These divergences are indicative of what we expect in this earnings season — diverging fortunes based on industry and sub-industry,” he added.
…
Wall Street is coming off positive back-to-back weeks to start the new year, but investors may have entered a hall of mirrors, according to Mike Wilson, chief U.S. equity strategist at Morgan Stanley.
“The rally this year has been led by low quality and heavily shorted stocks. However, it’s also witnessed a strong move in cyclical stocks relative to defensive ones. This move in particular is convincing investors they are missing something and must re-position,” Wilson said.
“Truth be told, it has been a powerful shift, but we also recognize bear markets have a way of fooling everyone before they’re done,” he added. “We’re not biting on this particular head fake/bear market rally because our work and process is so convincingly bearish, and we trust it.”
…
https://www.cnbc.com/2023/01/16/stock-futures-tick-lower-as-investors-look-to-corporate-earnings.html
The Economist
The looming global recession
Economic turmoil and instability beckon
Jan 16th 2023
A trifecta of geopolitical turmoil, the ensuing global energy crisis and a loss of macroeconomic stability has made a global recession inevitable. With the world economy facing enormous difficulties, our editors discuss how policymakers and business might tackle energy and food shocks, debt and downturns in property markets, stockmarkets and economic growth.
How can policymakers respond to the biggest macroeconomic challenge in the modern era of central banking? Where could economic weakness exacerbate geopolitical tensions? What are the prospects for recovery after this global recession?
…
It’s fascinating how The Economist editors discuss the incipient recession like it is a sure thing, while Wall Street’s porcine beauticians gaslight knifecatchers into believing that recession fears are overblown and a soft landing is on the way.
I’ve seen this movie before. It includes the line, “nobody could have seen it coming,” and it doesn’t have a happy ending.
Fortune
Goldman Sachs thinks the economy will actually pull off a soft landing—but adds the S&P will stay flat for a whole year
Will Daniel
Tue, January 17, 2023 at 10:52 AM PST·5 min read
In this article:
Doomsday forecasts for the U.S. economy have flooded in over the past year amid the Federal Reserve’s battle against inflation. Predictions of an impending “severe recession” from the likes of Elon Musk, or even “another variant of a Great Depression” from New York University economist Nouriel Roubini, have led most Americans to believe a downturn is inevitable this year.
…Goldman Sachs is still forecasting a “soft landing” in the U.S.—whereby inflation is tamed without sparking a recession. Even with the Fed’s aggressive interest rate hikes raising borrowing costs for consumers and businesses, Goldman believes the
economy is strong enough to continue growing.
…
https://finance.yahoo.com/news/goldman-sachs-thinks-economy-actually-185247261.html
Gary Cohn on recession fears: ‘We’ve weathered the storm in the United States’
Brian Sozzi
Tue, January 17, 2023 at 11:39 AM PST·2 min read
In this article:
DAVOS, Switzerland — The economic gloom is flowing as freely as the expensive wine at this year’s World Economic Forum (WEF). But don’t put Trump’s former top economic adviser and Goldman Sachs banker Gary Cohn in the recession camp.
“When I talk to people and ask them about their business, they seem to think their business is OK,” Cohn, now the vice chairman of IBM, told Yahoo Finance Live at the WEF this week. “So everyone here seems to think the other person has a problem. My personal view on this is: I think we’ve weathered the storm in the United States. It feels like we’re coming out in a fairly decent place.”
…
https://news.yahoo.com/gary-cohn-on-recession-fears-weve-weathered-the-storm-in-the-united-states-193915875.html
First of 508 comments:
Manny
11h ago
We have not weathered anything. Never a mention on the damage inflation has done to families. Only worrying about the 10% and 1%. Our standard of living is 20% less. Inflation still outstripping wages. The price of leisure suits is going down….yippee. NOTHING HAS CHANGED. The FED’S incompetence has robbed 20% from our future.
Bank of America CEO on Fed easing: Why ‘higher for longer’ makes sense
Brian Sozzi
Tue, January 17, 2023 at 8:14 AM PST·2 min read
DAVOS, Switzerland — Bank of America (BAC) CEO Brian Moynihan is pushing back on the view held by some investors that the Federal Reserve will slash interest rates in 2023 to jumpstart a potential recessionary U.S. economy.
“They may leave [rates] higher for longer just to make sure they squeeze out that services-side inflation,” Moynihan told Yahoo Finance at the World Economic Forum (WEF) on Tuesday.
Moynihan pointed out that his research team is expecting a “mild” recession this year. Economic growth will reaccelerate in 2024 and be sustained into 2025, Moynihan added.
…
https://money.yahoo.com/bank-of-america-ceo-on-fed-easing-why-higher-for-longer-makes-sense-161431473.html
Goldman, M. Stanley profits plunge as dealmaking dries up
By KEN SWEETyesterday
FILE – The logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Goldman Sachs reports earnings on Tuesday, Jan. 17, 2023. (AP Photo/Richard Drew)
ADVERTISEMENT
NEW YORK (AP) — The profits for two iconic Wall Street firms — Goldman Sachs and Morgan Stanley — plunged sharply last quarter as volatile markets cut deeply into investment banking.
Goldman’s profits tumbled 66% to $1.33 billion in the fourth quarter, it said Tuesday, well below what Wall Street had expected. Profits at Morgan Stanley slumped 40% to $2.2 billion, barely beating analyst projections.
Expectations for Goldman and Morgan were already grim after quarterly results last week from JPMorgan Chase, Citigroup and Bank of America.
Goldman on Tuesday disclosed to investors that its consumer banking division was struggling far more than what was previously known publicly. The bank set aside $972 million to cover potential credit losses in the quarter, which the bank said came from higher charge offs in its rather new credit card business.
“Widely expected to be awful, Goldman Sachs’ Q4 results were even more miserable than anticipated,” said Octavio Marenzi, CEO of consulting company Opimas LLC, in an email.
…
https://apnews.com/article/technology-morgan-stanley-business-450cb793310cb559aceed83423af697b
Here we go again …
One would think that they would procure a reliable source replacement before banning the purchase of Russian diesel. But the real objective is to create widespread permanent shortages, to reduce “carbon footprint”
They’ll buy all they want from Russia through middlemen.
Yep, economic embargoes raise prices.
It’s a good time to HODL energy stocks.
Jerome Powell just crapped his pants.
A housing story: Patricia Dunn was fighting through tears over the weekend in acknowledging that she will probably have to sell her home
https://www.sfgate.com/news/article/Man-going-through-divorce-rams-dump-truck-into-17723074.php
I remember a story where a husband took a chainsaw, and walked the entire perimeter of the house, cutting it in half horizontally.
A divorce can awaken the beast.
Some guys can’t keep a cool head under times of extreme duress. That’s why our prison systems are chalk full.
keep a cool head
When everything you’ve been working for, sacrificing for, turns out to be based on a lie, burning the house down is just poetic.
Does the prospect of Congess failing to raise the debt ceiling keep you awake at night?
Debt ceiling: Here’s what could happen in a credit “debacle”
By Aimee Picchi
January 17, 2023 / 4:27 PM / MoneyWatch
The federal government’s cap on the amount it can borrow to fund is approaching fast. U.S. Treasury Secretary Janet Yellen told lawmakers last week that the nation will reach the debt limit on January 19, prompting a slew of warnings from Wall Street analysts and economists about the potential financial fallout if Congress fails to take action.
The debt ceiling is currently at $31.4 trillion, representing borrowing that the Treasury undertakes to fund its financial obligations, ranging from safety-net benefits such as Social Security payments to interest on the national debt.
Yellen urged congressional leaders to raise the debt limit, which is set by lawmakers, as soon as possible to avoid a fiscal crisis. But with a Republican-controlled House, it’s unclear whether lawmakers can reach a compromise to lift the ceiling. If lawmakers fail to come to an agreement, the “debt ceiling debacle risks a self-inflicted recession,” Gregory Daco, EY Parthenon chief economist, said in a report.
Failing to raise the debt ceiling could lead to an “unmitigated disaster,” said David Kelly, chief global strategist at JPMorgan Funds, told investors in a client note.
But some skeptics say that the U.S. has options to skirt economic calamity, such as the possibility that the Treasury could even mint a platinum coin that could be deposited at the Federal Reserve and used to meet its financial obligations.
Here’s what to know about the debt limit and its potential impact on the economy.
What is the debt limit?
The debt limit, which is set by Congress, represents the maximum amount the federal government is allowed to borrow to pay its debts.
If the amount of government debt reaches that threshold and lawmakers fail to lift the borrowing limit, the U.S. would be unable to pay what it owes and could default.
It’s important to note that when Congress raises or suspends the debt ceiling, it isn’t greenlighting new spending. Instead, it is giving the go-ahead for the Treasury to pay for spending that has already been approved.
Has the debt limit been raised before?
Yes, many times. Since 1960, Congress has acted 78 times to raise, temporarily extend or revise the definition of the debt limit, according to Treasury. Of those, the debt limit was changed 49 times under Republican presidents and 29 times under Democratic administrations.
The last time the debt ceiling was lifted was in December 2021, when Democrats controlled both the House and Senate.
What happens if the debt limit isn’t raised?
With the U.S. approaching the debt ceiling on Thursday, Treasury can take several steps to ensure it keeps paying the nation’s bills.
“These special accounting measure should provide Treasury with around $400 billion in additional borrowing capacity under the debt ceiling,” Daco of EY Parthenon said in his note.
But, without congressional action, the U.S. could face a default on its debts as soon as June, Yellen warned last week.
What does “Date X” mean?
“Date X” — or sometimes called the “X Date” — is the day when the U.S. government would be unable to meet its financial obligations, a point which would likely deliver “catastrophic consequences for financial markets and Americans throughout the country,” according to the Bipartisan Policy Center.
At the moment, Yellen places Date X in June, but other estimates vary. The bottom line is that the U.S. could be months away from defaulting if the debt limit isn’t raised.
“Debt limit X date is a moving target,” noted Height Securities’ Benjamin Salisbury in a research note. “Yellen’s prediction that a default could come as early as June is months ahead of previous projections, which put the date around sometime in August.”
What happens if the U.S. defaults on its debt?
If the U.S. reaches a date when it is no longer able to pay interest on the trillions it already owes and defaults — something that has never happened in the nation’s history — the result could be catastrophic, according to some economists.
Because U.S. debt is considered the bedrock of the global financial system, due in part to its stability, a default could shake economies across the world. Americans could also face a recession, including higher unemployment, and the stock and bond markets would likely plunge. Recipients of federal benefits, such as Social Security recipients, might not get their monthly checks.
Still, exactly how a default would ripple through the economy is uncertain and contingent on a number of factors.
“The economic effects of running out of available resources to meet federal government obligations would certainly be negative, but we note there is a high degree of uncertainty about the speed and magnitude of the impact the U.S. economy would incur,” analysts with BofA Research said in a research note. “Ultimately, it would depend on how long the breach persists, how Treasury manages the situation and how financial markets react.”
What about mandated spending?
This is where some experts disagree with the doomsday scenario, with economist James K. Galbraith writing in Project Syndicate that Social Security, Medicare, Medicaid and interest payments are mandated spending — in essence, the U.S. by law must pay for these benefits.
“The U.S. Treasury must follow the law. Debt ceiling or no, it cannot legally default on any obligation,” he noted.
He added, “[T]he Treasury has no legal authority to single out Social Security or interest payments or anything else for cuts, and – so far as I know – it couldn’t stop those payments if it wanted to.”
Social Security has never failed to make a payment in its almost 100-year history, Galbraith noted.
Can the U.S. avoid a default without raising the debt limit?
Treasury and lawmakers have some options that could help the U.S. meet its financial obligations and avoid default, economists said.
First, Treasury has the authority to mint a platinum coin of any denomination. Yellen could, in theory, authorize a $1 trillion platinum coin and deposit it at the Fed, with the coin being used to meet its debt obligations. Notably, however, she has previously dismissed the idea as a “gimmick.”
…
https://www.cbsnews.com/news/debt-ceiling-limit-2023-default-what-could-happen/#app
But some skeptics say that the U.S. has options to skirt economic calamity, such as the possibility that the Treasury could even mint a platinum coin that could be deposited at the Federal Reserve and used to meet its financial obligations.
That would do wonders for the CPI. What’s to stop the Treasury from minting a hundred of them? I mean, other than the fact that it would crater the US and with it the global economy
The feds have borrowed so much money while rates were low, and now their cost to service that debt has more than doubled. BTW, it sure is nice of the world’s other countries to loan us their money in return for security guarantees.
What’s to keep the gooberment from minting 31 trillion dollar coins? Good news everyone! We just paid of the national debt! The bad news? 12 eggs now cost $100
Oh this fooking charade…everyone knows it will be increased.
It was exciting the first 10000 times it happened.
CraterRage from one DebtDonkey is more worthy than ten afternoons at Golden Corral.😂
https://twitter.com/TheBigFatBasta1/status/1614978357531398144?cxt=HHwWgMDSic-Qx-ksAAAA
Superbowl coming up:
https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fstatic1.squarespace.com%2Fstatic%2F54b2faf2e4b0c67d15add912%2Ft%2F56b2c0b4b654f9cac94f5be3%2F1517431164774%2FSnackadium&f=1&nofb=1&ipt=ff7aebaf7ab9969856b991651f3993f362ac5e6da378a01ed2ffcf687fa364b3&ipo=images
That be some fine eatins Donk.
Is it fair to say that Tom Brady recently has had it rough?
https://people.com/style/gisele-bundchen-seen-out-again-with-jiu-jitsu-instructor-joaquim-valente-as-ex-tom-brady-ousted-from-nfl-playoffs/
Well, that looks better than Antonio Brown holding out his hand with the index and middle fingered extended sideways.
Her boobs can’t be real.
Deflation Station
Tom Brady Apparently Lost an Ungodly Amount of Money in the FTX Crash
by Maggie Harrison
January 12, 2023
Drew Angerer via Getty / Futurism
Sorry, Tom.
Deflated Shares
It’s no secret that Tom Brady, golden-aged quarterback extraordinaire, was heavily invested into the now-bankrupt crypto exchange FTX at the time of its disastrous implosion into bankruptcy.
The tomato-avoidant footballer was one of the crypto giant’s most visible ambassadors, starring in FTX commercials and often taking to Twitter to tweet football-related crypto musings. But while he was understood to have an equity stake in the company, the terms of his agreement with exchange was never publicly disclosed. As a result, his losses in the collapse have been unclear — until now.
In new bankruptcy court filings reviewed by Insider, FTX reportedly unveiled exactly how much equity its top shareholders held in the formerly high-flying exchange. And let’s just say that if we were Brady, we’d be feeling pretty deflated.
Per the docs, the flamethrowing bitcoin miner had a staggering 1.1 million common shares of FTX. And while it’s still unknown how much money he may have actually put into his partnership with the company, considering that FTX was valued at roughly $32 billion at the time of its collapse? The entirety of rival exchange Coinbase, for perspective, owned only a hair more FTX stock than Brady, at 1.3 million shares.
Dropping the Ball
Alongside major investment funds like Tiger Global, Sequoia Capital, SkyBridge, and others, Insider reports that top shareholders include Patriots owner Robert Kraft, who had a little over 630,000 common shares, and supermodel-slash-neighbor-to-Tom-Brady Gisele Bündchen, who clocked in just under 700,000 of the like. (Brady and Bündchen, who were married at the time, entered into that undisclosed September equity deal together.)
All of these assets, Insider notes, are likely now worthless. It’s also worth noting that Brady and Bünchen are also two of several celebrity targets of a massive class action lawsuit accusing FTX and its famous ambassadors of intentionally hawking unregistered securities to low-information investors. Normal celeb times!
…
https://futurism.com/the-byte/tom-brady-lost-money-ftx
I was just thinking this the other day. Tom Brady lost his games, his wife, and his money in the space of 3 months. But, ya know, he has had NOTHING but success over the past 15 years. He’s kinda due.
Lose a nagging middle-age wife to a twenty something super hot girl who’s enamored with him? Yep he’s due.
He didn’t lose any money, he never had these paper profits to begin with. He risked nothing.
“Tom Brady lost his games, his wife, and his money in the space of 3 months.”
She’s been quiet, but when a firm, mid-twenties, cutie-pie enters the scene Gisele will likely declare war using the kids and social media as ammo.
From 2015: Ex-Nanny’s Las Vegas Trip with Ben Affleck and Tom Brady Raised Red Flags for Friends, Source Says
Yup, the handmaid issue.
Marvin Gaye & Tammi Terrell — Ain’t No Mountain High Enough:
https://www.youtube.com/watch?v=IC5PL0XImjw
Martha & the Vandellas – Heatwave:
https://www.youtube.com/watch?v=XE2fnYpwrng
Howlin Wolf — The London Sessions (full album, featuring Steve Winwood, Eric Clapton, Bill Wyman and Charlie Watts):
https://www.youtube.com/watch?v=aY-NoIiC2AI&list=OLAK5uy_nbA6fVJGZ1nvhiDXbJdF8lJPnzZE6u0KM
Jimi Hendrix — Message To Love:
https://www.youtube.com/watch?v=2KzHTrUzEGA
Makes me think of that SNL skit he did.
Egg prices continue to skyrocket in California
But, why are eggs so expensive?
By Leticia Juarez
Friday, January 13, 2023 5:32PM
The USDA shows the current price of a dozen large eggs in California cost about $6.72, which is double what it cost in July.
Misty Seegraves is a home baker offering customers an assortment of baked goods at her weekly Friday popup shop.
But the sourdough she creates isn’t the only thing rising on her shelves. The soaring cost of eggs has her scrambling her menu items.
“Last week, I did a lot of custards and stuff like that, so I didn’t do any muffins because you have to find that tossup between what are we going to be able to offer,” she said.
Seegraves doesn’t buy eggs in large bulk either. She has based her business and reputation on fresh ingredients and no preservatives.
“An 18 pack use to be anywhere on a good day you could get them from $3.50 to $4.50. Now they are all the way to $7.50, $8.50 depending on what store you are at of course,” she said.
The USDA shows the current price of a dozen large eggs in California cost about $6.72, which is double what it cost in July.
So why are eggs so expensive in California right now?
…
https://abc7.com/egg-prices-in-california-avian-flu-bird-cage-free-eggs/12690623/
Someone in my circle been supplying coworkers with home-produced eggs for $5/dozen.
$3.29 here. Trade you for some Romaine lettuce.