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The Stars Are Aligned For A Bloodletting

It’s Friday desk clearing time for this blogger. “Cooling real estate market trends continued into December 2022, according to reports from the Northern Virginia Association of Realtors and Virginia Realtors. The median sold price for a home also decreased slightly from November 2022, matching December 2021 at a price of $599,000. ‘I think prices will decline slightly, in my opinion. Prices have already declined, I think you’ll see further decline, but it’ll be slight,’ said Gary Bare, an area realtor.”

“Numbers point to a slowdown in the Rockwall and Hunt counties housing markets. ‘Last year, we were getting an average of 104% over asking price on homes. As a buyer, you don’t want to pay 6% interest rate and high prices. … So, the difference now, is you are getting 92% of list price in Rockwall County. So, you are 10% or more off list price in all of these counties,’ said M&D Real Estate’s Managing Director Danny Perez. Meanwhile, home prices overall are falling, said Perez. ‘Have they fallen enough is the big question? I don’t think they have quite fallen enough. They are getting closer.'”

“Out past where the blacktop ends in unincorporated Maricopa County, many of the secluded homes in the Rio Verde Foothills have attractive desert views on sprawling spaces. But there’s a major caveat with all these homes – there’s no guaranteed water supply. Cody Reim can’t help but notice his home value start to slide. He estimates it’s anywhere from $50-$60 thousand less than when he bought it a few years ago. We asked a realtor who lives in the Rio Verde Foothills and who sells 80% of her homes in the area about her recent open house. ‘Oh I had one last week, I had one person come through,’ said realtor Rebecca Schwegler. ‘A lot of sellers are still hoping to get price money for their listings, or what the other thing, they’re not selling.'”

“2022 was the 12 months of the ‘large shift’ for Southern San Bernardino’s housing market, abruptly freezing up amid hovering rates of interest. The value on the midpoint of all gross sales — fell from the month earlier than for the seventh time in a row, dropping to $686,000 from a peak of $760,000 final spring. It was dangerous information for Leonard Leichnitz, 60, a Newport Seashore actual property investor whose flip went flop through the market’s large shift. Leichnitz believed he may double the value of a three-bedroom Riverside home he purchased in 2021. It took 5 months and a $40,000 value minimize to discover a purchaser. He needed to shell out an extra $30,000 for repairs and purchaser’s closing prices. Considering his bills, he made lower than $10,000 on the deal, if that. ‘Folks say actual property is all about location, location, location,’ he stated. ‘I believe it’s timing, timing, timing.'”

“Manteca’s year-to-year median single home sales price dropped two thirds less than in the Bay Area. Based on Metrolist data, the Manteca median sales price in December of 2022 was $582,500. That’s down 3.8 percent from December of 2021 when it was at $615,000. That compares to the Bay Area where prices were off 11.5 percent going from a median of $1.2 million in December 2021 to $1,084,500 last month. In the region, Manteca prices fared slightly better than Tracy that dropped 0.1 percent more in year to year comparisons. Year-to-year drops in Modesto was 12 percent and 6 percent in Stockton. San Joaquin County was down 4.5 percent, Stanislaus County down 4.8 percent, Sacramento County down 5.3 percent, and Alameda County down 11.7 percent.”

“The credit that flowed so easily from private and alternative lenders when the Canadian real estate market was climbing is scarce, expensive and sometimes unobtainable when property values fall. Mark Morris, Toronto-based real estate lawyer with LegalClosing.ca has a growing sense of foreboding as more problem files land on his desk. ‘The stars are aligned for a bloodletting,’ he says. Some of those who borrowed heavily against the equity in their homes are struggling to make ongoing payments. He’s already seeing more homes listed under power of sale as lenders foreclose. ‘People are hurting,’ he says. ‘The truth is, it’s going to get worse.'”

“Mr. Morris sees the darkest storm clouds brewing in outlying communities where real estate prices spiked during the pandemic. Many of those areas are now facing the steepest declines in average price, and debt-laden homeowners are running into trouble. ‘They just grabbed on to whatever they could get. They are in a world of hurt,’ Mr. Morris says of those who bought near the peak.”

“Amongst the homeowners seeking advice from Mr. Morris, those who purchased in 2021 or early 2022 in areas of Ontario such as Barrie, Brampton, Caledon and Stouffville are feeling the greatest pressure. Many who bought with a typical 20-per-cent down payment and a mortgage for the other 80 per cent have seen the value of their property slide more than 30 per cent, which puts the mortgage underwater Mr. Morris points out. He has especially deep concern for people who took out a second mortgage from a private lender at a high rate of interest and are now finding that they are not able to renew.”

“‘Now, if they want to renew, they can’t. Even if they can, the rates are atrocious,’ he says, citing a recent example of 13 per cent interest plus another 2 per cent in fees. Lenders are calling loans in tertiary markets because house prices have fallen more than 30 per cent in some cases and they are unwilling to renew for another term. ‘There is no replacement for that money – that was already money of last resort,’ Mr. Morris says. Mr. Morris points to the example of a client in a location he calls ‘Boonieville.’ The homeowner owes $300,000 on a second mortgage with private lenders. Now, at the end of the one-year term, the lender is calling the money, and the house has fallen in value from about $900,000 in April to $700,000 today.”

“Samantha Brookes, chief executive of Mortgages of Canada, points to the example of one elderly Ontario homeowner who borrowed against the equity in the property with a private lender. The loan is up for renewal and the elderly owner faces exorbitant fees. Ms. Brookes says the senior faces losing the house because she doesn’t have the ability to repay the loan. ‘There’s no equity left,’ Ms. Brookes says. ‘It’s getting very, very tricky.'”

“Australia’s property market has been so savaged by multiple back-to-back interest rate rises that new home sales have dropped by an eye-watering 42 per cent. In fact, one out of five people are ditching their contract as costs skyrocket, according to the latest report from the Housing Industry Association. As it stands, average national home prices are down by eight per cent from their high and fell 5.3 per cent in 2022.”

“Come September, national house prices will have fallen 20 per cent below their peak April 2022, warned Shane Oliver, chief economist at AMP. And not only that, it’s likely that price plunges will ‘re-accelerate’ in the lead up to the September quarter as cash-strapped mortgage holders take to ‘distressed selling’ on the housing market.”

“Li Feng, 37, who lives with her 75-year-old mother in the city of Suzhou located just west of Shanghai, has made it a priority this year to sell one of the two flats she owns. ‘I don’t think there will be enough demand supporting the bubbly property market,’ said Li, a bank manager. ‘I’ll live alone after my mother passes away. There’s no need to keep a two-bedroom apartment,’ Li said, explaining that she is single and has no intention of getting married nor having kids.”

“Zheng Xiao, a 22-year-old university student in Shenzhen, said his parents, both of whom are private entrepreneurs, just sold a large 360-sq-m (3,875-square-foot) piece of housing for 18 million yuan in the city. ‘My parents spent several months to finally close the deal, with a price far lower than what they had expected,’ Zheng said. ‘Young buyers don’t seem to be interested in large homes because they come with considerable stress in paying the high mortgages, with high property taxes but low usage for small families.'”

“Generation Z believes that striking a work-life balance is more important than accumulating wealth, Zheng said. ‘Perhaps in the future we will see a lot of foreign labourers in China’s services market,’ he said, noting how a similar situation has unfolded in Japan because of its ageing population. Meanwhile, much of the money that Chinese people have invested into homes could become unrecoverable. ‘Many houses will become sunk costs, deserted in places where there are fewer and fewer young people,’ he predicted.

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This Post Has 102 Comments

  1. ‘Now, if they want to renew, they can’t. Even if they can, the rates are atrocious,’ he says, citing a recent example of 13 per cent interest plus another 2 per cent in fees. Lenders are calling loans in tertiary markets because house prices have fallen more than 30 per cent in some cases and they are unwilling to renew for another term. ‘There is no replacement for that money – that was already money of last resort’

    I’d like to go back to something the REIC and media seem to have forgotten: why are shack loan interest rates so low? Yes, guberment guarantees, but the primary reason is shack prices didn’t fluctuate much – in the long ago. So many clowns out there ‘predict’ many things but here’s where anyone could seen foreclosures coming: if prices go up a lot in a short period of time. Sound familiar?

    Do you recall even one news outlet interviewing an appraiser during the CCP virus? Mr Appraiser, how can shack prices go up 40% in Austin in 2 years? That didn’t happen. What we got instead was ‘look at the shack prices go, whoo-hee!’ Now people lose an eye.

    The K-dn media: all the focus was ‘dam these igloo clusters are GOLD JERRY!’ The bank of mom and dad is chipping in, there’s no end to the rivers of money!

    A child could have seen this coming.

    1. “A child could have seen this coming.”

      – That says the gooberment and their central bank accomplices are either idiots or just plain evil. I’m going with the mix.

      1. Evil, not stupid.

        Which tells you that the politicians are clearly not in charge. They are just the show out front cuz they are stupid. (and evil)

  2. ‘much of the money that Chinese people have invested into homes could become unrecoverable. ‘Many houses will become sunk costs, deserted in places where there are fewer and fewer young people’

    This article is about de-population. But this statement could well be true. These airboxes are crap, in an increasingly draconian communist dictatorship. They don’t own the land. Not so long ago if you wanted a second child they would pull up in a van and force an abortion. The water and air are polluted to where you can’t see blue sky. All that so called wealth could easily just disappear. 40 years of the ‘Chinese miracle’ was globalist scum fantasy all along.

  3. ‘Last year, we were getting an average of 104% over asking price on homes. As a buyer, you don’t want to pay 6% interest rate and high prices. … So, the difference now, is you are getting 92% of list price in Rockwall County. So, you are 10% or more off list price in all of these counties’

    This is Texas, and how the mighty have fallen. These were the far flung boom-counties. Enjoy those California prices on the downside.

  4. ‘Southern San Bernardino’s housing market, abruptly freezing up amid hovering rates of interest. The value on the midpoint of all gross sales — fell from the month earlier than for the seventh time in a row, dropping to $686,000 from a peak of $760,000 final spring. It was dangerous information for Leonard Leichnitz, 60, a Newport Seashore actual property investor whose flip went flop through the market’s large shift. Leichnitz believed he may double the value of a three-bedroom Riverside home he purchased in 2021. It took 5 months and a $40,000 value minimize to discover a purchaser. He needed to shell out an extra $30,000 for repairs and purchaser’s closing prices. Considering his bills, he made lower than $10,000 on the deal’

    Ennio Morricone – Ecstasy of Gold (The Good, the Bad, the Ugly)
    Jun 8, 2007

    https://www.youtube.com/watch?v=ZNGe7iK1O-4

    3:39.

    1. So much more speculation this time around in flips, brrrr and STRs. And by folks that have no clue. How could this possibly end well?

    2. $40,000 value minimize

      WTF kind of gibberish is that? I thought we had all agreed it’s called a “price improvement.”

      LMFAO

  5. ‘I think prices will decline slightly, in my opinion. Prices have already declined, I think you’ll see further decline, but it’ll be slight,’ said Gary Bare, an area realtor.”

    Stop lying, scumbag realtor. The real crash hasn’t even begun yet.

  6. So, the difference now, is you are getting 92% of list price in Rockwall County. So, you are 10% or more off list price in all of these counties,’ said M&D Real Estate’s Managing Director Danny Perez.

    I was thinking more along the lines of 70% off, Danny.

  7. “Year-to-year drops in Modesto was 12 percent and 6 percent in Stockton. San Joaquin County was down 4.5 percent, Stanislaus County down 4.8 percent, Sacramento County down 5.3 percent, and Alameda County down 11.7 percent.”

    Is that a lot?

      1. People were buying in these locations because they couldn’t afford to live in the Bay Area. These are commuter towns just like the Antelope Valley, Riverside and San Bernardino Counties are commuter towns for Los Angeles and Orange Counties. Nobody really wants to live in these places, but the prices in Silicon Valley/San Francisco and Los Angeles/Orange Counties is completely out of the reach for lots of people.

  9. ‘They just grabbed on to whatever they could get. They are in a world of hurt,’ Mr. Morris says of those who bought near the peak.”

    They’re getting exactly what they deserve for buying into a housing bubble.

    1. “They just grabbed on to whatever they could get. They are in a world of hurt,’ Mr. Morris says of those who bought near the peak.”

      – It’s almost as if the rug pull was intentional.
      – Think Lucy holding the football for Charlie Brown.
      – The wealth transfer continues apace.

      1. We were informed yesterday by Reliable Sources® that they don’t believe he even works there. And as we all know, Pfizer loves us and would never do anything to hurt anyone.

        1. “We were informed yesterday by Reliable Sources® that they don’t believe he even works there.”

          Right and this guy isn’t a reporter for the NY Slimes

          By the way, at 1:57 does this skirt chasing reporter admit the “Big Lie” “Sop and Steal” campaign wasn’t an “organic thing” which was a very organized campign. It wasn’t like an organic thing.” ?

          https://www.bitchute.com/video/2go15MHLRV4i/

      3. ‘Near total media blackout.”

        I posted a video on this late yesterday and checked back this morning specifically to make sure it was covered.

        ‘In a time of universal deceit, telling the truth is a revolutionary act’

        George Orwell.

      4. We remember the NAMES of every journalist or other Blue Checkmark who ever advocated for vaccine mandates and vaccine passports.

        We remember your NAMES. And most of you aren’t wealthy or important enough to have a security detail.

        4chan has all of your home addresses. What some “lone wolf” decides to do with that information, nobody knows.

        You’re all complicit in, and guilty of, medical genocide.

        No “pandemic amnesty” and no “get out of jail free card” on this for you…

      6. As Dr. Malone points out, Pfizer’s consideration or resort to gain of function research is an admission that Pfizer’s vaccine technology can’t keep up with the naturally mutating virus. Without gain of function research, Pfizer will be chasing variants. Translation: Do not get another jab!

  12. “2022 was the 12 months of the ‘large shift’ for Southern San Bernardino’s housing market, abruptly freezing up amid hovering rates of interest. The value on the midpoint of all gross sales — fell from the month earlier than for the seventh time in a row, dropping to $686,000 from a peak of $760,000 final spring.”

    I’m not sure exactly what area comprises “Southern San Bernardino”, but if it’s Chino and Ontario then a median of $686,000 is about twice where it should be.

  14. 𝗣𝗮𝘄𝘁𝘂𝗰𝗸𝗲𝘁, 𝗥𝗜 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟯% 𝗬𝗢𝗬 𝗔𝘀 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝗲𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗦𝘂𝗿𝗴𝗲𝘀 𝗧𝗼 𝗥𝗲𝗰𝗼𝗿𝗱 𝗛𝗶𝗴𝗵 𝗔𝗰𝗿𝗼𝘀𝘀 𝗡𝗲𝘄 𝗘𝗻𝗴𝗹𝗮𝗻𝗱

    https://www.movoto.com/pawtucket-ri/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘙𝘩𝘰𝘥𝘦 𝘐𝘴𝘭𝘢𝘯𝘥 𝘣𝘳𝘰𝘬𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘐𝘯𝘷𝘦𝘯𝘵𝘰𝘳𝘺 𝘴𝘶𝘳𝘨𝘦𝘴 𝘢𝘴 𝘱𝘳𝘪𝘤𝘦𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘧𝘢𝘭𝘭. 𝘐𝘵’𝘴 𝘢 𝘷𝘪𝘤𝘪𝘰𝘶𝘴 𝘤𝘺𝘤𝘭𝘦.”

  16. Report: George Soros Funds Global ‘Fact Checking’ Empire

    ALLUM BOKHARI
    26 Jan 2023

    Over the past few years, a cottage industry of “fact checkers” and “misinformation” experts has emerged to advance the left’s mission of silencing dissent to its agenda around the world. Analysis of the funding of these organizations leads back to a familiar figure: left-wing billionaire George Soros.

    The New York Post broke down the trail of Soros dollars linking a global network of organizations intent on suppressing and discrediting conservative voices online.

    https://www.breitbart.com/tech/2023/01/26/report-george-soros-funds-global-fact-checking-empire/

    1. Online Safety Expert
      Fact Checkers
      Trust And Safety
      Misinformation
      Disinformation

      All of these titles are phony credentials and these terms are propaganda.

      You’ll read more truth in the comments section of any random Bitchute video than you ever will in the New York Times or Washington Post.

      The #Noticing will continue.

      Yoel Roth could not be reached for comment…

  18. This Reddit thread is amazing – the delusion of home buyers in the Seattle area is strong. Go to the entire thread to read the comments though, that’s where the real hilarity ensues. The OP is below:

    Bought a house in the eastside (north of Totem Lake) for ~1.4million when currently houses there are selling for ~700-800k.

    Bought during the absolute freaking peak (March 2022) and the house is old, small (~1500 sqft) and quite frankly both of us feel trapped here. While the rate we got was great, it is clear we overpaid heavily and we will never be able to sell this house. My wife is already angsty to leave, and is threatening to move back home across the country to her parents since the stress of ownership has been too much.

    We’ve already spent over 20k in fixes/updates (some on updates…cabinets, a few windows…and fixes such as malfunctioning A/C and a rotting staircase)

    I’m just at a complete loss. I work in tech and have a good job…but even that is on shaky footing recently. Our mortgage is for over 1 million dollars…for a freaking shack.

    Just need somewhere to vent. I know that I made my bed and have to sleep in it, but…arghh I could just scream for days. Feel like a prisoner in my own home…I’ll be paying this off for a decade longer than if I just waited a year to buy (or bought earlier)

    We just got so enamored in the buying frenzy, and were seriously worried we would priced out forever making us stretch and squirm our finances to the maximum.

    Edit: Here are 3 similar houses (similar area, specs) to the one we bought: https://www.redfin.com/WA/Kirkland/9321-NE-132nd-Pl-98034/home/279912 750k
    https://www.redfin.com/WA/Kirkland/13414-87th-Ave-NE-98034/home/278596 800k
    https://www.redfin.com/WA/Kirkland/14112-110th-Ave-NE-98034/home/459260 820k

    1. Sir:
      We will address your concerns point by point:

      1) “…I work in tech and have a good job…but even that is on shaky footing recently….”

      Yes, it is. A backup job at the ice cream stand is waiting for you.

      2) “…Our mortgage is for over 1 million dollars…for a freaking shack….”

      Yes, it is. You could take 1 million 1 dollar bills and a pail of white glue and construct a nicer home.

      3) “…I know that I made my bed and have to sleep in it, but…arghh I could just scream for days….”

      Yes, you will. Plan to scream for at least another couple of decades

      4) “…Feel like a prisoner in my own home…I’ll be paying this off for a decade longer than if I just waited a year to buy (or bought earlier)…”

      Yes, you are. Suggest to round out your wardrobe with an orange jump suit from TJmax. You will love the ‘I am a prisoner’ look. Suggestion: Create a new Meetup.com group in your area for many other neighbors now wearing bright orange. [It’s the in thing these days]

      1. 5) “…We just got so enamored in the buying frenzy, and were seriously worried we would priced out forever making us stretch and squirm our finances to the maximum….”

        Yes, you are now officially ‘priced out forever’. You are now a slave to the bank forever. Congratulations, and better luck in the next lifetime.

      2. 4a) At that 1st meetup group meeting, you might all want to chip in an accessorize your bright orange jumpsuits with an ankle bracelet [to help the bank keep track of your whereabouts]. Also, don’t forget to stir up a big pot of Kool-Aid, Jim Jones style. It’s quick, it’s [supposedly] painless and the mailman won’t be delivering any more mortgage statements.

    2. “My wife is already angsty to leave, and is threatening to move back home across the country to her parents since the stress of ownership has been too much.”

      Every cloud has a silver lining…

    3. “Reddit”

      Maybe they can monetize some of the Reddit gold on that thread or sell some of their Reddit “karma score” to pay for the repairs on their rotting shack.

      And yes, your wife is getting plowed by Chad on the regular.

      “They’re not sending their best”

    4. Your Wife is right on this one, just walk or move on from this debacle ….learn from it ,it’s over , this stage of it…

      1. Yep. Walk now. If there was anything the last bust taught us is there’s minimal consequences for irresponsible financial choices. No wait….this is something else the last bust taught us. Stop making your mortgages payments now and live housing expense free for up to 5 years or more because it’s unlikely the bank will take any action in the short term. As you do sock away the savings each month for your next stupid house decision down the line…..Or even better!! Stop making your mortgage payments (and taxes….takes a while for them to come after you on that one too), move back to where your wife wants to be, rent the place out for 4K a month. Have them pay utilities and you keep every penny of it. Does all this sound ridiculous? Go back and see how often this happened during the last bust. As it any wonder we are where we are?

        1. And in California, $4K renters can claim Covid ‘victim’ status and stay rent free [probably forever]. Good luck unraveling that one.

        2. Yep, this x 100. Saw it multiple times after 08. (although not the renting it back out, that takes chutzpah for dang sure). The banks don’t wanna recognize the loss so you live for free rent, just keep paying utilities. let the bank worry about taxes.

          1. If I understand correctly, banks love FASB 157 just for this reason. Why recognize a loss when you can pretend an asset is actually worth a lot more. Makes you wonder how many banks balance sheets are actually composed of hot air.

          2. I wasn’t making funny about renting it out. The renting out your distressed property was a real thing. I had a friend in Riverside Cal who was renting a house in one of the nicer parts of that hell-hole who was shocked to find a notice tacked to the door one day. Turns out his landlord hadn’t made a payment in over two years. But there were plenty of these stories. Because of all the 105% deals going down at that time there were folks who purchased homes, never made one payment and started collecting rent. Why not when you’ve invested nothing in the purchase? And you want to talk about being ballsy? How about the people that would find these abandoned distressed properties, find a way to get them keyed and then rent it out. There were a lot of stories of people getting thrown out of places and finding out they signed a lease agreement with someone who was never the owner of the property. This is the society this current financial system has produced. And it hasn’t gotten better. That’s why this time we’re gonna see stuff that will blow our minds.

          3. “I wasn’t making funny about renting it out.”

            A friend’s bartender sister rented a Discovery Bay house on the water with a pier for less than $1,000/month from a scammer she knew, but she was also paying the property taxes and utilities. This went on for years as I understand it.

  22. “‘Folks say actual property is all about location, location, location,’ he stated. ‘I believe it’s timing, timing, timing.’”

    No truer words were ever uttered at the tail end of a housing mania.

  23. The WEF calling for a NEW WORLD ORDER, is basically a group that has declared war on the sovereign Nations of the World.
    What they are saying really is that they infiltrated and corrupted and captured global governments to collude with a private party take over with a partnership with Governments.
    They corrupted the United Nations and the WHO to implement Climate Change and Panademics as weapons of mass destruction . ..
    They bought off and censored news and information, and Health Agencies to fear monger and defraud the targeted populations to take a fake killer vaccine that wasn’t fit for human consumption…
    They obstructed ” informed consent ” on the eal gene e rental gene altering vaccines
    .

    1. I screwed up on my above post by pressing the post before I finished, but you get the idea of what I was saying.
      Controlled opposition would like you to believe that Nuremberg codes dont apply in US,but they do
      .
      Big y would like you to think that they can make immunity contracts defeat higher aws

      1. I screwed up again.
        But point is you don’t get immunity when you contract to break the law, and it makes the contract void.
        You can’t contract to make a safe and effective vaccine and than deliver expiermental poison and claim immunity.
        And just because the government colluded in the fraud doesn’t mean they get immunity from this crime against humanity, according to some legal experts I heard
        You can’t obstruct informed consent by a false advertising campaign that says “safe and effective, you won’t get Covid” that turned out to be false.
        Now these creeps are telling Doctors that they could be sued if they didn’t give informed consent, yet they were threatening their jobs if they didn’t push the vaccine without informed consent.

  24. Joe Biden’s America.

    And this is in one of the wealthiest neighborhoods in Denver:

    “A mother and daughter, who would like to remain anonymous, were carjacked Tuesday afternoon in Cherry Creek North.

    The daughter told FOX31 she was dropping her mom off at her car on the third floor of the Clayton Lane Garage. That’s when several armed men surrounded her vehicle.

    “I put my car in park right next to hers, but I didn’t pull into a space and within a couple of seconds of putting my car in park, there were four, I think four or five armed men that surrounded the car,” the daughter said.

    The daughter said they cooperated, got out of the car and then both were hit in the head with guns multiple times.

    “Two different men pulled us out of each side of the car. I got hit in the face with a gun, like the side of my face,” she said.

    https://kdvr.com/news/local/mother-daughter-carjacked-at-cherry-creek-north/

  26. If you knew that home prices in your area were dropping in value by $20k a month or so, would that make you want to hurry up and buy as soon as possible? Or would you prefer to wait until prices stopped dropping at a 20% annual rate before trying to buy a home?

    1. San Diego’s housing prices continue to fall, will the trend continue?
      Posted: January 26, 2023
      Updated: 6:05 PM
      KUSI Newsroom

      SAN DIEGO (KUSI) – Housing prices in San Diego have fallen consistently since record highs slowed the market in the second half of 2022.

      Jim Bottrell, founder of the Real Estate Team of EXP, believes low supply and high demand will keep San Diego prices sky-high despite many theories that the county’s market will drop exponentially in 2023.
      …
      https://www.kusi.com/san-diegos-housing-prices-continue-to-fall-will-the-trend-continue/

      1. San Diego home prices have been dropping like a turd in a well since last May. Try not to catch yourself a falling knife.

        1. It looks like a house down the hill that was on the market from 10/26-11/28 for $2.2M is coming back on the market. The realtor’s sign is back up. It’ll be interesting to see if it has a lower list price.

          1. It’ll be surprizing if it has a higher list price…especially if it sells for more than it was previously listed.

  28. How to explain the supposed NYC vacancy rate and increasing rents. This article has some super interesting analysis about how big rental orgs and realtors are manipulating the situation. Take a read!

    I am wondering if this is happening in other large cities (i suspect something similar is up in Honolulu).

    https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html


    Officially, during the peak of the COVID exodus, the vacancy rate in Manhattan was 4.3 percent, the highest in at least 14 years. But those “official” vacancy rates we hear so much about are sourced from market reports by brokerage firms like Corcoran and Douglas Elliman, and they only reflect the number of rentable apartments that landlords are advertising, not the number that actually sit empty. Given the incentives for underreporting, this is a little like calculating a city’s crime rate by asking criminals how many people they robbed and murdered last month.
    …
    It was the neighborhoods with these expensive high-rises that saw some of the city’s steepest peak-COVID population losses, and the people who fled were probably the types most likely to rent in them. According to IRS data, New York’s pandemic deserters had average incomes that were 28 percent higher than residents who stayed. One new rental tower in the Financial District reportedly saw occupancy drop 24 percent in 2020. And yet, somehow, by January 2022, the glut was gone as prices in luxury buildings reached all-time highs.
    …
    But then, in October, ProPublica published what seemed like evidence of an actual conspiracy. It turns out that some landlords have been using the same software to do some very interesting things.

    The app is RealPage Revenue Management Software, it’s made by the Texas-based company RealPage, and allegedly it works by collecting private pricing and inventory stats from competing building owners and then using that data to give them each recommendations for how to price their available apartments such that nobody undercuts the others.

  30. The truth is that China, the United Nations/ WHO, the WEF and its International Mega Corporations, and sold out Governments , and trillionaires behind the curtain , are engaged in trying to take over the World for a One World Order Dictorship.
    They launched a bio-weapon called Covid , that was either faked or real , to poison the populas with a fake vaccine as a. weapon of mass destruction.
    Their narratives are fraudulent and their biggest obstacle is free speech or dispute
    to their fraud narratives.
    China wants to take over the US and its farmlands, but they don’t want the US populas , its as simple as that.

  31. The riots in Memphis start in a few hours.

    5 black cops beat the living sh*t out of another black dude, and he died a few hours later. The video is getting released any minute now and I’ve heard it’s as bad or worse than Rodney King.

    Portland will also be rioting tonight. 125 pound adult males, smashing out the windows of Starbucks and setting things on fire.

    “They’re not sending their best”

  32. The Financial Times
    US economy
    Wall Street warns of riskiest US debt limit showdown since 2011
    JPMorgan and Goldman Sachs fear repeat of confrontation that resulted in downgrade of country’s credit rating
    Republican House speaker Kevin McCarthy secured election in part by promising to play hardball with Democrats
    Kate Duguid and Harriet Clarfelt in New York 47 minutes ago

    Wall Street banks including JPMorgan and Goldman Sachs are warning that Washington is heading for the riskiest debt ceiling confrontation since 2011, when the US lost its risk-free credit rating.

    The fight over the debt ceiling could be the most important issue facing the US economy in 2023, according to a JPMorgan note to clients on Friday.

    Congress has had many tussles over the lifting of its borrowing limit in recent years and has never defaulted on its debt. But given the particularly fractious state of the legislative body, a deal to stop the world’s biggest economy from defaulting on its debt may be harder to seal this time, said JPMorgan’s chief US economist Michael Feroli.
    …

  33. Joe Biden’s America:

    “Police continued to follow the Tiguan to West 17th Avenue and North Willow Street. The warrant said multiple people got out of the car and attempted to carjack another person. Officers immediately intervened and detained four people. A perimeter was set up and two others were detained, but police only identified four of the six.

    Josiah McCray, 19
    Jurdon Bryant-Beasley, 19
    Elrich Haliburton, 18
    Nyariee Richardson, 20

    Police said several handguns and ammunition were located in the area after the suspects were taken into custody.”

    https://kdvr.com/news/local/mother-daughter-carjacked-at-cherry-creek-north/

    Under Marxism, there is no need for fathers in the home, the State provides everything, and children are the property of the State.

    “If I had a son, he’d look like Trayvon” — Barack Hussein Obama

  34. ABC News Special Report broke into Jeopardy to show the video of the 5 black cops that beat the delivery driver just to be sure the cities burn this weekend.

    1. Goldman Sachs, JPMorgan, Wells Fargo are among Wall Street giants named as possible FTX creditors
      Zinya Salfiti
      Jan 27, 2023, 4:11 AM
      – The 116-page document connects some of the biggest names on Wall Street to FTX’s bankruptcy case.
      – The list doesn’t disclose the size or kind of debts the collapsed crypto firm might owe the banks, Bloomberg reported.
      – Other elite financial institutions on the list were Deutsche Bank, HSBC Bank and MUFG Bank.

      Newly released documents from FTX’s bankruptcy case name Goldman Sachs, JP Morgan Chase, Wells Fargo and other Wall Street giants as possible creditors the cryptocurrency exchange might owe money following its collapse.

      The document filed on Wednesday is made up of 116 pages that list thousands of entries and redacted names of individuals, all of whom could be possible creditors to the exchange, Bloomberg reported. Other elite financial institutions on the list were Deutsche Bank, HSBC and MUFG Bank.

      The filing is standard procedure in bankruptcy processes to broadly alert as many actual and potential stakeholders who could pop up in FTX’s records for any reason, according to a Thursday statement filed by the crypto exchange’s lawyers to the court.

      “As a result, inclusion of a name on the Matrix does not necessarily indicate that the party is a creditor of any of the Debtors,” FTX’s lawyers wrote. Still, the latest development shows some sort of link between Wall Street’s biggest banks and the now-collapsed crypto empire built by Sam Bankman-Fried.
      …
      https://markets.businessinsider.com/news/currencies/goldman-sachs-jpmorgan-wells-fargo-wall-street-ftx-bankrupcy-creditors-2023-1

    2. FTX Creditor List Features Netflix, Binance, Wall Street Journal
      Lawyers for the bankrupt crypto exchange published an extensive list of creditors that includes media companies, airlines, universities and charities.
      By Sandali Handagama
      AccessTimeIcon
      Jan 26, 2023 at 4:12 a.m. PST
      Updated Jan 27, 2023 at 7:39 a.m. PST
      Consensus 2023 Logo
      Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
      Secure Your Seat

      It’s the list everyone has been waiting for, minus 9.7 million redacted customer names. But the 116-page FTX creditor list, which names companies including Netflix (NFLX) and Apple (AAPL), still paints a comprehensive picture of the failed crypto enterprise’s reach and the impact of its collapse.

      Media companies, universities, airlines and charities, among others, appear on the list, a court filing from Wednesday shows. The document was filed by lawyers for the company as part of the bankruptcy proceedings in the U.S. Bankruptcy Court in Delaware.

      Judge John Dorsey, who is overseeing the proceedings, allowed the names of individual creditors to remain sealed for three months at a hearing in early January, but requested a list of institutions that invested in the company to be filed by FTX lawyers.

      Among those listed are media companies including the Wall Street Journal, Fortune, Fox Broadcasting and CoinDesk as well as big crypto firms including exchanges Coinbase (COIN) and Binance. CoinDesk isn’t materially owed anything and is on the list for “technical reasons” over a podcast sponsorship signed in the fall that was never executed, a CoinDesk spokesperson said.
      …
      https://www.coindesk.com/policy/2023/01/26/ftx-owes-money-to-netflix-binance-wall-street-journal-filing-shows/

      1. “Consensus 2023 Logo
        Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
        Secure Your Seat”

        Would it thrill you to join a consensus of bovine herd animals at a cryptocurrency convention?

    3. Is cryptocurrency no more than a sponge that absorbs excess liquidity from the financial system?

      If so, what will happen to crypto if the Fed’s liquidity mop up operations succeed?

      1. Yahoo Finance Video
        FTX fallout: ‘There’s still overhang’ in the broad crypto space and bitcoin prices, strategist says
        Fri, January 27, 2023 at 1:32 PM PST
        In this article:
        Lyn Alden Investment Strategy Founder Lyn Alden speaks with Yahoo Finance Live about how the FTX collapse is still impacting the crypto industry.

        JARED BLIKRE: Welcome back. The risk-on trade in January has grabbed hold of cryptocurrencies as well. Bitcoin rising more than 30%– you can see 38.36% on your screen– thus far in the month of January despite ongoing investigations into the collapse of FTX and its customers still missing billions of dollars worth of assets.

        Joining us now to discuss what’s driving Bitcoin higher is Lyn Alden, the founder of Lyn Alden Investment Strategy, a member of Swan Bitcoin’s board of directors. Lyn, great to see you here today.

        Got to talk about the price action. I guess is the crypto winter over? That’s the question I’ve been asking myself. I kept thinking late last year, is Binance going to go? Hasn’t happened. And then we see the crypto prices appreciate considerably since then. Is the worst over, do you think?

        LYN ALDEN: I think bottoms going to be a process, right? So it’s hard to say for sure a bottom’s in or not, but historically, Bitcoin follows liquidity indicators pretty well. So when there’s more liquidity in the market– you know, in the financial system, Bitcoin tends to do pretty well. And when liquidity is being withdrawn from the system, Bitcoin tends to do pretty poorly.

        And so ever since quarter four of last year, we’ve seen kind of a flat to up liquidity condition after it was rather down throughout much of 2022. And so so far we are seeing kind of signs of a pretty sound bottom place.

        And I’m concerned somewhat about later this year because based on current expectations, the Fed’s going to keep withdrawing liquidity from the system, and part of why liquidity has been able to stabilize in recent months is because the Treasury is drawing– you know, they’re actually providing liquidity to the market, in part because of the debt-ceiling impasse. They’re basically drawing cash out of their cash account, pushing it into the economy.

        And when we get to the second half this year, assuming that the debt-ceiling impasse is resolved, we’re going to see the Treasury probably filling up its cash account, which takes out liquidity from the market, while the Fed is still presumably drawing down. And so I do think that there are still hurdles ahead in the second half of this year, but so far the fundamental indicators do represent a pretty firm bottom, in my opinion.

        JARED BLIKRE: Lyn, I’ve got to say, I love your liquidity model because that’s how I look at Bitcoin as well. And I’ve noticed that on Fed days– that’s the big announcement days when Jay Powell takes the lectern– we often see Bitcoin either leading stocks up or down, and so it is that first indicator. Just wondering what some of those other headwinds might be for Bitcoin that you were just talking about later on in the year, though.

        LYN ALDEN: Right. So as I said, basically there’s kind of two major components of liquidity. There’s the Fed. So by doing quantitative easing, they add liquidity to the system. By doing quantitative tightening, they pull liquidity out of the system.

        But they’re not the only variable. Another big variable is that the Treasury– the Treasury Department can suck money into its cash balance. And when they do that, they’re basically pulling money out of the system. It’s kind of going into a void that it’s not really affecting anything. And when they draw down their cash balance, they’re basically pushing that cash back out into the system.

        And the TGA, the Treasury General Account, peaked in mid 2022. And since then, it’s actually been drawing down and offsetting a lot of the Fed quantitative tightening. And that’s set to continue because one of the things that the Treasury does when they have a debt-ceiling limitation because they can’t issue more debt, they can draw down their cash balance, among other things that they can do. And so right now, that’s happening.

        And so as long as the debt ceiling is not resolved, we’re probably going to see ongoing reduction in the Treasury general account, which actually adds liquidity to the market and offsets the Fed’s quantitative tightening.

        However, I have concerns that basically when they– ironically, when they fix the debt ceiling, when they resolve it, when they’re able to issue more bonds again, the Treasury is going to have to increase its cash account again and get back up to its baseline, which means they’re essentially going to suck liquidity out of the system. And so if the Fed is still doing quantitative tightening at that time, that’s kind of a double downward pressure on liquidity.

        And so I do think we’re kind of in the clear for a few months now. But as we look in the second half of this year, whenever the debt ceiling is resolved, I would have pretty significant concerns about market liquidity all over again.

        SEANA SMITH: Lyn, what about the FTX collapse? It wasn’t that long ago we were talking about that overhang. Do you think that’s clearly worked its way throughout the crypto space, or is there still some overhang left from that?

        LYN ALDEN: I think when we talk about the broad crypto space, there’s still overhang. Ironically, Bitcoin– I mean, they essentially, towards the end there, they were a net negative on Bitcoin because customers thought they had Bitcoin deposits at FTX, and it turns out FTX had, from the data we have available, seems to have sold their Bitcoin well ahead of the customers knowing that they did. So essentially basically there was buying pressure on Bitcoin that didn’t actually go into Bitcoin. Basically FTX was more or less shorting Bitcoin and even Ethereum to, you know, buy other– prop up the values of other tokens.

        Going forward, I think we’re probably going to see some degree of decoupling from Bitcoin and the broader space, kind of a return to fundamentals, a return to what’s actually being useful. So I am pretty bearish on the broad space. A lot of those things we’ve seen I think are effectively malinvestments. There’s still areas of concern like Binance and some of these other platforms, but I think that the Bitcoin-specific ecosystem is rather healthy looking.
        …
        https://finance.yahoo.com/video/ftx-fallout-still-overhang-broad-213231865.html

        1. “Lyn Alden, the founder of Lyn Alden Investment Strategy, a member of Swan Bitcoin’s board of directors”

          No bias here towards Bitcoin as ‘the annointed one’ among cryptocurrencies, I’m sure!

    4. Philosophy
      Giving, good and the fallout of FTX: Peter Singer on effective altruism now
      The arrest of FTX founder Sam Bankman-Fried has prompted criticism of the type of philanthropy he advocated. But Peter Singer says the philosophy remains sound
      Samuel Bankman-Fried
      Jeff Sparrow
      Fri 23 Dec 2022 14.00 EST
      Last modified on Thu 5 Jan 2023 01.38 EST

      Tis the season for giving – a time when charities call for donations and the gulf between the haves and the have nots becomes particularly apparent. But how much good can – or should – you do, by opening your wallet?

      Such are the questions posed by effective altruism (EA), a movement thrust into the spotlight by the arrest of its high-profile exponent, billionaire Sam Bankman-Fried, after the collapse of his cryptocurrency exchange.

      In a famous 1972 article entitled Famine, Affluence and Morality, the Australian philosopher Peter Singer – generally regarded as EA’s philosophical originator – invited readers to imagine discovering a toddler drowning in a pond. Most of us would recognise an ethical obligation to rescue the child, even at the risk of muddying our boots and irrespective of whether other onlookers did nothing. Physical proximity makes no difference: if we could save distant infants in similar predicaments, Singer argues, our responsibility still holds.

      In the weeks since the crisis in Bankman-Fried’s business emerged, critiques of EA have proliferated. But Singer’s core insight retains all its force.

      “To live an ethical life,” the philosopher says now, “it’s not enough just to not harm others: to not to cheat, lie, steal, people, whatever. Those ‘thou shalt not’ rules are not sufficient. In a world in which there is such great need, I think the typical Guardian reader should feel some responsibility to help people.”
      …
      https://www.theguardian.com/education/2022/dec/24/giving-good-and-the-fallout-of-ftx-peter-singer-on-effective-altruism-now

    5. Binance moves to block a key market manipulation tactic that makes a token look more popular than it actually is
      Phil Rosen
      Jan 25, 2023, 8:30 AM
      Changpeng Zhao
      Binance CEO Changpeng Zhao. Andrey Rudakov/Bloomberg via Getty Images
      – Binance announced a new feature intended to minimize a key form of market manipulation called self-trading.
      -:The Self-Trade Prevention function will block the execution of orders that would result in a self-trade.
      – Also known as wash trading, the tactic is when one party trade with itself to create the perception of beefed up trading volume.

      Binance is launching a new function Thursday to block a key market manipulation tactic, the cryptocurrency exchange announced Tuesday.

      Called the Self-Trade Prevention Function, it is aimed at clamping down on users or groups of users that trade with themselves to create the illusion of higher trading activity.

      Here’s how Binance described the practice, which is prohibited in its terms of use.

      “Self-trading happens when a user or a group of related users trade with themselves. The same participant is on both sides of the trade, so there is no actual change in the beneficial owner of the traded asset.”

      The exchange did note that not all self-trading is intentional, as large traders such as liquidity providers may run multiple strategies simultaneously and end up with two of their own orders paired up.

      The new feature accounts for unintentional self-trading, according to the company, as it will block the execution of orders that would result in a self-trade.

      The Self-Trade Prevention Function is optional, and won’t impact those who choose not to use it. It will be available to all of users of Binance’s API, which allows users to connect to the company’s services via programming languages to allow for automated trading. Users of the Binance site and app won’t be affected.

      The crypto sector has been plagued by market manipulation. According to a recent working paper from the National Bureau of Economic Research, so-called wash trading accounts for up to 70% of all transactions on non-compliant crypto exchanges. It creates a false perception of higher-than-actual liquidity, which can then generate real interest from other investors.
      …
      https://markets.businessinsider.com/news/currencies/crypto-exchange-binance-self-trading-market-manipulation-token-ftx-cz-2023-1

      1. “The Self-Trade Prevention Function is optional, and won’t impact those who choose not to use it.”

        So anyone who chooses to continue manipulating cryptocurrency prices through wash trades can opt out?

        Sounds like windowdressing…

      2. What is the technical difference between wash trading of cryptocurrency versus Milllennial investors banding together on social media to pump up meme stock values versus the Plunge Protection Team executing liquidity injections to pump up stock prices?

        All of these cases are coordinated efforts that use concentrated liquidity flows to artificially pump up risk asset prices beyond their fundamental value. Back in the olden days, this might have been referred to as price fixing. Nowadays it is business as usual in the post-QE era.

    1. Tesla (TSLA) used car prices are down $18,000, bringing a new level of affordability
      Avatar for Fred Lambert
      Fred Lambert | Jan 25 2023 – 12:09 pm PT

      Tesla (TSLA) used car prices have crashed $18,000 since their peak six months ago, bringing a new level of affordability to the electric car brand.

      Most car buyers can’t afford a new car and turn to the used car market, which is a critical part of the auto industry.

      When it comes to electrification, we always focus on the new car market since that’s what is needed to transition the industry, and it’s also what feeds the electric used car market, which is still a pretty young one.

      The Tesla used car market specifically is interesting in the US since it is fairly large – thanks to the fact that Tesla has been owning a majority of the EV market in the country for years.

      Over the last few years, as Tesla increased its new car prices, Tesla used car prices have also been rising fast.

      At one point last year, used Model Y prices went out of control and started to sell for more money than new Model Y vehicles.

      But used prices finally started to come down in December as Tesla started to offer discounts at the end of the quarter.

      They have continued to come down over the last month and they have crashed over the last few weeks after Tesla implemented massive price cuts throughout its entire lineup and the new federal EV tax credit came into effect.

      According to CarGurus data compiled by Charlie Bilello, Tesla used car prices have now crashed $18,000 from their high in July:
      …
      https://electrek.co/2023/01/25/tesla-tsla-used-car-prices-down-bringing-level-affordability/

    2. Used cars see steep drop in prices but are still higher than pre-pandemic times
      Delaney Tarpley, KOMU 8 Reporter Jan 26, 2023

      Reports say prices are falling for used cars because new car inventory is consistently growing.

      COLUMBIA − The pandemic saw the largest increase in used car prices on record, with prices going up 45% from June 2020 to June 2021.

      As of Thursday, that price trend is taking a new route.

      Used car prices dropped 8.8% from December 2021 to December 2022. Experts say that’s the steepest 12-month drop in used car prices since 2009.

      Reports say prices are falling for used cars because new car inventory is consistently growing. To make up for the increased supply, the prices of used cars have dropped.

      This is a stark change from the new car shortage seen during the pandemic due to a chip shortage. During that time, used car prices hit an all-time high to make up for the lack of new cars being manufactured.
      …
      https://www.komu.com/news/midmissourinews/used-cars-see-steep-drop-in-prices-but-are-still-higher-than-pre-pandemic-times/article_d9d2f2ba-983c-11ed-aa8f-eb67b8afa2b0.html

      1. “Reports say prices are falling for used cars because new car inventory is consistently growing.”

        Sounds just like housing, except the explanation is incorrect. Higher interest rates lead to falling prices and growing inventories, as buyers can no longer afford the monthly on last year’s prices with higher interest payments included.

    3. The steep plunge in used car prices – what it means, and what’s ahead
      By Chris Isidore, CNN Business
      Updated 9:04 AM EST, Wed January 18, 2023

      New York CNN —

      Tracking used car prices is enough to give anyone whiplash.

      Since the start of the pandemic and the resulting disruptions to new car supply chains first sent prices soaring, used car prices posted their largest annual increase on record – up 45% in the 12 months ending in June 2021, according to the Consumer Price Index – before swinging to a 12-month drop of 8.8% in the most recent reading for December.

      That was the biggest 12-month plunge in prices for used cars since June 2009, when General Motors and Chrysler were both in bankruptcy proceedings and the economy was hemorrhaging a half-million jobs a month.

      “It was a completely wild ride,” said Ivan Drury, director of insights at Edmunds.com Inc., an online resources for inventory and information on cars.
      …
      https://www.cnn.com/2023/01/16/business/used-car-prices/index.html

    1. Arts & Books Economics & Finance Magazine central banks Economic History interest rates monetary policy
      Pop goes everything

      Years of low interest rates and quantitative easing have inflated an almighty bubble. History shows what happens next
      By John Kay
      January 25, 2023
      March 2023
      Reviewed here
      The Price of Time: The Real Story of Interest
      by Edward Chancellor (RRP: £25)
      Buy on Bookshop.org
      Prospect receives commission when you buy a book using this page. Thank you for supporting us.

      The years since the 2008 financial crisis have been among the strangest in the history of monetary policy. Interest rates have been lower than at any time since the Industrial Revolution. Governments have been issuing debt in unprecedented quantities, and central banks have been buying the debt back. But this era seems to be coming to an end. Interest rates around the world are rising. Markets talk not of quantitative easing but of quantitative tightening.

      What has been going on? Edward Chancellor’s new book offers a very long-term perspective, beginning in Babylon and ending with Covid. The book combines historical scholarship with a deep understanding of modern financial markets. The first known legal code—that of the Babylonian king Hammurabi—was, Chancellor explains, mainly concerned with financial regulation. Still, he observes, “drawing up financial regulations is one thing but getting people to follow the spirit of the law is another matter”. Almost 5,000 years after Hammurabi, some things have not changed.

      Chancellor has already provided a history of speculative bubbles—from Dutch tulips through to the South Sea bubble and Mississippi Company, to railway mania and the Wall Street crash—in his excellent Devil Take the Hindmost. In the present book, these episodes are recounted with an emphasis on the monetary policy environment that contributed to them.

      But the meat of the book is in its critique of the monetary policies of the last two decades. Chancellor’s heroes are William White and Claudio Borio of the Basel-based Bank for International Settlements. Together with Raghuram Rajan, one-time chief economist of the International Monetary Fund and governor of the Reserve Bank of India, they were among the few to warn of the dangers of sustained low interest rates—and the difficulties of escaping from these policies. Low rates beget low rates, they claimed. Which is to say: low rates discourage investment, inhibiting the potential for longer-term growth in demand, thus necessitating future rate cuts in future.

      And in the end, the lesson from both historical and recent experience is a simple one. Low interest rates have always been associated with episodes of financial speculation, and episodes of financial speculation have invariably ended in tears. At the start of 2023, with rising interest rates, rapid inflation and the end of the “everything bubble”, there are many tears.

      How did we get here? In 2008, central banks around the world responded to the emerging crisis in financial markets by cutting interest rates—eventually to more or less zero—and flooding the system with liquidity. That flood of liquidity continued with “quantitative easing”: buying long-term bonds issued by the governments that oversaw the central banks. Eventually, the authorities would accept the securities of practically any credible issuer.
      …
      https://www.prospectmagazine.co.uk/economics-and-finance/pop-goes-everything-interest-rates-quantitative-easing

    2. Harry Dent: ‘Crash of a Lifetime’ Coming After ‘One More New Low’
      By Jane Wollman Rusoff
      January 19, 2023 at 08:10 PM

      For at least six years now, controversial strategist Harry Dent Jr. has been forecasting “the crash of a lifetime.” Now he’s getting specific.

      His “line in the sand” is “one more new low” to break Nasdaq’s low of 10,088 hit last October. “The next thing you know, we’ll be down 50-60%,” the “Contrarian’s Contrarian” predicts in an interview with ThinkAdvisor.

      That will cause a major recession, if it’s not already here. “You won’t be able to put Humpty Dumpty together again,” Dent argues.

      “The [market] top in our lifetime” came when the everything bubble peaked with the 34% Nasdaq crash from November-June 2020, Dent insists. That was the top for the S&P 500 and the Russell 2000 too, he says.

      This year, will be, says the well-known newsletter publisher, “the worst” for the U.S. economy since “1973 or 1974 or 81-82, or even back to 1931.” And “we won’t come out of this till 2025,” he predicts.

      Three or four decades or so ago, Dent was prominently, consistently bullish. But numerous and ubiquitous market bubbles turned him bearish, he says.

      Right now, the market is super-inflated with what he terms “the first everything bubble” — both stocks and real estate.

      It’s more damaging than the bubble of 1929, he says. “And that ended up with an 89% stock crash.”
      …
      https://www.thinkadvisor.com/2023/01/19/harry-dent-one-more-new-low-before-crash-of-a-lifetime-hits/

    3. Luke Huigsloot
      Dec 30, 2022
      ‘Everything bubble’ bursts: Worst year for US stocks and bonds since 1932

      While the crypto markets have taken a bashing in 2022, it hasn’t exactly been rosy for US stocks, bonds and real estate either.

      Collect this article as an NFT

      It’s been a torrid year for investors, and not just those in crypto, with United States (U.S.) bonds experiencing their worst year in centuries and U.S. stocks pulling back nearly 20% since 2022 began.

      As of Nov. 30, a Financial Times report noted that a traditional portfolio consisting of 60% stocks and 40% bonds will have seen its worst performance since 1932, when the U.S. was in the midst of the Great Depression.

      Meanwhile, tech stocks, which some theorize have a correlation with cryptocurrency prices, haven’t had a great year either.

      An index tracking the performance of U.S. companies in the industry recorded a loss of 35.76% for the year.

      Household tech giants such as Netflix, Meta, Zoom, Spotify and Tesla have all had particularly difficult years as well with their share prices falling in the range of 51% and 70%, according to Yahoo Finance.

      Even the “safe as houses” real estate sector has started to show signs of pain, with the most recent data from the Federal Housing Finance Agency showing that U.S. house prices were stagnant through September and October.

      These stock and sector declines may help put the current crypto winter into better perspective, noting that total crypto market cap fell from $2.25 trillion to $798 billion throughout the year, representing a drop of 64.5%, and crypto billionaires recorded huge losses.

      Some of the crypto crises that have occurred throughout 2022 include the bankruptcies of FTX, Celsius and Three Arrows Capital, as well as the collapse of the Terra network, among others.

      According to a Dec. 30 tweet by investment analyst Andreas Steno, “every single asset class” is down significantly in 2022, and real estate is soon to follow.
      …
      https://cointelegraph.com/news/everything-bubble-bursts-worst-year-for-us-stocks-and-bonds-since-1932

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