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We Were Watching It Go Up And Up And Up And Up And Up And Up… And Then It Just Started Coming Down

A report from USA Today. “‘Prices would not have fallen if the Federal Reserve did not raise interest rates so aggressively,’ says National Association of Realtors’ Chief Economist Lawrence Yun. ‘One casualty of the Fed’s policy, aside from the regional banks, is the loss in home values for some homeowners.’ While experts agree that the Fed’s monetary policy slowed down the price growth last year, there are varied opinions on what would have happened if they had done noting at all. ‘I don’t think the affordability actually would’ve changed, but it would have like been ripe for a bubble. If interest rates stayed low for too long, then a bubble would’ve formed in the housing market where once interest rates went up, it would’ve been a much harsher fall,’ Yun said.”

KING 5 in Washington. “According to Northwest Multiple Listing Service, not only are the number of listings down but so is the number of people willing to pay for homes with mortgage rates of 6-7%. That’s having an impact on the median home price in King County which dropped 7% in February compared to the same time last year. But it’s Seattle’s tech hub, the East Side saw one of the biggest drops plummeting 21%. Newly retired Mark Griffin and his wife Mary Gleason thought they would sell their Sammamish home at the above asking price and put a down payment on their new home in Nevada. But by the time they updated and painted their home, which they bought in the late 1990s for $500,000, mortgage rates were soaring and tech layoffs were around the corner.”

“‘We were watching it go up and up and up and up and up and up… and then of course, we decided to take advantage of it and yeah, it just started coming down,’ Gleason said. The couple ultimately sold their home at 20% less than the asking price and said it was not enough to cover what they wanted to pass on to their children.”

The Idaho Statesman. “For the first time in over 10 years, the United States has witnessed a nationwide decrease in year-over-year median home prices. Boise and the rest of the Treasure Valley are well ahead of the national curve in price decreases. ZIP codes including Boise, Meridian, Nampa and Caldwell have witnessed a 4.2% decrease in median home value over the past year. According to Zillow, ZIP code 83703 — which encompasses west Boise and Garden City — saw the most significant yearly decrease at 6.9%.”

The Boston Globe in Massachusetts. “Greater Boston’s housing market was soaring so high over the last two years, it had to cool down at some point. And now, it has. The region’s housing market hit new lows in February, with the fewest single-family home sales seen in a single month since 2011, and the third straight month of year-over-year price declines, according to the Greater Boston Association of Realtors. And perhaps even more striking: the median price on a single-family home in Greater Boston fell to $700,000 last month, down 7.6 percent from $757,500, the median price in February 2022. It was the largest year-over-year price drop since October 2011.”

“‘As mortgage rates have risen, the buyer pool has shrunk, so sellers can no longer be as aggressive on pricing, bidding wars have become less frequent, and buyers have more room for negotiation,’ said Alison Socha, the president of GBAR. ‘Currently there’s very little upward pressure on prices.'”

Community Impact in Texas. “The Austin Board of Realtors’ market report for February shows a continuation of previous months’ trends in the Round Rock, Pflugerville and Hutto housing markets: high inventory and steadily dropping prices. In February, the median home sale price across all three cities was $399,500, according to the report. That is down 8.2% from $435,124 in January and down 14% from $464,550 last February. Round Rock, Pflugerville and Hutto had 743 combined active home listings in February, over seven times more than last February’s 103 active listings.”

Times of San Diego in California. “The U.S. has lost 58 ‘million-dollar’ communities — areas where the typical home is worth $1 million or more — since the housing market peaked last July, a new analysis shows. One of them is in San Diego County, in Bonita, where that home value has dipped to about $993,500, according to Zillow. The seven areas in the county where the typical home value remains above $1 million are Carlsbad, Coronado, Del Mar, Encinitas, Poway, Rancho Santa Fe and Solana Beach. Across the nation in the six months after the peak, the typical home in million-dollar cities lost an average of $114,500 in value. The typical U.S. home is worth 4.1% less than it was last July, according to the Zillow Home Value Index. In current million-dollar cities, such a home on average has lost 6.3% of its value.”

Bisnow New York. “As the global banking crisis continues to spread, so does its potential impact on the office market in the world’s financial hub. Credit Suisse, Signature Bank and First Republic Bank combine to occupy more than 2M SF of office space in Manhattan, according to Avison Young data provided to Bisnow. It is unclear what the future holds for the landlords of the banks, whose leases have expiration dates ranging from 2026 to 2038. Rob Kluge, senior managing director at Current Real Estate Advisors, said the banking crisis is likely to throw cold water on office deals across industries as companies are more cautious with their money.”

“‘The government and the still-standing banks have done a good job cauterizing the run on the banks and protecting the institutions, but what they’re not cauterizing is the lack of confidence in tenants in the market,’ he said. ‘This is really very nerve-wracking and it directly affects the banking where people get their money from. It’s obviously a slight contagion effect.'”

Mortgage News Daily. “The way bond math works, every man, woman, and child that owns a fixed-income security issued when rates were lower is now underwater on that bond or that security. As long as they continue to collect payments on that coupon, and don’t have to sell it, fine. If they are forced to sell the security at a loss and book it, that’s a different story. When people want their money out of a bank, and the bank needs to sell securities to pay off depositors, well, we’ve seen how that plays out. Along those lines, big bank problems make the headlines, but there are plenty of smaller depository bank mergers and acquisitions going on that don’t make the headlines. And the same thing is happening with vendors and mortgage bankers & brokers.”

From Reuters. “Distressed debt investors and large hedge funds are buying up Credit Suisse additional tier-1 bonds at rock-bottom prices after they were written down to zero in the Swiss bank’s rescue by cross-town rival UBS. The bonds, now trading at about 0.03 cents on the dollar, have become an opportunity for hedge funds, which are taking punts that the merger of UBS/Credit Suisse might not proceed or that the Swiss regulator might even reverse its decision, six traders and dealmakers said.”

From Market Watch. “Banking sector jitters and higher interest rates likely spell trouble for the roughly $5.5 trillion U.S. commercial real estate debt market. Multifamily properties have been a ‘favored’ property asset class in the wake of the global financial crisis. Since that time, the federal government has come to own nearly half of the $2 trillion multifamily loan pie (see chart), according to Deutsche Bank research. The Green Street Commercial Property Index pegged U.S. property values as down 15% in March from a year before.”

“Office properties, once considered a relatively safe investment, aren’t viewed the same way any longer, particularly with Kastle Systems’ gauging office vacancy in its 10-city barometer at only 47.3% as of March 20. Shares of office REITs, or real-estate investment trusts, have plunged 51% over the past 12 months, according to Morgan Stanley researchers. That compares with a 23% drop for the Dow Jones Equity REIT Index for the same stretch.”

The Associated Press. “Treasury Secretary Janet Yellen projected calm on Tuesday after recent regional bank collapses but told a gathering of bankers that additional rescue arrangements ‘could be warranted’ if any new failures at smaller institutions jeopardize financial stability. Yellen, who made her remarks at the American Bankers Association, said that overall ‘the situation is stabilizing.’ ‘And the U.S. banking system remains sound,’ Yellen said, drawing clear differences between recent events and the 2008 financial meltdown, which triggered trillions of dollars of financial losses globally. ‘This is different from 2008,’ she said. ‘2008 was a solvency crisis, rather what we’re seeing now is contagious bank runs.'”

CTV News in Canada. “Trends in Simcoe County show an increase in viewings and buyers re-entering the market after key interest rate hikes from the Bank of Canada warded off many last year. Lance Chilton, the broker of record at Re/Max Hallmark Chilton Realty, calls the local market ‘more or less balanced.’ ‘Inventory conditions are the same as they once were in 2018,’ he noted. ‘From 2020 to 2022, prices rose to about 43 per cent, which was rather rapid.’ Chilton said key interest rate hikes eventually bottomed out the local market by about September – that’s when home prices that peaked at around $1 million dropped to about $730,000.”

The Daily Telegraph in Australia. “The investment syndicate put together by the property spruiker Sasha Hopkins has seen its Byron Bay property sold for $4.4m at mortgagee auction. The 3816 sqm Paterson St holding last sold for $5m in 2021. It was offered with development concept images by Paul Clout Design being one of Byron Bay’s largest lots enjoying Residential R2 zoning which permits multi-dwelling housing. Sharon McInnes and Paul Prior of First National secured the sale last weekend with the listing having been with other agents for 500 days.”

“The price drop sat close to the 15 per cent standard decline that local HTW valuer Mark Lackey recently noted. The four bedroom pavilion-style house featuring two wings, was owned by Hunter Hopkins Project 7 Pty Ltd, one of the many entities within the collapsed Hopkins property investment empire.”

Asia One in Singapore. “This week, we spoke to someone who regrets getting a two-bedder condo unit, in an otherwise supposedly ‘safe’ location. S purchased a condo a few years ago, in the seemingly infallible location of Stevens Road. This is in the prestigious District 10 area, close to the famed Dalvey Road landed enclave, near multiple renowned schools, and just around a three-minute drive to the Orchard Road shopping belt. Another mistake that S made was to put too much emphasis on the future upside. Many buyers tend to look at the availability of a new MRT station as a sure guarantee of future profits, but sometimes it would have already been priced in if it was not bought before the announcement.”

“For S, the current issues are compounded by high maintenance fees. This is a trade-off for exclusivity: higher-end condos are more private, with smaller unit counts; but that also means fewer units to share the cost. S says that, in hindsight, they made some mistakes that cause them to regret the purchase: ‘When we first bought it, we really didn’t think about the practical aspects as a home,’ S says, ‘For example, it has an open kitchen and no real yard area. As a two-bedder there was space for one kid, but not a second one. Also, there’s no helper’s room. So it’s good for a couple with one kid, but beyond that, it’s very limited.'”

“Finally, S mentioned that the biggest hurdle to get over was the sunk cost fallacy. Over the past few years, it was increasingly obvious that this was not a good investment, but it was just hard to let go. ‘It was hard to just bite the bullet to realise the loss and move on. We kept thinking what if there might be further upside in the future, but the years of sitting on it waiting for something to happen could have allowed us to purchase a property with better upside.'”

“Sometimes called the ‘Concorde fallacy,’ (which was named after the supersonic jet that took people from Europe to the US in record time). Despite results showing that the economic outlook for the jet was not great, the British and French governments continued to throw money at the project in the hopes that it would work out – just because they’d already spent such a huge sum.”

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This Post Has 103 Comments

  1. 𝘣𝘰𝘳𝘳𝘰𝘸𝘦𝘳𝘴 𝘦𝘷𝘦𝘳𝘺𝘸𝘩𝘦𝘳𝘦
    𝗢𝗮𝗸𝗹𝗮𝗻𝗱, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟴% 𝗬𝗢𝗬 𝗔𝘀 𝗗𝗼𝘂𝗯𝗹𝗲 𝗗𝗶𝗴𝗶𝘁 𝗣𝗿𝗶𝗰𝗲 𝗗𝗲𝗰𝗹𝗶𝗻𝗲𝘀 𝗕𝗹𝗮𝗻𝗸𝗲𝘁 𝗢𝗿𝗹𝗮𝗻𝗱𝗼 𝗔𝗿𝗲𝗮

    https://www.movoto.com/oakland-fl/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘰𝘣𝘴𝘦𝘳𝘷𝘦𝘥, “𝘎𝘪𝘷𝘦𝘯 𝘵𝘩𝘦 𝘮𝘢𝘴𝘴𝘪𝘷𝘦𝘭𝘺 𝘪𝘯𝘧𝘭𝘢𝘵𝘦𝘥 𝘱𝘳𝘪𝘤𝘦𝘴 𝘱𝘦𝘰𝘱𝘭𝘦 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘱𝘢𝘺𝘪𝘯𝘨, 𝘣𝘰𝘳𝘳𝘰𝘸𝘦𝘳𝘴 𝘦𝘷𝘦𝘳𝘺𝘸𝘩𝘦𝘳𝘦
    𝘢𝘳𝘦 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘲𝘶𝘢𝘥𝘳𝘪𝘱𝘭𝘦𝘨𝘪𝘤𝘴. 𝘕𝘰𝘸 𝘩𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨 𝘦𝘷𝘦𝘳𝘺𝘸𝘩𝘦𝘳𝘦.”

  2. ‘Round Rock, Pflugerville and Hutto had 743 combined active home listings in February, over seven times more than last February’s 103 active listings’

    Now that’s a shortage!

    2. I just checked in my little burg, houses for sales has dropped by almost 50% since Sept 2022, per movoto. Very interesting.

  3. ‘overall ‘the situation is stabilizing.’ ‘And the U.S. banking system remains sound,’ Yellen said, drawing clear differences between recent events and the 2008 financial meltdown, which triggered trillions of dollars of financial losses globally. ‘This is different from 2008’

    See, it is different this time!

    1. We need to bring back the cat-o-nine-tails whips for Yellen the Felon and the gold collar criminals at the Fed.

      1. Without degenerate borrowers in the populace, those people would have no power. We’re entering a period when the amoral debt donkeys and speculators are getting crushed.

        Enjoy!

    2. Yahoo Finance
      Why US regulators let banks lose billions — as long as losses are ‘unrealized’
      The danger posed by paper losses on bonds is newly relevant with the failure of Silicon Valley Bank. The debate about their treatment goes back decades.
      Dan Fitzpatrick
      Sun, March 19, 2023 at 5:47 AM PDT·6 min read

      Silicon Valley Bank disclosed it had $1.8 billion in paper losses on some bonds at the end of 2022.

      And yet the lender didn’t reduce a key measure of capital strength monitored by regulators. Those losses became existential for the bank once it was forced to sell these assets, triggering a run that ended with the bank’s seizure on March 10.

      The U.S. banking system currently has hundreds of billions in unrealized losses lurking in its system that don’t weaken buffers designed to protect banks from future shocks. Why would regulators allow that?
      …
      https://news.yahoo.com/why-us-regulators-let-banks-lose-billions–as-long-as-losses-are-unrealized-124755456.html

      1. as long as losses are ‘unrealized’

        Insiders realized $219M in loans.

        https://twitter.com/unusual_whales/status/1638264166061584384:

        BREAKING: Loans to Silicon Valley Banks’ officers, directors and principal shareholders, as well as other insiders, more than tripled to $219 million in the final months of SVB.

        That’s a record amount of loans issued to insiders, going back at least two decades.

        Unusual.

  4. ‘The investment syndicate put together by the property spruiker Sasha Hopkins has seen its Byron Bay property sold for $4.4m at mortgagee auction. The 3816 sqm Paterson St holding last sold for $5m in 2021’

    Anotha winnah! Mortgagee sale is foreclosure in Australian.

  5. ‘I don’t think the affordability actually would’ve changed, but it would have like been ripe for a bubble. If interest rates stayed low for too long, then a bubble would’ve formed in the housing market where once interest rates went up, it would’ve been a much harsher fall’

    Larry is a well known far right knuckle dragging anti vaxer election denier stopped clock doom and gloom perma bear.

    1. “..if interest rates stayed low for too long, then a bubble would’ve formed in the housing market…”

      “would’ve formed” – Lawrence Yun, you are just killing us with your stand up comedy.

    2. He and his organization peddled fake news and published fabricated data for decades.

      Bidding wars? Cash buyers? Demand collapsed when borrowing costs rose a minor amount.

      What about that big fat lie Larry? Where are all the cash buyers?

      Larry?

  6. ‘Currently there’s very little upward pressure on prices’

    Alison, how did you lose yer shack?

    It was the Concord fallacy.

  7. ‘But by the time they updated and painted their home, which they bought in the late 1990s for $500,000’

    Jeebus Mary, if you paid that much in the 90’s, you got schlonged.

    1. What the heck is our bill going to be for the reckless money center and regional banking support.

      More and larger CPI increases?

    2. I bought $130 worth of groceries yesterday. Nothing fancy, but we do eat lots of fresh produce. Hopefully we can increase that basic basket up to $200. I wouldn’t want the VIPs to lose their shirts when I can shoulder the burden.

  9. ‘One casualty of the Fed’s policy, aside from the regional banks, is the loss in home values for some homeowners.’

    Who cares about loss in home value if you enjoy pride of ownership and a 2% mortgage rate?

    Never mind those high property taxes or that underwater mortgage!

    1. “…those high property taxes…”

      For a least a decade now, the HBB and its readers have repeatedly warned about the dangers of ever increasing holding costs, ie, property taxes, [In Calif, Mello-Roos], insurance, HOA dues, maintenance and the like.

      Never discussed in the MSM, total holding costs, in many cases, eclipse mortgage costs.

      One easy test: Can a prospective buyer afford the holding costs on a home even if the mortgage is $0? In an ever number of increasing cases, the answer is NO.

    2. And never mind that mortgages have a fixed duration unlike property taxes that are in perpetuity.

  11. This is a preview of what California will look like a decade after reparations, after all the money is spent.

    New York Times — As Haiti’s Police Retreat, Gangs Take Over Much of the Capital (3/22/2023):

    “One by one, schools and hospitals have closed. Kidnappings are an everyday risk and gang warfare rages openly on the streets. But now, the chaos that has long consumed many parts of Port-au-Prince, the capital of Haiti, has spread: The national police, outgunned, outnumbered, underpaid and demoralized, have ceded control of most of the city to gangs.

    Almost no one is safe anymore, analysts and residents say. Even the wealthy who have long looked down at the gang-ridden city from their homes in the mountains above Port-au-Prince are no longer immune.

    Gangs operate with impunity across Port-au-Prince and increasingly in wealthy enclaves above the city, analysts say, tightening their grip by attacking police officers and destroying police stations.

    “Today, security in Haiti is not a matter of means,’’ said Youri Mevs, the managing partner of an industrial park who lives in the mountains overlooking the city. “It is a matter of avoiding the wrong place at the wrong time. And, the wrong place is almost everywhere, just as the wrong time is literally all the time.”

    https://archive.is/4jal0

    1. “This is a preview of what California will look like a decade after reparations, after all the money is spent.”

      Once black people are made whole, there will be no more shootings or muggings or violence, never ever ever ever.

  12. “As long as it takes”

    Washington Post — U.S. will speed transfer of Abrams tanks to Ukraine, Pentagon says (3/21/2023):

    “The Pentagon, in a significant shift, said Tuesday that it will send M1 Abrams tanks to Ukraine by the fall, after facing scrutiny for initially saying it could take a year or two to procure the powerful weapons and get them to the battlefield.

    The Pentagon’s disclosure came as Russian President Vladimir Putin and Chinese leader Xi Jinping hold talks in Moscow, where the two leaders promised to deepen ties. The closely watched meeting has fueled concern in the United States and Europe that Beijing will come to the Kremlin’s aid as its military continues to suffer massive losses in Ukraine and its defense industry, hobbled by Western sanctions, struggles to replenish destroyed or expended weapons.”

    https://archive.is/FPtCg

    U.S. taxpayers you will never be anything more than cattle tax slaves to these globalist war pigs.

    All wars are bankers’ wars.

      1. Sounds about right.

        Russia Today — Most NATO states ignoring spending target – Stoltenberg (3/22/2023):

        “NATO Secretary General Jens Stoltenberg has urged member states to boost their defense spending, saying the US-led alliance expected more countries to meet the 2% of GDP target in 2022.

        Stoltenberg was commenting on NATO’s annual report, which came out Tuesday, revealing that only seven out of 30 member states fulfilled the 2% spending requirement last year – one less than in 2021, before the outbreak of the conflict in Ukraine. NATO had expected the number to reach nine in 2022.

        Overall defense spending by NATO states grew by 2.2% in 2022 compared to the previous year and was “estimated to exceed” $1 trillion, the report said.

        However, the bloc’s leader insisted that “the pace now, when it comes to increases in defense spending, isn’t a high enough.”

        https://www.rt.com/news/573412-stoltenberg-nato-spending-ukraine/

        “2% of GDP target in 2022”

        Did you know that Zelensky’s parents live in a $8 million house in Israel with a taxpayer funded $12,000 a month security detail?

        Onward Christian Soldiers, as always.

      1. Let’s see:

        1) Unload all our old, junky tanks that break a lot, and send them to Ukraine, where they will break and rot.
        2) Order new replacement tanks for muchos $$$
        3) Profit!

  13. A reader set these in:

    It’s hard to be bullish on CRE or even SFR when we have so many of the largest players in the market significantly pulling back. Sam Zell once said: “You can have all of the assets in the world you want, but if you have no liquidity it doesn’t matter.” “Liquidity equals value.”

    https://mobile.twitter.com/benitoz/status/1637923597594525696

    Lender of Next to Last Resort Headline Alert:
    “Federal Home Loan Bank System issued $304 billion in debt last week, according to a person familiar with the matter, who asked not to be identified discussing non-public data. That’s almost double the $165 billion that liquidity-hungry lenders tapped from the Federal Reserve.

    The FHLBs are a Depression-era backstop originally created to boost mortgage lending. The system, now a key source of cash for regional banks, is known as the “lender of next-to-last resort” — a play on the nickname for the Federal Reserve’s discount window.”

    https://mobile.twitter.com/DiMartinoBooth/status/1637898003196379137

    ICYMI. Autos hitting a wall.

    https://twitter.com/DiMartinoBooth/status/1638158213680857091

    I watched Powell gush over his hero Volcker before, but nothing this concrete as to the path.

    https://twitter.com/GRomePow/status/1638299420449198080

    After this recent round of speculative lunacy, I am starting to wonder if 50 bps tomorrow shouldn’t be back on the table.

    https://twitter.com/EconguyRosie/status/1638284663306215424

    Can some prosecutor please figure out how to accomplish a perp walk this time? “Loans to SVB officers, directors and principal shareholders, and their related interests, more than tripled from the third quarter last year to $219M in the final three months of 2022.”

    https://twitter.com/DiMartinoBooth/status/1638265030876573697

    Logan losing his mind because the YOY numbers are negative. Many such cases. Sad.

    https://twitter.com/NipseyHoussle/status/1638253594511044627

    Powell knows exactly what he is doing. “We look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses.” – J Powell, 2012
    Everything bubble burst underway.

    https://twitter.com/DylanLeClair_/status/1638230311157768209

    Keep this in mind the next time you read lower rates will save housing. Treasury rates are lower because of banking crisis and looming recession, which will push up the mortgage 10 year spread and cause banks to tighten lending standards. None of this is good for housing.

    https://twitter.com/Tryng2lookahead/status/1638205888233103364

    Credit Suisse in the last few years:
    • Lost $5.5B on Archegos blowup (after making a paltry $17.5m in fees)
    • Lost $1.7B on sketchy Greensill Capital supply chain funds
    • Lost >$100m on Citrix debt deal
    Credit Suisse Chair on why bank failed:
    • “It’s Twitter fault” lol

    https://twitter.com/TrungTPhan/status/1638211680915320833

    This year will be crit­i­cal be­cause about $270 bil­lion in com­mer­cial mort­gages held by banks are set to ex­pire, ac­cord­ing to Trepp—the high­est fig­ure on record. Most of these loans are held by banks with less than $250 bil­lion in as­sets.

    https://twitter.com/danjmcnamara/status/1638149372889251842

    We all understood that moving away from a decade of 0% rates would likely kill some “ZIRP zombies”. It was expected. So why is SVB and CS so alarming? SVB was clearly garbage. CS was barely alive even with 0% rates. Pain was expected. Powell should and will hike tomorrow.

    https://twitter.com/Stephen_Geiger/status/1638198894730305538

    A more powerful statement about how truly unfocused and unserious Wall Street’s media shills are one could not find. We are heading into a repeat of 2008-9 and they are STILL trotting out this charlatan???

    https://twitter.com/spomboy/status/1638161935043633154

    SVB was garbage run by morons. CS was barely alive even at 0% rates.
    “Oh no! We better cut rates back down and restart QE with CPI still at 6%!” These people are clowns. Cathie Wood is still on CNBC this morning. Get a grip.

    https://twitter.com/Stephen_Geiger/status/1638182211638665216

    US officials are studying ways to let the FDIC temporarily insure deposits beyond the current $250,000 cap on most accounts, without having to get approval from Congress.

    https://twitter.com/unusual_whales/status/1637976000305963010

    Says the godfather of ZIRP.

    https://twitter.com/RJRCapital/status/1637972427853512704

    Today in “It smells like bitch in here”

    https://twitter.com/mr_skilling/status/1637995695629017088

    It’s cool how Millennials have to make as much as a doctor to afford half the lifestyle their parents got if they dropped out of high school.

    https://twitter.com/StephenPunwasi/status/1638022065876873216

    Michael Burry just tweeted “hope that chart helped” This is the chart that he deleted and is referring to

    https://twitter.com/burrytracker/status/1637992989367885824

    Getting top comment making fun of Ackman for his incessant welfare begging

    https://twitter.com/GRomePow/status/1638010632586027009

    $CS chairman Lehmann blames … retail investors for the bank’s collapse 😂🤣

    https://twitter.com/Mayhem4Markets/status/1637987823876820993

    The following people want the Fed to cut rates:
    Ross Gerber
    Cathie Wood
    Elon Musk
    Bill Ackman
    Sensing a pattern here.

    https://twitter.com/RJRCapital/status/1637977783589642242

    Hey look everyone a billionaire begging the Fed to pivot! Meanwhile inflation is still crushing the 90%. But Bill is right, pls Fed lower rates and print more money to save the richest population.

    https://twitter.com/higher_yield/status/1637962579128766466

    Pausing into accelerating inflation, sounds like a great plan.

    https://twitter.com/BartsQuandry/status/1637958530509701122

    Oh boy Barry bout to be crying for welfare on TV again

    https://twitter.com/GRomePow/status/1637962023127650304

    The Great Deleveraging
    Starwood and Artisan bought the Pacific Coast Towers—a 1.6M SF trio of office buildings— in 2017 for just over $611M, Green Street reported. In 2019, the pair refinanced via a senior mortgage with Morgan Stanley for about $500M.

    https://twitter.com/BenMillerise/status/1637879355857575946

    C’mon. Tell them the real reason you want the Fed to back off, Welfare Boy. Ok. I will.

    https://twitter.com/RJRCapital/status/1637957566834655236

    “In other words, our top tier 30yr fixed index suggests that lenders are quoting 6.625% today on perfect loans with no price adjustments. Someone with a more average scenario could easily be seeing 7%+.”

    https://twitter.com/NewsLambert/status/1637946994873212928

    I’m stunned how oblivious everyone is to this.

    https://twitter.com/sekrah/status/1638269661761490945

    Folks starting to realize the truth about Tech jobs…“Companies were hiring just to hire. COVID created temporary demand & money was cheap which created a ripple effect of companies needing staffing for low value projects. Everything was about ‘growth.'”

    https://twitter.com/menlobear/status/1638164795458469889

    $CS failed and lagarde still had a sack and hiked 50bps. You think JPow gonna let her outshine him?

    https://twitter.com/josephdepaola/status/1638338143458918402

    A research paper looks at intraday trading data to conclude “market volatility is more than three times higher during press conferences given by current Fed Chair Jerome Powell than during press conferences by predecessors Janet Yellen and Ben Bernanke”

    https://twitter.com/NickTimiraos/status/1638333483155062784

    🚨 Acocrding to some of the major banks ahead of tomorrows Fed decision: 🏦

    https://twitter.com/rhemrajani9/status/1638301598173523968

    Apple has just reached the highest since September 2022.. but the FED needs to cut rates

    https://twitter.com/AlessioUrban/status/1638264434651963392

    For years, people argued QE was reversible. “They are adding just ‘Bank Reserves’ not real money” “Its just an asset swap” “When the SOMA bonds mature, the money will disappear” All malarkey. QT failed last time and has failed again.

    https://twitter.com/LastBearStandng/status/1638192428199862274

    One in 11 US borrowers is now being rejected for an auto loan. Auto loan denial rate rose to 9.1% in February, a six-year high — and up from 5.8% in October.

    https://twitter.com/GuyDealership/status/1638137594545307648

    It now takes *43 weeks* of income for the average person to purchase a new car. In 2019, that number was 32 weeks. 35% increase in only 4 years 😬 Insane

    https://twitter.com/GuyDealership/status/1637788893167726592

    Ratings agencies waking up? Hmmm…wonder what ⏰ it is?

    https://twitter.com/m3_melody/status/1638341815026741248

    The momentum is gone. Anyone who think rates going from high 6s to 5.5 is going to somehow restart another 2 year cycle of 50% price appreciation is delusional. No serious/balanced person is pushing this theory. Just hoomers like conner.

    https://twitter.com/NipseyHoussle/status/1543004222098219009

    They call it a slowdown, T. It’s like a steep correction but the realtors use synernoms instead. Then they call it a “more balanced market” for awhile until the price cuts pile up too high and they admit it’s a correction.

    https://twitter.com/NipseyHoussle/status/1534224399611592706

    Y’all thought you locked in a low rate but you actually just locked in a high price 😂

    https://twitter.com/NipseyHoussle/status/1572668509502509058

    Last month, home prices fell as sellers responded to chilly homebuyer demand. Home sale prices dropped 1.2% year over year but in pandemic boomtowns like Austin and San Jose, prices fell at roughly 12 times the national pace.

    https://twitter.com/Redfin/status/1638230370050281473

    in what other industry would competitors all pitch in billions to save another competitor from going under ? I have a lot of multifamily assets previously underwritten to a 4.0% exit cap to sell you if you’re in the rescue business too.

    https://twitter.com/OmarMora1es/status/1637993435540996098

    Read: 40% or all US mortgages were originated at peak bubble prices

    https://twitter.com/NipseyHoussle/status/1637992441901903875

    “‘Mega-investors’ share fell from 11% of investor purchases in September to 9% in December…In that same time frame, the small investor share rose from 45% to 48%.'” Last in=multi-year albatross

    https://twitter.com/m3_melody/status/1637901452415848450

    Uninsured Deposits by Bank:
    1. BNY Mellon, $BK: 97%
    2. SVB, $SIVB: 94%
    3. State Street, $STT: 91%
    4. Signature, $SBNY: 90%
    5. Northern Trust, $NTRS: 83%
    6. Citigroup, $C: 77%
    7. HSBC Holdings, $HSBA: 73%
    8. First Republic Bank, $FRC: 68%
    9. East West Bancorp, $EWBC: 66%
    10. Comerica, $CMA: 63%
    There are now a total of $8 trillion in uninsured deposits in the U.S.
    Roughly 40% of all deposits are uninsured.

    https://twitter.com/KobeissiLetter/status/1637791417069101057

    Timely and illuminating podcast about the $20 Trillion CRE market and what is different about this maturity wall…$500B of debt coming due each year over the next 5 years (50% of what is due in 2023 on bank balance sheets) Not good

    https://twitter.com/m3_melody/status/1637800630277267456

    Out of 200-250 local short-term rentals, only 8 are paying the hotel occupancy tax, only 7 are registered as required by code. It’s almost like Airbnb’s business model is based on regulatory avoidance. 🤔

    https://twitter.com/dfwaaronlayman/status/1637856366416019458

    “After decades of free money, the day of reckoning is coming. There’s $1.5T of commercial real estate loans that are coming due in the next three years,” says RXR Realty Chairman @ScottRechler. “You have to take some time to restructure these loans and invest in new equity.”

    https://twitter.com/SquawkCNBC/status/1637787159892488198

    It looks like corporate media is creating a new fake narrative to blame for bank runs. 🤨

    https://twitter.com/WallStreetSilv/status/1638337200805871618

    Remember, we are also at a maxed out debt ceiling of $31.4 trillion … but somehow they can also insure all bank deposits without needing Congress to pass anything. 🤡🌎

    https://twitter.com/WallStreetSilv/status/1638261695687675912

    I thought the Credit Suisse CEO said that it was retail investors fault that Credit Suisse failed … 🤨

    https://twitter.com/WallStreetSilv/status/1638236187050516486

    Embracing reality. Their reality cheque bounced. I guess they didn’t have time to change the posters.

    https://twitter.com/WallStreetSilv/status/1638159132762013698

    Economic Roller Coaster

    https://twitter.com/WallStreetSilv/status/1638114067528179713

    3 years ago: 30-yr mortgage rate was 3.45% & median existing home price in the US was $270k. Today: 30-yr mortgage rate is 6.60% & median home price is $363k. Result: $19k increase in down payment (assuming 20% down) and 93% increase in monthly payment (from $963 to $1,854).

    https://twitter.com/charliebilello/status/1638292206464245766

    Bed Bath & Beyond, Market Cap…
    June 1992 (IPO): $288 million
    June 2012 (peak): $17.4 billion
    Today: $95 million (all-time low, -99.5% from peak)

    https://twitter.com/charliebilello/status/1637910476234293251

    US Banks borrowed over $150 billion from the Fed’s discount window last week, blowing past the previous record during the 2008 financial crisis ($112 billion).

    https://twitter.com/charliebilello/status/1637474005262139395

    1. “we are also at a maxed out debt ceiling of $31.4 trillion … but somehow they can also insure all bank deposits without needing Congress to pass anything”

      Ukraine will get paid FIRST. The banks come second.

    3. It now takes *43 weeks* of income for the average person to purchase a new car.

      Small wonder new cars are starting to pile up at dealerships. Will we see the return of the econobox/hatchback? Of course from what I have seen, even those are historically pricey these days.

    1. Did you know that Jonathan Greenblatt was, in fact, never elected to govern anything?

      He was a bottled water salesman before he got appointed as a nobody paper pusher in the Obama administration.

      And now he thinks he’s the Language Police.

      Any of you #Notice the unanimous media silence on Kyrie Irving as soon as his $500,000 check to the ADL cleared?

      We #Noticed

    2. To learn who rules over you, simply find out who you are not allowed to criticize.

      – Attributed to Voltaire

  15. Is it safe at this point for central bankers to assume inflation is contained, allowing them to shift focus to financial stability concerns?

    1. The Financial Times
      UK inflation
      UK inflation jumps unexpectedly to 10.4% in February
      Economists and Bank of England had forecast a decline from January to 9.9%
      Customers shop for olive oil at Sainsbury’s supermarket in London
      February inflation came in higher than the 10.1% recorded in January
      Valentina Romei 6 hours ago

      UK inflation accelerated unexpectedly in February, adding to expectations that the Bank of England will raise interest rates again at its meeting on Thursday.

      The annual rate of consumer price inflation rose to 10.4 per cent in February, the Office for National Statistics said on Wednesday. That was up from 10.1 per cent in January and higher than the 9.9 per cent forecast by the BoE and economists polled by Reuters.

      Compared with the previous month, prices were up 1.1 per cent, nearly double the 0.6 per cent increase forecast by analysts.
      …

      2. “UK inflation jumps unexpectedly to 10.4%”

        Our betters inform that this is what The West “winning” looks like.

        #Winning

        1. From what I am hearing, life in the UK is becoming unbearable. People can’t heat their homes, and have to skip meals because they are broke.

          And it’s still going to get worse.

          2. I was under the impression that UK housing is cratering, especially since people have to sell once their “fixed rate mortgages” reset to 6-7%.

            The UK relatives almost lost their shack years ago when their “fixed rate mortgage” got into double digits. They were only able to hang on because their parents helped them out.

    2. Economy
      ‘Walk and chew gum’? Fed faces dual tasks of fighting inflation and easing bank jitters
      The central bank is weighing whether to continue on its path of interest rate hikes to curb price increases, even if it risks further instability in a financial system that remains on edge.
      Federal Reserve Board Chair Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on March 7, 2023.
      Federal Reserve Board Chair Jerome Powell has pointed to high prices to justify a series of interest rate hikes through much of last year.
      Mandel Ngan / AFP – Getty Images
      March 22, 2023, 4:00 AM PDT
      By Rob Wile

      Faced with ongoing instability in the banking system and persistent consumer price increases, the Federal Reserve has an unusually tricky choice to make between a familiar set of options: raise interest rates or don’t.

      If Fed officials choose the former at the end of their regularly scheduled two-day policy meeting kicking off Tuesday, they’ll be prioritizing the inflation challenge, even if it means risking further turmoil on Wall Street over a series of meltdowns and takeovers for troubled lenders.
      …
      https://www.nbcnews.com/business/economy/inflation-federal-reserve-bank-collapse-fears-rcna75736

  16. You will eat nothing.

    Joe Biden’s Inflation Fueling American Hunger (3/21/2023):

    “When Biden assumed office in 2021, 20 percent of Americans sometimes cannot afford enough food. That number spiked to 24.6 percent at the end of 2022, a 23 percent increase in a single year.

    The study also revealed that 63.2 percent of adults reported their household grocery costs increased “a lot” last year.

    Food prices were among the most impacted by Biden’s price hikes. Next to food costs, 55.5 percent felt the pain of gasoline price hikes, 26.4 percent were impacted by heating costs, 26.2 percent child care, 12.5 percent health insurance, and 8.1 percent mortgage payments.

    “Because of recent price increases, 62.0 percent of adults whose grocery costs increased a lot reported either reducing the amount of food they bought or not buying the kinds of foods they wanted, 43.3 percent withdrew money from savings, and 36.3 percent increased credit card debt,” the study found. “About 16.5 percent received charitable food.”

    https://www.breitbart.com/politics/2023/03/21/study-joe-bidens-inflation-fueling-american-hunger/

    16.5% of Americans forced to rely on food banks?

    Stop #Noticing. Need to print another trillion and send it to Zelensky, stupid peasants.

    1. Food prices were among the most impacted by Biden’s price hikes. Next to food costs, 55.5 percent felt the pain of gasoline price hikes, 26.4 percent were impacted by heating costs, 26.2 percent child care, 12.5 percent health insurance, and 8.1 percent mortgage payments.

      Ironically, none of those things are in the “CPI”. Must be a coincidence.

  17. War pigs gonna pig.

    CNBC — Ukraine probably isn’t going to accept anything less than retaking all its territory from Russia (3/22/2023):

    “CNBC’s Ted Kemp says Ukraine knows it’s winning the war and has Russia on the “proverbial backfoot.”

    https://www.cnbc.com/video/2023/03/22/ukraine-isnt-going-to-accept-anything-less-than-retaking-their-territory-from-russia.html

    Accept?

    U.S. taxpayers you will never be anything more than CATTLE TAX SLAVES to these globalists.

  18. Wall Street Journal — China’s Xi Jinping Meets With Putin in Moscow as Beijing Casts Itself as Peacemaker (3/20/2023):

    “Mr. Putin told Mr. Xi that he had read a recent proposal by Beijing to resolve the Ukraine conflict and that Moscow was “always open to the negotiation process.”

    Speaking through an interpreter, Mr. Xi told the Russian president that their countries have “many similar goals” and that “with our cooperation and interaction, we will definitely achieve these goals.”

    In late February, Beijing issued a 12-point document, titled “China’s Position on the Political Settlement of the Ukraine Crisis,” using its preferred moniker for Russia’s yearlong invasion of Ukraine. The paper offers few details and presents a list of conditions largely in keeping with international norms, such as respect for territorial integrity and the cessation of hostilities.

    The Chinese proposal contains several barbs aimed at the U.S., whose arms transfers to Ukraine Beijing says have added to suffering in the war. The plan calls for an end to unilateral sanctions and for all parties to abandon what it terms a Cold War mentality.

    “The paper gives China another chance to blame the U.S. as the primary instigator of the conflict and the biggest force in prolonging it,” said Alexander Gabuev, a senior fellow at the Carnegie Endowment for International Peace.”

    https://archive.is/MafQK

    The U.S. is the primary instigator of the conflict.

    “We will bury you” — Nikita Khrushchev, 1956

  19. Onward Christian Soldiers.

    The Hill — Eastern Europe ups pressure on US to send jets to Ukraine (3/21/2023):

    “Both Poland and Slovakia took the initial step to send fighter jets to Ukraine in a move spurring western allies closer to finally supplying modern warplanes to Kyiv.”

    Spurring?

    “Last week, Poland announced it would eventually send a dozen MiG-29 jets, which was quickly followed by Slovakia’s decision to send 13 of its own MiGs.

    The two announcements were remarkable after more than a year of Ukraine’s allies refusing to send fighter aircraft for its war against Russia and after the U.S. rebuffed Poland’s request to deliver MiG-29s in March 2022.

    Daniel Fried, a former U.S. ambassador to Poland and a fellow with the Atlantic Council, said the U.S. and NATO allies are unlikely to approve modern fighter jets anytime soon, but the new developments could accelerate the trend in that direction.”

    Accelerate?

    “When the Biden administration declined to allow Poland to transfer MiG-29s to a U.S. base in Germany last year, it raised concerns about an escalation. But more than a year of the war has softened the Ukrainian defense coalition on what the group sees as potentially provocative.”

    https://thehill.com/policy/defense/3911214-eastern-europe-ups-pressure-on-us-to-send-jets-to-ukraine/

    Nobody in the U.S. outside of the Beltway supports Ukraine.

    1. “A British official has confirmed that the UK will be providing Ukraine with depleted uranium shells to be used with the British-made Challenger 2 tanks despite warnings from Russia that it would consider the use of the toxic ammunition the same as a dirty bomb.

      Depleted uranium is typically created as a byproduct of producing enriched uranium and is extremely dense. Because depleted uranium munitions are radioactive, they are linked to cancer and birth defects, especially in Iraq, where US forces used an enormous number of the controversial munitions during the Gulf War and the 2003 invasion. Birth defects are still common in the Iraqi city of Fallujah to this day, likely due to depleted uranium.

      Responding to the news, Russian Defense Minister Sergey Shoigu warned that sending Ukraine depleted uranium rounds brings the world closer to a “nuclear collision” between Russia and the West and warned Moscow would respond. “Naturally, Russia has something to answer this with,” he said.

      Russian President Vladimir Putin also vowed a response. “If all this happens, Russia will have to respond accordingly, given that the West collectively is already beginning to use weapons with a nuclear component,” he said after a summit with Chinese President Xi Jinping in Moscow.

      https://news.antiwar.com/2023/03/21/uk-to-give-ukraine-depleted-uranium-shells-despite-russian-warnings/

      1. “Four leading Republicans in Congress have sent a letter to President Biden urging him to provide Kyiv with cluster bombs, controversial munitions that endanger civilians by spreading small bomblets over large areas.

        Due to the harm they cause civilians, cluster bombs have been banned by over 100 countries under the 2008 Convention on Cluster Munitions. But Russia, Ukraine, and the US are not signatories to the treaty.

        The letter to Biden was signed by Rep. Michael McCaul (R-TX), the chair of the House Foreign Affairs Committee, Rep. Mike Rogers (R-AL), the chair of the House Armed Services Committee, Sen. Roger Wicker (R-MS), the ranking member of the Senate Armed Services Committee, and Jim Risch (R-ID), the ranking member of the Senate Foreign Relations Committee.

        https://news.antiwar.com/2023/03/21/four-leading-republicans-urge-biden-to-send-cluster-bombs-to-ukraine/

        U.S. taxpayers you are being robbed blind by these war pigs.

      2. . Because depleted uranium munitions are radioactive, they are linked to cancer and birth defects,

        And will be used in Ukraine.

    2. Last week, Poland announced it would eventually send a dozen MiG-29 jets, which was quickly followed by Slovakia’s decision to send 13 of its own MiGs.

      From what I have read only a small number of those jets are airworthy. The rest are being scavenged for parts.

    3. Nobody in the U.S. outside of the Beltway supports Ukraine

      The globalists have taken control of the worlds’ governments and started looting their respective treasuries to fund their preferred projects as if they are their own private bank accounts.

  20. American Conservative — Twenty years after the Iraq invasion: The war may be over, but the War Party carries on (3/21/2023):

    “The mainstream media retrospectives on the Iraq War will ignore or downplay the brazen systemic deceit that paved the path to that catastrophe. From January 2003 onward, Bush constantly portrayed the United States as an innocent victim of Saddam Hussein’s imminent aggression. Bush repeatedly claimed that war was being “forced upon us”—a scam on par with Lyndon Johnson’s Gulf of Tonkin charade. After the invasion commenced, the pretexts for the war collapsed like houses of cards. Bush’s falsehoods on Iraq proved far more toxic than anything in Saddam’s arsenal. But the exposure of the official lies did not deter Defense Secretary Donald Rumsfeld from equating criticizing the Iraq War with appeasing Adolf Hitler.

    But the media was uncritically supported and championed the rush to war. In 2002 and 2003, the Washington Post buried pre-war articles questioning the Bush team’s hysterical allegations on Iraq. Thomas Ricks, the paper’s award-winning Pentagon correspondent, complained, “There was an attitude among editors: ‘Look, we’re going to war, why do we even worry about all this contrary stuff?’” Instead, before the war started, the Post ran twenty-seven editorials in favor of invasion and 140 front-page articles supporting the Bush administration’s case for attacking Saddam.

    Television networks out-groveled print media. CNN chief news executive Eason Jordan boasted that he went to the Pentagon shortly before the invasion of Iraq and got “a big thumbs-up” from the generals he planned to use as cheerleaders for the war. Before the war, almost all the broadcast news stories on Iraq originated with the federal government. NBC news anchor Katie Couric stated that there was pressure from “corporations who own where we work and from the government itself to really squash any kind of dissent or any kind of questioning of it.” Bush made “232 false statements about weapons of mass destruction in Iraq and another twenty-eight false statements about Iraq’s links to Al Qaeda,” as the Center for Public Integrity reported.

    The parallels between Iraq and Ukraine are increasing by the month. Biden, like Bush before him, touts his intervention as saving freedom. But the U.S. military shut down Iraqi newspapers that criticized the American occupation, and the Zelensky government brutally suppresses opposition media. Bush and Biden claimed a human rights halo to justify their policies. But the invasion of Iraq was quickly followed by creation of a torture regime at Abu Ghraib, and Ukrainian government forces have brazenly tortured captured Russian soldiers. Bush and Biden both invoked saving democracy to sanctify their policies. But the U.S. government ran rigged elections in Iraq after the invasion, and Zelensky has outlawed his political opposition. As with the Iraq War, the president’s political allies in Congress have been mindlessly obedient and rushed to vilify anyone who criticizes the cost of U.S. aid to Ukraine.

    https://www.theamericanconservative.com/will-the-circle-be-unbroken/

    The United States is a bankrupt empire in terminal decline.

  21. Enough war discussion for now, meanwhile back in Joe Biden’s America…

    Portland communist group is erecting dangerous homeless encampments next to people’s houses (3/21/2023):

    “A Portland, Oregon woman is speaking out after a homeless man repeatedly threatened to burn her house down when she confronted him about his tent, which had been set up next to her house by a communist Antifa-linked group accused of exploiting the city’s unhoused for profit.

    According to KPTV, on the morning of March 20, Vivica Elliott left her home on North Going Ct. in north Portland and spotted a big canvas tent on the other side of a wall that separates her property from a street. Elliot said the problem was not simply the existence of the tent, but that homeless people had been throwing trash and needles on her property.

    Fed up, she confronted the man staying in the tent and told him to pack up and leave. She says he responded by threatening to set fire to her home. “He said ‘I’m gonna burn your house down’,” Elliott claimed. “He said it four times!” Elliott called police, but no arrests were made, and the tent was allowed to remain.

    The man’s tent and many tents throughout Portland had been provided and set up by the People’s Housing Project LLC. The group had been supplying homeless people with tents since 2021, but ramped up their services after the Portland Street Response was barred from doing so under newly-elected City Commissioner Rene Gonzalez, who cited a number of recent tent fires in his decision to stop the practice.

    Vivica Elliott, the Portland woman dealing with a homeless encampment next to her house, told local media: “I don’t think they see really what they’re doing to the neighborhoods and to the people that live here.”

    https://thepostmillennial.com/portland-communist-group-is-erecting-dangerous-homeless-encampments-next-to-peoples-houses?utm_campaign=64470

    “They’re not sending their best”

    1. A Portland, Oregon woman is speaking out after a homeless man repeatedly threatened to burn her house down when she confronted him about his tent, which had been set up next to her house by a communist Antifa-linked group accused of exploiting the city’s unhoused for profit

      Since she’s a woman, she needs to enlist the help of a handful of the burliest guys she can find – pay them if needed – to come and set this junkie straight. Turn on a number of hoses, soak he and his tent through to the bone, tell him to get the bleepity-bleep out of there, and if he doesn’t there will be much worse to come. He will leave.

  22. Weimar problems require Weimar solutions.

    Pentagon doctors say 7-year-olds able to consent to sex changes (3/22/2023):

    “A team of healthcare providers at US military bases has come out in support of minors having access to experimental sex change procedures, arguing that children as young as 7 are capable of “medical decision-making,” and suggesting that using psychotherapy to treat gender distress is “conversion therapy.”

    In the March edition of the American Journal of Public Health, the team of doctors claim that in reasoning grounded in human rights, “youths…in an informed consent model of care, have an inherent ability and right to consent to gender-affirming therapy.”

    According to Fox News, the team also argues that the only pathway for gender-confused children with parents serving in the military is immediate medicalization, “such as puberty suppression and affirming hormones.”

    https://thepostmillennial.com/pentagon-doctors-say-7-year-olds-able-to-consent-to-sex-changes?utm_campaign=64470

    You live in a dying civilization ☠️

    1. “A team of healthcare providers at US military bases has come out in support of minors having access to experimental sex change procedures, arguing that children as young as 7 are capable of “medical decision-making,” and suggesting that using psychotherapy to treat gender distress is “conversion therapy.”

      Joe Biden and his regime are pure evil.

  23. Circus Politics Are Intended to Distract Us. Don’t Be Distracted

    The U.S. government poses the greatest threat to our freedoms.

    By John & Nisha Whitehead | The Rutherford Institute Wednesday, March 22, 2023

    “There is nothing more dangerous than a government of the many controlled by the few.”—Lawrence Lessig, Harvard law professor

    It is easy to be distracted right now by the bread and circus politics that have dominated the news headlines lately, but don’t be distracted.

    Don’t be fooled, not even a little.

    We’re being subjected to the oldest con game in the books, the magician’s sleight of hand that keeps you focused on the shell game in front of you while your wallet is being picked clean by ruffians in your midst.

    This is how tyranny rises and freedom falls.

    What characterizes American government today is not so much dysfunctional politics as it is ruthlessly contrived governance carried out behind the entertaining, distracting and disingenuous curtain of political theater. And what political theater it is, diabolically Shakespearean at times, full of sound and fury, yet in the end, signifying nothing.

    We are being ruled by a government of scoundrels, spies, thugs, thieves, gangsters, ruffians, rapists, extortionists, bounty hunters, battle-ready warriors and cold-blooded killers who communicate using a language of force and oppression.

    https://www.newswars.com/circus-politics-are-intended-to-distract-us-dont-be-distracted/

  24. ‘I don’t think the affordability actually would’ve changed, but it would have like been ripe for a bubble. If interest rates stayed low for too long, then a bubble would’ve formed in the housing market where once interest rates went up, it would’ve been a much harsher fall,’ Yun said.”

    Ahem Ahem

  25. “US semiconductor firm Marvell lays off entire China research and development team in latest round of job cuts amid industry slowdown”

    💩 company

  27. Shares of office REITs, or real-estate investment trusts, have plunged 51% over the past 12 months, according to Morgan Stanley researchers.

    Die, speculator scum!

    1. a downturn of greater ‘speed and magnitude’

      Rates are not even up to where they were in 2007. Getting close, but that would still be below historical rates. Worse? The Econidiots don’t say why it will be worse. It’s not 5% Fed funds rate.

      Might over a decade of drunken sailor ZIRP policy have anything to do with the worser?

  30. Report: Loans to Silicon Valley Bank Insiders Tripled to Record High as Collapse Loomed

    LUCAS NOLAN
    22 Mar 2023

    Following the collapse of Silicon Valley Bank, reviews of the company’s internal practices have revealed that loans to insiders tripled to $219 million before the bank failed.

    Bloomberg reports that last month, Silicon Valley Bank failed as a result of a $42 billion bank run from investors and depositors. The bank’s internal problems have come to light due to the collapse, and regulators are starting to look closely at the bank’s operations before its demise.

    The bank’s lending practices toward insiders, such as its own officers, directors, and principal shareholders, are one area that has received attention. According to government data, loans to insiders more than tripled from the third quarter of 2022 to $219 million in the last three months of the year. Since at least two decades ago, this amount represents a record dollar amount of loans given to insiders.

    While there are no allegations of wrongdoing in connection with the insider loans, the Federal Reserve and Congress’ investigation into Silicon Valley Bank’s collapse, the biggest U.S. bank failure in more than a decade, may bring attention to the surge in lending to high-ranking individuals. On March 10, the bank was taken over by authorities, and SVB Financial Group, the bank’s parent company, declared bankruptcy.

    https://www.breitbart.com/tech/2023/03/22/report-loans-to-silicon-valley-bank-insiders-tripled-to-record-high-as-collapse-loomed/

  32. Newsweek Peddles Fake News About U.S. Veteran Destroying 7 Russian Tanks in Ukraine — Report

    by Jamie White
    March 22nd 2023, 1:11 pm

    From Newsweek’s March 2022 story, “American in Ukraine Says He’s Taken Out 7 Russian Tanks: ‘Long Day, Baby’“:

    An American military veteran who left his home in Connecticut to volunteer on the frontlines in Ukraine claimed he helped to destroy seven Russian tanks with Ukrainian forces.

    “Alright. So far, we took out seven Russian tanks, after a long fire fight we took control of the area,” James Vasquez, a U.S. army veteran and building contractor, said in a video shared on his Twitter page.

    “Right now we’re going to just kind of sweep around and see what we got left. Some stragglers, take them out, call it a day, it’s been a long day. It’s been a long day baby,” he said.

    But it turns out, Vasquez was never a soldier for Ukraine, according to transgender journalist Sarah Ashton-Cirillo, who joined the Armed Forces of Ukraine last year.

    “I won’t release private texts but @jmvasquez1974 just confirmed to me in writing that he does not and has not had a contract with the Armed Forces of Ukraine. James Vasquez is not a soldier in Ukraine,” Ashton-Cirillo tweeted Wednesday.

    Human Events editor Jack Posobiec also claimed to have obtained “literal receipts” showing Vasquez mostly spent his time in Ukraine drinking at the Grand Hotel Lviv Casino & Spa.

    At the time, former Rep. Adam Kinzinger (R-Ill.) promoted Vasquez and the Newsweek propaganda.

    Vasquez ended up deleting his Twitter account, citing “negative people.”

    https://www.infowars.com/posts/newsweek-peddles-fake-news-about-u-s-veteran-destroying-7-russian-tanks-in-ukraine-report/

  33. Rand Paul Directly Confronts Antony Blinken About COVID-19 Research Funding Records
    Forbes Breaking News
    Mar 22, 2023
    At today’s Senate Foreign Relations Committee hearing, Sen. Rand Paul (R-KY) confronted Secretary of State Antony Blinken about records on COVID-19 research funding.

    https://www.youtube.com/watch?v=7TKiRkmiIkk

    8:24.

      1. Sites like Yahoo News and such have been doing the bidding of FraudXi and company. Upon allowing comments again, I immediately started going to articles pimping the vaxx, COVID hysteria and what not, and copied and pasted the name of the Yahoo writer and said “X Yahoo writer has blood on their hands. They are just as guilty of genocide as anybody.” Most times they are deleted for “violating community standards,” but some stand.

  35. British Amateur Boxing Champ Dies Suddenly at 19

    DYLAN GWINN
    22 Mar 2023

    Jude Moore, a promising two-time British national amateur champion, was found dead on Friday. He was 19 years old.

    Moore’s family confirmed the death of the young fighter who was believed to be a potential world champion. His tragic death comes shortly after his impressive knockout victory over the Polish national champion in his first senior fight, the BBC reported.

    Moore’s trainer, Craig Turner, described his fallen fighter as an “immaculate” talent the likes of which his native Bristol had never seen before, certainly at that age.

    https://www.breitbart.com/sports/2023/03/22/british-amateur-boxing-champ-dies-suddenly-at-19/

    1. Economy
      Published March 22, 2023 10:09am EDT
      Fed rate hikes will trigger a downturn of greater ‘speed and magnitude’ than the Great Recession: Economist
      US recession will hit ‘everywhere all at once,’ Macro Mavens President Stephanie Pomboy says
      By Kristen Altus FOXBusiness
      Macro Mavens President Stephanie Pomboy and former Reagan admin economic adviser Art Laffer analyze potential market reaction to the Fed’s rate hike decision Wednesday. video

      Macro Mavens President Stephanie Pomboy and former Reagan admin economic adviser Art Laffer analyze potential market reaction to the Fed’s rate hike decision Wednesday.

      As the Fed enters its final moments on its discussion over interest rates, economists on “Mornings with Maria” signaled that their verdict could trigger a recession like 2007-08, except at a greater “speed and magnitude.”

      “It’s not going to be confined to real estate, it’s not going to be confined to the banks, it’s not going to be confined to corporate credit,” Macro Mavens president Stephanie Pomboy told host Maria Bartiromo on Wednesday. “This is really like 2007, 2008 all over again, except I think it’s going to [evolve] even faster than it did then because of the speed and magnitude of the Fed’s rate hikes.”

      “There’s a serious problem of the financial institutions because of the Fed policies, and also because of fiscal policy,” former Reagan administration economist Art Laffer added. “I think there are a lot of cracks in the system, and I think we’re just beginning the financial problems because you’re going to see this pop up in all sorts of other areas because of leverage and because of a very sharp rise in interest rates.”

      Wednesday afternoon, Federal Reserve Chairman Jerome Powell will announce its latest rate hike decision. Expert economists have largely predicted a 25 basis point increase, but uncertainty surrounds the final outcome amid a banking crisis and persistent inflation.
      …
      https://www.foxbusiness.com/economy/fed-trigger-economic-downturn-worse-great-recession-economist-warns

      1. “This is really like 2007, 2008 all over again, except I think it’s going to [evolve] even faster than it did then because of the speed and magnitude of the Fed’s rate hikes.”

        I can’t hold a candle to this dude when it comes to economic fear mongering. And I am a professed bear.

    1. Home prices just broke a decade-long streak
      By Anna Bahney, CNN
      Updated 11:58 AM EDT, Tue March 21, 2023

      The median price of a US home was lower this February than it was in February 2022, ending more than a decade of year-over-year increases, the longest on record, according to a National Association of Realtors report released Tuesday.

      The median existing home price was $363,000 in February, down 0.2% from a year ago. This marks the first monthly year-over-year price decline since February 2012.

      Regionally, prices fell more from a year ago in the West (down 5.6%) and Northeast (down 4.5%), where housing is more expensive. But prices were still climbing from last year in the South (up 2.7%) and the Midwest (up 5%).

      “This is not the bottom for prices,” said Lawrence Yun, chief economist for NAR. “We expect a continuing price correction, but we are not expecting prices to crash.”
      …

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