When You Control A Price And Loosen The Grip, It Can Be Challenging And Messy
A report from the Boston Globe in Massachusetts. “Greater Boston’s housing market over the last few years has been anything but normal. Prices soared to staggering heights in 2021 and 2022. And now things have cooled dramatically. Home prices have declined year-over-year three months in a row for the first time in years, hitting new lows in February. In February, the median-priced single-family home in Greater Boston cost around $700,000, $200,000 less than the June peak.”
From KLTV. “According to a National Association of Realtors report, the median price of a U.S. home was lower in February of this year than in February of 2022. That hasn’t happened in a decade. But is the national study the same for East Texas? According to Dwell Realty owner David Kurtz the real estate market in the Tyler area has seen a drop in pricing, but not a large one. ‘We are seeing price reductions, but also keep in mind since 2021 we’ve seen about a twenty to thirty percent, year every year appreciation, just in that short of a time period. What we’re really experiencing right now is maybe a two to three percent correction. You know, hit the peak, little bit of a dip,’ Kurtz said.”
“Kurtz said he doesn’t expect the prices to go into a free fall in the East Texas market. ‘Tyler is an insulated economy. A lot of people are moving here from out of state. And so what we’re experiencing is yeah, seller can’t exactly ask 50 thousand dollars more than a home is worth and expect for a buyer to come in and pay that,’ Kurtz said.”
From DS News. “Austin soared in popularity in 2021 and early 2022 as an influx of out-of-town remote workers moved in from expensive coastal areas, taking advantage of historically low mortgage rates. But now, measures of homebuying competition and demand in Austin are dropping off fast. Its total supply of for-sale homes rose 140% year over year in February, the second-biggest increase in the U.S. (only North Port, FL, had a bigger increase). Pending sales dropped 40%, and just 16% of homes went under contract within two weeks of hitting the market in February, down from 38% a year earlier.”
“The increasing portion of home sellers dropping their asking price illustrates just how much some of these markets have cooled. In Phoenix, 70% of for-sale homes had a price drop in February, compared with 21% a year earlier—the second-biggest uptick in the U.S. It’s followed closely by Denver, where 37% of homes had a price drop in February, compared with 13% a year earlier. Las Vegas and Phoenix are also among the places that have seen the biggest upticks in sellers offering concessions to woo buyers over the last year.”
KYHV Little Rock in Arkansas. “‘On a national standpoint, we are seeing that houses are not selling for as much as they did for the last two years,’ said Kaye Chambers, a real estate agent with Keller Williams Realty. ‘We saw houses selling for $20K- $30K over because so many buyers were taking advantage of historically low interest rates. We’re having to have that conversation with our sellers that the price of the house is not going to be nearly as high as it used to be.'”
The Los Angeles Times in California. “Max Gardner and his wife, Artyn, decided to sell their home in Irvine and move to Balboa Island eight years ago because they wanted something more than a comfortable place to live. Now, residents have set their sights on a burgeoning real estate trend known as fractional home ownership, in which multiple people, often strangers, own a small share of a luxury single-family home that they use as a vacation property. The Gardners now sit just across the street from a Pacaso home. The four-bedroom, four-and-a-half bath contemporary Cape Cod-style home is listed on Pacaso’s website at $940,000 for a one-eighth share.”
“As the Gardners tell it, one co-owner crashed a golf cart and another threw a raucous party that kept the neighborhood awake into the early morning hours. When a frustrated neighbor called police, the co-owner was incensed. After the cops left, he stood shirtless on his rooftop deck and screamed a message to his new neighbors: ‘I’m gonna find out who called the cops, and I’m gonna f— them,’ Gardner recalled.”
Yahoo Finance. “After a rather wild earnings call three months ago — during which he blamed a “collapsing” luxury housing market for poor quarterly results — RH CEO Gary Friedman is back at it. ‘Inflation that was thought to be transitory is now deemed persistent by the Federal Reserve, resulting in a record rise in interest rates, triggering a dramatic decline of the housing market, with luxury homes sales down 45% in the most recent quarter versus a year ago,’ Friedman said. ‘Add to that an underperforming stock market, and a banking crisis no one saw coming and the data points to business in our sector likely getting worse before it gets better.'”
“In January, the median home price sold in luxury markets was at a 23% discount to listing, wider than November and December. Luxury homes priced above $2.5 million are at a new multi-year peak in terms of days on the market at 61 versus 37 in January 2022.”
Business Insider. “The US housing market is suffering a major downturn as historic inflation, surging interest rates,and banking-sector turmoil rattle the wider economy, RH CEO Gary Friedman has warned. ‘It’s not rocket science to know this is a really bad time,’ he said. Friedman warned the economic outlook is more uncertain today than in 2008 and 2009, after the housing bubble burst and the Great Recession took hold. He noted there wasn’t an inflation problem or as much political unrest back then.”
“The business leader also urged the Federal Reserve not to strangle the economy. ‘Just land the plane on the other side, whether it’s hard, whether it’s bumpy,’ Friedman said. ‘Just don’t completely crash. A complete crash would look like the ’70s and the ’80s. That will take over a decade to recover from.'”
From Axios. “Higher interest rates and a loss of confidence in the banking sector have hit commercial real estate especially hard, with both the housing and office sectors poised to feel the chill. ‘The capital markets have been essentially frozen for months now and lending is already disappearing,’ Patrick Carroll, CEO and founder of $8 billion real estate company Carroll, tells Axios. He likened the Fed’s recent rate hike to ‘rubbing salt in the wound’ of the industry. ‘I haven’t seen anything like this since 2008/2009 and in my opinion this may be worse, and nobody seems to know what is happening next. When there’s no clear direction for valuations, it creates instability for everyone participating in the market.'”
“The seeds of the current era were sown during the era of ultra-low interest rates. Now, the chickens are coming home to roost, as banks and commercial lending suffer the consequences. ‘This episode highlights the Hotel California nature of quantitative easing – ‘you can check out any time you like, but you can never leave,’ Jason DeSena Trennert, CEO of research firm Strategas, in a note. ‘Unfortunately, this has led the central bank to fill alternative roles as pyromaniac and firefighter.'”
The Globe and Mail in Canada. “The traditional spring upswing in the Toronto-area real estate market is behind schedule so far in 2023 as homeowners remain reluctant to list properties for sale. ‘It is sluggish,’ says John Pasalis, president of Realosophy Realty. ‘The market’s not behaving the way it normally does.’ Mr. Pasalis has been talking to real estate photographers and other service providers who have much less work than usual. Mr. Pasalis crunched the numbers to see the change in the average sale price for low-rise houses in Toronto and surrounding areas in February from the peak one year earlier. Mr. Pasalis included rowhouses, semi-detached and detached houses, but not condo townhouses or high-rises.”
“Toronto saw a decline of 15 per cent to $1,606,591 in February from a high-water mark of $1,889,178 in the same month last year. Richmond Hill, north of the city, edged out that performance with a 14-per-cent dip in the same period to $1,644,146 from $1,914,379. In Vaughan, the average low-rise price dropped 17 per cent to $1,643,499 from $1,970,730 in the same period.”
“Some of the areas with more severe slides include Brock Township, Caledon, Pickering and Scugog. The Township of Brock, set on the east shore of Lake Simcoe, is about 100 kilometres north-east of downtown Toronto. Communities there, including Beaverton, Cannington and Sunderland, became popular with buyers seeking more space during the pandemic. The average price in the area tumbled 37 per cent to $713,042 in February for a low-rise home from a milestone of $1,124,119 in February, 2022.”
“In Caledon the average price fell 36 per cent to $1,200,252 from $1,864,257 in the same period. Mr. Pasalis says many of the areas that saw steep declines are relatively rural and a fair distance from Toronto’s core. ‘It’s probably very close to the opposite of how they accelerated.’ In the city of Oshawa, the average low-rise price was $816,742 last month to mark a 31-per-cent drop from the peak at $1,180,860 in February of last year.”
“Some downsizers who are considering a sale hope that prices will rebound to the highs of last year. ‘There is an aversion to losses,’ he says. ‘The loss is based on what they could have sold for at the absolute peak of the market. Definitely some people just have their eye on that.'”
From Bloomberg. “Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japanese cash on the investment world. Now Kazuo Ueda is likely to dismantle his legacy, setting the stage for a flow reversal that risks sending shockwaves through the global economy. Just over a week before a momentous leadership change at the BOJ, investors are gearing up for the seemingly inevitable end to a decade of ultra-low interest rates that punished domestic savers and sent a wall of money overseas.”
“Ueda may have little choice but to end the world’s boldest easy-money experiment just as rising interest rates elsewhere are already jolting the international banking sector and threatening financial stability. The stakes are enormous: Japanese investors are the biggest foreign holders of US government bonds and own everything from Brazilian debt to European power stations to bundles of risky loans stateside.”
“‘A change in policy in Japan is “an additional force that is not being appreciated’ and ‘all G-3 economies in one way or the other will be reducing their balance sheets and tightening policy’ when it happens, said Jean Boivin, head of the BlackRock Investment Institute and former Deputy Governor of the Bank of Canada. ‘When you control a price and loosen the grip, it can be challenging and messy. We think it’s a big deal what happens next.'”
“For others like 36-year markets veteran Rajeev De Mello, it’s likely only a matter of time before Ueda has to act and the consequences may have global repercussions. ‘I fully agree with the consensus that the BOJ will tighten — they’ll want to end this policy as soon as possible,’ said De Mello, a money manager at GAMA Asset Management in Geneva. ‘It comes down to central bank credibility, it comes down to inflation conditions being increasingly fulfilled now — normalization will come to Japan.'”
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‘I’m gonna find out who called the cops, and I’m gonna f— them’
Another Klassy with a K bunch in Kfor-nia. The state is like a bad reality show.
‘In February, the median-priced single-family home in Greater Boston cost around $700,000, $200,000 less than the June peak’
Like the igloo clusters show, this was nothing but air. K-da is faster to crater cuz of their loan structure, but it’s coming to all these stupid markets. A minor respiratory illness did not make yer Boston shack worth 200k pesos more. Look out below!
‘it’s likely only a matter of time before Ueda has to act and the consequences may have global repercussions. ‘I fully agree with the consensus that the BOJ will tighten — they’ll want to end this policy as soon as possible,’ said De Mello…It comes down to central bank credibility, it comes down to inflation conditions being increasingly fulfilled now — normalization will come to Japan’
Oh well, that was 40 years of lost decades. I said long ago the a$$ hat known as bernakie should have studied Japan instead of the great depression. They started this QE crap after twin stock and real estate bubbles and it never worked. It does look like the end of an era.
So, all you macroeconomists on TV, how does this end? I’m tired of mealy mouth vague predictions like “end of an era” or “economy crashing.”
How is Japan going to look, specifically? Hyperinflation? Hungry people? Kids leaving school to work to buy expensive rice? Crowds mobbing the occasional humanitarian aid truck of rice and sunflower oil? This is what’s going on in Pakistan, and I believe Sri Lanka right now.
IMHO, inflation in day-to-day essentials such as food, clothing was always present. The deflation part that the media and Japanese government latched on to was in asset prices, especially land and real estate. The bank interest rate on deposits is 0.0002% pa, while a mortgage can be had at 1% or less. Stringent checks are done on the ability to pay, with very few defaults. The BOJ and the government were isolating people from price shocks to essentials and to suppress transportation costs (which are comparable to European prices).
The question is how long the BOJ at the government behest, keep vacuuming Japanese corporate bonds and stocks. If, as the article points, BOJ is holding large amount of foreign corporate debt in addition of foreign sovereign debt, what are the losses (real estate bonds etc.)?
The Bolsheviks who control our higher education system are emulating the example of their former Soviet Union ideological role models by weaponizing the psychiatric “profession” against dissidents.
https://www.dailymail.co.uk/news/article-11917465/Law-school-grad-says-forced-undergo-PSYCHIATRIC-EVALUATION-questioning-COVID-policy.html
Georgetown University. ‘Nuff said.
“Kurtz said he doesn’t expect the prices to go into a free fall in the East Texas market. ‘Tyler is an insulated economy. A lot of people are moving here from out of state.
“It’s different here.” Where have I heard that before? Just in every tanking housing market. Stop lying, Realtor Boy.
We are special. Everyone wants to live here!
If everyone wants to live in Tyler TX, then the world has indeed gone mad.
Now, residents have set their sights on a burgeoning real estate trend known as fractional home ownership, in which multiple people, often strangers, own a small share of a luxury single-family home that they use as a vacation property.
This makes WeWork seem like a brilliant and innovative concept.
From the article:
“Pacaso sets up a limited liability corporation to buy a property, then divides the LLC into eight ownership shares that it sells on its website. Buying one share in a home entitles a co-owner to 44 nights a year, with each visit limited to two weeks. Buying additional shares equates to more stays. ”
Back in the day we called that a time share.
“The four-bedroom, four-and-a-half bath contemporary Cape Cod-style home is listed on Pacaso’s website at $940,000 for a one-eighth share.”
Is that a typo? $940K/44 nights = $21364/night. You could rent some pretty tony estates for that.
“Is that a typo? $940K/44 nights = $21364/night. You could rent some pretty tony estates for that.”
While the concept is insane, you do understand that you don’t own it for just one year, right?
And if you or your heirs sell it for more, it’s FREE!
I declined my mom & dad’s timeshare. A nephew scooped it up for free. I wonder what it’s cost him.
Even if you own it for 30 years, that’s still $1000/night. And yeah yeah, you get a house when it’s sold, but it sounds like a lousy investment and lousier vacation strategy.
strategy
Strategy is the same as anyone who bought a SFH with cheap borrowed money.
Get rich!
940k + maintenance, taxes, insurance, interest on financing etc.
They borrow the money; they don’t actually spend their own.
Ah, but unlike with a fancy hotel, that $21,000 per night will grow at 20% per year forever as a inflation hedge. These smart investors are literally printing prosperity.
‘Inflation that was thought to be transitory is now deemed persistent by the Federal Reserve, resulting in a record rise in interest rates, triggering a dramatic decline of the housing market, with luxury homes sales down 45% in the most recent quarter versus a year ago,’ Friedman said.
Only serial dissembler Yellen the Felon claimed inflation was “transitory” – anyone who lived in the real world knew better.
State department involvement/cover up of pedophilia.
https://www.bitchute.com/video/ENhpLNXIcj0C/
1:50.
Epstein didn’t kill himself.
Jen Psaki has been handsomely rewarded for her assistance in the matter.
“…assistance…”
silence?
Directing the messaging.
he people of Pennsylvania essentially have a no-show representative in the Senate
https://www.thegatewaypundit.com/2023/03/report-john-fetterman-has-missed-over-80-percent-of-senate-roll-call-votes-since-checking-into-hospital/
His body double hasn’t been in attendance?
If you’re attending by Zoom, any old photo will do.
“…and move to Balboa Island eight years ago because they wanted something more than a comfortable place to live….”
Very familiar with and regularly visit Balboa, Harbor, Bay Islands and its incredibly priced Real Estate.
Fun Factoids: Balboa Island is actually man-made (via dredged sand). It is prone to high-tide flooding and is vulnerable to tsunamis. When (not if) a major earthquake hits, it is vulnerable to liquification, essentially turning itself into quicksand. Across the bay Balboa Peninsula has only one road into and out. That road covers capped, abandoned oil wells from the 1920’s, that IMO will break open during a large earth movement.
In summary, Balboa is a fun place to visit with great surfing, places to eat and watch the big yachts go by. IMO, a terrible Real Estate investment.
A reader sent these in:
French Revolution Version 2.0 continues …
https://twitter.com/WallStreetSilv/status/1640676142897156097
Here’s what distress looks like: Emerging area, major market, 200k sf historic office building mid way through gut renovation. Parking deck to be built when leases signed. Ran out of money. Ground level retail can be leased, as can rooftop. The office will take lots of $ to finish and still may not (won’t) lease. I think we’re one of a small pool of potential buyers for such a thing given the reliance on the ground floor and rooftop retail. After factoring in property tax and remaining capex we’re valuing it at 25% of outstanding debt.
https://twitter.com/iononrecourse/status/1640690281119924226
M3 Phoenix Dispatch 1) Phoenix Rising? No, no – this bird be broken. Swarm…infestation…these are the only words to describe what’s happened and happening in Phoenix.
https://twitter.com/m3_melody/status/1640794190840844299
Fun data point: people in TX have said RE prices ex Austin aren’t coming down. Gf’s family just put a bid in $100k under ask on $800k 5br newbuild in gated community. Dealer accepted their bid the same day.
https://twitter.com/FloydDindunufin/status/1640906319518375937
The race to the bottom:
– Increased rentals
– Increased vacancy rate
– Lower rents
– Lower FOMO to buy
– Lower demand on for sale homes
– Lower for sale prices
– “Diamond hands” owners start to panic as zesties drop and “just rent it out, bro” doesn’t work as well anymore
https://twitter.com/NipseyHoussle/status/1639718357602639873
We’re FINALLY back at pre-pandemic apartment vacancy rates this month! The @ApartmentList vacancy index has grown now for the past 17 months straight, with skittish demand meeting new supply and normalizing renewal rates. March index is 6.6% matching the steady=2018-2019 average
https://twitter.com/IAPopov/status/1640772283559182341
The amount of development going on right now in Austin is pretty staggering. This is a map of some of the planned, proposed, or under construction projects right now near downtown.
https://twitter.com/ItsJustElijah/status/1640749655255293954
“Before halting work in Virginia, Amazon stopped other major developments in Bellevue, Washington, and Nashville” Cities all over the country counting on these projects…dominoes beginning to fall.
https://twitter.com/m3_melody/status/1640869627872915458
Btw, this period is not the first in history when CBs and Fed in particular play catch-up and over-kill with the cycle. 60s/70s were characterized by these repeated stop and go policy mistakes. Misjudge fiscal and inflation, loosen too much pro-cyclically, oups, what the f*ck, scramble to tighten too much too quickly, f*ck…too many lags, insist, break it…repeat…😀
https://twitter.com/INArteCarloDoss/status/1641092850182963202
FHFA offering 6 months payment deferral beginning in April as Covid deferral protections end…😂😂😂😂 this is gonna be the most over-extended end of cycle f*cking with everyone’s mind every day…
https://twitter.com/INArteCarloDoss/status/1641179575140126720
I pay 60% lower rent than the mortgage and the value is falling $16,000/mo
https://twitter.com/GRomePow/status/1641158682997321728
“This housing crisis is different than anything we have ever seen before because the scale of investors in the housing market is unprecedented. According to Statistics Canada, an astonishing 49 per cent of all B.C. condos built since 2016 were bought by investors.”
https://twitter.com/JohnWake/status/1641146776554962956
This is incredible. According to the Fed total assets held by the top 0.1% amounted to $17.4 trillion at the end of Q4 2022 after peaking at $18.5 trillion. The top 0.1% gained over $5 trillion in asset value since Covid.
https://twitter.com/NorthmanTrader/status/1641127844452483094
The FDIC has hired Newmark Group to sell about $60 billion of Signature Bank loans, a process expected to raise pressure on falling commercial real-estate values @WSJ
https://twitter.com/danjmcnamara/status/1641049088962576385
I will say it again even though most wont believe me. The process of dedollarization is not a negative for price of USD. The process of dedollarization will create chaos that will push USD higher not lower. What comes on other side is anyones guess. But it wont come peacefully.
https://twitter.com/SantiagoAuFund/status/1641256648416034816
Let’s bundle the headlines:
* LendingTree to Cut 13% of Workforce; Sees $5.6M Charge
* Electronic Arts Cuts 6% of Its Workforce in Video-Game Slump
* Warner Music Group to Cut Headcount by ~270, or ~4%
* IBM Spinoff Kyndryl Cuts ‘Small Percentage’ of 90k Workforce
https://twitter.com/DiMartinoBooth/status/1641197534663294976
Commercial-property losses will add to banks’ woes – Dan is right, office is a dumpster fire.
https://twitter.com/Seawolfcap/status/1641199362259779586
Hey JD! Special assessment on Line 1! @FDICgov facing almost $23B in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation’s biggest banks.
https://twitter.com/DiMartinoBooth/status/1641154447400157184
Is history repeating ? Murray N. Rothbard:
https://twitter.com/WallStreetSilv/status/1641149395012820992
‘FHFA offering 6 months payment deferral beginning in April’
I read about this yesterday. Probably nothing.
“Gf’s family just put a bid in $100k under ask on $800k 5br newbuild in gated community. Dealer accepted their bid the same day.”
Accepted bid same day= you still overpaid in today’s market!!
From Axios. “Higher interest rates and a loss of confidence in the banking sector have hit commercial real estate especially hard, with both the housing and office sectors poised to feel the chill.”
“I haven’t seen anything like this since 2008/2009 and in my opinion this may be worse, and nobody seems to know what is happening next. When there’s no clear direction for valuations, it creates instability for everyone participating in the market.’”
“ The seeds of the current era were sown during the era of ultra-low interest rates. Now, the chickens are coming home to roost, as banks and commercial lending suffer the consequences. ‘This episode highlights the Hotel California nature of quantitative easing – ‘you can check out any time you like, but you can never leave,’ “
“Jason DeSena Trennert, CEO of research firm Strategas, in a note. ‘Unfortunately, this has led the central bank to fill alternative roles as pyromaniac and firefighter.’”
– More and more articles connecting the dots to the chalk outline of the U.S. housing market and economy to the Fed (central bank).
– Every time JPow opens his mouth, something bad comes out. I call it a ‘Powell Movement.’
– Enjoyed the boom? Now enjoy the bust.
‘Unfortunately, this has led the central bank to fill alternative roles as pyromaniac and firefighter.’
Did you ever try driving with one foot depressing the accelerator and the other one the brake pedal?
Trust me…it doesn’t work very well.
…while screaming “Mother!!!”
School friend’s older sister tried this with us in the back seat. The accelerator was winning.
I will own nothing
You will own nothing.
Syringe vending machine installed at Bay Area apartment for veterans | EXCLUSIVE
ABC7 News Bay Area
Mar 30, 2023
The vending machine at the affordable housing complex in San Francisco will soon be stocked with sterile syringes and other free items. Only veterans will have access with a code.
https://www.youtube.com/watch?v=7iHJLFgpVCU
3 minutes.
“…harm reduction vending machine…”
Give ’em what they really want; stock it with fentanyl.
Disgusting. I guess Uncle Sam didn’t kill them so California will.
We’re having to have that conversation with our sellers that the price of the house is not going to be nearly as high as it used to be.
I just saw a house listed for sale, 1 day on market, with the exact same price the speculator tried to sell for in April 2022. Hilarious how some sellers don’t understand interest rates matter!
No way I’m signing up for $4,000+ per month for 30 years.
Edward Dowd serving up another black pill.
Emergency’ Fed rate cut by June, only 6 U.S. banks will be left by 2025 paving way for CBDC – Dowd (47m7s)
snow snow and more floods wild pictures
Sierra Snow Lab in Soda Springs, Calif., The lab has recorded 713.8 inches, or 59.5 feet, of snowfall since October, compared with a normal full-season total of around 360 inches, or 30 feet
https://www.wsj.com/articles/californias-winter-storms-25-atmospheric-rivers-near-record-snow-billions-in-damages-2a4bd219
Incredible photos in that piece!
One can imagine that flooding that will take place once all that snow starts thawing. They’ll likely be soggy until June at this rate.
If it breaks the drought in California, it will almost be worth it.
The unseen tragedy are the aquifers that have been drawn down by pumps during the drought years.
And it can take centuries, if not millenia, to to refill them.
to refill them
Depleted natural gas wells are used here to store gas. Maybe you guys should treat the aquifers as reservoirs. Just a suggestion.
Not a bad idea, plus I don’t see how the envirowackos could object.
‘Just land the plane on the other side, whether it’s hard, whether it’s bumpy’
Bargaining <- Gary, you are here.
The Left is on a rampage today, because some states are refusing to hand over the children to groomers. From what I have read the Kentucky, Tennessee and Texas capitol buildings are being occupied by trans activists.
It it clear that the left believes it is unstoppable at this point, and it’s no longer “love is love”, but rather “hand over the kids or else”.
If that’s the hill they want to die on, forward girls!
Trump
“Beria targeted “the man” first, then proceeded to find or fabricate a crime.”
Show me the man and I’ll show you the crime
Published 2:49 pm Wednesday, May 9, 2018
By Michael Henry
Lavrentiy Beria, the most ruthless and longest-serving secret police chief in Joseph Stalin’s reign of terror in Russia and Eastern Europe, bragged that he could prove criminal conduct on anyone, even the innocent.
“Show me the man and I’ll show you the crime” was Beria’s infamous boast. He served as deputy premier from 1941 until Stalin’s death in 1953, supervising the expansion of the gulags and other secret detention facilities for political prisoners. He became part of a post-Stalin, short-lived ruling troika until he was executed for treason after Nikita Khrushchev’s coup d’etat in 1953.
Beria targeted “the man” first, then proceeded to find or fabricate a crime. Beria’s modus operandi was to presume the man guilty, and fill in the blanks later. By contrast, under the United States Constitution, there’s a presumption of innocence that emanates from the 5th, 6th, and 14th Amendments, as set forth in Coffin vs. U.S. (1895).
Read more at: https://www.oxfordeagle.com/2018/05/09/show-me-the-man-and-ill-show-you-the-crime/
https://www.oxfordeagle.com/2018/05/09/show-me-the-man-and-ill-show-you-the-crime/
The FBI have become the DNC’s Chekists. They are all about regime protection and serving as Deep State enforcers, not upholding the rule of law.
He’s in the news again, which will play well to his base as his reelection campaign gathers steam.
Dirty Money: FTX Boss Sam Bankman-Fried’s Legal Defense Funded by Cash He Gave His Father
LUCAS NOLAN
30 Mar 2023
Disgraced FTX CEO and Democrat super donor Sam Bankman-Fried allegedly has his legal defense funded by money from his hedge fund Alameda Research that he gifted to his father. SBF is accused of stealing billions from FTX customers to enrich himself and his hedge fund cronies.
According to Forbes, Bankman-Fried’s defense expenses are probably in the low millions. He sent his father the money using his lifetime estate and gift tax exemption, effectively making it a tax-free gift, after receiving at least $10 million from Alameda. According to these sources, he gave the maximum amount that can be given in a lifetime, which in that year would have been $11.7 million.
Bankman-Fried’s parents have come together in support of their 31-year-old son amidst increasing scrutiny. “I’ll be spending substantially all of my resources on Sam’s defense,” Joseph Bankman explained to a charity whose donation from FTX was stopped due to the bankruptcy.
https://www.breitbart.com/tech/2023/03/30/dirty-money-ftx-boss-sam-bankman-frieds-legal-defense-funded-by-cash-he-gave-his-father/
NOW you tell us If the conventional office is brick-and-mortar retail, WeWork is e-commerce.
https://www.bisnow.com/national/news/coworking/weworks-ceo-traditional-office-is-the-new-retail-and-were-e-commerce-118307
I thought all these youngsters were “just as effective working at home”?
They were’ i.e. not effective at all anywhere.
They decided to arrest Trump, this time for real.
UK house prices ending down
https://www.bloomberg.com/news/articles/2023-03-31/uk-house-price-fall-quicker-than-expected-with-higher-rates
CENTRAL BANKS
‘Nationalizing bond markets’ left central banks unprepared for inflation, top HSBC economist says
PUBLISHED FRI, MAR 31 2023 5:32 AM EDT
Elliot Smith
KEY POINTS
– Central banks around the world have hiked interest rates aggressively over the past year in a bid to rein in soaring inflation, after a decade of loose financial conditions.
– “Part of the problem with QE was the fact that you’re basically nationalizing bond markets. Bond markets have a very very useful role to play when you’ve got inflation, which is they’re an early warning indicator,” HSBC Senior Economic Adviser Stephen King told CNBC’s Steve Sedgwick.
…
https://www.cnbc.com/2023/03/31/nationalizing-bond-markets-left-central-banks-unprepared-for-inflation-hsbc.html
“nationalizing bond markets” = using Quantitative Easing to crush the inflation risk premium and load sovreign debt markets with massive, pent up systemic risk
How’s that working out for the financial stabilizers?