Everybody That Had A Deposit… It’s Gone
A report from Mansion Global on Florida. “Lupe del Pino recently paid $258,000 for a two-bedroom condo unit with a balcony in North Miami Beach. That amount was within her allotted budget, but she had an additional cost to pay. Her building is in the process of complying with new state requirements to improve the structural integrity of older buildings. Fortunately, she qualified for an interest-free loan under a new Miami-Dade County program. ‘I was going to be eating ramen noodles for the rest of my life,’ said Ms. del Pino. ‘It really was going to be very challenging to pay that.'”
The New Haven Register. “In Woodstock, the owner of a Disney-esque castle slashed the price by $15 million two weeks ago, dropping the asking price to $35 million. At the opposite corner of Connecticut in Greenwich, the owners of a Golf Club Road home gave their listing just three weeks on the market before knocking $245,000 off the prior listed price at $3.5 million. ‘There is more willingness by sellers to be realistic in their pricing rather than overpricing as we have seen,’ stated Candace Adams, CEO of Berkshire Hathaway HomeServices New England Properties.”
The New York Post. “The saga of New York’s most iconic triangular skyscraper continues. After being bought by a surprise contender, the Flatiron Building’s fate is once again up in the air, and more bidding may well lie in its near future. Late last month, the Fifth Avenue landmark’s former owners lost their deed to deep-pocketed challenger Jacob Garlick, who placed a winning $189.5 million on the former Fuller Building. Then, Garlick — a managing partner at growth equity venture fund Abraham Trust — flaked out hard on paying a $19 million deposit, putting his possession of the iconic Manhattan building into question.”
“Although non-industry insiders might balk at simply not paying such a huge sum after committing to one exponentially larger, bankruptcy pros say the emotional reaction, at least, is not surprising. ‘I’ve often seen people’s face change in an instant when they actually win the auction,’ Greg Corbin, of Rosewood Realty Group, told Crain’s. ‘They go from a look of excitement and pride to one of fear and regret. When Jacob Garlick fell to his knees after the auction, I’m not sure if it was from joy or from buyer’s remorse in a ‘what have I done’ moment.'”
The Commercial Observer. “The party could be over for the multifamily sector in commercial real estate. While the property type has maintained its crown as the most coveted asset class these past few years, a new research report indicates a distinct cooling in the sector. CoStar found that apartment building sales have cratered to their lowest levels since 2009. At $14 billion in the first quarter of 2023, multifamily investment volumes fell 74 percent compared to the same period in 2022, the largest year-over-year decline since sales fell by 77 percent in the first quarter of 2009, during the nadir of the Global Financial Crisis (GFC).”
“David Auerbach, managing director at Armada ETF Advisors, a real estate investment trust, designated one culprit for the lack of multifamily investment sales in the first three months of 2023. ‘Obviously, what’s impacted the sales market is interest rates,’ Auerbach said. ‘You’re talking about an environment where in January, a year ago, the interest rate was zero. It was free money. Until we see a reset of where interest rates are, then people just don’t want to overpay. It does have some people spooked.'”
“The decline in multifamily building sales comes as an influx of rental units are coming on the market. More than 1 million new rental units are currently under construction, according to Yardi Matrix. Nationwide, the market saw roughly 325,000 new units delivered in 2022, with an additional 425,000 anticipated for 2023. The markets at the forefront of this predicted multifamily construction surge in 2023 include Dallas (28,000 units), Austin (20,000 units), Miami (19,000 units), Houston (17,000 units) and Phoenix (16,000 units).”
From Bloomberg. “Southern California’s Inland Empire, the warehousing mecca that’s home to Amazon.com Inc. and Walmart Inc. facilities, is showing signs of trouble. The gush of cargo that once flowed through the 27,000-square-mile area, stretching from east Los Angeles to the Nevada and Arizona borders, has dwindled to almost three-year lows and jobs are harder to come by. ‘When the party ends, then you know the drop will be even faster,’ said Johannes Moenius, an economist at the local University of Redlands. ‘The more warehouses we have today or tomorrow, the steeper the fall.'”
Bisnow Los Angeles on California. “The Brookfield fund that has already defaulted on $754M in loans secured by two Downtown LA towers is facing — like so many other office owners — a 2023 full of more loan maturities, a new filing with the Securities and Exchange Commission shows. On the soon-to-mature debt in its portfolio, the filing noted that Brookfield would attempt to negotiate with lenders so it could retain its properties but also noted that without that help, it would not succeed. Office owners ‘have been trying to work out something with their lenders, but if the debt is coming due and they don’t have the liquidity themselves, the attitude becomes, ‘Fine, then take it,’ Seyfarth partner Christine Kim told Bisnow last week.”
The Globe and Mail in Canada. “13 Hickory Dr., Rockwood, Ont. Asking price: $1,199,000 (Late November, 2022).Selling price: $1,140,000 (January, 2023). This three-bedroom bungalow just east of Guelph and about 70 kilometres from downtown Toronto came to market in November priced under the $1-million mark. It received a handful of offers, but all were either insufficient or came with unacceptable terms. The property was relisted at $1,199,000 and received two more offers, but those eventually fizzled out. Finally, in January a new bid emerged and, after negotiations, agreed to at $1.14-million.”
“‘Getting multiple offers doesn’t always mean it’ll sell way over asking,’ said agent Gerald Lawrence. ‘The sellers are getting the message people like their house, but they’re not going to pay what they would have paid last year when things were crazier.'”
The Evening Standard in the UK. “The pandemic’s race for space — and specifically al fresco space — has had a major impact on the value of flats in the capital. Surprising new figures released today by online portal Zoopla show that London flats, many of which don’t have any outdoor space, have seen no change in their average prices since 2016. This equates to a decline in real terms of 24 per cent.”
From Reuters. “The Reserve Bank of New Zealand announced on Monday the framework for a new macroprudential tool that would give it the ability to restrict how much banks can lend based on home buyers’ debt-to-income ratios. ‘DTI restrictions on residential mortgage lending, when implemented, set limits on the amount of debt borrowers can take on relative to their income,’ said Director of Prudential Policy Kate Le Quesne. House prices in New Zealand have fallen more than 15% since their peak in November 2021, in part because the central bank has aggressively hiked the official cash rate. Economists expect prices to fall further.”
9 News in Australia. “A Melbourne family is in ‘absolute agony’ after their Porter Davis home was destroyed by a suspicious fire on Monday. The fire came days after the construction giant announced it had appointed liquidators following its collapse. The heartbroken owners, who don’t wish to be identified, have told 9News they have been left with nothing but a smouldering mess. ‘We are in absolute agony. We don’t have a house,’ they said.”
“They have a $400,000 loan they still have to pay and had paid a $94,000 lock-up fee just a day before the company folded. ‘We are struggling and we are stuck,’ the couple said. ‘We are thinking about our kids and how we will survive from this situation, we don’t know.'”
Daily Mail Australia. “A devastated customer who is facing a $20,000 loss after her home builder went into liquidation said she’s living a ‘nightmare’. Porter Davis had not started construction on Belinda Georgieski’s home when it went into liquidation last Friday. The business’ sudden collapse has put more than 1,700 homes at risk in Victoria and Queensland, and on Tuesday morning angry customers were told over a webinar by liquidator Grant Thornton that many of them were left uninsured and could lose their deposit.”
“Ms Georgieski said she is one of the Porter Davis victims who stands to lose everything she spent years working hard to save. ‘It’s been nightmare after nightmare. Stressing, unable to sleep, not knowing what’s going to happen,’ she told Sunrise on Wednesday. ‘It’s just a waiting game and getting told we may not even get the deposit back, we just have to start from scratch again. It’s a kick in the stomach.'”
News Reporter on Australia. “A customer of collapsed building company Porter Davis claims he was encouraged to hurry up a payment, under the guise of a discounted rate, before the builder went into liquidation on Friday. George claims he was contacted last week and was offered a discount if he paid money to Porter Davis by Thursday. Enticed by the saving opportunity, the father of four met the deadline and said he paid thousands, only to learn the company went into liquidation the following day. ‘If they knew it was going to happen on Friday, why would you still take people’s money?’ he told A Current Affair. ‘To me that’s theft.'”
“Matt Barnseley, another Porter Davis victim who reportedly lost hundreds of thousands of dollars, was able to attend the meeting but shared with A Current Affair that it was ‘disappointing.’ ‘Everybody that had a deposit… it’s gone,’ he said.”
This Post Has 71 Comments
Comments are closed.
‘They have a $400,000 loan they still have to pay and had paid a $94,000 lock-up fee just a day before the company folded. ‘We are struggling and we are stuck,’ the couple said. ‘We are thinking about our kids and how we will survive from this situation, we don’t know’
Well, it’s about time somebody thought about the children.
You don’t own those kids. The government does.
“Matt Barnseley, another Porter Davis victim who reportedly lost hundreds of thousands of dollars”
The Porter Davis victims seem to have been pretty well off before Porter Davis left them with another somebody done me wrong song. Although they did come up with some viable song titles in the process.
“The heartbroken owners, who don’t wish to be identified, have told 9News they have been left with nothing but a smouldering mess. ‘We are in absolute agony. We don’t have a house,’ they said.”
Left with nothing but a smouldering mess
The heartbroken owners (who don’t wish to be identified)
We don’t have a house
IDK if any of The Lettermen were homeowners in Australia or not.
Hurts So Bad , The Lettermen , 1969
https://youtu.be/qY8qkSUTF-Y?t=27
Do people just NOT have insurance on these homes that are burning down!?
I think that at that point they were still property of the construction firm, who because they were broke did not insure them. The buyers put big deposits on them in some countries, so they are losing their deposit.
The guys that worked on them and got a$$ pounded are allegedly setting the fires.
Makes sense, Occam’s razor.
End Times.
‘The party could be over for the multifamily sector in commercial real estate’
‘When the party ends, then you know the drop will be even faster,’ said Johannes Moenius, an economist at the local University of Redlands. ‘The more warehouses we have today or tomorrow, the steeper the fall’
Lots of parties ending these days.
‘More than 1 million new rental units are currently under construction’
Behold, Mel Watt’s pedal to the metal comes with a price (free money!). You want a similarity? As the SHTF these guys will walk away just like these Australian clowns. Why? No skin in the game.
20,000 new units in Austin this year? Couple that with recession and tech layoffs and I do fear that the johnny-come-lately landlords and their recently acquired real estate empires are going to vanish.
‘Office owners ‘have been trying to work out something with their lenders, but if the debt is coming due and they don’t have the liquidity themselves, the attitude becomes, ‘Fine, then take it’
Christine, you do realize this is K-fornia real estate we’re talking about? Gold nuggets just sitting under the El Camino parked in the yard. Yer giving it away dammit!
‘I was going to be eating ramen noodles for the rest of my life…It really was going to be very challenging to pay that’
Better hold on to those noodles til you get the insurance bill Lupe. On the bright side millions of slum dwellers around the world live on noodles their whole life, so you’ll have company! Love the spices, kick it up a notch!!
Didn’t she know about this before she bought the unit? FL has been talking about special assessments for old buildings for a while now.
‘I’ve often seen people’s face change in an instant when they actually win the auction,’ Greg Corbin, of Rosewood Realty Group, told Crain’s.
The “winners” who massively overbid for insanely overpriced shacks during the scamdemic must have a hunted look as they calculate how much time they’ll be able to squat in place once they stop making mortgage payments on “their” shacks.
“…deep-pocketed challenger Jacob Garlick, who placed a winning $189.5 million on the former Fuller Building….”
“…When Jacob Garlick fell to his knees after the auction, I’m not sure if it was from joy or from buyer’s remorse in a ‘what have I done’ moment….”
Remember, its all about status. Just think about the rush when Jacob Garlick could casually mention at the next cocktail party that he just dropped $189.5mm. All the hot women will rush to his side and want to steal his solid gold Rolex.
Suggestion to Jacob Garlick: Next time, wear knee-pads at the auction. [Available for free for clients of Mr. Banker]
kneepads are for closers.
not lazy pukes
[Available for free for clients of Mr. Banker]
Where is Mr. Banker. I miss him.
I found it interesting that he had $190M to spend but couldn’t swing $19M up front. I guess we know exactly how deep his pockets are.
That said, Flatiron itself is an iconic building and I hope someone buys it and cares for it.
‘CoStar found that apartment building sales have cratered to their lowest levels since 2009. At $14 billion in the first quarter of 2023, multifamily investment volumes fell 74 percent compared to the same period in 2022, the largest year-over-year decline since sales fell by 77 percent in the first quarter of 2009, during the nadir of the Global Financial Crisis’
I first concluded there was a bubble in apartments in 2014. What did we see over the years? Merchant builders were doing slow-mo flips with new lux airboxes. People were cash out refinancing every two years. It was the holy grail of investing we were told. Like almost all manias, if it stops going up, it collapses. The money tree has no more leaves.
A clearer picture is emerging: commercial real estate is leading the way down. Unlike the 80’s, we’ve got a bubble in shacks too.
Note we don’t hear about the fantastic build to rent crapola any more.
Soon to be build to squat
Comming to your town soon.
VIDEO: Cartel Gunmen in Mexico Run Through Border-City Traffic During Shootout
CARTEL CHRONICLES5 Apr 2023
Cartel gunmen and police forces clashed in the border city of Nuevo Laredo, Tamaulipas, in a chase-turned-shootout. The shootout, which went on for over an hour spread, terror among the local community.
The shootout took place on Tuesday afternoon in various parts of the south side of Nuevo Laredo. The border city is located directly south of Laredo, Texas, and is considered to be one of the busiest smuggling corridors for the Cartel Del Noreste faction of Los Zetas (CDN-Los Zetas).
A video shared on social media captured the scene as a group of gunmen in body armor ran in between vehicles at a busy boulevard during a shootout with authorities. Gunfire can be heard in the background as the gunmen run around various vehicles.
Periódico Zócalo
@PeriodicoZocalo
#VIDEO: Elementos de la Guardia Nacional y hombres armados se enfrentan a balazos en Nuevo Laredo, Tamaulipas
https://twitter.com/PeriodicoZocalo/status/1643393275947110400?s=20
Actually, not police. La Guardia Nacional is a recently formed paramilitary force in Mexico, created for public security as regular police are 100% ineffective against the cartels. That said, La Guardia hasn’t been all that effective either.
No BS or sarcasm, I always look forward to your insight on this and other subjects.
No BS or sarcasm
Not a knock on you at all Jeff, but I find it sad that such a disclaimer is required in our culture these days. I’m certainly guilty of hiding behind sarcasm so frequently that I have to do the same.
And +1 on appreciating Colorado’s insights
And +1 on appreciating Colorado’s insights
+1
Thanks!
HBB is a virtual Cheers bar where you’ll find a wealth of wisdom from many walks of life.
“La Guardia Nacional is a recently formed paramilitary force in Mexico, created for public security as regular police are 100% ineffective against the cartels. That said, La Guardia hasn’t been all that effective either.”
All of the “defund the police” wackos need to take a good hard look at what happens when you do just that.
A reader sent these in:
This is breathtaking.
https://twitter.com/trader_mtg/status/1643096621935374336
The highest CRE prices in the history of mankind were a figment of my imagination. WHEW!!
https://twitter.com/DiMartinoBooth/status/1643095493235310594
Auto loan and credit card interest rates just hit a new record high.
Average interest rates:
– Credit Card: 24.5%
– Used Cars: 14.0%
– New Cars: 9.0%
Meanwhile, we have record levels of debt:
– Total Household Debt: $16.5 trillion
– Auto Loans: $1.6 trillion
– Credit Card Debt: $986 billion
The worst part? Student loans just hit a record $1.6 trillion. Interest on student loans has been suspended since 2020, but it set to resume this year. The debt crisis is real.
https://twitter.com/KobeissiLetter/status/1643019724559728642
MORGAN STANLEY, on autos: “With inventory up for the 8th consecutive month, incentives are creeping back in. How much longer can car prices remain so unaffordable? We think rising inventory will be the ‘tell’ of cracking industry price discipline.”
https://twitter.com/carlquintanilla/status/1643060364777496576
We have symbolically come full circle from 2021, peak grift and illiterate gambling. Data points keep coming in, latest is Virgin Galactic Ch. 11 filing less than 2 years after it’s bullshit SPAC IPO of 2021. Unsurprisingly all the SPAC grifters have magically vanished…
https://twitter.com/INArteCarloDoss/status/1643228263412580352
Ofc like some central bankers like to remind us, their moronic policies had nothing to do with it, or with the inflation surge that followed 🤡
https://twitter.com/INArteCarloDoss/status/1643229542536839168
How the hell is someone as incompetent as this employed as a policymaker?! Give me strength.
*BOE’S TENREYRO LOOSER MONETARY POLICY NEEDED TO MEET CPI GOAL
*BOE’S TENREYRO SAYS IT’S A `MYTH’ THAT QE IS MONEY PRINTING
*BOE’S TENREYRO SAYS COULDN’T AVOID INFLATION SURGE
https://twitter.com/MrMBrown/status/1643196590058766337
FED: “The U.S banking system is fine”…. U.S Banking System: “Biggest monthly loss in deposits in history”
https://twitter.com/WallStreetSilv/status/1643353665493671936
Today I learned that the number of Californians with open auto loans increased by *36%* since 2012. So basically we’re poorer as a nation and cars are too expensive.
https://twitter.com/GuyDealership/status/1643296974307745794
This Doge logo is f*cking insufferable
https://twitter.com/JLinWins/status/1643076405163376640
Here is a breakdown of tech company layoffs by month since January 2022. Nearly 1,600 companies have laid of 330,000 people. In the first 3 months of 2023 alone, we have seen 167,000 tech layoffs. This is more than the entire year of 2022.
https://twitter.com/KobeissiLetter/status/1643285701159448577
Look at the decline from 2008 through 2013 – that steep decline was only stopped by the Fed buying 1/3 of all mortgages originated. They kept on promising to stop, but did so again massively during Covid. Now – ITS ALL OVER
https://twitter.com/achtera/status/1643487863756181506
10 years seems pretty light for stealing $47 million of taxpayer money, including $10 million in pandemic relief funds.
https://twitter.com/SabrinaMaddeaux/status/1643300235819507720
Live: New Zealand hikes interest rate by 50 basis points in a surprise move
https://twitter.com/ssun5555/status/1643459269499539456
Why is it so crazy for folks to comprehend house prices could fall >20% when the average home price increased ~35-40% from February 2020 through February 2022? If prices could rise this dramatically, it is possible for them to fall.
https://twitter.com/bgreezzz/status/1643372186055606272
This tweet should be read several times in light of how weak trucking is. It’s profound, a prism into how broadly disinflationary pressures can spread in response to demand destruction.
https://twitter.com/DiMartinoBooth/status/1643377185833512967
“The only reason the Federal Reserve would lower interest rates this year is if a recession hits…That leaves sellers between the rock of high interest rates and the hard place of a recession—both of which historically dampen home prices.”
https://twitter.com/dfwaaronlayman/status/1643438218380034052
Blackstone defaulting on another office building. “Special Servicing” = defaulting on a CRE loan
https://twitter.com/GRomePow/status/1643322470227918848
Fed’s Mester: Fed Will Need To Hike Rates Above 5% And Hold Them There For A While
– Expects Inflation To Ease To 3.75% By End Of Year, 2% By 2025
– Expects Jobless Rate To Rise To Between 4.5% And 4.75% This Year
– Inflation Remains Too High, Too Stubborn
https://twitter.com/LiveSquawk/status/1643386048020377603
As builders work through existing unsold inventory – look out… cost reductions and more strategic option selection means the next round of homes can be quite a bit less expensive without impacting margins. 🙌🏻
https://twitter.com/koakley81/status/1643433792860741633
new listings rose 49.3% versus the typical 10% increase that kicks off the spring buying season
https://twitter.com/NipseyHoussle/status/1643430014052958210
Morgan Stanley is predicting a 40% drop in CRE values from peak to trough as a result of high vacancies and having to rollover debt into higher interest rates. $2.9 trillion in CRE loans must be renegotiated and rolled over in the next 24 months. 💀
https://twitter.com/StealthQE4/status/1643384436170391552
2013: Welcome to Google, your job is to sit in the ball pit and wave your arms around and yell “I’m helping the world!” while one of our full-time chefs feeds you foie gras. 2023: Welcome to Google, no you may not have a stapler
https://twitter.com/Noahpinion/status/1643300982523060230
“updating the development code to clarify that short-term rentals are a commercial use that doesn’t belong — and should no longer be allowed — in residential areas.” “In 2021, nearly half of all home purchases in Dallas County went to investors.”
https://twitter.com/JohnWake/status/1643404457840107520
My son was hired WFH for a company HQ’d 2000 miles away. Now, they want everyone, “back in the office.” Most employees hired since 2020 live nowhere near the office.
https://twitter.com/Livelongandpr18/status/1643386786406895618
Given Houston has highest back to work @ 60% after Austin v 49% nationwide @KastleSystems. YES, it’s bad that office market is slowing. We now move to traditional recession we won’t speak of in polite company. It’s no longer about WFH (though they go first). It’s about cost cuts
https://twitter.com/DiMartinoBooth/status/1643385890004164608
Houston Office Market Leasing Down 29% in First Quarter
https://twitter.com/DiMartinoBooth/status/1643383226725986305
First it was “we are still up YOY” now it’s “zoom out” I think I know what’s next “Sure 2021 and 2022 gains are entirely wiped out but look at 2020”
https://twitter.com/NipseyHoussle/status/1643303689631719424
Apartment Sector Whacked by Rising Rates, Banking Turmoil
https://twitter.com/DeItaone/status/1643300584169037836
Housing affordability deteriorated appreciably in 2022, reaching its lowest since the 1980s. The composite affordability index for Knoxville fell to 69.5 in Q4 2022, indicating that the typical household had just 69.5% of the income necessary to purchase the median-priced home.
https://twitter.com/Hancen4Sale/status/1643239562301386752
The now shrinking pool of real estate agents in the U.S. still believes or hopes that home prices have bottomed in this cycle. Good luck with that.
https://twitter.com/dfwaaronlayman/status/1643218644019675137
This has a 2008 feel to it … 🔥 🔥 🔥 With a dash of the 1970s.
https://twitter.com/WallStreetSilv/status/1643444840531742724
I’ve been looking at case studies on teaser rates in the U.S in the run up to the GFC. So far I’ve seen some very challenging scenarios (repayments +25-40%), but generally the increase in mortgage repayments faced by Aussie fixed rate mortgage holders is significantly worse.
https://twitter.com/AvidCommentator/status/1643483721360883712
A major difference between the RBNZ and RBA is that the RBNZ has explicitly stated that its their goal to cause a recession to bring down inflation. In Australia, the RBA is hoping they can somehow bring down inflation without a recession or significantly higher unemployment.
https://twitter.com/AvidCommentator/status/1643440037701521410
“Morgan Stanley is predicting a 40% drop in CRE values from peak to trough as a result of high vacancies and having to rollover debt into higher interest rates.”
They are also predicting that the sun will come up tomorrow. Invest accordingly!
How much longer can car prices remain so unaffordable?
Until forever? Notice how the industry is quietly scaling back, with layoffs and factory closures. Cars are going to be for the managerial class.
One of those car dealer guys on youtube said that as soon as one car manufacturer ramps up production, this charade will end.
That sounds logical. The problem is, we live in Clown World. For all we know the WEF has told automakers that they will be selling far fewer cars, but at very high margins.
“At some point in the not-too-distant past, a new car became a luxury purchase.
The average price for a new vehicle hit $49,500 at the end of last year, compared to $38,948 just three years earlier. Skyrocketing interest rates pushed the average monthly car payment on a five-year loan to $723 in March.
New vehicles priced under $25,000, a range that the average American might deem affordable, now account for less than 5 percent of all sales.”
https://thehill.com/business/3934301-new-cars-have-become-luxury-items/
Wow, my new 2017 Camry was $23K+, before add-ins fees etc. I dread when I need a new car, if this is how things are going to go.
I got around on a bike for many years. You can do it if you’re young, strong, single, childless, and live in an apartment where you don’t need to fix anything … preferably in a “15-minute city” type setup where work, home, and grocery store are close by. Oh, and forget anything in a cold snowy climate. In other words, a carless life works for about 10% of the population.
I took a looksie on cars dot com. In my neck of the woods a bare bones Camry is 27K plus tax. Loaded ones (V6, leather, gadgets galore) go for 40K.
A bare bones Corolla is 23K, well appointed ones are 30K
For years, manufacturers have been over-loading vehicles (even standard models) with wallet-emptying, guaranteed to fail “features most car buyers don’t want or need. Unfortunately, these greed-driven “conveniences” (cough!) that padded-up their already ludicrous prices, need microchips to operate. Therefore, when chip production stalled, they couldn’t assemble their over-priced, over-loaded, hyper-hedonistic monstrosities. So now, dealerships are dying, nobody’s buying and auto manufacturers are feeling the pain. “Gee, maybe we went a little overboard with the upgrades.” No s**t, Sherlock, you’re getting what you deserve.
the RBNZ has explicitly stated that its their goal to cause a recession to bring down inflation
A lot of broomsticks are going to get broken you know where.
“Today I learned that the number of Californians with open auto loans increased by *36%* since 2012.”
Here’s an additional piece regarding car prices:
New cars have become luxury items
https://thehill.com/business/3934301-new-cars-have-become-luxury-items/
“More than 90 vehicle models now fetch $60,000 or more, Cox reports. Meanwhile, in five years, the number of models priced under $25,000 has dwindled from 36 to 10.”
Posted this story not the walk back yesterday.
Jill Biden’s office attempts to walk back Iowa WH invite as racism accusations fly
‘Jill Biden inviting Iowa to the WH has Angel Reese and Black people everywhere HEATED,’ journalist tweets
By Houston Keene | Fox News
Published April 4, 2023 6:28pm EDT
First lady Jill Biden’s office on Tuesday attempted to lower the temperature after she received backlash on social media, including accusations of racism, for floating the idea of inviting the University of Iowa women’s basketball team to the White House, despite them losing to Louisiana State University (LSU) in the national championship game over the weekend.
“I know we’ll have the champions come to the White House, we always do. So, we hope LSU will come,” Biden said Monday. “But, you know, I’m going to tell Joe I think Iowa should come, too, because they played such a good game.”
https://www.foxnews.com/politics/jill-bidens-office-attempts-walk-back-iowa-wh-invite-racism-accusations-fly
I’m an October 59 Boomer but I think “Dr. Jill” could learn a thing ot two from the way we were raised like “sticks and stones will break my bones but words (or Pronouns) will never hurt me” and…
Wait Till Next Year!
https://youtu.be/R1-zBIIvl5g?t=81
‘They go from a look of excitement and pride to one of fear and regret. When Jacob Garlick fell to his knees after the auction, I’m not sure if it was from joy or from buyer’s remorse in a ‘what have I done’ moment.’
The Winner’s Curse has claimed yet another victim.
Did the banking crisis end as quickly as it began?
JPMorgan chief Jamie Dimon warns banking crisis ‘not yet over’
Published 21 hours ago
JPMorgan Chase chief executive Jamie Dimon
Image source, Getty Images
The crisis facing the US banking system “is not yet over,” the head of America’s biggest bank has warned.
Jamie Dimon, chief executive of JPMorgan Chase, made the comments in an annual letter to shareholders just weeks after the dramatic collapse of two major US banks.
He said he did not expect the turmoil to lead to a global crisis akin to 2008, noting that it involved “involved fewer players and fewer issues”.
But he warned the impact would linger.
“While this is nothing like 2008, it is not clear when this current crisis will end,” he said. “Even when it is behind us, there will be repercussions from it for years to come.”
…
https://www.bbc.com/news/business-65180127
“While this is nothing like 2008,…”
With myriad underwater financial entities, whose liabilities exceed the value of their assets, including lending institutions and households, the situation is quite reminiscent of 2008.
Ranked: The U.S. Banks With the Most Uninsured Deposits
Published 13 hours ago
on April 4, 2023
By Dorothy Neufeld
Graphics/Design:
Sabrina Lam
…
https://elements.visualcapitalist.com/ranked-the-u-s-banks-with-the-most-uninsured-deposits/
Dragnet music…
Report: Ex-Scottish leader’s husband arrested in party probe
The Canadian Press
Wed, April 5, 2023 at 8:07 a.m. EDT·
3 min read
LONDON (AP) — The husband of former Scottish first minister and Scottish National Party leader Nicola Sturgeon has been arrested in a party finance probe, British media reported Wednesday.
Police in Scotland did not identify Peter Murrell as the 58-year old man arrested Wednesday “in connection with the ongoing investigation into the funding and finances of the Scottish National Party.” However, Britain’s Press Association, the BBC and others reported it was Murrell.
“Clearly it would not be appropriate to comment on any live police investigation but the SNP have been cooperating fully with this investigation and will continue to do so,” the party said in a statement released after the arrest.
https://ca.news.yahoo.com/report-husband-ex-scottish-leader-091200989.html
former Scottish first minister and Scottish National Party leader Nicola Sturgeon
She was replaced by a non-Scot, a Pakistani, IIRC.
So the UK’s prime minister is Indian, Scotland’s first minister is a Paki. Ireland has already had a homo Indian.
Britain and Ireland are already ruled by the WEF, which is starting to roll out climate lockdowns across Europe. How long until they need a permit to leave their 15 minute town?
“Britain and Ireland are already ruled by the WEF, which is starting to roll out climate lockdowns across Europe”
So much for Erin Go Bragh.
As long as it takes:
“The Biden administration on Tuesday announced $2.6 billion in additional military aid for Ukraine.
The package includes $500 million in weapons and equipment from U.S. stocks, including munitions for Patriot air defense systems, ammunition for High Mobility Artillery Rocket Systems (HIMARS), TOW missiles, grenade launchers, heavy fuel tankers and vehicles, and various other ammunition, artillery and mortar rounds.
It marks the 35th such drawdown of U.S. lethal aid for Ukraine since August 2021.
The administration is also doling out $2.1 billion in aid via the Ukraine Security Assistance Initiative, in which Washington buys weapons and equipment directly from industry rather than drawing on Pentagon stocks.”
https://thehill.com/policy/defense/3934223-us-pledges-another-2-6b-in-military-aid-for-ukraine/
in which Washington buys weapons and equipment directly from industry rather than drawing on Pentagon stocks
In other words, vaporware that will take years to manufacture. This is just welfare for the MIC.
If you want the truth, read the New York Times, Washington Post, UK Guardian, and believe the opposite.
“A warning from the State Department reinforces the reality that democracy is under threat globally and that public distrust is one reason for the threat. This distrust has various components, including concern about economic and political stability, but it is also driven and amplified by autocratic governments’ use of malign influence as a weapon against democracy.
Russia, in particular, uses disinformation and malign influence as part of its offensive national security strategy. In 2013, Russia’s military chief of general staff, General Valery Gerasimov, emphasized its importance in an essay he wrote, “The role of non-military means of achieving political and strategic goals has grown and, in many cases, they have exceeded the power of force of weapons in their effectiveness.” The government of the Soviet Union used what they called active measures — the strategy for the spreading of disinformation — for decades against the United States and the West.
Russia’s use of malign influence has not dissipated. In its 2023 Annual Threat Assessment, the U.S. Intelligence Community assesses that, “Efforts by Russia, China and other countries to promote authoritarianism and spread disinformation is helping fuel a larger competition between democratic and authoritarian forms of government.” Regarding Russia’s use of disinformation, the assessment states, “Russia presents one of the most serious foreign influence threats to the United States because it uses its intelligence services, proxies and wide-ranging influence tools to try to divide Western alliances and increase its sway around the world.”
Unfortunately, Russia’s disinformation efforts are not confined to alleged biological weapons activity. Putin has developed a comprehensive strategy to justify his attack on Ukraine. Another Global Engagement Center report, “Disinformation Roulette: The Kremlin’s Year of Lies to Justify an Unjustifiable War,” describes five tropes Putin uses to justify his war: “1) Russia was encircled by NATO before the February 2022 invasion; 2) Ukraine is committing genocide in the Donbas; 3) the Ukrainian government needs ‘denazification and demilitarization’; 4) restoration of traditional values requires ‘desatanization’ of Ukraine; and 5) Russia must fight in Ukraine to defend its sovereignty against the West.”
https://thehill.com/opinion/national-security/3932031-disinformation-may-be-one-of-russia-and-chinas-greatest-weapons/
“restoration of traditional values requires ‘desatanization’ of Ukraine”
Sounds about right.
Russia is winning.
“If you want the truth, read the New York Times, Washington Post, UK Guardian, and believe the opposite”
It worked for George.
(girl who ordered same lunch is Michelle Pfeiffer’s sister Dedee Pfeiffer)
2:00
Seinfeld: The Opposite (Clip)
https://youtu.be/1Y_6fZGSOQI?t=21
Walmart aims for 65% of stores to be automation serviced by 2026
he company said the moves would reduce the need for lower-paid roles. As the changes are implemented across the business, one of the outcomes is roles that require less physical labor but have a higher rate of pay,
https://finance.yahoo.com/news/walmart-says-65-stores-serviced-211828156.html
Will the Luddites revolt?
Linked from Antiwar:
“House Intelligence Committee Chairman Mike Turner (R-OH) traveled to Ukraine on Monday and claimed there remains “overwhelming” Congressional support for providing Kiev with military aid. His remarks appear to contradict the White House assessment that Congress is not prepared to pass another massive aid package.
During his remarks in Kiev, Turner acknowledged that there is a minority in both parties that desires a debate over further aid to Ukraine. However, he said, “overwhelmingly, there is support for continuing aid to Ukraine, so that they can continue to fight against this aggression of Russia.”
Turner made the trip to Ukraine with three other members of Congress, Chris Stewart (R-UT), Rich McCormick (R-GA) and Darin LaHood (R-IL). Stewart claimed most Americans will support arming Kiev for the long term, he explained “most conflicts such as this between nation-states take time to resolve themselves.” Stewart continued, “I think the American people understand that, as long as they feel like progress is being made over being careful with the money and being thoughtful of how we involve US resources.”
https://libertarianinstitute.org/news/top-republican-visits-kiev-says-support-for-arming-ukraine-is-overwhelming/
Nobody outside of the Beltway supports Ukraine. Nobody.
U.S. taxpayers you are being robbed.
BRICS Nations Developing “New Currency” As Quest For Global De-Dollarization Accelerates
By Michael Maharrey of SchiffGold
Wednesday, April 5, 2023 12:26 PM EDT
China and Brazil recently finalized a trade deal in their own currencies completely bypassing the dollar, but that’s not the only bad news for the world’s reserve currency.
Last week, a Russian official announced that the BRICS nations are working to develop a “new currency,” yet another sign that dollar dominance is waning.
State Duma (the Russian legislative assembly) deputy chairman Alexander Babakov said the transition to settlements in national currencies is the first step. We’ve already seen this occur with recent oil deals between India and Russia being settled in currencies other than dollars.
The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway.”
That summit is scheduled for August.
https://talkmarkets.com/content/currenciesforex/brics-nations-developing-new-currency-as-quest-for-global-de-dollarization-accelerates?post=391378
Last week, a Russian official announced that the BRICS nations are working to develop a “new currency,” yet another sign that dollar dominance is waning.
It’s one thing for the BRICS+ to agree to accept each other’s currency as payment, and quite another to create a new currency they would all share, a la Euro.
Of course, depending on how fed up with the USA they all are, who knows? Will the rest of the global south trust this new currency? Granted, it won’t happen overnight.
The fact that some of the largest economies in the world are beginning to bypass the USD when trading with each other is ominous. If the USD truly loses its status as the world’s reserve currency it means that the CPI will be insane, and scarcity will become the rule.
loses its status as the world’s reserve currency it means that the CPI
I don’t know how that would play out, but I’m not sure it would be that bad for the US. Remember, it’s not real money, it’s an “IOU Nothing”. Also, we don’t play by any particular set of rules.
If the rest of the world refuses to accept dollars, then it could get problematic. Of course, should that come to pass, we could focus on making our own stuff again and even export stuff other countries need, like oil and food, even manufactured goods.
On the other hand, foreign powers hold a lot if our IOUs, which denominated in USD. Destroy the dollar and those IOUs will lose a lot value. Then again, they might think it’s worth it.
We stopped redemptions when I was younger. We could pull dirty tricks today.
As Sean Hannity would say…
“The two-tiered system of justice is alive and well”
VP Biden’s Former Assistant: Classified Docs Left Unlocked in Penn Biden Center Closet
WENDELL HUSEBØ5
Apr 2023
Classified documents were transported from then-Vice President Joe Biden’s safekeeping to the Penn Biden Center, where they were kept in an unlocked closet and remained accessible to center employees and potentially others, House Oversight Committee Chair James Comer (R-KY) revealed Tuesday after an interview with Biden’s former assistant, Kathy Chung.
Chung, who current Biden administration officials appear to blame for the mishandling of Biden’s classified documents, told Comer that Biden’s classified documents remained unsecured at the Penn Biden Center for years and remained accessible to her until May 2022.
“This story does not begin in November 2022, as represented by President Biden’s attorney,” Comer said in a statement. “[T]hen-White House Counsel Dana Remus tasked Kathy Chung with retrieving these boxes from the Penn Biden Center as early as May 2022.”
Public records reported by the New York Post suggest that Chinese Communist Party-linked individuals or entities donated at least $54 million between 2014 and 2019 to the Penn Biden Center.
Public records reported by the New York Post suggest that Chinese Communist Party-linked individuals or entities donated at least $54 million between 2014 and 2019 to the Penn Biden Center.
According to a CNN source, the classified documents found at Biden’s “private office” at the center pertain to Iran, the U.K., and Ukraine, where the Biden family conducted business deals.
On Monday, Comer raised concerns about Biden’s classified document scandal in connection with the Biden family business schemes. “We don’t the know the true extent of what he [Joe Biden] has done,” Comer said. “All we know is he had classified documents scattered all over the place dating back to the time as U.S. senator.”
The White House has failed to fully explain why Joe Biden’s lawyers were looking through the Penn Biden Center papers on November 2 when the classified documents were discovered.
Notably, the classified document scandal was leaked to CBS News on January 9, weeks after the initial trove was found by Biden’s personal lawyers in November. The establishment media has reported at least three times that Biden and the DOJ agreed to hide the scandal from public view with likely no plans to disclose it.
https://www.breitbart.com/politics/2023/04/05/vp-bidens-former-assistant-classified-docs-left-unlocked-in-penn-biden-center-closet/
As Sean Hannity would say…
Not a good lede IMO.
“Not a good lede IMO”
Maybe not but that’s where I found the quote and the quote is true. However, point taken.
Hannity: The two-tiered system of justice is alive and well
Mar 22, 2023
https://youtu.be/lsLTAHw9qRs
‘There is more willingness by sellers to be realistic in their pricing rather than overpricing as we have seen,’ stated Candace Adams, CEO of Berkshire Hathaway HomeServices New England Properties’
I bet you got a mighty wide bizness card Candace.
Former White House adviser John Bolton said the charges against former President Donald Trump were “even weaker than I thought” during an interview on Tuesday, coming after the Manhattan District Attorney’s office charged the former commander-in-chief with 34 counts of falsifying business records, as other critics of Trump claimed the case is a “disappointment.”
“Speaking as someone who very strongly does not want Donald Trump to get the Republican presidential nomination, I’m extraordinarily distressed by this document,” Bolton told CNN Tuesday. “I think this is even weaker than I feared it would be.”
Bolton, a graduate of Yale Law School, said he fears the case could “easily” get dismissed before it even makes it to a jury trial. Bolton served under both Trump and former President George W. Bush in different capacities.
“And I just what I understood the District Attorney to say that he thinks there’s a New York election law involved here. All I can say is the Federal Election Campaign Act [of 1971] absolutely preempts any state or local law to the contrary. How could it be otherwise? You’ve got one law governing corporate finance and a presidential election at the federal level. You’re gonna have 50 state laws interfering with it, so he’s just wrong on the applicability of the New York statute,” Bolton said Tuesday.
Other Trump critics have raised questions about the viability of Bragg’s indictment. Among them, former FBI Deputy Director Andrew McCabe claimed to CNN that Bragg is haphazardly trying to elevate a misdemeanor offense to a felony.
“It’s disappointment. I think everyone was hoping we would see more about the direction that they intend to take this prosecution. What is the legal theory that ties that very solid misdemeanor case, 34 counts of misdemeanors, to the intent to conceal another crime, which is what makes it a felony?” he told CNN. “It simply isn’t there.”
While it is “possible” that Bragg has an “elaborate and solid theory that’s backed up by a lot of evidence,” McCabe, who opened an investigation into Trump in 2017 after the former president took office, said it would be “strange” for him to conceal that at this point. “At the end of the day, if all of our legal friends read this indictment and don’t see a way to have felony, it’s hard to imagine convincing a jury that they should get there,” he added.
Sen. Mitt Romney (R-Utah), who voted to impeach Trump twice and has frequently criticized him, stated that he wasn’t impressed with the charges Bragg laid out on Tuesday.
“I believe President Trump’s character and conduct make him unfit for office,” Romney said Tuesday. “Even so, I believe the New York prosecutor has stretched to reach felony criminal charges in order to fit a political agenda.”
“The prosecutor’s overreach sets a dangerous precedent for criminalizing political opponents and damages the public’s faith in our justice system,” Romney said.
Trump’s lawyer, Joe Tacopina, told news outlets on Wednesday that he doesn’t believe the case will make it to a jury trial. He said he will file a motion to dismiss the case in the near future.
“I think this case is going to fall on its merits on legal challenges well before we get to a jury,” Tacopina told the “Today” show on Wednesday morning. After “seeing that indictment and knowing what the law is regarding federal election campaigns, I don’t think we’re getting close to a jury,” he remarked.
But, he stated, “If we get to a jury, I think any person on the right or politically opposed to Trump or in favor of him is going to see this for what it is: It’s a weaponization of the legal system, and it’s something this country has never seen before and hopefully will never do again.”
The former president is also under investigation in Georgia for his activities after the 2020 election, and the Department of Justice is probing Trump for his handling of presidential records as well as his post-2020 statements.
https://www.theepochtimes.com/trump-critics-worried-about-das-charges-weaker-than-i-thought_5173950.html
‘It’s a weaponization of the legal system, and it’s something this country has never seen before’
We’ve been seeing it for years. And guberment/tech censorship/de-platforming.
What would they call the two bogus impeachments?
In reverse, isn’t failure to prosecute clearly visible crimes of the Clinton/Obama/Biden clan “weaponization of the legal system”?
It is, but a failure to prosecute goes unnoticed by those following the MSM.
Wisconsin’s progressives are gleefully looking forward to more free schitt and stealing without consequences.