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We Are Seeing A Clear Oversupply Of Properties

A report from Business of Homes on California. “It’s been a gloomy few months in Silicon Valley. In the first quarter of the year, nearly every major tech company has had mass layoffs. Local architect Megan Blaine had two projects under construction that were funded by the clients’ Meta stock, which took a nosedive earlier this year. ‘Both clients were waiting to cash out, thinking that if they left their money in those stocks, it would keep growing during the yearlong build-out,’ says Blaine. Instead, the stocks tanked, forcing her clients to find alternate funding and slash their budgets by roughly 40 percent.”

“Blaine has laid off three employees in the past six months, roughly 24 percent of her staff. ‘It does feel like business owners in the Bay Area are the canaries in the coal mine right now,’ she adds. ‘There are obvious areas where I’ve been like, ‘OK, we don’t need that, let’s scale back there.’ Maybe I haven’t paid as close attention to some things over the past few years, but now it’s time to prepare for a leaner time, so we pay better attention and do some things differently.'”

The San Francisco Chronicle in California. “A downtown San Francisco office building has reportedly sold for roughly 75% less than its previously estimated value, a bad omen for the sagging commercial real estate market. 350 California St., which was first listed for sale in 2020, sold to SKS Real Estate Partners for somewhere between $60 million and $67.5 million, according to a report by the San Francisco Business Times. The Financial District building is mostly empty — Union Bank, which occupied about 75% of the building, has largely vacated the 22-story tower.”

“This wasn’t the first time the owners of 350 California tried to sell the property. In 2021, bidding for the building never surpassed $180 million and owners took it off the market, according to the Wall Street Journal. In 2019, the property was estimated at around $300 million, brokers told the publication.”

Axios on Massachusetts. “Foot traffic around Boston’s Financial District is barely half of what it was pre-pandemic, according to anonymized mobile device connectivity data. Downtowns became ghost towns during the height of the pandemic as people sought to ‘flatten the curve’ by staying home as much as possible. Even as the pandemic ebbs, the era of remote and hybrid work it ushered in means fewer people visiting restaurants, bars and shops. That has big implications for downtown economies, which have historically relied on commuting workers who spend money before, during and after their daily 9–5s.”

The New York Post. “Beastie Boys’ Mike D’s childhood home at the famed Eldorado on Manhattan’s Upper West Side will have a new owner. The Central Park West stunner just went into contract following a roughly $4.5 million price chop. The sprawling six-bedroom duplex co-op with picture-perfect views of Central Park and the Reservoir was last asking $14.99 million — down from its initial ask of $19.5 million last year. Maintenance fees are $22,300 a month.”

From KBTX. “After recent bank failures and the federal government raising interest rates Sorin M. Sorescu, a finance professor at Texas A&M’s Mays Business School joined First News at Four on Monday to discuss the future of the economy. ‘We did a study at Texas A&M University and we uncovered over $1 trillion in unbooked losses throughout the banking sector,’ Sorescu said. ‘Most of which came because of increases in interest rates by the federal reserve. Those are all paper losses and paper losses don’t become real unless people panic and take the money out of the bank.'”

The Washington Post. “Banking sector stress has shot up as a concern for stability in the financial system, according to the latest Federal Reserve survey on major risks to the economy. Also on Monday, a new Fed survey on bank lending practices underscored that lenders expect to tighten loan standards even more in the near future, including for commercial real estate loans. ‘Banks most frequently cited an expected deterioration in the credit quality of their loan portfolios and in customers’ collateral values, a reduction in risk tolerance, and concerns about bank funding costs, bank liquidity position, and deposit outflows as reasons for expecting to tighten lending standards over the rest of 2023,’ the survey said.”

The Commercial Observer. “The business model at the core of the regional banking crisis is not too different from traditional banking theory: borrow short, lend long. But this fundamental theory — or even law — of responsible asset management has created an ‘inherent instability’ in the banking system, according to Christopher Thornberg, founding partner of Beacon Economics, especially once the Federal Reserve raised its benchmark federal funds rate 10 times in 14 months (after keeping interest rates between zero and 2 percent for much of the past 15 years).”

“‘They did what banks should have done: They bought a whole bunch of debt securities at low interest rates,’ Thornberg said. ‘None of these banks have a problem with their lending base. They’ve made good loans. They’re not seeing losses because they made bad loans, and that’s what’s so infuriating.'”

“The ongoing regional banking pressures are being caused not so much by greedy short sellers, but by reckless monetary policy from unelected bureaucrats at the Eccles Building in Washington, D.C., according to Thornberg. ‘The Federal Reserve made the choices that have caused the banks to fail,’ he said. ‘And for them to sit around and point fingers at Silicon Valley Bank (SVB) and others and say, ‘You guys didn’t use the right term structure,’ well, no bank was prepared to deal with this insane roller coaster of monetary policy the Federal Reserve has put them all on.’ ‘If the Fed doesn’t back off, there’s going to be massive consolidation in the U.S. banking system,’ he added.”

From Bloomberg. “One of Sweden’s biggest commercial landlords plans to halt payment of its dividend after suffering a ratings cut, in another sign the funding squeeze gripping Sweden’s leveraged property sector is worsening. SBB — as Samhallsbyggnadsbolaget i Norden AB is more commonly known — is seeking to push back its dividend payment date until ‘at the latest’ ahead of its 2024 annual general meeting. The development is symptomatic of a wider problem for Sweden’s commercial property firms as they scramble to roll over $40.8 billion of maturing bond debt over the next five years, a quarter of which falls due in 2023. They have been viewed as the canary in the coal mine for Europe’s property sector because much of that debt is short term and floating rate, making it particularly exposed to interest rates.”

“The refinancing woes in Sweden have also coincided with a 15% decline in residential home prices, making it one of the world’s worst routs. That is in turn pressuring the Nordic nation’s construction industry, which may be facing years of drought as investment in housing plummets.”

From Scoop. “Aotearoa New Zealand’s average home value is zeroing in on the $900,000 mark following yet another month of widespread declines across the motu. QV Nelson/Marlborough manager Craig Russell said market activity remained subdued with modest levels of properties transacting. ‘We are seeing a clear oversupply of properties in the $900,000 to $1,500,000 bracket in Richmond. Properties that are not being priced to meet the market are becoming stale and tend to result in asking price reductions,’ Mr Russell said.”

South China Morning Post. “Housing authorities in Kunshan, a county-level city, said that Kunshan Jiabao Wangshang Properties and Kunshan Changtai Properties had ‘slashed prices significantly and arbitrarily that could disturb the normal order of the real estate market and cause social instability.’ Both companies were pulled up for their ‘bad behaviour’ and ordered to rectify the issue immediately and close online registrations related to buying homes in their projects. The regulators stepped in after previously capping the discounts at up to 15 per cent.”

“The two developers launched campaigns to boost sales during the May Day holiday. While one of them offered buyers discounts of up to 26 per cent, the other dangled a free parking space. An 86-square-metre home was available for 16,000 yuan (US$2,311) per square metre, down from 21,733 yuan per square metre, according to an advertisement circulated online.”

“The developers have been pulled up in a bid to stabilise home prices and homebuyers’ expectations, according to analysts at China Index Academy, one of the mainland’s largest property consultancies. ‘As market sentiment has been dampened recently, developers are increasingly willing to drop prices to boost sales,’ they said in a note on Monday. ‘It is likely more regulatory moves will be seen at the local level in the short-term to stabilise home prices and strengthen expectations for social stability.'”

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This Post Has 104 Comments

  1. ‘Downtowns became ghost towns during the height of the pandemic as people sought to ‘flatten the curve’ by staying home as much as possible’

    They are working double time to rewrite history. I said at the time, you were shooting yerself in the fook. Now you got a big bloody hole in yer fook. Good luck putting that back together.

    1. Pandemic evacuation orders + tech innovation to support remote work = massive CRE demand destruction

  2. ‘If the Fed doesn’t back off, there’s going to be massive consolidation in the U.S. banking system’

    That really moves me Chris. And what about inflation, which the central bankers directly CAUSED? Oh we should get used to 10 peso eggs so some stupidly named ‘bank’ can still have hundreds of branches no one uses anymore.

    1. Massive consolidation in the banking system? Methinks that’s a feature, not a bug. The big guys are looking out for their own interests, always.

  3. ‘Blaine has laid off three employees in the past six months, roughly 24 percent of her staff. ‘It does feel like business owners in the Bay Area are the canaries in the coal mine right now,’ she adds. ‘There are obvious areas where I’ve been like, ‘OK, we don’t need that, let’s scale back there.’ Maybe I haven’t paid as close attention to some things over the past few years, but now it’s time to prepare for a leaner time, so we pay better attention and do some things differently’

    Behold, economics 101. Many millions of people find themselves with their tail in a crack and pull back. Cumulatively this causes a recession. In truth, it’s a healing from insane monetary policy mistakes and mistakes individuals made. I point back to the first idiot who tried to avoid recessions altogether: Alan Greenspan. Enjoy yer leaner times!

    1. ‘Local architect Megan Blaine had two projects under construction that were funded by the clients’ Meta stock, which took a nosedive earlier this year. ‘Both clients were waiting to cash out, thinking that if they left their money in those stocks, it would keep growing during the yearlong build-out,’ says Blaine. Instead, the stocks tanked, forcing her clients to find alternate funding and slash their budgets by roughly 40 percent’

      Here’s another aspect: there are probably too many architects out there. So how does work get rearranged? Does one person say, OK I’m out so you guys can do better? No, they hold on, struggle, bleed out more cash.

      1. Depends on the age of the architects and their backlog. Last downturn (GFC) in the Seattle area – several architectural firms had partners’ meetings and worked out a plan where some architects moved their partnership stake to non-working status (i.e. retained some version of ownership but were not actively paid or working). In some cases, these turned out to be some of the more experienced architects that basically retired or went on a sabbatical as they had enough to live on.

        This also can happen across the smaller/medium law and accounting firms.

        2. “partnership stake to non-working status”

          I wonder if they continue to receive bennies like health insurance. A lot of professionals have enough money to retire at age ~55 but they keep working for the health insurance.

          1. A lot of professionals have enough money to retire at age ~55 but they keep working for the health insurance.

            Health insurance is the only reason my dad isn’t yet retired.

          2. I hired a guy who was over 65. His only reason to work was for health insurance for his wife. He was a very good mechanic BTW

          3. “His only reason to work was for health insurance for his wife.”

            That’s social health care right there.

          4. health insurance for his wife.

            Many of those wives are second wives; i.e. 12-20 years younger and hotter than the man and probably with little kids (or has another kid with him). So she likely has a low-level job with crappy health insurance and he has to keep working even when he’s 70 because her Medicare won’t kick in for another decade.

          5. younger and hotter than the man and probably with little kids

            You have no clue.

            They had been married for longer than you’ve been alive. She was a few years younger but there was nothing “hot”, only love. He owned a machine shop with 20 employees in Yugoslavia when the Soviets took over. He sent her away for a family funeral and she was intended not to return. The Soviets confiscated his business and money. He crossed the border and was caught. Spent a year in jail. On his release he waited for May Day (drinking holiday for the guards) and jumped into the border river (really cold). Some 7 miles down river he was free, rejoined his wife and then went to South America. Lots more to the story. None of it would fit your imaginations.

            RIP Mr. Bill. One hell of a man, a real husband and a real friend.

          6. Oops, sorry, I was being more generic. I didn’t meant that your friend’s wife was hot and had the little kids. I was talking about the second wives in general.

    2. Blaine has laid off three employees in the past six months, roughly 24 percent of her staff.

      Sorry to point out the obvious, but that is a stupid thing to say. If Blaine had 12 employees, 3 is exactly 25%.

      1. You forgot that this is the Bay Area we’re talking about. Two were gender fluid POCs who were job sharing and only working 25 hours per week, and the other was a CIS male so he only counts for 85% of an employee per San Francisco law.

    3. “In truth, it’s a healing from insane monetary policy mistakes and mistakes individuals made.”

      My impression is that Fed insiders give themselves an A+ grade for their recent financial crisis management track record.

      So expect more of the same.

    4. “I point back to the first idiot who tried to avoid recessions altogether: Alan Greenspan.”

      Yeah, when the dotcom bubble popped it was Magoo who got the government to guarantee the reckless HELOC industry, and the Sixpack imbeciles went about stimulating the economy with their cash out equity extractions for things like boob jobs, 4-dr pickup trucks, vacations, etc., which they couldn’t repay.

  4. ‘None of these banks have a problem with their lending base. They’ve made good loans. They’re not seeing losses because they made bad loans, and that’s what’s so infuriating’

    What about the loans made to blackstone, brookfield and simon properties (etc), who just tossed the keys even though they have plenty of pesos?

    1. I love that these CRE operators are doing jingle-mail. You would have thought that bankers (that write the actual loan document) would have been smarter.

      1. Evil, not stupid.

        Developers always leave everyone else holding the bag. Never fails. Resi to great big commercial projects

        1. I think the idea is that the bankers, being pikers themselves, would have known the CREs were going to jingle mail. So why did the banks even approve these loans?

          1. So why did the banks even approve these loans?
            Fannie/Freddie approved and the money was made.

            FYI: The money is largely made (accounting wise) when the loan is locked with Fannie or Freddie even before it closes. (deductions are taken into account for those loans, as a %, that are expected to not close for what ever reason.)

    2. If you make loans at a 3% cap rate, those are inherently bad loans, no matter who the borrower is.

      1. Ahem…

        Non-recourse loans. I probably posted examples of that thousands of times since 2014. It’s the structure and everybody knows it. They walk cuz they’ve got no skin in the game. Simon has been really cheeky. They looked at their malls and openly said, you can have these back, we’ll keep the better ones.

        1. Even if the loan is recourse, they will set up a subsidiary or LLC as a blocker.

    3. If you have to pay 4% to borrow money (depositors) and lend it out at 2% return (10 year UST bonds), then those are bad loans.

      That doesn’t even include the CRE and residential loans.

  5. “people sought to ‘flatten the curve’ by staying home as much as possible”

    What would happen if all the SERVICE and MAINTENANCE electricians, plumbers, HVAC technicians all decided to stay home?

    Breakers keep tripping, toilets and sinks get backed up, no heat or AC.

    The majority of the “pandemic boom” hires in the tech sector were unneeded, and essentially worthless.

    1. Gig musicians tend to spend a lot of time on the road…except for during the pandemic, when there were no gigs.

      1. There is a local duet called Acoustic Eidolon. They are on the road a lot, which of course stopped during the scamdemic. From what I heard they hung on by the skin of their teeth via their youtube channel mand CD sales.

    2. On April 13, OMB (Office of Management and Budget) issued a memo to Fed agencies telling them to “substantially increase meaningful in-person work at Federal offices, particularly at headquarters and equivalents.”

      Of course the agencies are crying that FedGov employees are just as effective at home. My view is that even if that were true (debatable), working at home is not reflective of this country. There are too many American workers who get up and GO somewhere to work, and there is an expectation that FedGovs should do the same, even if it’s just going to a cubicle farm. And working from home is just making the reputation of FedGov employees as lazy bums worse. FedGovs SHOULD be going to an office at least 3 days/week.

      1. Canadian Truckers protested last year for the right to work. Government crushed the protest.

        Canadian Gov employees protested for right to go back to bed. Government agreed.

      2. Well, I really feel guilty about it. Most of my company has to go back. I said NO. Really curious how this is going to play out, but I’m at the point where I don’t really care, and they know it. I love what I do, I do it well, they profiteer from it, and I feel it’s time that I profiteer a bit too.

  6. A reader sent these in:

    Me when I read the STR folks crying about bookings down 70%

    https://twitter.com/NipseyHoussle/status/1612129725572591616

    The median inflation-adjusted house price in metro Phoenix is back between March and April of 2021 but is still above the peak of the last bubble.

    https://twitter.com/JohnWake/status/1617549186257555457

    Canada and Australia have gone full “f*ck our citizens” mode.

    https://twitter.com/GRomePow/status/1655362985014214657

    Remember, homeowners are literally the dumbest accidental “investors.” They’re going to need to feel flames before they get out of a burning building.

    https://twitter.com/GRomePow/status/1655356861238099968

    “36% of US adults have more credit card debt than savings.”

    https://twitter.com/profstonge/status/1655319391091785729

    Lehman Brothers declared bankruptcy on Monday September 15th 2008. Is Charles Schwab in trouble?

    https://twitter.com/FinanceLancelot/status/1655177001500590080

    IT’S A BUBBLE. An Airbnbubble. Airbnb listings in Dallas are up 619% since 2016. Most Airbnb listings are in a property portfolio managed by commercial “hosts”. Almost half (45%) the listings are in a portfolio with 5+ home rentals

    https://twitter.com/texasrunnerDFW/status/1655232586921447426

    If you are angry about the Fed raising rates instead of being angry about bank executives not managing duration risk (you know, doing their jobs), then you are part of the problem.

    https://twitter.com/RJRCapital/status/1655210923110420481

    The average American has 70% of their net worth in real estate. Even a 5% price decline is huge.

    https://twitter.com/FilledWithMoney/status/1654955931199844355

    “The idea behind buybacks is to clear this less liquid inventory off dealer balance sheet & replace it w/ more liquid inventory,” said LeBas “It is a question of market functioning rather than stealth quantitative easing.”
    Increasing UST moneyness is QE.

    https://twitter.com/matthew_pines/status/1654969120071270404

    “Holy guacamole!” Friday 5 pm downtown SF T-train station at 4th and Folsom. “EMPTY! Where is everyone?”

    https://twitter.com/powellmarket415/status/1654638676117450752

    The last time short selling was “banned” on financials marked with price on $SPX on what followed after.

    https://twitter.com/eliant_capital/status/1655199322848256000

    The top 2 stocks in the S&P 500 (Apple & Microsoft) now represent a combined 14% of the index, the highest weighting for any two companies with data going back to 1980.

    https://twitter.com/charliebilello/status/1655203327917932544

    Apple has bought back $586 billion in stock over the past 10 years, which is greater than the market cap of 493 companies in the S&P 500.

    https://twitter.com/charliebilello/status/1654893791533486082

    No wonder $AAPL needs buybacks to keep stock momentum 👇 (WSJ)

    https://twitter.com/MichaelAArouet/status/1654385378453778432

    Quite a chart from @JeffWeniger 👇 Tighter lending standards will hit not only businesses, but also home buyers.

    https://twitter.com/MichaelAArouet/status/1654176078120771584

    Starting to broaden out to over levered economies (Canada, Australia, NZ, Nordics) with banking oligopolies and rely on trade…

    https://twitter.com/BeowulfTreasury/status/1655696993967038468

    “Two separate publications by the Fed on Monday highlighted mounting concerns that the March collapses of Silicon Valley Bank and Signature Bank and last week’s failure of First Republic will lead to pullbacks in lending and drive down asset prices.”

    https://twitter.com/menlobear/status/1655786262681518080

    1. ‘The average American has 70% of their net worth in real estate. Even a 5% price decline is huge.”

      That doesn’t get at the preblem, which is leverage. A 5% price decline on the market value of a property where 95% is owed to the lender represents a 100% equity loss to the nominal owner.

    2. Me when I read the STR folks crying about bookings down 70%

      So, how’s demanding that your guests scrub the toilets and clean the place before they leave working out for you, AirBnB folk?

  8. Anyone browse the Landwatch website looking for rural property?

    Millions of acres of worthless dirt with NO WATER out here west of the 100th meridian, the cheap lots are cheap for a reason.

    1. I’ve seen a few YT videos of people moving to the middle of nowhere. I think I might stay in a city over going that remote. The sweet spot is far enough away from a city so that the people between you and the city kill off the horde of zombies before they reach you, but not so far that a trip to Costco is an all-day event.

      1. Be sure to live way uphill if you can. People are too lazy to walk uphill!

          1. When I take my son out for a scenic drive (now 3x/wk), we pass Starvation Mountain Road.

      2. Landwatch — cool website! What is the difference between “undeveloped” and “homesite?” I guess a homesite has road access, or some utilities or permits?

        If you can get by with being within 15 miles of a Wal-Mart instead of a Costco, that opens up a lot more land area. Looks like there are land options for almost any lifestyle.

  9. “A downtown San Francisco office building has reportedly sold for roughly 75% less than its previously estimated value, a bad omen for the sagging commercial real estate market. 350 California St., which was first listed for sale in 2020, sold to SKS Real Estate Partners for somewhere between $60 million and $67.5 million, according to a report by the San Francisco Business Times.
    …
    This wasn’t the first time the owners of 350 California tried to sell the property. In 2021, bidding for the building never surpassed $180 million and owners took it off the market, according to the Wall Street Journal. In 2019, the property was estimated at around $300 million, brokers told the publication.”

    1-60/300 = 80% off the 2019 estimated value, before considering inflation…is that alot?

    1. “…roughly 75% less than its previously estimated value…”

      Do math teachers these days teach that 80% = 75%?

    2. How does that good old joke go…

      “How did you become a millionaire?”

      “Really easy, I invested a billion dollars in SanFran Downtown Real Estate!”

  11. “‘They did what banks should have done: They bought a whole bunch of debt securities at low interest rates,’ Thornberg said.”

    Isn’t low interest rates when the price

    ‘None of these banks have a problem with their lending base. They’ve made good loans. They’re not seeing losses because they made bad loans, and that’s what’s so infuriating.’”

  12. “‘They did what banks should have done: They bought a whole bunch of debt securities at low interest rates,’ Thornberg said.”

    Isn’t when interest rates are low also when the prices of debt securities are highest? And it doesn’t probably help that they bought when the central banks were using Quantitative Easing to artificially suppress long-term interest rates.

    “‘None of these banks have a problem with their lending base. They’ve made good loans. They’re not seeing losses because they made bad loans, and that’s what’s so infuriating.’”

    Good loans and bubble asset purchases don’t equate to good risk management.

    I once read a licence plate on a car parked at a garage in the financial district that said BUYLO-SELLHI. Maybe it’s different in banking, where bailouts become available once enough banks are deeply underwater.

  13. Is it actually possible that housing costs may some day in the next few years reach something approaching actual traditional affordability? I feel like even just the suggestion of it is some kind of mescaline fueled hopium pipe dream.

    1. the only hope is for the parents to die and leave the kids a paid off house……………yeah sure

      1. Most of the parents already hocked the house to send Junior to college. And then the kid likely has to sell the house to pay for mom’s nursing home anyway. The kids are on their own.

    2. I just got this from a foreclosure listing service. First time I’ve gotten something like it:

      ‘Property Available Now Below Auction price. Great potential flip property for sale with simple straight-forward remodel scope of work. Needs new flooring, paint, appliances, counter-tops, bathroom upgrades, pool cleaning and filling, Landscaping. This isn’t a wholesale property. It’s owned by an investor with too many flip properties and trying to sell now. After Repair Value $329,000. Buy Now Price: $267,000.’

      1. “It’s owned by an investor with too many flip properties and trying to sell now.”

        How cool is that…a new species of cockroach has appeared.

        1. “It’s owned by an investor with too many flip properties and trying to sell now – Before it goes down anymore 😱 “

      2. If the property is so easy to fix and flip, then why doesn’t the LL do it himself?

        Oh right, “new flooring, paint, appliances, counter-tops, bathroom upgrades, pool cleaning and filling, Landscaping…” … is going to cost a lot more than $65K. And I would bet that there are some hidden repairs they aren’t talking about.

        2. why doesn’t the LL do it himself?

          Failed subtraction and reading comprehension.

          1. If the women don’t find you handsome, they should at least find you handy – Red Green

            And if you aren’t handy, then you’re Red’s nephew Harold.

          3. failed math

            I was just approximating. Had I known there would be a quiz, I would have done a proper long subtraction. But $62K still isn’t good enough. The reno would have to cost less than ~$35K to even be worth the trouble of filling out the paperwork.

            failed reading comprehension

            The question was primarily rhetorical. Of course he won’t do it himself (or sub it out) because he doesn’t have enough equity to make it worthwhile, hence the too-high listing price. He’s trying to sucker in an inexperienced flipper to take it off his hands and swallow any losses from the reno.

      3. “After Repair Value $329,000. Buy Now Price: $267,000”

        First time i’ve seen ARV. 🙂

      4. Flipping a house in a market where values are rapidly declining and interest rates are rapidly increasing is a fool’s errand. You have to pay capital gains on top of all the other headaches. Buy and hold as a long term rental where it provided positive cash flow would be the only option, and we know the rents won’t pay the mortgage in this market. This one’s going back to the lender.

  14. AI Experts declare that AI/robots to take 40% of world jobs by 2035.
    Isn’t that changing billions into “useless eaters”, with no replacement jobs?
    What to do with all the useless eaters. What to do with the evil human carbon emitters that threaten the earth, according to the Climate Change religion.
    You will own nothing and be happy..
    You will eat the bugs..
    You will live in 15 minute city prisons.
    You will take the injections..
    Digital currency will control your consumption.
    Stakeholder Capitalism , will control all resources and distribution as a One World Order Monopoly .
    The Great Reset, 4th industrial revolution designed to enslave and deprive and genocide global populations , for technology replacement for the benefit of a
    insurrection by a power Elite that are
    anti-humanity and not free will. You will be forced into the Great build back better dictorship.. The fraud Panademics and Climate Change and fake science designed to destroy what came before.
    Fake news with censorship blocking free speech and dispute now labeled disinformation and hate speech….

    The NWO Inflitrated ,hijacked and captured Governments for facist partnership to…take over and force billions into NWO , with tyrannical China as the model..
    .
    The absurd notion that solar and windmills can replace fossil fuels and wouldn’t kill billions.
    The real agenda is mass genocide of billions by fake killer vaccines and fake climate change where they act like they are saving the planet from carbons.
    These psychopaths have to be stopped now because they are a existential threat to all that is living and earth itself ,because they are bat shit crazy.

    1. AI Experts declare that AI/robots to take 40% of world jobs by 2035.

      I am old enough to remember when they told us that robots and automation would lead to a reduction in the hours everybody had to work in the week. Of course, they didn’t say that it would be unpaid and all the savings would go right to the globalist pigs.

  15. After two years of punishing inflation, Americans lack confidence that the nation’s leaders in the White House, Federal Reserve and Treasury Department are doing the right thing for the economy, according to a Gallup survey released Tuesday.

    Just 35% of those polled have a “great deal” or “fair amount” of confidence in President Joe Biden to do or recommend the right thing for the economy, the survey finds.

    And somehow, Joetato will be “re-elected” in the biggest landslide in history. Unless he goes Weekend at Bernie’s first, and even then he might “win”.

    1. “And somehow, Joetato will be “re-elected” in the biggest landslide in history.”

      I just saw my first phat blue beard guy at Walmart this morning. I mean Pillsbury phat, and his beard was pastel blue, and he ambled with a slow effeminate gait. WTF, I’m in flyover country!

        1. I didn’t realize how many closet progressives there were lurking in the shadows waiting for Joetato to free them.

  17. Wow. Some lady filed a civil lawsuit in 2019 claiming Trump raped her in a dressing room at some department store.No proof of the alledged assault. Trump denied claim by women but jury today awarded her millions , that Trump will Appeal.
    Hard for me to believe that Trump raped or accosted some women in a dressing room at a department store.
    Trump said he didn’t know her and she wasn’t his type.
    Looking at this women its hard to believe.
    So all some women has to do is claim a sexual assault and thats considered proof?.
    This case doesn’t disqualify Trump from running for President…

    1. So, the alledged rape was suppose to of occurred about 30 years ago, and the women is 79 now.
      Trump dismissed her as a nut job and the case was bogus, and he didn’t testify.She was awarded 5 million by a jury that only deliberated only 3 hours.

      1. Blue states have kangaroo courts and democrat residents can’t resist being a part of the sham trials. The court systems there outside of business disputes don’t seem to reflect legal principles at all, they just want to punish or reward people they hate or like, the law doesn’t matter.

  18. ‘Even as the pandemic ebbs, the era of remote and hybrid work it ushered in means fewer people visiting restaurants, bars and shops. That has big implications for downtown economies, which have historically relied on commuting workers who spend money before, during and after their daily 9–5s’

    This is how you kill cities. I saw it coming as soon as they started this madness and said so right here. It feeds on itself. Places to eat close, stores too, bank branches.

    1. Cities were doomed as soon a business changed from making things to talking/typing/calculating.

    1. The comments on the Tucker Tape are calling him controlled opposition.
      On the tape below the Tucker tape is one by Dr Michael Yeadon. He is saying the Covid Panademic was no doubt faked!!

      1. Twitter is not a free speech platform. Head over to ZeroHedge and read the comments of numerous people who are banned on Twitter.

          1. Well , can’t one tell by what he says on this Twitter platform if he’s controlled opposition or not when it comes out?

          2. unsuspecting conservatives

            We can’t afford to be unsuspecting, nor to take suspicions to the bank.

          3. suspicions

            Feel free to do your own research on the two of them. I’ve done enough to reach the conclusions I have.

          4. by what he says

            By what he doesn’t say. It’s the topics not discussed that clue you in to who’s controlled opposition.

          6. topics not discussed

            Odd that his reputation is for the opposite. I don’t suppose he was fired for topics not discussed.

        2. Not completely free speech, but better than all the major socialist media platforms

        3. I heard another researcher say that Covid has been around since the 1990’s and the Covid Panademic was faked. That was the conclusion the Peoples Court came to also a while back.
          I think they threw around some toxins or poisons here and there.
          But something never made sense to me. Why would children be immune to a novel virus or leaked bio-weapon if they had not been exposed before. It was the olds and weak, co morbidities groups, that didn’t get proper treatment….
          Nothing adds up really,except evil stuff done for reasons.

          1. Covid has been around since the 1990’s

            Corona (Covid) Virus has been around forever. Common cold.

  21. Maricopa County Election Supervisor CONFRONTED At Zuckerberg-Funded Meeting

    Watch the encounter in this epic video!

    By Laura Loomer Unleashed Tuesday, May 09, 2023
    A group of some of the nation’s most notorious election fraud deniers and election officials, including anti-Trump Secretaries of State, secretly gathered at CEIR’s Soros-tied and Zuckerberg-funded Election Summit in Washington DC on May 8 and May 9 called, “Summit on American Democracy.”

    Watch this video to see summit speaker and attendee Bill Gates, the Maricopa County Supervisor who claims he’s a Republican, get confronted by Laura Loomer as he’s walking into the closed-door conference regarding the 2024 Presidential election.

    https://www.newswars.com/maricopa-county-election-supervisor-confronted-at-zuckerberg-funded-meeting/

  22. I wonder what Hunter Biden’s duties will be on the board of the Ukraine Security Assistance Initiative?

    Biden Administration Announces $1.2B for Ukraine, Bringing Total Military Aid to $36.9B

    KRISTINA WONG
    9 May 2023

    “Today, the Department of Defense (DoD) announced a new security assistance package to reaffirm the steadfast U.S. support for Ukraine, including to bolster its air defenses and sustain its artillery ammunition needs,” the Pentagon said in an announcement.

    The equipment will not come out of U.S. military stocks, as much of the assistance has so far, but rather, be purchased new from defense contractors from a fund known as the Ukraine Security Assistance Initiative (USAI).

    https://www.breitbart.com/politics/2023/05/09/biden-administration-announces-1-2b-for-ukraine-bringing-total-military-aid-to-36-9b/

    1. Yahoo
      Bittrex’s U.S. crypto exchange unit files for bankruptcy following closure, SEC lawsuit
      Danny Park
      Mon, May 8, 2023 at 9:15 PM PDT·1 min read

      Bittrex Inc., a U.S. cryptocurrency exchange that closed on April 30 citing unclear crypto laws, has filed for Chapter 11 bankruptcy. The exchange, which was charged last month by the Securities and Exchange Commission with running an unregistered operation, said the filing does not affect Bittrex Global, its international platform.

      Fast facts

      – Bittrex said it had estimated assets and liabilities of between US$500 million to US$1 billion with over 100,000 creditors, according to the bankruptcy filing in federal court in Delaware.

      – The U.S. exchange said in a statement that the decision does not affect Bittrex Global, which will continue to operate for customers outside the U.S.

      – Customer funds that were not withdrawn by April 30 remain secure, the exchange said, adding that the bankruptcy court will decide on the procedures for the distribution of remaining funds.

      – On April 17, the U.S. Securities and Exchange Commission charged Bittrex and co-founder Bill Shihara for operating an unregistered securities exchange. The exchange rejected the charges.

      – The U.S. exchange in February laid off 83 employees, citing the market downturn triggered by multiple crypto failures.
      …
      https://finance.yahoo.com/news/bittrex-u-crypto-exchange-unit-041502010.html

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