Sellers Should Avoid Hanging On For A Higher Price And Learn To Accept They May Need To Sell Below Expectation

1. ‘Steve and Caroline handled every aspect of the sales and marketing process with a professionalism and persistence that was impressive and – most important for me – delivered the result I needed on time,’ he writes in an online review. ‘What made this outcome all the more impressive was that they did it at the lowest point of the most difficult real estate market in 35 years.’

   That’s the spirit Stu, take yer losses like a man!

2. ‘Commercial real estate investors have been suffering under the weight of rising interest rates, but the pain is acute for some small-time multifamily players. Small investors are losing mounds of cash after bets on the rental market were soured by the Federal Reserve’s fiscal policy, the Wall Street Journal reported. Some are losing their life savings after trying to grab a piece of the multifamily pie’

   Should have been reading HBB. These money losing dogs never had a chance. Oh but enjoy those syndication tie ups with the lawsuits and such.

3. ‘Consider how widespread this cooldown runs across the region’s six counties in terms of April’s one-year sales drop’

   Not one little sh$thole here and there: entire counties sinking like a turd in a well. Thornberg:

   via GIPHY

4. “respiratory virus”

   Do you remember what everything cost in 2019? Remember when we had an almost functional economy in 2019?

   Tens of millions, if not over a hundred million, people in the United States can not afford a place to live, a car to drive to work, or enough food to eat.

   “respiratory virus”

   Afraid of becoming homeless? Get on the train to the euthanasia camp.

   Globalists gonna globe.

   1. Afraid of becoming homeless? Get on the train to the euthanasia camp.

      Canada is where they try to prototype the future of the US

      1. “They” should learn that most Americans think Canadians are doofuses and wouldn’t copy anything they do, no matter what.

         1. California thinks they are the prototype for future US.

   2. If the state wants to get into the business of euthanizing the near-homeless, perhaps they could direct their efforts toward the already-homeless addicts who seem a lot more willing to acquiesce to the request of the state. The financial savings alone would pay for these other folks who need some help but otherwise are law-abiding and non-threatening.

      1. Tin foil hat moment here, but I’m convinced too many VIPs make money off the illicit drug trade and prefer to kill off undesirables profitably. A quick single shot is foolish when an addict can linger for years creating jobs in the public sector and non-profit grifts. And addicts are great at increasing monetary velocity! It’s really a win-win for the people that matter.

         1. It’s plausible. After all, depopulation is one of their goals. And the grifting is the icing on the cake.

      2. Essentially we are de-facto euthanizing the homeless via fentanyl.

5. CNBC — Mortgage demand drops again as rates cross back over 7% (5/24/2023):

   “Last week, the weekly average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.69% for loans with a 20% down payment, according to the MBA. That rate was 5.46% the same week one year ago.

   Mortgage applications to purchase a home dropped 4% for the week and were 30% lower than the same week a year ago.”

   https://www.cnbc.com/2023/05/24/mortgage-demand-drops-again-as-rates-cross-back-over-7percent.html

   Carpooling in the van driving by a new development in western Lakewood / Morrison with a billboard saying “from the 700’s” so I punched that into the Bankrate calculator and it says it would require a monthly payment of $4,600+.

   The median monthly income in metro Denver is around $80K a year.

6. New York Times — Default on U.S. Debt Risks ‘Permanently’ Denting Nation’s Credit Rating (5/24/2023):

   “The United States has never deliberately reneged on its debt in the modern era, but even a brief default would alter the perception of debt-ceiling brinkmanship as political theater and turn it into a real risk to the creditworthiness of the government, Moody’s has warned.

   “Our view is that we would need to reflect that permanently in the rating,” said William Foster, the lead analyst for the United States at the rating agency. The agency has said that if the Treasury Department misses one interest payment, its credit rating would be lowered by a notch. For the United States to regain its previous top rating, according to Mr. Foster, lawmakers would have to significantly alter the debt limit or remove it entirely.”

   https://archive.is/HqREa

   My prediction is that by the time it’s over, Ukraine will cost U.S. taxpayers over $5 trillion.

   1. “The United States has never deliberately reneged on its debt in the modern era”

      lol, first it was “never”, then “well, not lately,” then “okay, not on purpose, lately…”

      1. Like picking over the fine points of a cow patty. If the US makes a late payment on a treasury bill, it will be purely by choice and for dubious political motives.

         They could just as easily say they were going to default on Fed paychecks. That would have me quaking in my boots for sure.

         1. “Like picking over the fine points of a cow patty”

            I’ve done that.

            Came away with a T-shirt sack full of shrooms and 2 weeks worth of good times and vacations from the planet back in the mid 80s that were had by all my closest derelict friends.

            We were lucky we didn’t get caught, back then trespassers were treated harshly.

         2. FedGov checks are almost certainly on the chopping block; probably similar to a government shutdown. But I wouldn’t anticipate a default to last more than a couple days. Meh, maybe one delayed paycheck at worst. We’re used to it.

            1. delayed paycheck

               That’s not the “chopping block” at all. It’s theater.

            2. It’s theater.

               McCarthy sent his conference home. Unless he calls them back, they’re not due back in DC until after June 1st (“Default” Day). Rs called Yellen’s bluff.

            3. a default

               How does raising your credit card limit affect your ability to pay your bills?

               maybe one delayed paycheck at worst

               Not reality for the vast majority of Americans.

            4. How does raising your credit card limit affect your ability to pay your bills?

               When I spoke with my financial advisor yesterday, he was surprised by the simplicity yet poignancy of this analogy. H/T BlueSkye.

            5. How does raising your credit card limit affect your ability to pay your bills?

               You owe $2000. You have a credit card with a $10K limit but you’ve maxed it. You’re unable to pay.
               Raise limit from $10K to $12K. Suddenly you have gone from unable to pay to able to pay. Miraculous!

            6. unable to pay to able to pay

               You didn’t “pay” anything. You postponed payment by incurring more debt with added interest.

            7. Revenue/income pays for things.

            8. You didn’t “pay” anything

               I think that Oxide was being sarcastic.

            9. No, I was being serious. It’s our debt-based system that itself is sarcastic.

7. Washington Post — Seniors are flooding homeless shelters that can’t care for them (5/22/2023):

   “Nearly a quarter of a million people 55 or older are estimated by the government to have been homeless in the United States during at least part of 2019, the most recent reliable federal count available. They represent a particularly vulnerable segment of the 70 million Americans born after World War II known as the baby boom generation, the youngest of whom turn 59 this year.

   Advocates for homeless people in many big cities say they have seen a spike in the number of elderly homeless, who have unique health and housing needs. Some communities, including Phoenix and Orange County in California, are racing to come up with novel solutions, including establishing senior shelters and hiring specially trained staff.

   “It’s just a catastrophe. This is the fastest-growing group of people who are homeless,” said Margot Kushel, a professor of medicine and a vulnerable populations researcher at the University of California at San Francisco.”

   https://archive.is/svrq1

   Nearly a quarter of a million? Yuval Harari has a solution for this.

   1. Quite a lot of our patients have mobility issues

      they built a lot of “affordable housing (sec 8) over the decades low rise or townhouses with no elevator…in my home town, still looks pretty but not practical if the bedroom is upstairs.

      1. “Quite a lot of our patients have mobility issues”

         Wait, are you longer a DJ in NYC? Do you work in a nursing facility then? If so, good! It’s a stable job.

         1. It was in the link……but my hometown Norwalk CT built a lot townhouses and of low rise buildings 2-3 stories affordable low income over the decades, there are very few say high rises for seniors like 10 stories with elevator so to get a 1st floor apt there is a huge waiting list,

   2. I read an article out of Phoenix, and it said the fastest growing demographic of homeless is senior women. It’s only going to get much worse, because the whole “I don’t need a man” thing in the younger generations almost guarantees poverty for a lot of them.

      1. the fastest growing demographic of homeless is senior women

         Let me guess, they were “child free”.

      2. Who will care for their cats? Thats who I’m worried about

      3. Of course it’s senior women who are homeless, because they live longer. We don’t know how those senior women got poor, but there are a lot of possible reasons. Years ago women retired comfortable in a paid-off house with husband’s social security/pension. But we’re seeing the deterioration of both. She and hubby may have bought a trophy house, taken out a cash-out refi to send kids to college or to buy a sexi-truk, so no paid-off house. And jobs are now pension-less with lower real pay, so, not enough to live on. It’s no surprise the women are suffering.

         As for the young single women now who are turning down men, well, it’s very clear that young women (excepting OnlyFans and rich daddy’s girls) have three distinct financial tracks:

         1. Traditional Values track: Hitch yourself to a man while you’re still young and hot. Do it FAST, before before your bad looks and Karen personality fully manifest; even age 30 is too late. You’ll likely have to settle for a man you don’t really love, and eventually you might split because of that (wait at least 10 years), but that’s the price of child support now and social security later on.

         2. Second-wave feminist (circa 1990) track: Prepare to be your own man. Study hard for a well-paying STEM or professional career. The trade school option is dicey; you’re not physically strong enough to do any trade that pays highly enough. Understand that you will have to do everything yourself or make enough money by yourself to hire a professional. Third-wave feminists, activist types, non-profits, low-level liberal arts jobs, pink-collar jobs, low IQ, and women who “find themselves pregnant” need not apply.

         3. Annoying trendy track. Dye half your head, shave the other half of your head, ink 40% of your real estate, and rack up a high body count at the club while you lament that you’re looking for the perfect man that you want kids with “someday.” If you do find that man, make braggy look-at-my-perfect-life videos for TikTok. If you limp into age 35 and fail, make weepy woe-is-me videos for TikTok.

         Of course, Tracks 1 and 2 are best. Hey, things might work out. A Track 1 could stay in love with her high school sweetheart for 70 years. But if not, she’s protected by her husband’s money. Or, a Track 2 could meet her soul mate in law school or med school and become a ladder-climbing supermom. But if not, she’s protected by her own money. It’s the track 3s who will suffer.

         1. Yuck.

            1. Why?

         2. Thank God we’re not limited to these tracks of narrow imagination.

            1. You are free to imagine what you like.
               But if you don’t want to spend your 80s in abject poverty, those are your options.

            2. A handful of women who pursue Track 2 become second wives with or without step-children and with or without biological children.

            3. second wives

               Several options here:
               1. Bio clock finally arrives in late 30s and she’s finally willing to settle.
               2. Husband was wiped out by his divorce and is gold-digging for beer money.
               3. Husband wants a nurse-and-a-purse, which is also gold-digging.

            4. Bitter and delusional. Not a good combo. Gotta cat or two?

            5. Perhaps a bit bitter, but I know who I am. There are worse things than being single and childless. I do not have a cat and I don’t like alcohol, so no box wine to mock, sorry.

               And I am not at all delusional. Nothing I have said is wrong or fantasy. Track 1 was the norm up until 1960, and is still the norm in undeveloped countries.
               Track 2 was my route, and is only widely available in developed countries with a stable energy source.
               Track 3 is all over social media. Most of them should have, and would have, been Track 1s. They are trying to be independent Track 2s, but they haven’t put in the effort for the high-paying career that they will need to retire later in life.

            6. Scoff if you want to but oxide is right on the money here.

8. Wall Street Journal — It Just Had an Energy Crisis, Now Europe Faces a Food Shock (5/24/2023):

   “Fresh out of an energy crisis, Europeans are facing a food-price explosion that is changing diets and forcing consumers across the region to tighten their belts—literally.

   This is happening even though inflation as a whole is falling thanks to lower energy prices, presenting a new policy challenge for governments that deployed billions in aid last year to keep businesses and households afloat through the worst energy crisis in decades.

   New data on Wednesday showed inflation in the U.K. fell sharply in April as energy prices cooled, following a similar pattern around Europe and in the U.S. But food prices were 19.3% higher than a year earlier.

   The continued surge in food prices has caught central bankers off guard and pressured governments that are still reeling from the cost of last year’s emergency support to come to the rescue. And it is pressuring household budgets that are also under strain from rising borrowing costs.”

   https://archive.is/S2X7h

   Another WEF success story.

   1. “A survey by the U.K.’s statistics agency earlier this month found that almost three-fifths of the poorest 20% of households were cutting back on food purchases.”

      Sounds like a “we’re all in this together” kind of thing, right?

      1. Meanwhile, the UK is importing untold numbers of “refugees” (military aged men).

      2. The sad truth is if enough of you fellow human drink of the illusions, and start running off the cliffs, it could affect you, even if didn’t engage in the insanity.
         We are all in this together. No way, I wasn’t in on it, not my karma.Yes it is your karma because we are going to make it your karma.You have to pay for other peoples folly.
         I think this has been one big thing that makes me pissed, is the actions of people in delusion, coming back on my back.

   2. Europeans are facing a food-price explosion that is changing diets and forcing consumers across the region to tighten their belts—literally.

      The answer, obviously, is to shut down even more European farms.

      Higher prices in the first world means higher prices in the third world, which means third world famines are coming.

      All is proceeding as planned.

      1. As if third World Nations aren’t going to have some starvation over this. And before they were just starting to do better in terms of lifestyle upgrades , but forget that now.

         1. All is proceeding as planned.

      2. Are there any updates on the farmers? I heard theories that they are tossing the farmers off the land so that the WEF could buy it. But then what? What is the WEF planning to do with the land? Unless they open the dikes and flood the land with salt water, it’s not that hard to re-hab the land for farming again.

         1. It doesn’t take long to engineer a global famine.

   3. The continued surge in food prices has caught central bankers off guard

      Let’s start executing these focks.

      1. Eggs are cheap again. You can afford to throw them.

         Get out of debt and stay out of debt. The bankers will starve.

         1. I’m not sure what you and your little eggs have to do with anything. Treason is punishable by death, not an egg pelting.

9. https://www.auction.com/details/3889-n-fanning-dr-flagstaff-az-1218958

   1. Bars on the windows. Attached to the neighbor’s garage, or the other way around, on both sides. 50 years old. No trespassing. Less than 1/10 acre. HOA. Swamp cooler. Laundry in the garage, classy. Does Flagstaff have scorpions? Condominium!

      $400K owed. Good luck.

      1. massive amount of junk in garage so the cars must be parked outside ready to steal.

         1. I would say that 2/3 of the neighbors park their cars on the driveway, even if the have 3 car garages. Just goes to show how many people are hoarders. When I see one of those garages open, they are often packed to the rafters with cr@p.

            1. “…2/3 of the neighbors…”

               Ditto here in SoCal, perhaps even a little worse.

               These folks spend so much money on useless cr*p and then wonder why they are up to their eyeballs in debt.

               Then that debt triggers a divorce.

               Then that divorce triggers a garage sale(s). (Seen many examples in my hood)

               Then the cycle starts all over again.

               What a goofball world we all live in now.

            2. As I’ve said before, it’s by design with newer shacks. Garages should never be at face of structure level. They make the garages too small, so even if they didn’t hoard Chinese junk, they’d park on the driveway or street. And that completely ruins any notion of unified streetscape they may have pretended to design. Compare the marketing drawings with photos of cars everywhere in reality.

   2. Auction dot come says occupied — likely two units.
      Owner is foreclosing.
      Driveway shows a Chevy sexi-truk and a GMC Acadia (not sure?).

      Conclusion: “Renters” went full-on pandemic deadbeat and the owner can’t keep the house. I bet the place is totally trashed inside and needs $75K of work to meet code. Even if you got $2000/unit-month it would take 10 years just to break even.

10. A reader sent these in:

    Remember who stole the American Dream through manipulation of home prices

    https://twitter.com/GRomePow/status/1661195295588495360

    Spoke to Applesways lender on these foreclosures. They told me that he never took a single draw from their capex portion of the loan aka made zero improvements to the properties. Hence the Lake amenity below.

    https://twitter.com/MultifamilyMad/status/1661131973660639232

    My wife is an interior designer & works with local builders. She got a call today from a local RE agent (knows her), asking if she’s interested in buying a “tear down” for a flip opportunity. You couldn’t find these 2 years ago and now they can’t find buyers at current prices. An anecdotal first.

    https://twitter.com/MichaelKantro/status/1661169970372399107

    PacWest, a struggling regional bank, struck a deal to sell a real estate lending arm, Civic Financial Services, to Roc360

    https://twitter.com/danjmcnamara/status/1661150733436166147

    “Hottest Cities for Short-Term Rentals in 2023″
    1. Phoenix/Scottsdale, Arizona
    With the largest YOY supply increase in the country, Phoenix/Scottsdale, Arizona earned the top spot” Dallas was #2.

    https://twitter.com/JohnWake/status/1661139086294519808

    It’s a neat trick. Print high, revise down, repeat month after month. Makes it look like continuous growth. And the headlines show the media lap it up

    https://twitter.com/rhodeislandmike/status/1661096096494653440

    At this rate Ross will be shutting locations down like Walmart

    https://twitter.com/ClownWorld_/status/1659049227513917440

    Hollywood, California

    https://twitter.com/ClownWorld_/status/1658591178546348032

    1. Hollywood, California

       Homeless tent has big screen television! LOL

       1. How does he keep it from being stolen when he has to step away?

11. I have no way of putting it up on here, but today front page of the wall street journal….real estate housing bust….investors lose big money. It was a good story on the investment group which was made up of a lot of individual investors in the Houston area called Applesgate. I had heard about it before but it was a interesting read on the mechanism and how they went to market and why it failed.

    1. WSJ headline:
       A Housing Bust Comes for Thousands of Small-Time Investors
       They were offered the benefits of owning apartment-building rentals without any of the work, in real-estate investments that have already left some people empty-handed

       From above, https://twitter.com/MultifamilyMad/status/1661131973660639232:

       Spoke to Applesways lender on these foreclosures. They told me that he never took a single draw from their capex portion of the loan aka made zero improvements to the properties. Hence the Lake amenity below.

       Elsewhere:

       https://twitter.com/JeffFeldman_/status/1661005669686992896?cxt=HHwWgIDT-eX2iY0uAAAA:

       “I never worry about the economy now…even if the economy goes down, I still make money”

       That turned out to be…wrong.

       https://twitter.com/GRomePow/status/1661363535937675264?cxt=HHwWgIDRpa3VrI4uAAAA:

       Let’s hit the DMs, looks like the genius millionaire apartment complex owner has fled the country

       1. Thanks for putting that up!

          1. 😊

12. Discourse Real Estate
    The housing market’s Ice Age
    If you don’t already own a home, you’re going to be screwed for years to come
    James Rodriguez
    May 24, 2023, 6:02 AM EDT

    Attempting to time the housing market is a foolish pursuit. Sure, there are heaps of data, forecasts, and market experts who can offer theories on where home prices or borrowing rates are headed. But no amount of tea-leaf reading can spare you from this harsh reality: Homebuying is ultimately a coin toss. If you’re very lucky, you buy a home right before prices boom. If you’re not so fortunate, you pony up the cash just in time for the bubble to burst.

    While these breaking points are nearly impossible to see in advance, they’re often glaring in hindsight. Perhaps the most shocking “before and after” for the housing market in recent memory — the moment when the fortunes of homebuyers diverged, creating what one expert called a “housing economy of ‘haves’ and ‘have-nots'” — came in July 2020. That’s when it became clear that a wave of house-hungry millennials and space-starved remote workers were turning the housing market’s initial pandemic slump into a full-blown frenzy.

    The differences between those who bought homes before and after that turning point are staggering. People who got in before things went haywire were able to dodge skyrocketing home prices, lock in record-low mortgage rates, and stack hundreds of thousands of dollars in home equity over the past few years. Meanwhile, people left on the sidelines have watched their rent costs eat into their down-payment nest eggs, median home prices soar by 30%, mortgage rates shoot back up, and the pool of available homes shrink to the lowest levels in recent history.
    …
    https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5

    1. Homebuying is ultimately a coin toss loss.

       Lose as little as possible.

    2. “While these breaking points are nearly impossible to see in advance”

       HBB saw these breaking points coming months and years in advance.

       1. Oil City, Colorado.

    3. “If you don’t already own a home, you’re going to be screwed for years to come”

       2005 called…

       1. zed?

          https://youtu.be/5lL1ypndnWA?t=104

    4. If you don’t already own a home, you’re going to be screwed for years to come

       Jerome Powell told the young people to wait until he crashed the market.

       1. Jerome Powell told the young people to wait until he crashed the market.

          Sure, that’s what JPow said in an official press conference, but the geniuses in the corporate media keep telling me the pivot is coming any day now… And they would never lie.

13. “Sellers Should Avoid Hanging On For A Higher Price And Learn To Accept They May Need To Sell Below Expectation”

    Because they are…

    Out Of Time

    https://youtu.be/pXP1MSFwMnc

14. Awesome through the chest and off to the great beyond thunderstorms in my part of Region IV today!

    Draw a line from the center of the Lake East to the Atlantic and you’ll see them passing through Jupiter at 1:35

    Exhilarating!

    25 WPBF radar

    https://www.wpbf.com/weather/radar

15. $4,299,500 4 bd 5 ba 4,653 sqft
    652 Broadway St, Venice, CA 90291

    https://www.zillow.com/homedetails/652-Broadway-St-Venice-CA-90291/20451018_zpid/

    Date Event Price

    5/22/2023 Price change $4,299,500-1.1% $924/sqft

    3/30/2023 Price change $4,349,500-3.3% $935/sqft

    3/16/2023 Price change $4,499,500-2.2% $967/sqft

    3/2/2023 Price change $4,599,500-2.1% $989/sqft

    2/3/2023 Price change $4,699,500-2% $1,010/sqft

    1/17/2023 Price change $4,795,000-4.1% $1,031/sqft

    12/2/2022 Price change $4,999,000-1.9% $1,074/sqft

    9/7/2022 Price change $5,095,000-3.8% $1,095/sqft

    7/15/2022 Listed for sale $5,295,000+18.2% $1,138/sqft

    10/1/2021 Sold $4,480,000-9.4% $963/sqft

    8/24/2021 Contingent $4,945,000 $1,063/sqft

    8/24/2021 Listed for sale $4,945,000 $1,063/sqft

    8/19/2021 Pending sale $4,945,000 $1,063/sqft

    7/21/2021 Listed for sale $4,945,000+199.7% $1,063/sqft

    9/10/2019 Listing removed $1,650,000 $355/sqft

    9/10/2019 Listed for sale $1,650,000 $355/sqft

    9/5/2019 Sold $1,650,000 $355/sqft

    8/2/2019 Pending sale $1,650,000 $355/sqft

    7/24/2019 Price change $1,650,000-8.1% $355/sqft

    5/14/2019 Price change $1,795,000-10% $386/sqft

    4/13/2019 Listed for sale $1,995,000+45.6% $429/sqft

    4/28/2017 Sold $1,370,000+3.8% $294/sqft

    3/11/2017 Price change $1,320,350+0.7% $284/sqft

    1/6/2017 Listed for sale $1,310,850+9.2% $282/sqft

    11/19/2016 Pending sale $1,200,000 $258/sqft

    10/31/2016 Listed for sale $1,200,000 $258/sqft

    I’ve posted this shack before. I hope he didn’t pour a lot of money into fixing it up!

16. CNBC — Young adults are taking longer to reach ‘key life milestones’ impacting finances later, analysis shows (5/24/2023):

    “Young adults in the United States are taking longer to reach “key life milestones,” including financial independence from parents and living on their own, compared to four decades ago, according to a Pew Research Center analysis released on Tuesday.

    Today’s young adults are closer to full-time employment and financial independence by age 25, the analysis of Census Bureau data shows. Financial independence is defined as having a single income of at least 150% of the poverty level.

    “I would argue that young adults now are facing much higher costs for housing,” buying a car, food and gas, Rossman said. “So, I think there’s a strong inflation component.”

    https://www.cnbc.com/2023/05/24/heres-how-long-it-takes-young-adults-to-reach-financial-independence.html

    Their future was stolen by government overreach in reaction to a respiratory virus that, for the young, has near zero statistical chance of killing them.

    Their future was stolen. But considering how young people vote, they did this to themselves.

    1. Their future was stolen by government overreach in reaction to a respiratory virus

       Stop this nonsense. The Millenials were screwed LONG before COVID came along. And there were thousands of articles about it long before COVID came along.

       1. “The Millenials were screwed LONG before COVID came along.”

          Agreed. Our prosperity has been exhausted in the middle-east.

17. ‘Selling prices have decreased by about 15-20 per cent compared to last year, so it is time for end-users to buy their houses now’

    The market needs knife catchers Nguyen.

18. DeSantis’ presidential launch with two Silicon Valley billionaires on Twitter Spaces keeps crashing. What a joke!

    1. Tim Pool is all over the crashed announcement. I think the technical failure will last one news cycle, tops. The lasting impression will be how little charisma DeSantis had. He reminds me a bit of Dukakis. Look for 8 years of Michelle.

       1. Look for 8 years of Michelle.

          You’re delusional.

          1. You’re a fed.gov employee living adjacent to the DC swamp listening to liberal MSM. The world in which you live is not reality.

       2. If Big Mike is “elected” we won’t last 8 years. Heck, I’m tot sure we’re gonna make it to 2024.

          In other gooberment news: John Kerry says that farmland confiscation should “be on the table”, because “nitrogen”

          1. I’m tot sure we’re gonna make it to 2024.

             Agreed. Traitor Obama won’t need a fourth or fifth term to finish off our country.

       3. The lasting impression will be how little charisma DeSantis had

          He ain’t Ronald Reagan, but he could do far worse.

          1. “…sometime, when the team is up against it, and the breaks are beating the boys, tell ’em to go out there with all they got and win just one for the Gipper.”

    2. Bizarre video with a conspicuous 33.

       https://twitter.com/DeSantisWarRoom/status/1661517438272385025?cxt=HHwWgsC9hdPT8o4uAAAA (3m30s video):

       Governor ​​@RonDeSantis is running for president to lead our Great American Comeback.

       “We can and we must deliver big results for America.”

       1. conspicuous 33

          Elon “Devil’s Champion” Musk
          Ron “St. Elmo Society” DeSantis

19. The Spencer Davis Group – Let Me Down Easy (1966):

    https://www.youtube.com/watch?v=T4uwxRLj9uk

20. Does the incipient U.S. stock market crash freak you out?

    It’s rather like the prospect of a large meteoroid approaching the earth, with no available escape for the earth’s human inhabitants, isn’t it?

    1. HOMEPAGE
       Premium Home
       Markets
       Morgan Stanley says its earnings model is currently ‘projecting a much more dire outcome than consensus’ — and shares 6 other reasons stocks are ripe for a crash
       William Edwards
       May 23, 2023, 4:00 AM EDT
       trader stock market
       Trader Joseph Lawler works on the floor of the New York Stock Exchange March 6, 2015. REUTERS/Brendan McDermid
       This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
       Morgan Stanley’s Mike Wilson is once again urging investors to proceed with caution, warning that risks continue to pile up for stocks despite the recent rally.

       In a note to clients on Sunday, the bank’s chief investment officer and chief US equity strategist said that the S&P 500’s is due for a reversal in fortune after near-10% returns so far year-to-date, and that investors are too optimistic about prospects for the economy and stocks.
       …

       1. https://www.businessinsider.com/stock-market-crash-debt-ceiling-earnings-taiwan-fed-morgan-stanley-2023-5

    2. There is nothing worse than a self-inflicted gunshot wound.

       1. Markets
          CNBC TV
          LIVE UPDATES
          Updated Wed, May 24 2023 7:35 PM EDT
          Dow futures slip as Fitch places United States’ AAA rating on negative watch: Live updates

          Dow futures slipped Wednesday night after Fitch Ratings placed the United States’ AAA rating on a negative rating watch. Meanwhile, Nasdaq 100 futures rallied after a strong earnings beat from Nvidia.

          Dow Jones Industrial Average futures fell 60 points, or 0.18%. Meanwhile, Nasdaq 100 futures jumped 1.4%, and S&P 500 futures gained 0.45%.

          Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch. The rating agency said the ongoing debt ceiling negotiations have raised the risks that the government could miss payments on some of its obligations. However, Fitch said it still expects a resolution before the X-date.
          …
          https://www.cnbc.com/2023/05/24/stock-market-today-live-updates.html

       2. Economy
          Published May 24, 2023 2:36pm EDT
          US debt default could destroy 7 million jobs, analysis shows
          Failure to raise US debt ceiling could deal ‘cataclysmic’ blow to US economy
          By Megan Henney FOXBusiness
          If US defaults on debt, Treasury could decide where federal money goes
          FOX Business’ Lauren Simonetti and Stuart Varney break down the high stakes related to the debt ceiling.

          The U.S. government is hurtling toward its first-ever default on the debt that could be catastrophic for the economy, destroying more than 7 million jobs and triggering a severe recession.

          That’s according to a recent analysis from Moody’s Analytics, which predicted a disastrous hit to the economy equivalent to the 2008 financial crisis in the case of a prolonged breach of the federal debt ceiling.

          In that bleak scenario, the unemployment rate would skyrocket above 8%, GDP – the broadest measure of goods and services produced in the nation – would plunge by 4% and stock prices would fall by nearly 20%, wiping out $10 trillion in household wealth, according to the report, led by Moody’s chief economist Mark Zandi.

          “The blow to the economy would be cataclysmic,” Zandi wrote.
          …
          https://www.foxbusiness.com/economy/us-debt-default-could-wipe-out-eight-million-jobs-analysis-shows

          1. “The U.S. government is hurtling toward…”

             Reminds me of the movie, “The Boost” starring James Woods and Sean Young. Desperate for another fix he sends his beautiful wife to score a dime bag on credit…

             1. How gross.

          2. US debt default could destroy 7 million jobs

             What a shame those bubble jobs were ever created in the first place.

             Probably less money than we’ve sent to and spent on Ukraine.

             1. BTW, I think Zandi is a liar.

       3. James Dean (Chickie Run) Rebel Without A Cause

          https://m.youtube.com/watch?v=U1DEp8R9kwg

          1. The Financial Times
             US politics & policy
             US credit rating at risk for downgrade amid debt ceiling ‘brinkmanship’
             Republican Speaker tries to reassure investors they have nothing to fear as deadline for potential default approaches
             Kevin McCarthy, US Speaker of the House, insisted on Wednesday that a deal was possible — and that he could get it through the House of Representatives
             Lauren Fedor, James Politi and Colby Smith in Washington and Kate Duguid in New York
             3 hours ago

             Fitch, the credit rating agency, has placed the US’s triple A rating on watch for a possible downgrade as talks to resolve a looming fiscal crisis dragged on without a deal nearly a week before a possible default.

             In a statement on Wednesday evening, Fitch said the move reflected “increased political partisanship that is hindering reaching a resolution” on the debt ceiling. While Fitch still expected a deal to be reached, it said the risks have risen that the government could miss payments on some of its obligations.

             “The brinkmanship over the debt ceiling, failure of the US authorities to meaningfully tackle medium-term fiscal challenges that will lead to rising budget deficits and a growing debt burden signal downside risks to US creditworthiness,” it said.
             …

    3. Stock market today: Asian shares extend losses, while Japan’s Nikkei pushes higher
       Elaine Kurtenbach
       56 minutes ago
       Some people watch at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Thursday, May 25, 2023, in Tokyo. Shares were mostly lower in Asia on Thursday as worries about the U.S. economy and a possible default on U.S. government debt pulled Wall Street lower.
       (AP Photo/Eugene Hoshiko)

       Shares were mostly lower in Asia on Thursday as worries about the U.S. economy and a possible default on U.S. government debt pulled Wall Street lower.

       Japan’s benchmark Nikkei 225 index advanced 0.5% to 30,848.07, extending recent gains as investors bet on higher returns from Japanese companies.

       Hong Kong’s Hang Seng sank 2% to 17,739.83 as investors fretted over the trajectory for China’s economic recovery after the government relaxed pandemic restrictions late last year. The Shanghai Composite index also fell, by 0.5% to 3,188.34.

       Simmering tensions between China and the United States over technology and security have added to uncertainties.

       In Seoul, the Kospi shed 0.3% to 2,559.56, while Australia’s S&P/ASX 200 gave up 0.9% to 7,146.50.

       On Wednesday, the S&P 500 lost 0.7% after House Speaker Kevin McCarthy said Republicans and Democrats remain far apart in talks on raising the debt ceiling to prevent a potentially disastrous default on the U.S. government’s debt.
       …
       https://apnews.com/article/stocks-bank-government-debt-default-85db9d8b88caa051af4096f3529ae043

    4. So Yellen’s been making some phone calls to up the fear factor over the debt ceiling, crash the markets and blame Republicans?

21. Don’t look now, but the thirty-year Treasury bond yield is about to broach the 4% resistance level.

    U.S. 30 Year Treasury
    Yield | 6:09 AM EDT
    3.986% quote price arrow up

    The mortgage market is hence f-d.

    1. Real Estate
       Mortgage demand drops again as rates cross back over 7%
       Published Wed, May 24 2023 7:00 AM EDT
       Updated Wed, May 24 2023 10:37 AM EDT
       Diana Olick

       Key Points

       – Mortgage applications to purchase a home dropped 4% for the week and were 30% lower than the same week one year ago.

       – Applications to refinance a home loan decreased 5% from the previous week and were 44% lower than the same week one year ago.

       The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. That is the highest level since early March.

       Rates have been rising on a combination of concerns among investors. First, uncertainty over what the Federal Reserve will do with interest rates, given a still strong economy; second, the battle over raising the debt ceiling and the possibility of a U.S. default.
       …
       https://www.cnbc.com/2023/05/24/mortgage-demand-drops-again-as-rates-cross-back-over-7percent.html

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