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Second-Hand Owners Have No Choice But To Take A Beating

It’s Friday desk clearing time for this blogger. “U.S. existing-home prices posted their biggest year-over-year decline in more than 11 years last month. The national median existing-home price fell 3.1% in May from a year earlier to $396,100, the largest drop since December 2011, the National Association of Realtors said Thursday. May sales fell 20.4% from a year earlier. Median home-sale prices fell the most in May from a year earlier in Austin, Texas, down 15.1%, followed by Boise, Idaho, down 14.3%, and Oakland, Calif., down 11.2%, according to Redfin.”

“Nicole and Alexander Dreher started looking to buy their first home in Denver at the start of 2022, but they lost out on seven offers to buyers who could pay cash or pay far above listing price. ‘This year was a much easier process,’ Alexander Dreher said. The Drehers put in an offer at under the listing price in May on a four-bedroom house that had been sitting on the market since February, and it was accepted. ‘There was no competition, which gave us a lot of leverage,’ Dreher said.”

“There was a surprise in the latest sales of existing single-family homes in the Bradenton area during May, when the median price fell 6.4% to $515,000, compared to $550,000 in the same month a year ago. ‘In the ever-changing real estate landscape of Sarasota and Manatee, we are seeing a balance between slight upward and downward trends across most of the metrics we measure, leading to what many would call a stable market,’ said Brian Tresidder, Realtor Association president.”

“The Salt Lake City metro area continues to be among the top housing markets in the U.S. to see the most dramatic yearly declines in home sales. Compared to October 2022, the Salt Lake City metro saw the No. 1 biggest decline in home sales with a 48.3% year-over-year drop in closed transactions, according to RE/MAX’s report. In April, the median price for all housing types in Salt Lake County dropped to $495,000, a 10.8% decline year over year, according to the Salt Lake Board of Realtors. The median price for a single-family home was $577,000, down almost 9% from $633,000 in April 2022. For multi-family homes including condominiums, townhomes and twin homes, the median price was $423,750, a 5.8% year-over-year drop.”

“Average home sale prices are lower than they were a year ago in four Onondaga County towns, according to new data. The towns include Marcellus, LaFayette, Otisco and Fabius. The biggest decline is in the town of Marcellus. The average price for a home in the town is now $261,300, down over 10% from a year ago, according to Central New York Information Service Inc. The Syracuse area’s residential real estate market has cooled from the breakneck pace it saw during after the Covid-19 pandemic first hit.”

“Mostly gone are the days real estate agents could list a home on Monday and expect a sale, or at least serious lookers, by the weekend. Agents whose sales are reflected in the Waco Multiple Listing Service completed 322 transactions in May, a 13% dip from the 370 homes changing hands in May last year. Homes sold locally in May carried an average sales price of $323,229, 5% below the $340,476 average a year before, according to Ashton Gustafson, a local agent. ‘The market at this point is still very good,’ said Trammell Kelly, residential specialist at Kelly Realtors. ‘Maybe a little sluggish, but compared to years past, still good. I would describe conditions as ‘wait and see.’ People ask me, ‘What is the market like?’ and I say, ‘Depends on what day it is.’ I put a property on the market, and literally thought it would sell over the weekend or within a week. I got no lookers, no offers. So much for my prediction.'”

“Home prices in Marin County are continuing a slow crawl back to prior levels but remain more than 10% off their peak last year. The median price for a detached home in the county was $1.79 million in May, according to the latest data from the assessor’s office. The market is still below the $2 million threshold it broke last spring. For condos and townhomes, the median price in Marin was $785,000 last month, compared to $865,697 the prior May. In the Bay Area, the median was $1.3 million, an increase of 4% from April but a 11.3% decline from the prior May, according to the association. Sales declined 23.8% year over year. Statewide, the median price for a detached home was $836,110 last month, the California Association of Realtors reported Tuesday. The figure was a 3% increase from April and a 6.4% decrease from May 2022. Sales declined 23.6% on a year-over-year basis.”

“Beset by rising crime and fewer shoppers on once-busy city streets, major retailers are leaving their broken hearts in downtown San Francisco. At least 22 big-name businesses have closed or announced plans to flee the area around San Francisco’s Union Square since January 2022. Since 2019, 47% of businesses in the area have closed, according to the San Francisco Standard. Some seasoned analysts predict the city’s ongoing commercial chaos could be just beginning. Ken Woods, chairman of Asset Preservation Advisors, said his team of municipal bond managers are backing off San Francisco. ‘We’re seeing an emperor without clothes to a certain degree,’ Woods told the Wall Street Journal Tuesday.”

“Listings for houses for sale are trickling into Toronto-area neighbourhoods as real estate prices recover, but an air of restraint is settling over the market. Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., has noticed a hesitation among buyers since the Bank of Canada raised a key interest rate in early June. On the day the policy makers were scheduled to meet, no buyers scheduled appointments to view his new listing for a detached house in Bedford Park until late afternoon. ‘All of a sudden, there’s a change,’ he says of the current mood. Photographers, stagers and home inspectors are less busy, he says, as buyers tread carefully. ‘They’ll wait and see what happens with the rates,’ he says. Mr. Kutyan says the spring market was sluggish to begin with and he expected that late start to keep momentum going through the summer. ‘Now I’m second guessing that.'”


“The Bank of England has raised interest rates by 0.5 percentage points to 5 per cent, a day after figures showed inflation remained at 8.7 per cent in May. The central bank’s Monetary Policy Committee has now voted 13 times in a row to raise rates, which are at their highest point in 15 years. Caroline Wade, a 43-year old mother living in Whitstable in Kent, she owns a small business and has recently found a new mortgage as her two-year fixed rate is about to expire. The best deal that her mortgage broker could get her will cost her an extra £400 a month from August, as nearly half her income is swallowed up in mortgage payments.”

“‘People are beginning to struggle,’ she told The National. ‘Normal people with all the costs of their homes, running a car and childcare. It’s just not sustainable. For the normal person who’s got a decent job and a decent career, it just doesn’t make sense.’ ‘Expect more mortgage market mayhem after this big bazooka rate hike. Lenders were probably already pricing in a 25-basis-point move, but the repricing of home loans looks likely now to be more dramatic and protracted,’ said Gary Smith, partner in financial planning at Evelyn Partners.”

“A number of Melburnians longing for the keys to their newly built home have had that dream quashed after another residential builder entered external administration on Thursday. Red Bluff Homes has become the latest construction company to collapse this year, after calling liquidators in to wind up its trade. Dee Filik signed a contract six months with Red Bluff Homes prior to the termination, for the construction of their house in the inner northeastern suburb of Diamond Creek. ‘Since then I have been trying desperately to at least get my deposit back … and I can’t build the house as I need to get another permit through council and new plans.’ Both parties are now in a legal battle. ‘I have to now incur significant legal costs at VCAT to try and seek some sort of justice. And even then if I do ‘win’ I still lose. I don’t have a house being built, I’m out of pocket significantly and my mental health has declined considerably.'”

“Buyers waiting to enter Hong Kong’s property market could be spoiled for choice as some developers release homes at price levels last seen five years ago, looking to lock in sales before further anticipated increases in interest rates and supply. Developers are even offering sweeteners like mortgage discounts, dining and travel vouchers to exotic destinations like the Maldives to drum up sales. Many developers ‘are rushing to launch at prices close to or even lower than the market price,’ said Louis Chan, the Asia-Pacific vice-chairman at Centaline Property Agency. ‘Ultimately, buyers will benefit.’ While Chan expects the competitive pricing to attract buyers to the new homes market, ‘second-hand owners have no choice but to take a beating.'”

“After home prices fell 15 per cent in 2022, developers continue to cut prices, Centaline’s Chan said, adding it would take time for the economy to recover.”

“According to Vietnam Association of Realtors, property developers and investors had been in a state of ‘stagnation’ for a long time. ‘Since the beginning of 2022, the government has thrown lifelines to save the real estate market and businesses. But these lifelines have yet to drag businesses out of rough seas,’ the association stated, adding that without timely solutions, they will definitely ‘drown.’ According to Bloomberg, Vietnamese builders have suspended more than 1,200 real estate projects worth VND800 trillion ($34 billion) as funding woes continue to beset the industry.”

“‘A huge resource has been frozen and we don’t know how long it will last,’ it cited the Vietnam Real Estate Association as saying. ‘These halted projects are not creating added value for society, leading to multiple consequences.’ Each of Vietnam’s 63 provinces and cities had suspended 20 projects on average, the Hanoi-based real estate association said. Notably, about 400 projects in Hanoi are on hold, while the number in Ho Chi Minh City is more than 300. The property crisis, triggered by builders taking in too much debt, the Covid-19 pandemic that dampened demand, and a government crackdown on corruption, has affected more than 1,800 builders and forced 340 other companies into insolvency in Q1/2023, according to the construction ministry.”

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This Post Has 48 Comments

  1. ‘his team of municipal bond managers are backing off San Francisco. ‘We’re seeing an emperor without clothes to a certain degree’

    This homeless bum has a needle hanging out of his arm, he just took a dump in a convertible and he wants to give you a lap dance.

  2. ‘People are beginning to struggle,’ she told The National. ‘Normal people with all the costs of their homes, running a car and childcare. It’s just not sustainable. For the normal person who’s got a decent job and a decent career, it just doesn’t make sense’

    Not if yer still eating Carol.

    ‘Expect more mortgage market mayhem after this big bazooka rate hike’

    But Gary, the big central bank bazooka is supposed to work the other way around?

  3. ‘Since then I have been trying desperately to at least get my deposit back … and I can’t build the house as I need to get another permit through council and new plans.’ Both parties are now in a legal battle. ‘I have to now incur significant legal costs at VCAT to try and seek some sort of justice. And even then if I do ‘win’ I still lose. I don’t have a house being built, I’m out of pocket significantly and my mental health has declined considerably’

    Well it was cheaper than renting Dee.

  5. “U.S. existing-home prices posted their biggest year-over-year decline in more than 11 years last month.

    It’s just a gully.

  6. ‘There was no competition, which gave us a lot of leverage,’ Dreher said.”

    I don’t have the heart to tell them what idiots they are.

  7. “looking to buy their first home in Denver”

    Why? LOLZ. Imagine paying property taxes to the City of Denver and getting no law enforcement or any other services. I never will.

  9. “U.S. existing-home prices posted their biggest year-over-year decline in more than 11 years last month.”

    Hey bottom callers: Bite it!

  10. “The Salt Lake City metro area is among the top housing markets in the U.S. to see the most dramatic yearly declines in home sales and boosts to for-sale inventory since high interest rates have taken a toll on the national market.”

    No surprise here. We know many, many families that moved there during the pandemic…and none moving there currently.

    The mortgage rate increase has made relocation too expensive.

    1. We need an update from UTAH readers! What is the lake doing?? How big of an impact did this years rain really have?

  11. Financial Times
    German economy
    German house prices fall by record 6.8% as higher mortgage costs deter buyers
    First-quarter drop in Europe’s largest property market is biggest since index began in 2000
    Residential and commercial buildings in Berlin
    Falling house prices are the latest sign of trouble in the German residential housing market
    Martin Arnold in Frankfurt and Guy Chazan in Berlin 2 hours ago

    German house prices fell at a record rate of 6.8 per cent in the first quarter of this year, as higher borrowing costs, inflation and weaker economic growth took their toll on Europe’s largest property market.

    The year-on-year fall in the index of German residential property prices was the biggest since records began in 2000, the federal statistical office said on Friday.

    Falling house prices are the latest sign of trouble in the German residential housing market, where housebuilding is also slowing. Just 21,200 flats were approved for construction in April, 31.9 per cent less than a year before. That was the biggest decline since March 2007.

    However, there were signs the downturn in house prices was slowing, as prices fell 3.1 per cent from the previous quarter, a smaller decline than the 4.9 per cent drop between the third and fourth quarters.

    “Lower demand due to higher financing costs and the persistently high inflation are probably still the main reasons for the decline in purchasing prices,” the statistical agency said.

    “The German housing market has gone from being a seller’s market to a buyer’s market, and transactions have almost come to a standstill,” said Carsten Brzeski, a Frankfurt-based economist at Dutch bank ING. “The official price index is almost a fiction because it is based on so few new transactions.”
    …

  13. With the gloomy housing market news out this week, at least Wall Street’s risk asset HODLers can celebrate the reviagrated bull market in stocks…right?!

    1. The Wall Street Journal
      Stock Market Today:
      Dow Futures, Bond Yields Fall
      Oil prices and international stocks are also declining amid concerns about world economy
      Last Updated:
      June 23, 2023 at 8:54 AM EDT

      Bonds rallied, stocks were poised to slip and oil dropped on concerns that global interest-rate hikes could push the world economy into recession.

      Several overseas central banks raised borrowing costs in recent days to slow inflation. The Federal Reserve, meanwhile, said its inflation-fighting campaign has further to go. The moves raised worries that getting inflation under control could cause a downturn.
      …

    2. Financial Times
      Eurozone economy
      Eurozone economy has slowed sharply, business survey shows
      Economists warn of possible recession in contrast to optimistic ECB forecasts
      The data dampens hopes of an economic rebound in the eurozone after two quarters of mild contraction
      Martin Arnold in Frankfurt 2 hours ago

      The eurozone economy has slowed sharply, according to a closely watched business survey which indicated that a period of recent growth in the services sector is stalling and price pressures are cooling.

      The benchmark purchasing managers’ index, a measure of activity in manufacturing and services, fell to a five-month low of 50.3 on Friday’s data, down from 52.8 in the previous month. It was below the 52.5 reading forecast by economists in a Reuters poll.

      By dropping towards the 50 mark that separates contraction from expansion, the result dampens hopes of an economic rebound in the 20-country single currency zone after two quarters of mild contraction.
      …

    5. Yahoo
      Bloomberg
      Bonds Surge as Euro-Area Data Raise Recession Fear: Markets Wrap
      Cecile Gutscher and David Watkins
      Fri, June 23, 2023 at 5:14 AM PDT·4 min read
      Global Stocks on Course for Worst Week Since March: Markets Wrap

      (Bloomberg) — Investors fled into the safety of bonds and stocks fell, as a lurch toward higher interest rates together with weak euro-area activity data heightened anxiety that aggressive central bank policy will tip economies into recession.

      Global stocks headed for their biggest weekly decline in more than three months. European shares slipped, with a record 36% drop in Siemens Energy AG’s shares after a profit warning dragging on the broader market. Defensive sectors such as health care gained. US index futures fell.

      The second-quarter stock rally is fraying under the threat of more rate hikes and fears that the full economic impact of aggressive central bank policy has yet to be felt. Federal Reserve Chair Jerome Powell said the US may need one or two more rate increases in 2023. While Treasury Secretary Janet Yellen sought to temper concerns over a US recession, she acknowledged the risk and said a consumer=spending slowdown was needed.

      “The market is too confident that the Federal Reserve can engineer a soft landing,” said Ryan Belanger, founder and managing principal at Claro Advisors. “We believe it is wise for investors to take profits in stocks thanks to this year’s rally and consider reinvesting those proceeds into high quality bonds.”
      …
      https://finance.yahoo.com/news/asia-stocks-set-mixed-open-222602803.html

    6. Central banks to Wall Street: More pain is coming
      Analysis by Nicole Goodkind, CNN
      Published 7:27 AM EDT, Fri June 23, 2023
      Fed Chairman Jerome Powell and central bankers around the world aren’t done fighting inflation yet.

      New York
      CNN
      —
      Market euphoria in early June, spurred on by a pause in interest rate hikes by the Federal Reserve, is well behind us now. Central Bank leaders in the US and across the globe delivered a clear message to markets this week: We’re not done hiking.

      Wall Street didn’t take the message well. US stocks are on track to notch a losing week and the Nasdaq is on pace to end an eight-week winning streak.

      What’s happening: It’s been just over a week since the Federal Reserve paused its 14-month regimen of interest rate hikes to fight inflation. Now, it appears that pause will be very short lived.
      …
      https://www.cnn.com/2023/06/23/investing/premarket-stocks-trading/index.html

    1. $145,000 5 bd 4 ba 2,690 sqft
      475 Mine St, Midway, FL 32343

      Date Event Price
      6/7/2023 Price change $145,000-11.6% $54/sqft

      4/28/2023 Price change $164,000-3% $61/sqft

      4/22/2023 Listed for sale $169,000 $63/sqft

      4/1/2023 Contingent $169,000 $63/sqft

      3/9/2023 Listed for sale $169,000-62.4% $63/sqft

      3/2/2023 Listing removed —

      11/29/2022 Price change $450,000-5.3% $167/sqft

      10/7/2022 Price change $475,000+111.1 %$177/sqft

      10/3/2022 Listed for sale $225,000 $84/sqft

  16. A reader sent these in:

    UNITED WE HIKE IN JULY? Powell Money quote “NEARLY ALL FOMC participants expect that it will be appropriate to raise interest rates somewhat further by (year-end). Reducing inflation likely to require a period of below-trend growth & some softening of labor market conditions.”

    https://twitter.com/DiMartinoBooth/status/1671497131088019456

    Fed Chair Powell reaffirms that more rate hikes are likely as inflation remains “well above” where it should be. Odds of a 25 basis point rate hike in July just hit 80%. There’s now a 15% chance of 2 more rate hikes by September. The Fed is not backing down.

    https://twitter.com/KobeissiLetter/status/1671497957370216449

    Nearly 27 million Americans have federal student loans in forbearance totaling $1.1tn or $41k/borrower. Interest payments are set to resume Oct. 1 after a 3-year moratorium. MS analysts see an economic hit in Oct. when spending levels shift lower due to higher debt service costs.

    https://twitter.com/lisaabramowicz1/status/1671693165953179648

    I agree with this comment on Powell’s testimony today:
    Sherlock Holmes famously solved a case based on a dog who did not bark. The key takeaway from Fed chair Powell’s testimony on Capitol Hill today were the questions that were not asked.

    The legislators showed no particular concern over rate hikes. Instead, most wanted to pressure the Fed on capital ratios and regulation (Coincidentally, chief issues of lobbyists and campaign donors).

    This is because REAL interest rates are not remotely high — REAL short rates are in fact near zero. Fed policy has not gone too far. Expect more rate hikes ahead and no rate cuts anytime soon.

    https://twitter.com/biancoresearch/status/1671614633424175104

    Legacy Corporate Media: 🗑️

    https://twitter.com/WallStreetSilv/status/1671665902826188800

    🇳🇱 Now that the totalitarian Dutch government learned they can effectively crack down on our farmers’ property rights, they’re coming after ordinary citizens next:

    An insane new Housing Act will allow municipalities to force homeowners to sell their homes ONLY to people with a lower to middle income.

    In other words, the government decides who you can sell your own home to and would force you to accept a lower price than the market value, because a “marginalised group” would be making an offer.

    How can we even still say we have property rights, when this is our reality? We’re not “losing our rights” we’re straight up already living in a neo-feudal system. Wake the hell up, people.

    https://twitter.com/EvaVlaar/status/1671847370835763201

    Here’s the Dutch news source.

    https://twitter.com/EvaVlaar/status/1671848606112833536

    Office Owners Get Dire Warning: Rebound Unlikely Before 2040 ⁦

    https://twitter.com/danjmcnamara/status/1671942177511931909

    How about the MBS on the single family rentals at 99.5% LTV on 2022 purchases? Oh yeah, that was happening. That gets foreclosed it’s probably 3,500 homes or more in one security. How many are out there? Foreclosures could rise quickly.

    https://twitter.com/TrishaFLsun/status/1671692848305979392

    ICYMI. This is why Administration backstopped FHA mortgages under the auspices of pandemic. Forbearance was extended through 5/31/23 & FHA mortgagees in arrears could extend from 30-year fixed term to 40-year fixed term. Taxpayer dollars hard at work!

    https://twitter.com/DiMartinoBooth/status/1671885630153048067

    Existing home sales takeaway: Number of homes for sale fell 6.1% YoY to 1.08M units, lowest in data to 1999. The 2008 great debate inside the Fed was whether MBS QE could mortally wound mobility to economy’s long term detriment. I believe that debate settled. Huge policy error

    https://twitter.com/DiMartinoBooth/status/1671882910977388544

    FRAUD IS THE HOUSE OF CARDS PROPPING UP THIS HOUSING MARKET
    NOT organic “Supply and Demand” “People who received fraudulent loans were significantly more likely to purchase a home during the program than those who got the money legitimately, driving up home prices”

    https://twitter.com/texasrunnerDFW/status/1671953822455922709

    1. ‘How about the MBS on the single family rentals at 99.5% LTV on 2022 purchases? Oh yeah, that was happening’

      Sound lending!

  17. It must hurt to pay through the nose for the pride and privileges of ownership at a point when home equity gains have gone negative.

    1. DOW 30 -0.49%
      S&P 500 -0.67%
      NASDAQ 100 -1.24%

      Homeowners now have less equity than a year ago, the first annual decline in a decade
      Phil Rosen
      Jun 22, 2023, 8:12 AM PDT
      An upset homeowner. Getty Images

      – The average US homeowner with a mortgage has less home equity now than 12 months ago.

      – Equity per borrower slipped 1.9% from the same time last year, CoreLogic data shows.

      – It’s the first annual decline in homeowner equity since 2012.
      …
      https://markets.businessinsider.com/news/stocks/housing-slowdown-homeowner-equity-inventory-mortgage-rates-homes-property-2012-2023-6

    2. Speaking of vanishing equity, were you able to dump your stock market HODLings before they resumed tumbling into the CR8R?

      1. Updated Fri, Jun 23 2023 6:08 PM EDT
        Stocks tumble on Friday, Nasdaq snaps eight-week winning streak: Live updates
        Sarah Min
        Samantha Subin

        Stocks slid Friday, with Wall Street posting a losing week as a rally that carried the broader market in recent months appeared to run out of steam.

        The Dow Jones Industrial Average
        fell 219.28 points, or 0.65%, to 33,727.43. The S&P 500 slid 0.77% to 4,348.33, while the Nasdaq Composite
        closed lower by 1.01% to end at 13,492.52.

        All three major averages broke multiweek winning streaks. The S&P 500 lost about 1.4%, ending five consecutive weeks of gains. The Nasdaq dropped 1.4%, snapping an eight-week win streak and posting its worst weekly performance since March. The Dow was nearly 1.7% lower, ending a three-week positive run.

        “Investors are definitely exhibiting the renewed fears of a US recession, as well as a global recession,” said AXS Investments CEO Greg Bassuk. “Inflation levels remain elevated and Federal Reserve policy definitely remains the investor narrative.”

        The pullback was broad-based with more than 400 stocks in the S&P 500 trading in negative territory. Information technology was among the biggest laggards, down more than 1%. Notably, shares of Nvidia, a major artificial-intelligence beneficiary, were down 1.9%.
        …
        https://www.cnbc.com/2023/06/22/stock-market-today-live-updates.html

  18. From Tucker Carlson Episode 6:

    “what we can say with certainty is that America’s medical establishment has beclowned itself for all time,” Carlson added. “Its official positions on vaccines, psychiatric drugs, puberty blockers, reassignment surgeries, a long list of other politically fashionable priorities have no connection whatsoever to legitimate science — it’s all effectively witchcraft.”

  19. The submarine blowing up because of submarines being unregulated, and expiermental vaccines are examples of Government failing in job of protection of Public.
    Than you look at artificial intelligence and emerging technology and what chance is there that Government isn’t totally captured and not concerned at all about Public protection in many areas.
    Instead Government regulation is about a agenda that Private Parties are foisting and forcing on World.
    The insanity of Klaus Schwab and the World Economic Forum dictating what the World agenda will be as if a group of the richest Corporations are the rulers of the World, and the Governments are in service of their dictates in collusion with the United Nations. .

    And the recklessness, fraud, genocide and disregard for the populations of Earth by this WEF Cult of psychopaths that call humanity useless eaters.
    They are the new Gods of the fate of the World and their vision is death, destruction and enslavement , while the resources of earth are their entitlement under Stakeholder Governance should rule the
    World. And their fraud that they are saving the world from climate change and bio-weapon pandemics is the biggest hoax of them all, all pre-planned for over a century…
    And your Government isn’t protecting you from this Cult because the Gov. Is part of the Cult.

    1. One of my sons sheepishly confessed to using ChatGPT to update his resume.

      I should have told him to put skill with using ChatGPT ON his resume.

    2. Timothy Nerozzi
      Fri, June 23, 2023 at 3:18 PM EDT·3 min read

      National Security Council Strategic Communications Coordinator John Kirby got into a back-and-forth spat with a reporter who on Friday ead the entirety of a purported WhatsApp text message linking the president to his son’s foreign dealings.

      Asked if the WhatsApp message undermines the president’s claims that he had no knowledge of his son’s overseas activities, Kirby replied, “No, and I’m not going to comment further on this.”

      After the reporter attempted to say he had more questions, Kirby added, “I know you do, more than I’d like you to have.”

      “And, Z, if I get a call or text from anyone involved in this other than you, Zhang, or the chairman, I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction.”

      “I am sitting here waiting for the call with my father,” Biden said.

      If the claims made in the message are true, they starkly contradict President Biden’s repeated insistence that he had no knowledge of son Hunter’s business dealings.

      A Hunter Biden attorney said in a statement, “Any verifiable words or actions of my client, in the midst of a horrible addiction, are solely his own and have no connection to anyone in his family.”

      https://news.yahoo.com/amphtml/kirby-argues-reporter-purported-hunter-191824676.html

    3. FWIW, the Obama administration spied extensively on James Rosen when he was a Fox News reporter.

    1. +1

      This is a really good compilation video for only being two minutes. The only option for when (not if) they try to pull this sh*t again is violence.

      I am an American. I’m not a citizen (subject) of the World Economic Forum.

      Revolution, civil war, whatever it takes ☠️

    2. Good interview on the Hire Wire Podcast with Dr Atlas on what was going on behind the curtain with the Corona Virus Task Force that was headed up by VP Pence, with Dr Brix, Dr Fauci, and Dr Redmond from the CDC. Dr Atlas was added to task force in August of 2020, but didnt last long. Dr Atlas even brought in Scientists and High ranking Drs and data to try to get some sanity with what was being done by this task force in conjunction with fake and fear mongering news.
      You can see so clearly by this interview that Pharmacy bought off news and this Task Force ,that didn’t care about facts or Science, created on purpose more harm than one can imagine.

    3. CONvid-19 SCAMdemic
      I never caught this thing, I know ZERO people who died of it, and I know of nobody who even became seriously ill. And the flu mysteriously took several years off yet they are both respiratory illnesses which are spread in the EXACT same manner. Something is not adding up. My suspicion is a lot of the deaths were flu deaths counted as COVID.

  24. FTX sues former Hillary Clinton aide over $700 million in ‘misappropriated funds’

    By Ariel Zilber
    June 23, 2023

    FTX is seeking to claw back some $700 million from a former aide to Hillary Clinton-turned Hollywood super agent who was allegedly showered with cash by disgraced fallen crypto mogul Sam Bankman-Fried.

    The bankrupt cryptocurrency exchange took legal action on Thursday against Michael Kives, who was an assistant to then-Sen. Hillary Clinton (D-N.Y.), and his company, K5 Global, and firm co-founder Bryan Baum.

    According to court papers filed in bankruptcy court in Delaware, Bankman-Fried authorized the transfer of $700 million to K5 entities in 2022, and he leaned on K5’s celebrity and business connections in his effort to obtain rescue financing in the days before FTX went bankrupt in November 2022.

    As The Post reported in December, Kives — whose celebrity connections include Warren Buffett, Arnold Schwarzenegger, Katy Perry, and Kendall Jenner — stood to lose hundreds of millions of dollars as a result of K5 Global’s business relationship with FTX’s now-defunct investment arm, Alameda Research.

    https://nypost.com/2023/06/23/ftx-sues-former-hillary-clinton-aide-over-700-million-in-misappropriated-funds/

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