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Henry Ford Came Out With The Car And We Had A Lot Of Horse And Buggy Loans Due

A report from Community Impact in Texas. “‘I’ve been doing this for 23 years, and this year was the largest decrease in residential value we’ve ever seen,’ said Williamson County Chief Appraiser Alvin Lankford. Since mid-2022, median market prices, or the dollar amount a home can sell for, for single-family homes in Williamson and Travis counties decreased by approximately 13%.”

The Orange County Register in California. “Homebuying in Los Angeles and Orange counties fell 24% in a year as pricey house payments scared away potential buyers. So just how slow is it? Second-slowest May for sales in records dating to 1988. 47th-smallest sales total for any month in over 35 years, and only 11% of all months have been slower. 39% below the average May sales pace since 1988. In the past 12 months, 112,483 sales were 34% below average. Lowest 12-month sales count since March 2009. Only 2.4% of all 12-month periods have been slower.”

“Next, consider how prices moved. In Los Angeles County, the $800,000 median was flat in a month and 6% lower in a year. It’s also 7% off the $860,000 record high set in April 2022. Orange County’s $1 million median was up 1.2% in a month but 4.8% off the $1.05 million peak of May 2022. L.A.’s $858,500 new-home median was down 13.3% in a month but 6% higher in a year. O.C.’s $1 million median was down 12% in a month and 24% lower in a year.”

The Real Deal on Illinois. “High interest rates have midsize multifamily owners holding onto their properties, crushing deals for the asset class to an eight-year low in Chicagoland and forcing brokers to turn to sellers carrying assumable debt. It’s a slowdown that has Chicago’s leading brokerages in the midmarket space hustling to close ever-scarcer deals. ‘We all work harder and cry more,’ Kiser Group’s Lee Kiser told The Real Deal. ‘We’re working twice as much for two-thirds of the income.'”

The Commercial Observer. “For much of the past six months, commercial real estate’s beleaguered office sector has been dogged by negative news, with some of the industry’s most prestigious names either struggling to refinance formerly performing properties, defaulting on commercial mortgage-backed securities (CMBS) loans worth hundreds of millions of dollars, or attempting to hand back the keys to underwater office buildings to lenders. Some of this might be a game of chicken between lender and borrower: renegotiate my terms or take my asset. And, indeed, that seems to be the way it’s playing out. ‘Larger institutions have already run the calculus on whether or not to hold, and many are handing back the keys. It clears the way for smaller firms to follow suit,’ said Nitin Chexal, CEO of Palladius Capital Management, a real estate investment firm, referring to commercial office space.”

“‘A lot of these borrowers are so aggressive in terms of ripping the face off the lender, but they don’t like it when the lender rips their face off when they default,’ said Robert Verrone, principal of Iron Hound Management, an industry specialist in workout advisory.”

“Between January and March 2023, there have been roughly $3.7 billion in new maturity defaults with CMBS unable to be paid off on time, while the aggregate amount of CMBS debt in maturity default has increased 28 percent over the past 12 months, according to CRED iQ, a national data analytics firm. ‘Oh, my gosh, there’s a problem here,’ said Shlomo Chopp, managing partner at Terra Strategies, a real estate advisory firm that specializes in distress. ‘I would liken what’s happening now to if we had a downturn just as Henry Ford came out with the car and we had a lot of horse and buggy loans due. It’s not what it used to be. A lot of office just isn’t viable in its current form.'”

Insauga in Canada. “The number of houses for sale in Brampton saw a significant jump last month despite many communities in the GTA still struggling to keep up with demand. Back in May, Zoocasa found the housing stock in Brampton was low with only two months’ worth of supply. But an influx of 1,517 new listings entered the market in June, making for a 41 per cent increase in supply compared to just 830 active listings last month.”

From SWNS in the UK. “Residents have slammed developers who have left their newbuild housing estate looking like a ‘glorified building site’ after the roads were left unfinished for three years. Dozens of families forked out between £400,000-£600,000 when they moved into their dream homes on the outskirts of Worcester back in 2020. But since then, the streets have been left untarmacked – leaving the posh estate a ‘complete eyesore’ and looking ‘like a bomb has hit it.'”

“A resident, who did not wish to be named, added: ‘It’s been a nightmare from day one, it’s just been delay after delay and the roads are still not finished. The work was supposed to be done by last year and still we are left with this eyesore. It’s not safe for children and is also damaging people’s cars. You shouldn’t fork out half a million pounds for a house and be left with streets from the Stone Age.'”

News.com.au in Australia. “Building companies are dropping like flies and two more have collapsed just days apart, leaving homeowners and tradesmen reeling. On June 26, NSW-based luxury builder Millbrook Homes collapsed into liquidation owing more than $4 million to roughly 80 creditors. Then just four days later, on June 30, Victorian residential construction firm Bentley Homes also appointed liquidators as its debts piled up to $1.8 million. Meanwhile, Bentley Homes, which had been in operation since 2006, succumbed to tough market conditions in the construction sector.”

“Its collapse left 50 homeowners with partially incomplete projects while another 26 homes had not yet started construction. Around 34 homeowners who had paid an initial tender fee of between $2,000 and $9,000 have also been left out in the cold. One of the unlucky people caught up in the builder’s liquidation is Ronnie Brown, 40, who, along with his wife and two daughters aged 8 and 13, have been left with an incomplete house and mounting rents. ‘The VMIA (the Victorian home insurer) called me today and their process takes so long,’ Mr Brown told news.com.au. ‘It takes 90 days for them to assess if I have a claim, then 14-21 days for them to get quotes and another 14-21 days for them to come up with an amount that I will get. My family and I are not in a financial position to pay rent and mortgage for six months while the VMIA go through their process.'”

Asian Banking and Finance. “South Korea’s financial services regulator has reportedly asked major commercial banks to prepare US$4b in financing to support a credit cooperative hit by customer withdrawals, reports Reuters, based on two banking sources. An official at the Financial Services Commission said it could not confirm the amount or other details but said that it had asked the banks for cooperation in preparing liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives (MGCCC). Depositors were reportedly lining up last week to withdraw funds from a branch of MGCCC after local media reported a rise in non-performing loans tied to real estate projects. South Korea’s top financial authorities pledged on Sunday to ensure liquidity at the credit cooperative, which has nearly 1,300 branches.”

South China Morning Post. “Chinese developer Kaisa Group Holdings is facing a legal attack from a Singapore hedge fund, one of an array of its offshore creditors, while it pursues a restructuring plan to address more than US$15 billion of borrowings. Broad Peak Investment Advisers filed a court petition in Hong Kong on July 6 to wind up the company for non-payment of yuan-denominated debt issued by its Shenzhen subsidiary, Kaisa Group said in a stock exchange filing on Monday. The petition will be heard on September 13, it added. The Singapore-based firm is suing for repayment of a 170 million yuan (US$235 million) bond issued by its unit Kaisa Group (Shenzhen), the filing said. Kaisa Group tumbled 16 per cent to 17.5 HK cents in Hong Kong trading after the disclosure.”

“Some 50 Chinese developers have defaulted on about US$100 billion worth of offshore bonds over the past two years, according to a JPMorgan report in December, with 39 of them seeking debt workout plans with creditors on US$117 billion of stressed debt. ‘The key issue is that property sales remain weak,’ said Kenny Wen, head of investment strategy at KGI Asia in Hong Kong. ‘If mainland developers cannot sell assets [at a good price] or get a white knight to inject new capital, we are going to see more winding-up petitions in the near future.'”

“Kaisa Group incurred a cumulative net loss of 26 billion yuan in 2021 and 2022 amid a slump in contracted sales nationwide. It has sold a number of assets to raise funds, including 18 projects in Shenzhen worth 81.8 billion yuan in late 2021, and some floor space in The Center office tower in Hong Kong’s Central district. In November 2021, Kaisa sold a project at Hong Kong’s former Kai Tak airport site to a venture between New World Development and Far East Consortium for HK$1.9 billion (US$243 million) in cash and HK$6 billion in assumed debt, a steep discount to its HK$9.8 billion valuation.”

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This Post Has 87 Comments

  1. This Commercial Observer article is one of the best reports on the weeds of this disaster you’ll find. It covers everything: recourse, non-recourse, private equity, syndicates and more. I am glad I don’t have anything to do with it cuz the only ones that will win are lawyers. Definitely worth reading in full.

    1. Nice! The Observer article is a great read. Gives a good glimpse at the complexities of these “structured” loans.

    3. “As jarring as it may be to see some of commercial real estate’s biggest owners turn over the keys to once-trophy assets, things are likely to get worse. All told, the Mortgage Bankers Association estimates $92 billion in debt for office buildings comes due in 2023 with another $58 billion maturing in 2024, according to Bloomberg.”

      Life insurance and public pension funds, among others, are on the other side of this trade. This is the captain, brace for impact!

  2. ‘My family and I are not in a financial position to pay rent and mortgage for six months ‘

    Well Ronnie, how many of yer family are still eating? Those two little girls can’t skip the avocado sammies for six months? If you don’t have the winnah! in you, prepare to be poor fer life.

  3. Depositors were reportedly lining up last week to withdraw funds from a branch of MGCCC after local media reported a rise in non-performing loans tied to real estate projects.

    Oh dear…what happens if bank runs become bank sprints? Tick tock, MoFos!

      1. Fidelity retail SPAXX money market fund is paying a 7-day yield of 4.75%.

        Fidelity IRA/Roth fund FDRXX is similar and pays 4.78%. In mid-2021 I sold some Roth funds to FDRXX (still inside the Roth), waiting for the market to crash so I could get back in low. The crash has STILL not arrived, but earning 4.78% makes the waiting much easier.

    2. see what happens when uncle billy-san forget where he left the savings & loan deposit, after stopping off for a quick bowl of noodles, then massage w/happy ending!?

      ohhhhh nooo mr. billy-san! you betta sign up for the green track suit contest chop chop.

  4. The Singapore-based firm is suing for repayment of a 170 million yuan (US$235 million) bond issued by its unit Kaisa Group (Shenzhen), the filing said.

    Color that money gone, offshore speculators.

  5. ‘A lot of these borrowers are so aggressive in terms of ripping the face off the lender, but they don’t like it when the lender rips their face off when they default’

    Golly, those 5% cap rates seem trivial with all this faces getting ripped off.

    ‘I would liken what’s happening now to if we had a downturn just as Henry Ford came out with the car and we had a lot of horse and buggy loans due. It’s not what it used to be. A lot of office just isn’t viable in its current form’

    Well I tried to tell them Schlomo. It’s easy to break things but difficult to create. These giant sh$thole cites did this to themselves, but at least you got no mean tweets! I have an idea though: just hang on to yer horse and buggy loans til they mature!

    1. I dunno, the vision of lenders and speculators ripping each other’s faces off seems kinda … … hot.

      Especially when you think of all the low-income working class people who saw their Class B apartment homes be ripped out from under them and “value-added” into luxury prices.

    1. “two-year fixed mortgage”

      🙄🙄🙄🙄

      Do UK banks offer 24-hour “fixed” mortgages? Bet they do. And homebuyers would fall for it too.

      1. Thank Roosevelt’s New Deal for the American Mortgage. Otherwise, what you find absurd would be our normal too.

        1. The only absurd part is that they call it “fixed” instead of adjustable. I mean good gosh we spent 5+ YEARS on HBB talking about how adjustable rate mortgages were going to reset and payments were going to skyrocket.

          And yet not 10 years later, here they are in the UK acting all shocked — shocked I tell you — that mortgages are resetting and payments are skyrocketing. Didn’t ANY of them say “Hey, this fixed thing looks suspiciously like the ARMs that blew up in the US 15 years ago..?” Maybe if they were named as adjustable and not fixed, more UK buyers wouldn’t be so caught out.

          (that said, I have no idea whether I would ever have bought property in the UK, if there are no actual fixed mortgages.)

          1. they call it “fixed” instead of adjustable.

            Because the rate is fixed for the term of the loan. For five years (or whatever the term) the rate doesn’t change. Then you are supposed to pay the loan off. It’s a balloon payment, not an ARM. Get another loan or default.

            The thinking problem is that interest rates have been trending down for 40 years. Most people alive had no idea interest rates could actually go up.

  9. “In Los Angeles County, the $800,000 median was … 7% off the $860,000 record high set in April 2022. Orange County’s $1 million median was … 4.8% off the $1.05 million peak of May 2022.”

    SoCal isn’t running out of $1+ million dollar homes, though they are becoming more affordable.

    1. 5 U.S. cities where more than half the homes for sale cost over $1 million—4 are in California
      Published Tue, Jul 11 20238:00 AM EDT
      Kamaron McNair

      Home prices have been on the rise throughout the first half of 2023, often leaving would-be buyers desperate to see more inventory in their price range.

      To prospective buyers, it might seem like every other house listed on Zillow has a seven-figure price tag. Depending on where you’re searching, that may actually be the case.

      In Los Angeles, San Francisco, San Jose, San Diego and Boston, over half of the homes for sale are listed at over $1 million according to recent analysis by real estate website Point2.

      Point2′s report looked at home listings in 30 of the largest U.S. markets among the 100 most populous cities in the U.S., with at least 500,000 people to see which cities have the highest proportions of homes with million-dollar price tags.

      Perhaps unsurprisingly, California cities take the top four spots.
      …
      https://www.cnbc.com/2023/07/11/us-cities-most-million-dollar-homes.html

      1. One perspective: The cities with the most homes priced over $1 million stand to lose the most when prices CR8R.

        The bigger they are, the harder they fall…

  10. L.A.’s $858,500 new-home median was down 13.3% in a month but 6% higher in a year. O.C.’s $1 million median was down 12% in a month and 24% lower in a year’

    These are new shack stats only. So what happens to the winnahs! who bought new in Orange County a year ago? Good thing they put 30% down!

    1. Strange world where used homes are just as “valuable” as new homes, at least if you take relitters’ stats at face value…

      1. the older used homes retain their value because they have some elbow room around the property.
        a front yard. back yard. sidewalk. some setback along the side so your not in your neighbors bidnezz 24/7.
        especially desirable in good weather regions. like CA.

        the public parks have become a drug infested scourge so anything w/bit of private exterior space is “golden”

        1. Older homes are also closer in to the city center (less commute) and they are less likely to have an HOA. I used to say that older houses were “better built,” but I’m not so sure. Older structures are getting so old that even the better built ones are starting to fall apart.

          1. Oxide, All good points.
            IMO, older homes are better built. Updated building codes aside, the build quality the last twenty years is mostly shite.

      2. The homes built since the late 90’s will fall apart in years. Cheap unskilled labor + cheap materials from China. It’s getting worse every year unless you get a custom homebuilder and that will cost an extra $100/sf

  15. The seller didn’t get the memo: “You’re fooked.” It’s just your basic over-sized spec house with dated popcorn ceilings listed for nearly half a million dollars. The local median household income for Pensacola is approximately 60-65K. Unbelievable.

    https://www.zillow.com/homedetails/5605-Michael-Dr-Milton-FL-32583/55752427_zpid/

    Price history
    Date Event Price
    7/7/2023 Listed for sale $454,000
    12/3/2020 Sold $325,000
    12/30/2015 Sold $177,000
    2/4/2015 Sold $156,000
    3/5/2014 Sold $125,100

    1. That house was a steal for 125,100 in 2014. Except it has changed hands 4x since then. Wonder what’s wrong with it.

      2. Wonder what’s wrong with it.

        I was talking to a guy who was working on a woman’s house that was for sale. The house had a crack in the slab that she wanted fixed (hidden). When he inspected it, the crack ran from one side of the house all the way through the other. As he was looking at it, he could not see any earth below the crack. He took a 4′ sheet of drywall and slid it into the crack and it dropped all the way through and landed on its side. The house was sitting on a massive sinkhole.

  16. A federal judge on July 10 denied the Department of Justice’s (DOJ) request to stay a ruling that places limits on government communications with social media firms, rejecting the White House’s argument that such an order could put a damper on law enforcement activity online.

    U.S. District Judge Terry A. Doughty wrote that his order last week had created exceptions for communications for cyberattacks, election interference, and national security threats. The DOJ and Biden administration, he wrote, didn’t provide any specific examples that “would provide grave harm to the American people or our democratic processes.”

    “Although this Preliminary Injunction involves numerous agencies, it is not as broad as it appears,” Mr. Doughty wrote on July 10. “It only prohibits something the Defendants have no legal right to do—contacting social media companies for the purpose of urging, encouraging, pressuring, or inducing in any manner, the removal, deletion, suppression, or reduction of content containing protected free speech posted on social-media platforms.”

    The judge further wrote that Republican attorneys general who brought the suit are most likely going to prevail in proving that federal agencies and officials “significantly encouraged,” “coerced,” or “jointly participated” in allegedly suppressing social media posts that included information critical of COVID-19 vaccines or questioned the outcome of the 2020 presidential election.

    A Trump-appointed judge for the Western District of Louisiana, Mr. Doughty wrote on July 4 that the Cybersecurity and Infrastructure Security Agency, the Department of Homeland Security, the FBI, the Department of Justice, and the Centers for Disease Control and Prevention can’t take a range of actions targeting social media posts, companies, and users.

    “This could be arguably one of the most important First Amendment cases in modern history,” Louisiana Attorney General Jeff Landry told The Epoch Times’ “American Thought Leaders” in an interview after the ruling. “If you look at the opinion that the judge lays out, he takes from our argument that this is basically one of the most massive undertakings of the federal government to limit American speech in the history of our country,” Mr. Landry, a Republican, said. “The things that we uncovered, in this case, should be … shocking, appalling, and concerning for all Americans.”

    https://www.theepochtimes.com/emergency-petition-filed-in-major-biden-admin-social-media-censorship-case_5385152.html

    2. So if I read this right, the judge who wrote the July 4 opinion is the same judge who denied the appeal/stay on July 10? Wouldn’t they get a different judge?

  17. Real estate expert: Mortgage rates won’t go back down to 3% ‘in my lifetime’—here’s why
    Published Tue, Jul 11 2023 9:00 AM EDT
    Mike Winters

    If you’re a U.S. homebuyer waiting for a return to super-low mortgage rates, don’t hold your breath.

    The short-lived era of 3% interest rates for 30-year fixed mortgages is over, and unlikely to return anytime soon — perhaps for decades — says Lawrence Yun, chief economist at the National Association of Realtors.

    “One can never truly predict the future, but I don’t see mortgage rates returning back to the 3% range in the remainder of my lifetime,” he says.
    …
    https://www.cnbc.com/2023/07/11/real-estate-expert-mortgage-rates-wont-go-back-down-to-3-percent.html

    1. “One can never truly predict the future”

      Lawrence knows that one first-hand, given his predictions in 2007 that RE prices in California were going up another 25% and never crashing.

  18. Russia Today — US State dept has become ‘ministry of truth’ (7/10/2023):

    “US authorities are urging the country’s media outlets to propagate falsehoods about Russia in a bid to undermine its stability, amid the ongoing stand-off between Moscow and the West, the Foreign Intelligence Service (SVR) has claimed.

    In a statement on Monday, the agency quoted its director, Sergey Naryshkin, who insisted that “the US State Department … basically dictates to the American media what exactly they should write and say,” adding that it “has finally turned into the ‘Ministry of Truth’.”

    The SVR, citing intelligence data, claimed that last month the department sent instructions to several major media holdings, including AT&T, Comcast Corporation, Graham Media Group, Nash Holdings, Newsweek Publishing and The New York Times Company, telling them to “reflect events in and around Russia in a distorted manner.”

    “There is nothing new in freedom of speech being trampled on in the West. It is unfortunate that the State Department, which used to be a sober-minded and rational agency … has turned into a stinking landfill of informational garbage,” the SVR added.

    https://www.rt.com/russia/579481-us-russia-propaganda-orwell/

    A stinking landfill of informational garbage?

    Sounds like what DJT was correctly referring to when he stated that “the media is the enemy of the American people.”

    Whatever the New York Times (State Department) and the Washington Post (CIA) are pushing, believe the opposite, because they are the enemy of the American people.

  19. A stinking landfill of informational garbage.

    New York Times — Climate Disasters Daily? Welcome to the ‘New Normal.’ (7/11/2023):

    “Catastrophic floods in the Hudson Valley. An unrelenting heat dome over Phoenix. Ocean temperatures hitting 90 degrees Fahrenheit off the coast of Miami. A surprising deluge in Vermont, a rare tornado in Delaware.

    A decade ago, any one of these events would have been seen as an aberration. This week, they are happening simultaneously as climate change fuels extreme weather, prompting Governor Kathy Hochul of New York, a Democrat, to call it “our new normal.”

    “It’s not just a figment of your imagination, and it’s not because everybody now has a smartphone,” said Jeff Berardelli, the chief meteorologist and climate specialist for WFLA News in Tampa. “We’ve seen an increase in extreme weather. This without a doubt is happening.”

    It is likely to get more extreme. This year, a powerful El Niño developing in the Pacific Ocean is poised to unleash additional heat into the atmosphere, fueling yet more severe weather around the globe.

    “We are going to see stuff happen this year around Earth that we have not seen in modern history,” Mr. Berardelli said.

    https://archive.li/DpY4P

    And the only solution these Marxist globalists have is to tax the working class and middle class into poverty. “Climate change” is nothing more than another wealth transfer to billionaire Marxist globalists and other assorted unelected globalist filth. If they couldn’t kill you with the alleged “vaccines” they want you to starve.

    1. Meanwhile, this has been the coolest summer on the front range that I can remember. Today will be the first 90+ day this year.

      1. We’ve been in the 90s and 100s for several weeks now, and of course wind swept wildfires bring us smoke. Forest smoke is one thing, but this desert orange sage burns the eyes and throat, and it smells awful too.

        I have the “Watch Duty” fire app, and a scrub desert blaze roughly 40-min west of us went from 90 to 2,400-acres in just a couple of hours! Level 3 evacuations, i.e., drop everything and run alerts were blowing-up my phone yesterday.

    2. “It’s not just a figment of your imagination, and it’s not because everybody now has a smartphone,” said Jeff Berardelli, the chief meteorologist and climate specialist for WFLA News in Tampa.”

      That’s the kind of expert I rely upon, a chief meteorologist and climate specialist for the local news.

    3. Let me guess…the solution is carbon credits aka climate taxes that will enrich the Wall Street and Sillycon Valley swindlers.

  20. A stinking landfill of informational garbage.

    Washington Post — Only NATO membership can guarantee peace for Ukraine (7/8/2023):

    “No serious person advocates NATO membership for Ukraine while the current fighting continues. That would be tantamount to a declaration of war with Russia. But it is equally true that after a cease-fire, a durable peace cannot be achieved unless that peace is guaranteed by NATO membership.

    The Ukrainian people are in no mood for compromise. A Gallup poll published in October found that 70 percent favor fighting until victory, which they overwhelmingly define as retaking all territory seized by Russia since 2014, including Crimea.

    Right now, Ukraine is in the early stages of its counteroffensive. It needs time and resources to bring that operation to a successful conclusion. The United States should support Ukraine in its effort to recover all of its illegally occupied lands from Russia — and America must not use the promise of NATO membership to pressure Kyiv to make territorial concessions.

    https://archive.li/oTrt7

    Onward Christian soldiers, as always.

    Russia is fighting for the future of European Christian civilization. The West, and its alleged “liberal democracy” is fighting for the Great Replacement, state enforced homosexuality, and a permanently entrenched unelected globalist bureaucrat tyranny.

    You’ll never be seen as anything more than cattle tax slaves to these Marxist globalists.

    1. Fake news fraudulent narratives was a pre-planned scheme to deceive and brainwash the public into compliance with a enemy takeover plan.
      Its a military tactic to prevent opposition to the objectives of the enemy from the targeted groups of the deceptions.

  21. Who owns the Associated Press?

    Associated Press — Deadly Flooding Is Hitting Several Countries At Once, For The Same Reason (7/11/2023):

    “Although destructive flooding in India, Japan, China, Turkey and the United States might seem like distant events, atmospheric scientists say they have this in common: Storms are forming in a warmer atmosphere, making extreme rainfall a more frequent reality now. The additional warming that scientists predict is coming will only make it worse.

    https://www.huffpost.com/entry/extreme-flooding-worldwide_n_64ad3ac9e4b0e87d6556b62b

    Muh “hottest day on Earth in recorded history” last I checked it’s summer in the Northern Hemisphere. The attendees at last year’s G20 summit in Bali dined on wagyu beef, meanwhile the state of Colorado is banning all gas powered lawnmowers and landscaping equipment in 2025.

    The alleged “climate” lockdowns are coming, that obviously don’t apply to Marxist globalists, only to the little people. When the Bolsheviks overthrew the Czar, they moved into his palace and dined on his royal china and silverware.

    Nothing ever changes, they just re-package the same old lies.

    1. Colorado is banning all gas powered lawnmowers and landscaping equipment in 2025

      Let’s see, I fill the five gallon gas can at the beginning of summer. It lasts all year, including the snowblower in the winter, and there is still some left next spring.

      I could burn that much gas with my car in just a few days. How will banning gas mowers help? Of course the answer is that it won’t help and they know it won’t help

      1. “….How will banning gas mowers help?…”

        Ditto here in SoCal.

        Another absurd example: In Newport Beach, the 100+ year old Balboa Island Ferry is under forced mandate to go all electric. Entire fleet of 3 ferry boats uses less than 30 gallons diesel/day.

        If the ferry shuts down, autos will have to drive 5 miles around end of peninsula, using orders of magnitude more fuel and wasting commute times while adding to already grid-locked traffic.

          1. Living in clown world DOES NOT END.

            There is no exit, no escape. Well maybe go climb some mountains on the weekend and have to come back to it to work to pay for food and a place to live.

            You only clown as hard as you let them clown you. Don’t let it get you down. It’s only castles burning. Find someone who’s turning. And you will come around.

      2. I have a trusty Craftsman lawnmower that I bought 22 years ago–it has a Briggs & Stratton motor. Still runs great but I should change the oil. A friend moved to a house that doesn’t have a lawn to cut. So her nice Craftsman lawnmower is sitting in her garage. I think I’ll take it off her hands–it’s only taking up space. I predict that the used lawnmower business is going to take off like a wildfire! Just how many used lawnmowers are out there? This is the time to start buying them up across the country to sell in places like California that are outlawing them.

        1. I predict that the used lawnmower business is going to take off like a wildfire!

          As well as the lawn mower repair business.

          I know a few people who bought battery powered mowers. I am curious about how long those batteries will last and how much they will cost to replace.

          1. The full size electric lawnmowers are $400+ which is more than gas models here in L.A. A 5 or 6 amp battery is going for over $200. The people who are really going to hurt by these bans coming up are the professional gardeners–most of them are Hispanic. They’re going to need a lot of batteries to get through their days. I predict some major protests in the coming years.

            Just wait until they try to get rid of used Japanese cars like Accords and Camrys—working class Hispanics can’t afford any electric car. Around here you see huge numbers of 20-30 year old Hondas and Toyotas. A friend had a 1997 Accord that I worked on. Honda still has most of the parts available–all the drive train, engine and suspension parts are available from dealers. Any auto parts store carries aftermarket replacements. I replaced the radiator, coil and tie-rod boot (the dealer did the boot for $100. The nut was frozen) And the prices aren’t all that bad. Even things like electric window lifts/regulators can be bought from Honda.

          2. Never mind the Accords and Camrys. Wait until they try to ban white vans and old beater pickup trucks. My neighborhood is largely Hispanic, and every single driveway has at least one of these gas guzzlers which they use for construction or infrastructure work. Are they all going to buy CyberTrucks? And I don’t think there are any electric vans at all.

          3. Talked to mom in San Jose today. She had the newspaper open, and in the lower right corner it has, today 100 yrs ago tidbit that also included the temperature. She said it was the same back then as it is today. “This climate change story is baloney. They just want our money!”

          4. She said it was the same back then as it is today. “This climate change story is baloney. They just want our money!”

            Wouldn’t be surprised if FJB and his crooked puppetmasters are busy trying to hide historical weather facts – or outright revising history.

  22. Another major insurance company limits new homeowners insurance in California
    By Ramishah Maruf, CNN
    Updated 9:50 PM EDT, Mon July 10, 2023

    New York CNN —

    Farmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.

    Farmers, the second-largest provider of homeowners insurance in the state, said it placed the cap on the number of policies in California effective July 3. The company cited high costs and wildfire risks.

    “With record-breaking inflation, severe weather events, and reconstruction costs continuing to climb, we are focused on serving our customers while effectively managing our business,” Farmers Insurance said in a statement, adding it will limit the new policies “to a level consistent with the volume we projected to write each month before recent market changes.”

    It’s getting harder and harder to find homeowners insurance in the states that are the most vulnerable to the effects of climate change.

    Farmers’ shift follows decisions by State Farm and Allstate, two of America’s largest insurers. The companies said they will no longer write new homeowners policies in the state. Both cited wildfire risk as a reason for the move and blamed limits placed on insurance premiums in states like California. Insurance companies also say rising costs for labor and building costs make replacing homes costly.
    …
    https://www.cnn.com/2023/07/10/business/farmers-insurance-california/index.html

    1. ‘On July 1, 2022, Rasquinha entered a one-year lease agreement with two tenants, according to the statement of claim filed on her behalf. That agreement reportedly prohibited the tenants from subleasing the property, the claim states. However, two weeks after the lease took effect, Rasquinha alleges the city issued her tenants a short-term rental registration.’

      ‘Rasquinha alleges that Airbnb was slow to remove the listing, allowing it to remain on the platform for weeks after she notified the company in mid-March. On March 21, she alerted city officials to the situation, and on April 2, the city rescinded the tenant’s short-term rental registration, the claim reads. About two weeks later, on April 16, Airbnb removed the listing from its platform, the company confirmed to CTV News Toronto.’

      ‘Dahab said the city needs to do more to vet potential Airbnb hosts before issuing them a registration. “Airbnb as well as the city need to make sure the owners are authorized to rent units,” the lawyer said, adding that a failure to do so puts tenants at risk as well.

      ‘Within its statement, the city said it prohibits Airbnb operators from hosting any property that is not their principal residence – the address at which they live and receive mail to. It also requires applicants to provide valid government-issued identification that matches their principal residence. However, those who rent or own condominiums are subject to any applicable bylaws imposed by the condo corporation, it said. Sometimes, these prohibit short-term rentals, and in such cases, the city says it is not responsible for enforcement.’

      That’s some city of Toronto BS right there.

  25. Ok, just read a article from the Medical Cartel stating that HPV virus throat cancer is on rise in men due to kissing. They recommend getting your HPV vaccine, and 80% could get infected without the safe and effective HPV vaccine.
    For some reason they claimed you can’t get vaccine after age 45.
    From what I have heard that HPV vaccine is terrible and a lot of side affects associated with it.
    If you ask me this is one of those bogus fear campaigns to get people to take vaccines on a massive scale or give up kissing or sex or whatever.
    Notice this follows the Monkey pox hype to get the Monkey pox vaccine. .

  26. Ok, so they started out giving mostly a live virus in a vaccine back in good old days.
    Than they gave A dead version of virus with a bunch of other toxic substances to get a immune response from a vaccine.
    Than of course the new vaccine that makes your RNA/ DNA produce A portion of disease, like the spike of Covid disease .
    The HVP vaccine is a live virus vaccine, according to the article I just read. They market it as safe and effective in spite of death and a lot of side effects as a result of this vaccine .
    Vaccines of all sorts have been marketed as safe and effective, , where they act like death or adverse side effects are a one in a million event.. They don’t do long term testing on vaccines, so how would they know.
    How does it feel being duped by the Rockerfeller created Medical Monopoly that views humans as lab rats.

    1. Has everyone forgotten by now what became of SBF and FTX? I suppose the narrative is that it was different with SBF, and the magical wealth generation capabilities of The Blockchain will be unleashed if only it is delivered into the right hands.

      Which reminds me: Did any of you see the new Mission Impossible movie?

      1. BlackRock wants to launch a bitcoin ETF. Why now?
        George Glover
        Jul 10, 2023, 5:00 AM PDT
        BlackRock CEO Larry Fink. AP

        – BlackRock’s CEO talked up bitcoin last week, with the asset manager trying to launch a fund that tracks it.

        – Cryptocurrencies could “revolutionize” finance, Larry Fink said.

        – The question he didn’t answer is: why now?
        …
        https://markets.businessinsider.com/news/currencies/bitcoin-crypto-blackrock-larry-fink-wall-street-love-hate-relationship-2023-7

        1. I can’t overstate my awe over this one, and my lovely wife has dragged me to a LOT of movies over the years.

    2. FXStreet
      Robert Kiyosaki predicts Bitcoin price rally to $120,000 amidst rising inflation in the US
      Cryptos | 07/11/2023 15:30:33 GMT

      – Robert Kiyosaki garnered support for Bitcoin in a recent tweet, predicting BTC price rally to $120,000.

      – Kiyosaki’s opinion is influenced by rising inflation in the US and the recent announcement by the BRICS nation.

      – Standard Chartered recently issued a $50,000 prediction for Bitcoin price by the end of 2023 and $120,000 by the end of 2024.
      …
      https://www.fxstreet.com/cryptocurrencies/news/robert-kiyosaki-predicts-bitcoin-price-rally-to-120-000-amidst-rising-inflation-in-the-us-202307111530

      1. I wouldn’t risk $20 for the chance of a 4x return from this garbage. The people who got rich bought at under $100. The people buying in the past several years are just bagholders.

    3. Cathie Wood Can’t Get Enough of Robinhood Stock. Should You Follow Her Lead?
      By Adam Spatacco – Jul 12, 2023 at 7:00AM
      Key Points

      – Robinhood’s user base is growing, providing it with more transaction fee income and net interest revenue.

      – The company is closing in on profitability thanks to its higher revenue and cost cutting.

      – Cathie Wood has been adding to her ETFs’ positions in the stock.
      …
      https://www.fool.com/investing/2023/07/12/cathie-wood-cant-get-enough-of-robinhood-stock-sho/

    4. 7 Stocks to Sell in July Before They Crash and Burn
      Cash out of these seven stocks to sell in July, as the recent bull market could prove to be a bull trap
      2d ago · By Thomas Niel, InvestorPlace Contributor

      – Coinbase Global (COIN): Strong-performing COIN stock is vulnerable to a reversal, for two reasons.

      – Carvana (CVNA): While sitting on big losses so far, CVNA stock shorts could ultimately be proven correct.

      – GameStop (GME): In time, GME stock remains likely to tumble down to its underlying value.

      – Continue reading for the complete list of stocks to sell in June!
      …
      https://investorplace.com/2023/07/7-stocks-to-sell-in-july-before-they-crash-and-burn/

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