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The Times May Feel Bleak For The Many Who Are Only Used To The Feast

A report from KHRD in Texas. “Courtney Ravilla and her husband bought their first home in September. It wasn’t an easy process. They were searching for the perfect home for more than a year. ‘We went through several houses that we just absolutely loved, but we would put in an offer and then there would be like 10 to 12 other offers at the same time,’ Ravilla said of their buying experience. But that is not the case now. Just a few months ago, the Ravillas were fighting for a house. Now, homes are sitting on the market without a buyer. Wendy Flynn, a realtor with Keller Williams Realty in Bryan-College Station, said this increase in interest rates creates a surplus of homes on the market. ‘And because there’s an increase in the number of homes available, that’s more choices for the buyers,’ Flynn said.”

The Ventura County Star in California. “When developer Shangri-La Industries broke ground last year on a state-funded renovation of the Quality Inn & Suites in Thousand Oaks, the plan was that, by now, the motel would be transformed into permanent housing for formerly homeless people. That didn’t happen. The former Quality Inn & Suites is still mid-renovation, with little or no work happening on the property most days. There’s reason to doubt the project will ever be finished, because Shangri-La hasn’t paid some of its subcontractors and has defaulted on nearly $12 million in loans on the property, according to public records filed with the County of Ventura.”

“If the company doesn’t catch up on its payments soon, the lender could foreclose on the property and sell it as early as next month. Six of the seven have ‘apparent violations’ of Shangri-La’s contracts with the California Department of Housing and Community Development, and the department is ‘actively investigating’ the company, department spokesperson Pablo Espinoza said. In 2021, BMO Bank loaned Shangri-La $20 million, according to a lawsuit filed earlier this year by BMO in Los Angeles County Superior Court.”

“BMO’s lawsuit claims that Shangri-La has violated the terms of the loan and has been in default on the payments since April. In a response filed with the court, Shangri-La denied all of the claims in the suit. BMO’s lawsuit claims that Shangri-La’s financial reports ‘do not appear to reflect accurate assets, liabilities and revenue’ and showed ‘inappropriate use of funds.’ For example, the suit states that in November 2022, a bank account used by a company affiliated with Shangri-La paid nearly $1 million in 20 payments to American Express for credit card bills.”

The Real Deal. “Recent developments suggest the affordable housing crisis won’t be solved by startups. Veev, a modular housing developer and one of the heavily funded unicorns (startups valued at over $1 billion) in the field, is closing, according to a Crunchbase report. Despite raising $585 million in venture funding, with $400 million secured in a Series D just last year, the San Mateo-based company’s shutdown casts a shadow over the viability of new solutions. Months after its Series D, Veev laid off 30 percent of its staff and pivoted from building high-rises to low-slung homes. The company didn’t say much about the layoffs, referring to it as a ‘strategic decision.'”

“Veev recently told lenders that it couldn’t make interest payments on California property acquisitions financed through debt, blaming the economic environment and declining real estate prices in the state. The company has stopped making those payments until the assets are sold. Veev was part of a wave of affordable housing startups that gained enthusiasm during the boom years, envisioning mass production of new homes through prefab components and standardized building processes. Veev’s homes sold for millions, which may have contributed to its downfall. Crunchbase called this a ‘chicken-and-egg dilemma’ – because it’s hard to make affordable housing without scale, while it’s also hard to scale something that most people can’t afford.”

From Geekwire. “Seattle real estate startup Flyhomes has conducted another round of layoffs as the company faces what it calls ‘persistent and worsening industry headwinds.’ The company did not specify how many employees were impacted, only writing that ‘many beloved teammates’ had been let go. And a company spokesperson declined to share the company’s current headcount with GeekWire. The startup, which helps home-buyers secure purchases with all-cash offers, laid off an undisclosed number of employees in June. It cut 20% of its workforce in July 2022 and again reduced headcount in November 2022. More cuts appear to have taken place this fall, as Kyle Munson, a former VP of growth marketing at Flyhomes, posted on LinkedIn in November that he was ‘laid off a few weeks ago.'”

Yahoo Finance. “The 2024 venture capitalist forecast appears murky so far with many startup companies projected to shut down in the new year. Thomvest Ventures Managing Director Don Butler explains the VC environment and conditions that are serving as a foundation for this early investment forecast. ‘What you’re starting to see now is… those companies that raised in 2021, call it two and a half years worth of venture capital, coming up towards the end of their capital run. they’ve tried to cut burn and cut expenses to make the capital last longer,’ Butler explains the circumstances to Yahoo Finance. ‘But at the same time, you have a revenue environment that’s gotten more difficult, especially for a lot of software companies. Now you have… [that] matched with the third factor: venture dollars being invested has come way off.'”

“Sounds like a bleak forecast there for startups in 2024. Why is that? BUTLER: ‘Well, if you go back and you look, what we had in 2021 and 2022 was we had a surge in startups that got funded. Like one thing we track is in the same way the housing industry tracks new home starts, we track new venture starts in the form of series A financings. And what’s happened is that we saw this great bubble in companies that were formed. And they were formed under a different regime. And in terms of the mentality was all focused on growth, even if they’re burning quite a bit. And then we’ve had this massive regime shift.'”

CTV News in Canada. “An early morning fire destroyed three new homes in the northeast community of Cy Becker on Saturday. The fire was called in around 2:45 a.m. Two of the fires were in homes under construction and the other was in a house that had recently been completed. The neighbour said his home was damaged by one of the fires in the lot next to his. ‘I just took a little view inside the house, it’s crazy,’ he said. ‘You cannot imagine that it was your house. It was hard to see your [hard-earned] money burning in front of your own eyes.'”

The Toronto Sun in Canada. “Are we about to witness a mass exodus from the real estate profession? We certainly witnessed an influx during the pandemic when business was booming. It seemed like everyone wanted to be a real estate agent to get in on the action. At one point there were so many deals flying around that it felt like you barely needed to compete for it. All a freshly-minted, new agent needed was a 3-series BMW and a social media strategy and they were in business, literally and figuratively. No one seemed to care that they had no experience and barely a frame of reference. Fake it ’till you make it, baby.”

“Now that those days are firmly behind us and it would seem that well has dried up, the industry is certainly deep in the throes of a period of reflection with many agents who felt like a big deal last year now having to grapple with the uncomfortable reality that maybe they’re not so brilliant after all. Maybe, just maybe, their success was entirely attributable to the frenzy of a moment in time – and that moment is now behind us.”

“Because business is slow – this most recent September and October were the slowest months in year-over-year comparison in TRREB’s history. Social media is rife with stats on this, some of which are more sensationalistic than others. But even by the most conservative estimate, with just over 63,000 transactions this year to date and TRREB’s membership sitting at 73,000, there isn’t enough business to go around. Once you also consider that the majority of that business was handled by a fraction of those agents, it’s clear that it is dark times for some out there. The industry is in the thick of a much-needed reset. And while the times may feel bleak for the many who are only used to the feast, the other side of the famine will be better for everyone.”

The BBC in the UK. “A woman said she was ‘convinced’ she and her family would lose their home due to the increase in mortgage rates. Natasha Roughton, from Corby, Northamptonshire, said the repayments were set to double in March. As well has their mortgage rate rising by more than 3%, Ms Roughton and her fiancé will also have to start paying interest on their Help to Buy loan. The 39-year-old nurse said it felt as though people had been ‘thrown to the wolves.’ The mother-of-two has taken on a second job to help with the increase, while her fiancé, Neil, has been doing overtime.”

“She said their repayments would increase from about £700-a-month to £1,500-a-month when they remortgage in March. As she was concerned ‘things could get a lot worse’ she wanted to lock-in a deal at current rates. ‘Reading the stories and listening to the radio, we were convinced that we were going to lose our house, our children’s home’ she said. ‘I didn’t sleep. We were so anxious. The couple were due to be getting married in July, but Ms Roughton said they were looking at postponing due to the cost of living crisis.”

“‘We were prepared for an increase due to the Help to Buy loan, but we weren’t prepared for this,’ she said. ‘I’ve cancelled my gym membership, decreased our TV package, decreased our childcare as much as we can and I’ve taken on another job while my fiancé does overtime where he can. It makes me really angry.’ Ms Roughton said she had ‘severe anxiety’ that her children would lose their home or she would have to ‘choose which child to feed.’ ‘I’ve worked very hard, my fiancé’s worked really hard and it feels like we have no where to run,’ she said. ‘We are working harder than ever to make sure we don’t lose our home. With the cost of living crisis and now the mortgage crisis, it just feels never-ending. It feels like we’re kind of being thrown to the wolves.'”

From Asia News. “This week China concluded its annual economic conference. The leaders of the ruling Communist Party have set the GDP (Gross Domestic Product) growth target for 2024 at 5%, amid general risks of debt for the entire country and a tendency towards deflation. China’s official Xinhua news agency admitted that the Chinese economy is facing several risks and uncertainties, including lack of demand, excess capacity in some sectors and weak expectations of society in general. The sudden collapse of some real estate giants such as Evergrande and Country Garden caused spillover effects that transferred risks to financial institutions and shadow banks. Huge debts have also resulted in paying high prices for home purchases and taking out expensive bank loans for apartments.”

“Added to this is the bankruptcy and insolvency of real estate agencies and construction companies, which have left housing projects unfinished. The protest of families who ended up bankrupt for purchasing unfinished buildings has continued since last year and is still an unresolved issue today. Millions of people are on the authorities’ blacklist in the credit system due to the inability to repay bank loans. According to Chinese court statistics, the number of people on the blacklist has risen to 8.54 million in the current year, up from 5.7 million in 2020.”

“Those on the blacklist are barred from the banking system and cannot purchase airline tickets. Most defaulters are aged between 18 and 59, almost 1% of the total active population. The reasons for non-compliance vary. Some were unable to repay their home loans, others were unable to repay their credit cards due to job loss. After the youth unemployment rate in China exceeded 20%, the Beijing authorities stopped disclosing the data. The meeting which recently concluded also set itself the aim of increasing the country’s expectations and confidence, ‘strengthening economic propaganda and guiding opinions.'”

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This Post Has 97 Comments

  1. ‘Ms Roughton said she had ‘severe anxiety’ that her children would lose their home or she would have to ‘choose which child to feed’

    Ah-HA, more eating! Well Natasha, the solution is simple. The two rug rats are going to have to fight it out.

      1. go find a she-wolf to feed the 2 kids.
        like Romulus & Remus.
        Badda BOOM !

        * Geez: do I have to solve EVERY problem . . . !?

  2. From the Ventura County article:

    Shangri-La was co-founded by Steve Bing, the late Hollywood producer and political mega-donor. Bing financed movies and music through his company Shangri-La Entertainment. He also gave millions to Democratic Party campaigns, and in 2006 he spent $40 million to bankroll a failed California ballot initiative that would have taxed oil companies to pay for green energy.

    Bing died by suicide in 2020, after jumping from the 27th floor of the luxury building in Studio City where he lived, the Los Angeles Times reported. When he turned 18, he had inherited $600 million from his grandfather, a New York City real estate magnate. Bing died having spent just about all of it; he was worth a reported $300,000 at the time of his death.

    Meyers has run Shangri-La Construction since 2000 and is also vice president of Shangri-La Entertainment, according to his LinkedIn page.

    He owns a pair of luxury homes in the Los Angeles area and may be on his way out of both of them. The Dirt, a now-defunct real estate news website, reported in August 2022 that Meyers had purchased a Beverly Hills estate from the actress Milla Jovovich for $13.4 million, according to a re-posting of a Dirt story by a Los Angeles real estate firm.

    That home is in “pre-foreclosure,” according to the real estate information website Zillow, which means the loan is in default. A limited liability company that owns the home has filed for bankruptcy protection, according to court records.

    The Dirt reported that Meyers also owns a landmark oceanfront home in Long Beach known as Casa Oceano. That house is in the process of being sold, according to Zillow. The asking price was $10.5 million.

    1. state-funded renovation of the Quality Inn & Suites in Thousand Oaks,

      How much does it cost to renovate an old motel with a couple hundred rooms? Can’t be much more than $20 million, especially for the low-qual homeless. Looks like they siphoned off $8 million and skipped town.

      1. Bing also poured money into progressive causes. In 2002, he wrote the Democratic National Committee a check for $5 million, making him the second-largest donor ever at the time, behind Haim Saban. In December 2008, Bing was named among those who had contributed between $10 million and $25 million to the William J. Clinton Foundation and sources said his contribution was on the high end of that range. He backed Hillary Clinton in her unsuccessful run for the presidency.

        At one time Bing started a green construction business and is reported to have paid Bill Clinton $2.5 million a year to serve as an adviser. He was reported to have spent nearly $50 million to finance Proposition 87, a doomed green-energy initiative on the California ballot in 2006. He gave millions to the Natural Resources Defense Council, and he contributed to varied other causes: schools in Haiti, the effort to rebuild New Orleans after Hurricane Katrina and more. In 2010, he supplied Bill Clinton with a Boeing 737 when the former president traveled to North Korea to free two American journalists.

  3. ‘After the youth unemployment rate in China exceeded 20%, the Beijing authorities stopped disclosing the data. The meeting which recently concluded also set itself the aim of increasing the country’s expectations and confidence, ‘strengthening economic propaganda and guiding opinions’

    We got the same thing in the US, we call it globalist scum media.

  4. The company did not specify how many employees were impacted, only writing that ‘many beloved teammates’ had been let go.

    I don’t know whether to laugh, SMH, or puke. Come on “Many Beloved”? Talk about nauseating. No wonder they are going broke. It ain’t about love, it’s about profits. I can’t even imagine putting my name behind a statement taking about our “beloved employees.” How about valuable or talented or …. employees.

    2. The few times I worked for corporations, when I heard any talk like this, I’d think “in lieu of cash”.

  5. Veev was part of a wave of affordable housing startups that gained enthusiasm during the boom years, envisioning mass production of new homes through prefab components and standardized building processes. Veev’s homes sold for millions, which may have contributed to its downfall. Crunchbase called this a ‘chicken-and-egg dilemma’ – because it’s hard to make affordable housing without scale, while it’s also hard to scale something that most people can’t afford.”

    Just to make sure I understand: Veeb was part of the “affordable Housing startups and their homes sold for Millions. Yeah, I don’t think I understand. Must have been a he$$ of a lot of free money and good Cocaine for someone to be stupid enough to invest in the idea of affordable million dollar homes.

    1. Ben had posted another Veev article some weeks back, so I looked at the website. The houses look like stacked shipping containers dressed up as “modern.” Another “affordable” dupe, right along with cute tiny houses. Really, just build some small 10-unit apartment buildings, or garden style apartments. We’ve been doing that for decades, if not centuries. The wealthier of the lower middle class has their choice of single-wides for under $70K. No need for all this elaborate greentech.

  6. What did the Fed leadership read in the economic tea leaves that led them to abruptly ditch higher-for-longer interest rates, after clinging to that messaging for months on end?

    1. Financial Times
      Corporate bonds
      Investors ditch notion that interest rates will stay ‘higher for longer’
      Fed’s dovish message is being interpreted by the bond market as a full-speed ahead signal
      People walk in and out of the New York Stock Exchange
      Christmas came early for markets this week when Fed chair Jay Powell noted that the benchmark rate was ‘likely at or near its peak for this tightening cycle’.
      Harriet Clarfelt and Kate Duguid in New York December 16 2023

      This week’s rally in global bond markets has shattered investors’ months-long assumption that interest rates in the US and elsewhere will remain higher for longer.

      The benchmark 10-year US Treasury yield, seen as a proxy for borrowing costs around the world, fell below 4 per cent for the first time since August. The policy-sensitive two-year yield, which closely tracks rate expectations, slipped to its lowest point since May.

      Other government bond markets have also undergone a dramatic about-turn in recent days, with Germany’s 10-year Bund yield sliding to its lowest level in nine months as its price shot higher.

      The sharp moves came after the Federal Reserve gave its clearest indication yet that it would not raise borrowing costs again, and signalled that it expected three quarter-point cuts in 2024. Fed chair Jay Powell noted that the benchmark rate was “likely at or near its peak for this tightening cycle”.

      “Higher for longer is dead,” said Kristina Hooper, chief global markets strategist at Invesco. “Powell wrote the epitaph [this week].”

      As recently as early November, markets had been bracing for an extended period of elevated borrowing costs as central banks continued their battle to tame inflation.

      In recent weeks, signs of a cooling economy and softer price growth data had helped to ease those concerns — lifting bond and stock markets. But the Fed’s closely watched “dot plot” projections on Wednesday were seen by many as the most official sign yet that “higher for longer” was over.

      By Friday, markets were reflecting investors’ expectations of six US interest rate cuts in 2024 — beginning as soon as March. Those predictions would take borrowing costs in the world’s biggest economy from a current range of 5.25 to 5.5 per cent down to roughly 3.9 per cent.

      “A dovish pivot from the Fed is a full-speed ahead signal for the bond market,” said Bob Michele, chief investment officer and head of the global fixed income, currency and commodities group at JPMorgan Asset Management.
      …

      1. expectations of six US interest rate cuts in 2024

        Why six? Powell said three, and I’m not even sure he said that. Not to mention that Powell sent his lackey out the next day to walk it back.

        1. Powell

          Is the cart pretending to steer the horse. Why anyone listens to what these supposed seers from the Fed say is beyond me.

          1. Well, we live in a situation where the Fed is in a position to pick winners and losers. Many hope to be one of the winners, but few will be chosen.

          2. PB said it best yesterday: Fed decisions have to be made driving while looking through the rear-view mirror.

    2. Michael Milken says the Fed won’t move too early and risk massive inflation like the 1970s
      Published Mon, Dec 11 2023 8:21 PM EST
      Updated Tue, Dec 12 2023 7:31 AM EST
      Sarah Min

      Famed investor Michael Milken expects the Federal Reserve will move slowly on monetary policy — if history is any guide.

      In fact, the Milken Institute founder expects the central bank will be sure to tamp out inflation before starting to cut rates so as to avoid a repeat of the 1970s, when inflation ran high in the double digits, Milken said Monday on CNBC’s “Last Call.” He was speaking from the Hope Global Forum in Atlanta.

      “History, as you know, repeats in different ways,” Milken said. “In the ’70s, the Fed moved too early. And so yes, we came out of that ’74, ’75, ‘76 period. But we had massive inflation at the end of the ’70s once again, with overnight rates up to 21%.”

      “And so I think my view right now is the Fed is probably going to err a little bit on discipline today to see what’s occurred,” Milken added.

      Inflation and interest rates ran high in the early 1970s before the Federal Reserve dialed back policy. This stop-and-go approach ultimately did not quell rising prices, however.

      Fed Chair Jerome Powell will announce the central bank’s latest monetary policy decision Wednesday, when investors will review his comments for signs into when the central bank is expecting to start cutting rates.
      …
      https://www.cnbc.com/2023/12/11/michael-milken-says-the-fed-wont-move-too-early-and-risk-massive-inflation-like-the-1970s.html

    3. The S&P 500 Is About to Do Something It Has Only Done 9 Times Before. History Says the Stock Market Will Do This Next
      By Anthony Di Pizio – Dec 17, 2023 at 6:31AM

      Key Points

      – The S&P 500 index has only posted an annual loss 15 times since 1957.
      Nine of those occasions were immediately followed by a positive gain the very next year.

      – 2023 has been a strong year following a plunge in the S&P 500 during 2022, and what comes next should please investors.

      The S&P 500 is about to hold the bears to a one-and-done for the 10th time, and that points to a positive year in 2024.

      The S&P 500 (^GSPC -0.01%) is having a spectacular year. It’s up 22.8% including dividends so far, marking a sharp reversal from 2022 when it plunged into bear market territory.

      In fact, the S&P 500 has only posted an annual loss 15 times since its establishment in 1957. On nine of those occasions, the index immediately bounced back the following year with a gain, much like it has in 2023.
      …
      https://www.fool.com/investing/2023/12/17/the-sp-500-only-9-times-history-stock-market-next/

    4. A 31-year market vet shares 5 labor-market indicators that show the economy is hurtling toward recession — threatening to sink stocks by as much as 61%
      William Edwards
      Dec 16, 2023, 2:00 AM PST

      As far as headline numbers go, the labor market continues to prove resilient.

      According to the Bureau of Labor Statistics, the US economy added 199,000 jobs in November in the face of elevated interest rates. The unemployment rate also fell back toward historic lows, dropping to 3.7% from 3.9% in October.
      …
      https://www.businessinsider.com/stock-market-crash-recession-outlook-indicators-sp500-unemployment-rate-wolfenbarger-2023-12

    5. This classic recession indicator just hit its lowest level since 1981—here’s what it means for you
      Published Fri, Jul 7 2023 10:13 AM EDT
      Ryan Ermey

      Everyday investors likely don’t pay too much attention to the so-called “yield curve,” which financial professionals use to compare the yields on similar bonds across short- and long-term maturities.

      So when the yield curve does make headlines, it’s generally because it’s setting off some alarm bells among market watchers.

      It’s been a year since the yield curve for Treasurys “inverted.” In general terms, that means short-term bonds are paying higher interest rates than long-term bonds. Earlier this week, the disparity between two bonds in particular was the largest investors had seen since 1981.

      Essentially, the curve had been inverted, and now it’s even more so.

      So what’s the big deal? An inverted yield curve is a classic signal that a recession is on the horizon.

      “In fact, since 1978, the yield curve has inverted six times (not counting the current inversion period) and has preceded a recession each time,” Megan Horneman, chief investment officer at Verdence Capital Advisors, wrote in a recent note.
      …
      https://www.cnbc.com/2023/07/07/yield-curve-inverted-the-lowest-since-1981-what-it-means-for-yo.html

  9. “Are we about to witness a mass exodus from the real estate profession?

    The industry of dissemblers is seeing its starving realtors unable to make a living from parasitism? Gosh, I hope this doesn’t have cascading effects on shack and vehicle prices as commissions dry up and those Lexus and mortgage loan delinquencies start adding up.

    1. I checked Investopedia. You can get a real estate license with about 140 hours of class room instruction and ~$1000 in fees and background checks. Total time commitment is 4-6 months, including waiting for background checks and such. That’s less than ONE semester of college. Is there any “profession” that needs less time or education? Oh, wait, I can think of one…

  10. As well has their mortgage rate rising by more than 3%, Ms Roughton and her fiancé will also have to start paying interest on their Help to Buy loan. The 39-year-old nurse said it felt as though people had been ‘thrown to the wolves.’

    Right on cue, here come the victim chronicles with FBs wailing about how their plight is the fault of everybody but their own poor choices. Anyone who needed a Help to Buy loan to get up on that housing ladder never should’ve qualified for a loan in the first place, but now its feeding time for the wolves, and FBs are on the menu.

  11. 2024 Election Year Variant.

    New York Times (via Archive) — The Case of the Never-Ending Illness (12/15/2023):

    “Post-pandemic, winter has become one big blur of coughs and colds. Did something change?

    Whether or not you have kids, it can feel as though you are stuck in a cycle of never-ending illness this time of year. Particularly since the pandemic, it may appear as if you and your family are sick more often, and that your colds are more severe and coughs drag on for longer.

    As far as experts can tell, these viruses haven’t changed to become more severe. But one reason they could feel more intense now is because our bodies have forgotten how to fight them off, Dr. Bhadelia said.”

    https://archive.is/ETRwP

    Forgotten?

    No. You have “boosted” yourself into getting A.I.D.S. Your body no longer has a functioning immune system. At least you got a free donut.

    1. What about the non-vaxxed? Are they getting colds and viruses more than the vaxxed? And no, I’m not looking for single-person anecdotes. I mean real statistics.

      1. Do you really t hink the gooberment will allow such statistics to be compiled? Recall what happened to the whistleblower in New Zealand.

        1. Which countries didn’t use the vax? Hot countries? They aren’t getting winter viruses because they don’t get any winter. Also good luck getting stats on mRNA vaccines vs. traditional vaccines.

  12. War pigs gonna pig.

    Washington Post (via Archive) — Ukraine shouldn’t have to pay the price of the GOP’s wedge politics (12/17/2023):

    “They’re getting everything as freebies,” Putin said of Ukraine’s military aid from the West. “But these freebies can run out at some point, and it looks like they’re already starting to run out.”

    Back in Washington, Republicans in Congress, under pressure from former president Donald Trump, seemed ready to prove the Russian dictator right. Ukrainians are still fighting and dying, but there was no sense of urgency in the Republican-led House of Representatives.

    On its face, the struggle over Ukraine aid might seem like a typical Washington fight, with one party really wanting one thing and the other really wanting another. President Biden and the Democrats overwhelmingly support helping Ukraine, while Republicans say they won’t offer their votes without major concessions from Democrats radically curtailing immigration.

    The Republican tactic of holding Ukraine assistance hostage to hard-line immigration policies would, on a routine issue, seem like clever politics. Democrats are split on how far they should go in making concessions on border policy. Many in the party fear that Republicans will settle for nothing less than reimposing Trump’s cruel approaches — and even then might not act to help Ukraine.”

    https://archive.is/yDgUr

    The United States is not an all you can eat buffet of free sh*t for Ukraine or for the criminal invaders pouring across the southern border.

    #AmericaFirst

    1. Related article.

      Russia Today — US knows Ukraine can’t win (12/15/2023):

      “The Kremlin spokesman also criticized America’s current role in the Ukraine conflict by saying that Washington only throws taxpayer money “into the wind” and is unnecessarily prolonging the hostilities by sending conflicting signals to Kiev, which end up just leading to more Ukrainian deaths.

      A much-touted Ukrainian counteroffensive has largely failed to bring about any notable changes to the front lines over some six months of the operation. According to Russian Defense Ministry estimates, Ukraine has lost over 125,000 troops and 16,000 pieces of heavy equipment in failed attempts to advance over the past half year.

      “You have to understand your responsibility for this,” Peskov said. “You are telling them [Ukrainians] — go and die,” he continued, adding that “you know pretty well that they cannot win” but still offer Kiev more money and armaments.

      https://www.rt.com/russia/589155-us-responsibility-ukraine-conflict-kremlin/

      Russia is winning.

    2. invaders pouring across the southern border

      Many of which are dismayed to find themselves in tents in weather conditions they never imagined.

      As some are pointing out about the Venezuelans camped out on Dumver streets, who claim that they just want to work”: do they have any idea that rent is in Denver starts at $2000 a month? How will they pay rent with a minimum wage job, assuming someone will hire their semi-illiterate and and unskilled azzes?

      They all thought they were getting a free apartment, an EBT card, Medicaid, a free phone and maybe even a free car; but all they got was a tent, a sleeping bag and access to a soup kitchen.

      There are stories in the Mexican media about how the caravaners complain while crossing Mexico, saying that the nightly shelters were dirty and ramshackle and the food inedible. For people who supposedly just want a job, they sure seem entitled. So what happens if they get a work permit? Will they start demanding six figure jobs?

          1. More dependency voters fighting over a shrinking share of the Free Sh*t pie is a recipe for rising social and ethnic tensions. But I’m sure that’s an unintended consequence of globalist open borders.

          2. More dependency voters fighting over a shrinking share of the Free Sh*t pie is a recipe for rising social and ethnic tensions.

            As the saying goes: You can have a welfare state or open borders. You can’t have both. And it appears that the black community is beginning to understand that as migrants are being dumped in their neighborhoods.

            I was talking with a friend the other day. He is pro immigrant, saying that they can’t go back as they would suffer immensely if they did.

            I’m not saying that isn’t true. But how many billions of people fall into that category? We obviously can’t have them all come here, so how do we decide who gets to come? First come, first served? And at what point do we finally close the gate? When every neighborhood in the country has a tent city? How many millions of “refugees” is too many? 10 million? 20M? 50M? 100M?

        2. Why would Venezuelans flee one failing socialist banana republic for another?

          I’m sure the NGO workers told them that life in the US would be paradise and they would live like kings and not even have to work. Of course, when interviewed they say “I want a job”, even they are smart enough to know that saying “I want to join the Free Sh!t Army” on camera is a bad idea.

          2. An anecdote: A relative is an ESL teacher at the grade school level. She tells me that the “refugee” kids don’t even know how to use utensils, and eat their school lunches with their bare hands, and she has to teach team how to use a fork and a spoon. She says most of them don’t even know the alphabet and almost all are functionally illiterate and have never attended school before. Some are as old as 10.

            I don’t see how these kids will ever become productive members of society.

          3. Went to a restaurant in golden a few weeks back. Had a bus boy cleaning a table and I asked him for some more napkins. Well no speake the En’glees of course. At least Learn these four words. “I’ll get your waiter”

    1. Vanity Fair
      Bridget and Christian Ziegler: Everything We Know About the MAGA-Couple Scandal Involving Threesomes, an Alleged Payout, a Rape Accusation, and the Height of Republican Hypocrisy
      The chairman of the Republican Party of Florida has been accused of raping a woman he and his wife previously had a threesome with. That’s just one part of the story.
      By Bess Levin
      December 15, 2023

      A rape accusation against the chairman of the Republican Party of Florida. Same-sex sexual encounters involving a woman who has supported Florida’s “Don’t Say Gay” law. Allegations of secretly recorded threesomes. An alleged demand for $2 million to go away. A shout-out from Donald Trump. What do these things have in common? They all involve Bridget and Christian Ziegler, the Florida MAGA couple who’ve found themselves in the news a lot lately, and not for anything good.

      Here’s everything we know about the duo, and their scandal, so far.

      Who are Bridget and Christian Ziegler?

      They’re a “Florida Republican power couple.” He’s the chairman of the state’s Republican Party and she’s the cofounder of the conservative group Moms for Liberty, sits on the Sarasota County School Board, and was appointed by Florida governor Ron DeSantis to the board that took over Disney’s special taxing district after it spoke out against his bigoted “Don’t Say Gay” law.
      …
      https://www.vanityfair.com/news/christian-ziegler-bridget-ziegler-rape-accusation-scandal

        2. Or Judiciary Chair Durbin (D) blocking Senator Blackburn’s request to subpoena Justice Sotomayor’s staff and Epstein’s flight logs?

    1. London is no longer England. It’s a foreign occupied city. I recall riding the tube there a few years ago. Only a minority of riders were heritage British.

      I also visited Cornwall, which looked English, even though the locals insist they are Cornish and not English (note: Cornwall is legally part of England, unlike Wales or Scotland). The Cornish call Cornwall “Kernow”. Anyway, I didn’t see much vibrancy when I was there.

      1. London is no longer England. It’s a foreign occupied city. I recall riding the tube there a few years ago. Only a minority of riders were heritage British.

        I was in a cab this week for about 90 minutes with 2 people who live in London part time. We were talking about different things and I asked how London house prices were..They are terribly high but falling. From there, somehow they started about “looking for a white person in London.” the Indian woman said, “in some parts of London it is hard to find one.”

        1. the Indian woman said, “in some parts of London it is hard to find one.”

          Yeah, I kind of noticed that. I stayed at a hotel on North End Rd., in West Kensington. This was about 10 blocks from Chelsea. Around the hotel. which I chose due to its proximity to a tube station, it sort of felt like a “Stan”. As you got closer to Chelsea it felt more British. It was disturbing. Lots of “council housing” full of non British. One of them caught fire (Grenfell Tower) about a week after I went home.

    1. ‘“It’s [real estate correction] going to be a great opportunity for individuals, regular, everyday people to actually grab trophy real estate from institutions. This has never happened in the country,” Cardone said.

      “It’s going to be at epic levels,” he expressed.’

      This is truly an excellent development, on the heels of a multi-decade real estate mania.

    1. The situation is so dire the state is telling agencies not to replace broken printers or re-stock office supplies.

      Yeah, like that’s gonna close the gap.

      Workers are being stripped of benefits and could face furloughs.

      They’re gonna have to fire a lot of people to close that $68B gap.

      This is all happening as the state has spent billions funding High-Speed Rail and expanding Medi-Cal to all undocumented immigrants, while losing billions in tax revenue from people leaving the state.

      When warned about these boondoggles, people like Newsom just laughed. And why shouldn’t he? There is no accountability for all these disasters. In fact, it’s possible that the Great Ballot Box Stuffing Machine will “elect” him as the next US President.

      1. And if Newsome is elected President… I’ll move to … to… where? The whole world is being overrun. Poland, maybe? I do have some Polish ancestry.

        1. The first step is to procure citizenship and a passport for your destination. If you have recent Polish ancestry (say grand parents) and have papers to prove it, you might get that passport.

          I would suggest doing this now.

    1. Rent expected to drop in several US cities as markets near ‘oversupply’: real estate report
      BY ALIX MARTICHOUX 12/17/23 07:56 AM ET

      (NEXSTAR) – Renters may finally catch a break next year.

      Of the 100 cities analyzed in Zumper’s Annual Rent Report, which was released this week, 55 have seen rent prices drop since last year. An additional 17 are flat year-over-year.

      The report predicts rent prices will keep “softening,” at least through the first half of 2024.

      Part of the reason for dropping prices, according to Zumper, is a recent increase in supply, as new apartment buildings and complexes keep opening in fast-growing cities. Real-time data providers like Zillow and ApartmentList also show rent growth for new apartments tumbling.

      Nationwide, the cost of renting a one-bedroom dropped by a tenth of a percent in 2023, Zumper reports, but is expected to drop by larger margins in 2024 in cities where supply has caught up with demand. Sun Belt cities, from Phoenix to Austin to Orlando, have all seen one-bedroom rents drop between 5% and 11%.
      …
      https://thehill.com/homenews/nexstar_media_wire/4358987-rent-expected-to-drop-in-several-us-cities-as-markets-near-oversupply-real-estate-report/

    2. Would you relocate to a city with lower rents?

      Relocating requires either a place to crash when you get there, or $$$.

      I recall during the great recession that a lot of domestic migrants would pass through our little burg. They would use the computers at the library to hunt for jobs on Craigslist. Many wound up empty handed and would move on after a few weeks. From what I heard couch surfing was how they did it. Few come here now, no doubt because of the pricey rents. There are (for now) plenty of unfilled menial jobs. But affordable apartment vacancies are hard to find now, though there are plenty of $1500+ airboxes available.

  18. ‘BMO’s lawsuit claims that Shangri-La’s financial reports ‘do not appear to reflect accurate assets, liabilities and revenue’ and showed ‘inappropriate use of funds’

    Here we go.

  20. ‘Kyle Munson, a former VP of growth marketing at Flyhomes, posted on LinkedIn in November that he was ‘laid off a few weeks ago’

    You’ve been disrupted Kyle.

    1. Typically VPs have contracts, so they often get tidy lump sums when dejobbed. In his case, who knows?

  21. ‘Well, if you go back and you look, what we had in 2021 and 2022 was we had a surge in startups that got funded. Like one thing we track is in the same way the housing industry tracks new home starts, we track new venture starts in the form of series A financings. And what’s happened is that we saw this great bubble in companies that were formed. And they were formed under a different regime. And in terms of the mentality was all focused on growth, even if they’re burning quite a bit. And then we’ve had this massive regime shift’

    So yer fooked Don?

  22. ‘Now that those days are firmly behind us and it would seem that well has dried up, the industry is certainly deep in the throes of a period of reflection with many agents who felt like a big deal last year now having to grapple with the uncomfortable reality that maybe they’re not so brilliant after all. Maybe, just maybe, their success was entirely attributable to the frenzy of a moment in time – and that moment is now behind us’

    ‘Because business is slow – this most recent September and October were the slowest months in year-over-year comparison in TRREB’s history. Social media is rife with stats on this, some of which are more sensationalistic than others. But even by the most conservative estimate, with just over 63,000 transactions this year to date and TRREB’s membership sitting at 73,000, there isn’t enough business to go around. Once you also consider that the majority of that business was handled by a fraction of those agents, it’s clear that it is dark times for some out there’

    Yip-yip-yip-yip-yip-yip, bmm
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na
    Ahh, yip-yip-yip-yip-yip-yip-yip-yip
    Mum-mum-mum-mum-mum-mum, get a job
    Sha-na-na-na, sha-na-na-na-na
    Well every morning about this time (Sha-na-na-na, sha-na-na-na-na)
    She gets me out of bed, a-crying get a job (Sha-na-na-na, sha-na-na-na-na)
    After breakfast everyday she throws the want ads right my way
    And never fails to say – get a job
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na
    Ahh, yip-yip-yip-yip-yip-yip-yip-yip
    Mum-mum-mum-mum-mum-mum, get a job
    Sha-na-na-na, sha-na-na-na-na
    Lord, and when I get the paper I read it through and through
    I, my girl never fail to see if there is any work for me…
    I got to go back to the house, hear that woman’s mouth
    Preachin’ and a cryin’, tell me that I’m lyin’ about a job
    That I never could find
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na
    Ahh, yip-yip-yip-yip-yip-yip-yip-yip
    Mum-mum-mum-mum-mum-mum, get a job
    Sha-na-na-na, sha-na-na-na-na
    Lord, and when I get the paper I read it through and throu-ough
    I, my girl never fail to see if there is any work for me…
    I better go back to the house, hear that woman’s mouth
    Preachin’ and a cryin’, tell me that I’m lyin’ about a job
    That I never could find
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na…

    1. Mum-mum-mum-mum-mum-mum, get a job

      Going from a six figure income and driving a luxury car to stocking shelves at WalMart must be humbling.

  23. “The Germans Screwed Themselves Over Ukraine!” – Tucker Carlson
    The Jimmy Dore Show

    5 hours ago

    One of the enduring mysteries of the Ukraine War is why so many Western European nations — Germany in particular — followed the United States’ lead like lapdogs against Russia, a nation responsible for supplying so much inexpensive natural gas to the continent. Germany screwed themselves, Tucker Carlson tells Jimmy, and now they’re paying the price, both literally and figuratively.Jimmy and Americans’ Comedian Kurt Metzger talk to Carlson about how even the Nordstream bombing couldn’t derail German support for Ukraine.

    https://www.youtube.com/watch?v=LnvEX6gm5hY

    3:12.

    1. Pretty extensive 1 man demo job you got going there.

      But definetly major progress every time you post. Keep it up!

  26. One thing seems certain: If there is a recession in the next few quarters, enough smart people have commented in the MSM that a soft landing is in the cards that a hard landing would come as an utter shock to expectations that stampedes the bulls into panic mode…like in the 2000-2002 and 2007-2009 episodes.

    1. Yahoo News
      Business Insider
      Billionaire investor David Rubenstein says he doesn’t think there’ll be a recession in the next few quarters even amid the Fed’s rate cut signal
      Huileng Tan
      Sun, December 17, 2023 at 7:11 PM PST·2 min read

      – David Rubenstein told Fox Business News he isn’t expecting a recession in the next few quarters.

      – The billionaire investor said he expects the Fed to start cutting rates in 2024’s second quarter.

      – The Fed has signaled three interest rate cuts for 2024 even though inflation is above its 2% target.

      Billionaire investor David Rubenstein isn’t expecting a US recession in the next few quarters, he told Fox Business Network last week.

      Rubenstein, a co-founder of investment giant Carlyle Group, told the network that US economy seems to be “doing pretty well,” so it’s unlikely for a recession to hit in the next few quarters.
      …
      https://www.yahoo.com/news/billionaire-investor-david-rubenstein-says-031144289.html

    2. Updated Mon, Dec 18 2023 12:43 AM EST
      Stock futures are all rise after major averages rally for seven consecutive weeks: Live updates
      Hakyung Kim
      A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. REUTERS/Brendan McDermid

      U.S. stock futures climbed on Monday morning after the three major averages notched their seventh straight week of gains. The Dow Jones Industrial Average recorded a new intraday record, and the Nasdaq 100 had a new closing high.

      Futures tied to the Dow industrials
      added 80 points, or 0.21%. The S&P 500 futures also advanced 0.28%, while Nasdaq 100 futures rose 0.2%.

      The winning streak for the S&P 500 marked its longest string of weekly gains since 2017. The broad market index is up by 3.3% for the month, while the Dow and Nasdaq are 3.8% and 4.1% higher, respectively.

      Investor sentiment took a positive turn last week after the Federal Reserve indicated three short-term interest rate cuts are expected in 2024 amid cooling inflation.

      “Slowing inflation, low growth expectations, and intact growth momentum is a great combination from a market perspective. We’ve argued time and again that this is a backdrop that is as Goldilocks as it gets,” HSBC chief multi-asset strategist Max Kettner wrote in a Friday note.
      …
      https://www.cnbc.com/2023/12/17/stock-futures-are-little-changed-after-major-averages-rally-for-seven-consecutive-weeks-live-updates.html

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