The Lazy Economic Ponzi Scheme Of Immigration
A weekend topic starting with Bloomberg. “The surge in immigration will help bolster the US economy by about $7 trillion over the next decade by swelling the labor force and increasing demand, the Congressional Budget Office said on Wednesday. The increased migration stems mainly from people entering the US illegally and from those released by Customs and Border Protection officials. The CBO report underscores some of the economic advantages that can be gained from increased immigration — a point that Federal Reserve Chairman Jerome Powell made in a CBS News 60 Minutes interview broadcast on Feb. 4. ‘The US economy has benefited from immigration’ over time, Powell said, while stressing that he wasn’t telling Congress what should be done regarding the issue.”
“In a briefing for reporters, CBO Director Phil Swagel said the agency did not take account of housing and other costs states and localities are confronting because of the surge in migration as those are outside the agency’s purview.”
Bisnow South Florida. “Short-term rental projects are proliferating across Miami, with more rental condos than traditional units planned in the urban core and Miami Beach. Economic and political uncertainty across much of Latin America has fueled the growth of short-term projects, with developers capitalizing on foreign buyers who are looking for places outside their borders to invest capital, ISG World CEO Craig Studnicky said. ‘Developers knew they could sell that really fast to the nervous-flight capital coming out of Latin America,’ he said.”
“Studnicky said he tracked the development of around 7,900 short-term rental units in Miami-Dade and Broward counties in the three decades ending in 2020. In the last four years, he has counted 8,200 units added to the region’s inventory. ‘It was a carpe diem moment,’ Studnicky said. Developers ‘seized the day, they seized the opportunity to grab a lot of capital.'”
ABC 7 in California. “The city of Los Angeles is demanding that the now-bankrupt owner of a heavily tagged high-rise project clean up the downtown property – or the city will do it themselves and stick them with the bill. The City Council on Friday passed a resolution calling on the owners of Oceanwide Plaza to start removing the graffiti that now covers much of the 27-story complex, as well as removing the scaffolding blocking the sidewalks and securing the property from additional vandalism. Construction on the three-tower complex halted in 2020 as the Chinese developers went bankrupt.”
The Los Angeles Times. “For the last quarter century, Democratic politicians in California have operated under the maxim that the more laws enacted to protect people in this country without legal status, the better. Legislators in Sacramento passed bills that allowed undocumented immigrants to apply for driver’s licenses, pay in-state tuition at public universities and receive Medi-Cal. They declared California a ‘sanctuary state,’ prohibiting local law enforcement from assisting federal immigration agents. School districts have approved extending voting rights to parents without papers. Cities and counties have contributed municipal funds to help residents caught up in deportation proceedings.”
“There’s a risk in transposing the past to the present. That’s why Democrats should worry about polls showing that in California, Latino support for undocumented immigrants and measures to help them has steadily eroded over the last two decades. In a 2019 Public Policy Institute of California survey, 75% of Latinos thought illegal border crossings, at a time of much-publicized migrant caravans, were either a ‘crisis’ or a ‘serious problem’ — more than the 70% of whites who felt the same way.”
“And the shift continues. A December survey by UnidosUS, formerly known as National Council of La Raza, of more than 3,000 Latinos in eight states showed that California Latinos were more open to “increasing border security” than Latinos in Georgia, Nevada and North Carolina. We tied with Florida for last place in wanting the government to provide a path to citizenship for so-called Dreamers. Of all the states, we least wanted to increase legal immigration or allow an amnesty for undocumented immigrants.”
The Globe and Mail on Colorado. “A year ago, worries about gun control dominated Andrea Ryall’s thinking. She pulled her children from school, choosing to teach them at home rather than cry when she dropped them off, worried they would be the next shooting victims. But the tens of thousands of migrants who have been coming to Denver have upended her priorities – and those of the state’s Democratic leaders. For the past two months, Ms. Ryall, a Democratic voter, has joined with numerous other mothers in Denver to provide care for the busloads of migrants who have arrived here, many of them Venezuelans sent north from Texas. By some measures, Denver has received more migrants per capita than any other U.S. city.”
“Something, Ms. Ryall says, has to give. ‘We are killing ourselves in this community, pouring out our financial resources, actual goods – boots, coats – and time. The insane amount of time. No one is sleeping,’ she says. ‘Our lives are completely upside down. We need federal action.’ It’s a question of necessity, says Mike Dino, a Democratic political strategist in Colorado. ‘The state doesn’t have the money to house everybody. That’s the bottom line. It’s a numbers game.'”
25 News in Massachusetts. “Boston’s Fort Point neighbors are digesting the news that migrants may soon be moving into an office building in their community. 24 Farnsworth Street, a 92,000-square-foot six-story building, is being considered by the state as a contender for a new migrant overflow shelter. Community leaders in Fort Point, steps away from the Seaport, are now pushing for a public meeting to get their questions answered. How many migrants could be moving into the building and exactly when they could arrive remains unclear. ‘It’s a burden on the residents already here,’ said Loriann Furbush. ‘We can’t work any harder to support these people just bombarding us.'”
From The BBC. “Canada has long been a draw for people from India’s Punjab province seeking new opportunities elsewhere. But has the Canadian dream soured? It’s hard to miss the ardour of Punjab’s migrant ambitions when driving through its fertile rural plains. Billboards promising easy immigration to Canada, Australia, New Zealand and the UK jut out through ample mustard fields. Single-storey brick homes double up as canvasses for hand-painted mural advertisements promising quick visas. And in the town of Bathinda, hundreds of agents jostle for space on a single narrow street, pledging to speed up the youth’s runaway dreams. For over a century, this province in India’s northwest has seen waves of overseas migration; from the Sikh soldiers inducted into the British Indian Army travelling to Canada, through to rural Punjabis settling in England post-independence.”
“But some, especially from Canada, are now choosing to come back home. One of those is 28-year-old Balkar, who returned in early 2023 after just one year in Toronto. his Canadian dream quickly lost its allure a few months into his life there. ‘Everything was so expensive. I had to work 50 hours every week after college, just to survive,’ he told the BBC. ‘High inflation is making many students leave their studies.’ Balkar now runs an embroidery business from a small room on one side of the expansive central courtyard in his typical Punjabi home. He also helps on his family’s farm to supplement his income. ‘I have a good life here. Why should I face hardships there when I can live at home and make good money?’ he asks. The BBC spoke to at least half a dozen reverse migrants in Punjab who shared similar sentiments.”
“For a country that places such a high value on immigration, these trends are ‘concerning’ and are ‘being received with a bit of a sting politically,’ says Daniel Bernhard of the Institute of Canadian Citizenship, an immigration advocacy group. A liberalised immigration regime has been Prime Minister Justin Trudeau’s signature policy to counter slowing economic growth and a rapidly aging population.”
The Globe and Mail. “The Trudeau government, has to completely rethink the giant shadow immigration system that it fostered – temporary foreign workers, visa students and an overwhelmed asylum system. It must undo policies of its own doing. It’s clear that’s what the country needs. It’s clear that’s what the country wants. But acting in the national interest doesn’t always come easy to governments. The Liberals broke the immigration system by allowing the temporary immigration streams – temporary foreign workers and visa-students-as-temporary-foreign-workers – to explode in size. They also weakened visa rules, leading to a sharp rise in the number of unvetted people landing at our airports and immediately making a refugee claim, each of which will take years to resolve in an underfunded and increasingly backlogged refugee-determination system.”
“By the third quarter of 2023, Canada had more than 2½ million temporary residents, and rising, up from one-tenth that number at the beginning of the century. In any case, according to Canadian Imperial Bank of Commerce economist Benjamin Tal, the official figures may undercount the temporary population by as much as one million. Ottawa fostered a parallel immigration system that is now far larger than the traditional, permanent immigration system. And unlike the regular immigration system’s economic-immigration stream, the focus is on low-wage labour. The impact is seen in falling gross domestic product per capita and rental housing prices rising much faster than the rate of inflation. Both have the effect of lowering living standards, particularly for low- and middle-income Canadians.”
The Vancouver Sun. “There has been a great deal of confusion when it comes to figuring out why Metro Vancouver housing prices are so astronomical, especially in the past decade. But it is becoming increasingly clear why the Vancouver region’s prices have grown so out of line with the rest of Canada and other major economies. Metro Vancouver suffered a direct hit almost a decade ago, at the same time gigantic amounts of capital were moving out of China, contributing to residents dealing with some of the most unaffordable prices in the world (with Toronto a close second).”
“This phenomenon has been captured by Josh Gordon of McMaster University and economist David Williams of the Business Council of B.C. Their research counters past accusations by politicians, real-estate industry executives and pundits that it is xenophobic to suggest such a thing. And now the Bank of Canada and countless others are recognizing that overall Canadian prices and rents are exaggerated compared to other well-off countries — largely because of Canada’s unprecedented population growth, almost all of which comes from international migration.”
“There were many reasons an estimated $1 trillion US left China so rapidly, headed especially for real estate in Canada, Australia, the U.S. and Great Britain. At the time, China’s wealthy elite were dealing with a stock-market collapse and crackdowns on alleged corrupt officials by President Xi Jinping. Communist China’s rich wanted an overseas haven for their assets. We can understand how that surge of Chinese capital impacted Metro Vancouver by looking at what happened in Australia, which is more transparent than Ottawa about reporting on the source of incoming foreign capital. Its data shows Chinese money outflows changed in a startling way a decade ago.”
“In just three years there was a 600-per-cent jump in the volume of Chinese real-estate investment in Australia — leaping from $5.9 billion a year in 2013 to $31.9 billion in 2016, before declining. A similar pattern occurred in Metro Vancouver, a gateway city similar to Sydney. That demand has been exacerbated ever since 2015, when newly elected Prime Minister Justin Trudeau began to crank up targets for new permanent and non-permanent residents to rates far more intense than any other Western country. Last year, Canada’s population grew by a record 1.25 million people because of it. For Metro Vancouver, it all adds up to a double whammy: The gateway city has its own distinct house-price problems, and it’s located in a country that compounds them.”
The Sydney Morning Herald. “Former NSW premier Dominic Perrottet has called for negative gearing reforms to be put back on the table as part of a wider debate about how tax reform could address housing affordability. In his first public appearance since losing the March election last year, Perrottet also said the Commonwealth should help NSW and Victoria cover the cost of infrastructure for new arrivals, given it was the federal government that benefited from the lazy economic ‘Ponzi scheme’ of immigration. Perrottet said housing had become a burning issue for Australians, both for those who could not afford a home and for those worried about their children.”
The Telegraph. “For a while, many fooled themselves into thinking there was no economic challenge that could not be surmounted by mass migration. Nearly a million job vacancies? The shortage occupation list can whittle that down, perfectly matching skilled supply to labour market demand. A social care staffing crisis? Import cheap foreign workers, even if it undermines the Brexit promise that only the ‘best and brightest’ would come to Britain once we took control of our borders.”
“The latest population projections show immigration adding six million people to the British population over the 15 years from 2021 to 2036. This has coincided with a reorientation of migration flows away from Europe and towards the rest of the world. One study, for instance, found that in the year to September 2023, fewer than 4,000 visas were issued to French nationals, compared to over 150,000 for people from India. Politicians and bureaucrats have over the years convinced themselves of the unalloyed benefits of mass migration. Highly-skilled and highly-paid, they said, it would turbocharge economic growth.”
“But a close look at the data reveals the economic case for mass migration, once so compelling, is now collapsing. Over the past five years, two million people from outside Europe arrived in Britain through net migration, a small proportion of whom came for work. The rest entered as the relatives of workers, international students, the relatives of these students, or as asylum seekers and refugees.”
“In 2023, 144,000 health and care visas were issued, but a further 174,000 dependants came, too. These health and care visas account for two in five of all work visas. Two-thirds of these are for care workers and fall under the least skilled occupational classification. And with all jobs on the shortage occupation list, they are being brought in to work for less. But this is only one side of the ledger. The myth has long been perpetuated that, because migrants are overwhelmingly of working age, they will not be a drain on public services. Government impact assessments seem to have overlooked that migrants still need housing, roads, transport, the NHS – just look at the queue for Bristol’s newest dental surgery. They may need benefits and, eventually, a state pension.”
“We are living in a false economy. One where GDP is growing at snail’s pace, but GDP per capita has started to click into reverse. Where British workers languish on benefits while the Government ramps up its low-skill, low-wage immigration regime. Britain should have a functioning visa system, one that welcomes the highly-skilled and provides refuge to those genuinely seeking asylum. What we have instead is a con. No one is fooled anymore.”
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‘the surge in immigration will help bolster the US economy by about $7 trillion over the next decade by swelling the labor force and increasing demand, the Congressional Budget Office said…In a briefing for reporters, CBO Director Phil Swagel said the agency did not take account of housing and other costs states and localities are confronting because of the surge in migration as those are outside the agency’s purview’
So the headline number says illegal immigration is a windfall! Then they mention, oh yeah, we didn’t count the costs. If illegals were an economic boom, the Rio Grange Valley would be the most prosperous in north America Instead it is literally the poorest.
‘a point that Federal Reserve Chairman Jerome Powell made in a CBS News 60 Minutes interview broadcast on Feb. 4. ‘The US economy has benefited from immigration’ over time, Powell said’
You are globalist scum Jerry and bloomberg is globalist scum media.
Denver mayor announces reduction in DMV and Parks & Rec. to offset migrant costs (2/9/2024):
“This is a plan for shared sacrifice. This is what good people do in hard situations as you try to manage your way to serve all of your values. Our values are we want to continue to be a city that does not have women and children out on the street in tents in 20 degree weather,” Johnston said in a Friday morning news conference.
With a lack of support in Congress for the proposed immigration bill, “we will not have a likely reduction in number of folks that are crossing the border without access to work authorization. We’ll have more folks who will arrive in Denver without a path to CBP One or a path to TPS, which means they don’t have a path to work,” Johnston said.
Johnston said one of the motivations for those migrants going through all that is to work in the U.S., which Mayor Johnston has spoken about on national TV multiple times, in addition to traveling to Washington, D.C. to advocate for more work authorizations for newcomers.
“The federal government, this week, said those folks who want to work in this country cannot be employed by people in this country to who want to hire them. That is the crisis,” Johnston said.
https://www.denver7.com/news/front-range/denver/denver-mayor-announces-reduction-in-dmv-and-parks-rec-after-failure-of-bipartisan-congress-immigration-bill
This move was clearly coordinated to increase political pressure to cave on the sell out deal in congress right now. Go fook yerself mayor. FJB!
who want to hire them
No one wants to hire them. Since when have illegals needed a “work permit” to find employment? These people bring no skills and no work ethic to the table. Oh, and guess what? The economy is a wreck and layoffs are everywhere. Plus they don’t want to work. They want to join the Free Sh!t Army.
I saw a video on instapundit where some French speaking invaders were complaining about not getting any “pocket money” at the shelters, and that the food provided there was not to their liking.
The invaders are going to be weaponized as the election approaches.
Since when have illegals needed a “work permit” to find employment?
Yeah, I still don’t get this. They’re here illegally, right? They’re breaking the law just by being here. So why are they standing on ceremony about getting work permits? Just go ahead and work, you don’t need no stinkin’ permits.
And anyway, how could a work permit be legally granted to someone who has no legal right to even be here?
And anyway, how could a work permit be legally granted to someone who has no legal right to even be here?
I’m sure the NGO’s told them that they would be granted a green card once they crossed the border and that the Border Patrol would be handing them out like Halloween candy.
“…They want to join the Free Sh!t Army….”
From what I understand, the state of New York, is even handing free debit cards recharged monthly.
Did I just hear on Los Angeles radio news correctly that there is a proposal in Congress that those who don’t have enough money to pay rent will get free money to help pay rent? (don’t recall exact details)
What’s another trillion tossed onto the deficit pile?
I would think that this bill would be DOA.
Nothing will get passed this year. Stock up on popcorn because 2024 gonna be a doozy.
“…will get free money to help pay rent?”
Anything to keep RE values up!
I imagine that any new invader that tries to stand in a Home Despot parking lot will be beaten up by the older generation of invaders. They took ar jooobbbbs!
I’m being offered a job by AWS in Denver but I think I’m going to turn it down. The job itself would be great but working in downtown Denver doesn’t sound very appealing. It’s a shame that every city in this country is being ruined by the influx of illegals.
During my interviews I asked about the large amounts of illegals entering the city and the Amazonians kept calling them “refugees”. I’m surprised that they offered me the job in the first place. I’m obviously not one of them but they are hurting for bodies so they might overlook my offensive, racist behavior. Thank God TxChick mentioned options trading on this blog many years ago and I don’t really need to work anymore.
I’m being offered a job by AWS in Denver
Interesting, I heard some years ago they were expanding in Boulder, but that was before working in downtown Dumver was “cool”.
What was the “exercise” like? I never took one of theirs, but I heard they were very grueling some years ago. Also, heard that they were a sweat shop and most resigned after their options vested.
“This is what good people do in hard situations as you try to manage your way to serve all of your values.”
“The welfare of humanity is always the alibi of tyrants.” —Albert Camus
They like to leave this out too:
In 2023, 144,000 health and care visas were issued, but a further 174,000 dependents came, too.
Migrant Encounters Rise at Southern U.S. Border. Note that “encounters” doesn’t include the huge numbers of illegals who manage to avoid detection by CBP LEOs.
https://www.statista.com/chart/20397/number-of-immigrants-apprehended-at-us-mexico-border/
‘And the shift continues. A December survey by UnidosUS, formerly known as National Council of La Raza, of more than 3,000 Latinos in eight states showed that California Latinos were more open to “increasing border security” than Latinos in Georgia, Nevada and North Carolina. We tied with Florida for last place in wanting the government to provide a path to citizenship for so-called Dreamers. Of all the states, we least wanted to increase legal immigration or allow an amnesty for undocumented immigrants’
Check this editorial out. Prepare to have yer mind blown.
La Raza = Mexican KKK.
Yeah, they don’t want non Mexicans moving into their neighborhoods. They do not see them as kin, but rather they see them as a threat. It has hit them that the Dems are not only working on replacing whites and blacks, they are working on replacing Mexicans.
I lived in central Texas and deep south Texas for years. Mexican Americans have a dim view or are even hostile to illegals from Mexico too. Especially if they’ve been there for several generations. Illegals are seen as largely spongers, thieves, drug dealers, lazy and rude. I’ll give you one example that really pissed them off. They pretend to not understand english. This is in personal interactions. And that is just deceptive, and so what else are you being deceptive about hombre? There is no trust in these Venezuelans who started to show up in the late 1990’s IIRC. This whole idea of Mexican Americans supporting illegal immigration was always a made up lie. That was further supported by the people I met in Arizona. Some people in Tucson for example have been there for over 200 years. They have no connection to Mexico or Mexicans. It’s just that sh$thole on the other side of the border.
Also when I was living in Sedona AZ around 2004 or 2005, the state had a referendum on denying illegals state monies. Referendums were started by regular people signing petitions, so the establishment couldn’t control it. I was new to the state and followed closely. Every single AZ major politician was completely opposed to the referendum. There were massive demonstrations of kitchen workers in Phoenix. Then the election happened and it passed easily, supported by something like 65% of Hispanics.
Boy did they cry. We won’t be able to operate restaurants! Who will mow our golf courses? Nothing changed. There were and are plenty of people living there legally to do every task.
I’ve lived in Arizona off and on most of my life. Many of the Mexicans I’ve known through the years have been here two, even three generations. Most don’t suckle at the slop bucket set out by communist do-gooders. Most just want an opportunity to work hard and be left alone.
All the problems the haughty state of Maricopa constantly complains about, homelessness, education funding, unaffordable housing, all these problems, are made worse by inviting a free shit army into our state.
Its time for all of them to leave. California, New York, Chicago, Canada, I don’t care, they cant stay here. If our elected (haha) officials refuse to protect the interests of heritage Arizonans first and foremost, we the taxpayers need to close our wallets. There are a few thousand of them, and a million of us.
‘All the problems the haughty state of Maricopa constantly complains about, homelessness, education funding, unaffordable housing, all these problems, are made worse by inviting a free shit army into our state’
I was living in Flagstaff around 2012 or so which had a law against panhandling. Some judge in Phoenix said that law was unlawful. Boom, we had bums on every major corner. Many of them 20 somethings with their dreadlocks and a fooking dog.
‘Ottawa fostered a parallel immigration system that is now far larger than the traditional, permanent immigration system. And unlike the regular immigration system’s economic-immigration stream, the focus is on low-wage labour. The impact is seen in falling gross domestic product per capita and rental housing prices rising much faster than the rate of inflation. Both have the effect of lowering living standards, particularly for low- and middle-income Canadians’
When I started this blog posters regularly said Republicans want illegal immigration so they can have cheap labor. And the politicians like mcstain in Arizona did. He’s finally dead and a different group of Republicans are the only ones standing up for middle class/poor people. And they have to fight the globalist scum establishment in both parties every foot of the way.
different group of Republicans are the only ones standing up for middle class/poor people.
That would be Trump.
The left-right paradigm distracted the populace from the globalist agenda. Trump’s populist nationalist agenda exposed the globalist agenda. eGOP are globalists.
Some Democrats worry the border will overshadow abortion in House elections
With the Senate asylum and border deal firmly in the grave, some House Democrats say they are worried border security could overshadow reproductive rights as the key campaign issue in the 2024 elections.
Their fears are especially focused on suburban swing districts in blue states where abortion rights are already protected and a fight over the border may hurt Democrats in seats that could determine which party controls the majority next year.
At the House Democrats’ yearly issues conference at the Lansdowne Resort near the Potomac River in northern Virginia, there were closed-door panels with experts on important issues such as reproductive rights, housing, child and elder care, lowering costs, unions, climate, engaging young voters, artificial intelligence, Ukraine and China. But there was no formal panel during the three-day gathering on immigration or border security — even as the issue reached a fevered pitch on Capitol Hill in recent weeks.
“It’s a glaring omission,” said a senior House Democrat, one who represents a border state.
https://www.msn.com/en-us/news/politics/some-democrats-worry-the-border-will-overshadow-abortion-in-house-elections/ar-BB1hZJf9
As Chesterton said, Progressives are in the business of making mistakes, and Conservatives are in the business of not correcting those mistakes.
The same globalist scum mouthpieces like Paul Krugman who claim the Great Replacement is a “conspiracy theory” tell us that being inundated with 3rd World benefits spongers and criminals is really good for the country.
https://twitter.com/paulkrugman/status/1753504078137524664
I’m sure our Nobel Laureate has an extra bedroom or two that he can donate to the cause. Oh, wait…
Matt Bracken’s “Enemies Foreign and Domestic” novel seems more prescient each day.
https://www.goodreads.com/book/show/12287160-enemies-foreign-and-domestic
“The city of Los Angeles is demanding that the now-bankrupt owner of a heavily tagged high-rise project clean up the downtown property – or the city will do it themselves and stick them with the bill.
That’s rich, CA commies. How is a bankrupt developer going to pay your clean-up bill?
In Singapore they cane “graffiti artists” aka vandals. Ten lashes across the bare buttocks with a bamboo cane wielded by a martial artist. Those who earn stripes for their vandalism rarely re-offend, and Singapore’s urban centers are spotless compared to ours.
Even without the graffiti that incomplete monstrosity is an eyesore.
What is it with commie regimes & incomplete monstrosities?
https://www.dailymail.co.uk/travel/article-12648907/inside-one-six-billion-pound-tower-doom-hotel-zero-guests.html
Commie regimes like the brag about their growth and productivity. So, if your leader targets 8.5% growth, and you need 18 megatowers to achieve 8.5% growth, you hand down orders to build 18 megatowers. 18 megatowers get sort -of built, somebody checks it off on the clipboards, Dear Leader is happy. That’s how we got 100 years worth of tofu drag in China.
Wasn’t some American citizen caned years ago and news was crying how awful it was? Much as I don’t like this kind of punishment, we might be at the point of tough love.
In the ’80s some American punk kid got caught spray-painting cars in Singapore. Our bleeding-heart State Department types said caning him was “barbaric” but the Singapore Embassy said letters from American citizens were running 99-1 in favor of flogging him. Ten stripes was evidently enough to whip the stupid out of him, because he seemed to have stayed out of trouble after that. Severe consequences are the only thing some people understand.
[A nation of broke-assed losers.]
‘YOLO spenders’ have created a ‘super-duper’ credit bubble in the US economy, top economist David Rosenberg says
https://www.yahoo.com/finance/news/yolo-spenders-created-super-duper-003040435.html
The US has a “super-duper” credit bubble on its hands as “YOLO spenders” take on massive debt, David Rosenberg said.
US household savings are quite low at 3.7%, while consumer spending bulged by $208 billion last quarter, financed with debt.
“As far as consumer credit is concerned, the default cycle isn’t merely looming. It’s arrived.”
Today’s consumers — or rather, “YOLO spenders” — have taken on a massive amount of debt, top economist David Rosenberg said. And it’s created a big bubble in a pocket of the US economy.
“There is no acknowledgment today that, yet again, we have a super-duper credit bubble on our hands,” he wrote in a note on Thursday. “It isn’t just about fiscal recklessness at the government level; the dilemma is that the consumer commands a dominant 70% share of the economy.”
US households today have a savings rate of just 3.7% — way below the historical levels of 9%. Meanwhile, consumer spending exploded by $208 billion in the fourth quarter of 2023.
A recent New York Fed report showed that households added a whopping $212 billion to their debt load over that same time period. That means over 100% of that increase in consumer spending was financed with debt, Rosenberg said.
And if consumers are driving 70% of the US economy, it could mean big trouble if they get crushed by the weight of that debt.
The thing is, US consumers don’t look like they are buckling. Consumer balance sheets seem to be in “great shape,” Rosenberg explained. But he also warned that the cracks are beginning to show.
Credit card delinquency rates are on the rise, with 30-day default rates rising to 8.5% compared to 5.9% a year ago. More “serious” 90-day defaults are also rising, and delinquency rates for auto loans and mortgage loans have increased as of late.
“One in every twelve holders of credit cards is missing their payments,” Rosenberg said, adding that the last time this happened was in 2011 when US unemployment was at 9%. Today, it’s near historic lows of 3.7%.
“As far as consumer credit is concerned, the default cycle isn’t merely looming,” Rosenberg said. “It’s arrived.”
Old Yellen says mounting credit card debt is evidence of a “strong consumer.”
The art of the spin.
She sounds so stupid, she sounds like her IQ is 85
Pathological liar. Maybe she believes her own lies
default rates rising to 8.5%”
And that’s for the minimum payment. I charged $800 for something on a card, minimum payment $40. I guess people can’t afford $40?
That’s why most debt donkeys have more than one credit card. If you’re a little light, use one account to pay the minimum on the other!
Scum media Language Police™ article.
Why Denverite, CPR News and KRCC are moving away from the term ‘migrants’ in our coverage (2/6/2024):
“On Jan. 31, Denverite, CPR and KRCC began moving away from using this term when referring to the group of recent arrivals and those who may yet be on the way. We will avoid using “migrant” in our headlines, news stories, newsletters, social media and CPR radio stories.
Instead, we will refer to the people arriving in Denver and Colorado from the border as new immigrants.
But one distinguishing feature we feel sets our coverage apart is how hard we’ve worked to talk to the people arriving, getting a sense of their hopes and dreams, what they want to do and how they want to contribute to the U.S. We are proud of the work we’ve done in humanizing this newcomer population.”
https://denverite.com/2024/02/06/immigrants-style-change/
Invader: “Quiero una casa gratis, un coche gratis, comida gratis, todo gratis. No quiero trabajar. Ustedes son ricos, asi que me lo pueden dar”
Real Journalist: I’ll put that down as “I just want an opportunity to work and achieve the American dream”
True anecdote: Invader kids demand free iPads at school.
I’d be outraged about this whole thing, if it weren’t for the 10s of millions of native born WWII era people demanding $96 Trillion worth of free benefits from the working generations. Seems like the FSA comes in all shapes and sizes and the migrants are a pretty small part of it.
WWII era people demanding $96 Trillion
I’m sure all these 100 year old vets will be demanding social benefits for the next century. That’s $96Tr over the next 100 years, right?
I hope you have a good job and are paying your fair share. I’m in the grifting stage myself.
He repeatedly blames all his woes on boomers and WW2 generation. I too am one of those evil, greedy grifters. I parlayed the worn pocketknife I inherited from my WW2 veteran Dad in to an okay retirement (now 79 y/o).
You know very well we’re not talking about 100yo people, BS. There aren’t 10s of millions of those. We’ve been over this many times.
As far as paying one’s fair share, you’re welcome to define that as one generation paying 5 times more of their income to SS/Medicare, *in percentage terms*, than a previous generation did, but others may not see it that way.
I parlayed the worn pocketknife I inherited from my WW2 veteran Dad in to an okay retirement/
So if everyone is as smart as you and can parlay a pocketknife into a retirement, then we don’t need SS/Medicare, right?
Keep giving the new FSA freebies and there’s another 6 billion waiting to cross the border. At least the old FSA is dying off.
I move for all acts by the Commander in Chief Joe Biden to be null and voided in that he is above the law in facing criminal charges because he is elderly.
If you are absolved from facing criminal charges because you are elderly and have memory problems, than your acts as President are subject to being rendered “void” just as criminal acts are voided because of age and memory problems.
The potential of wrong acts and compromised acts by a President who has memory problems is a National Security Issue.
absolved from facing criminal charges
Yes, and by those working directly for him. He’s just pardoned himself. Next step possibly out the door.
As far as Biden being absolved of known criminal acts, based on age and memory problems doesn’t ring right.
Isn’t it up to a Jury or Court to determine if a party is not mentally able to face criminal charges, verses a fact finding agency who works for Joe Biden that determined crimes were committed, letting him off.
Was Joe Biden of sound mind years ago when he committed the criminal acts. Did he or his Son sell out the Country with treason with the classified documents.
All the acts of Joe Biden are under suspicion of treason, in that stealing classified documents, with no authority to do so, is a serious offense, while giving access to people like his Son.
Nobody in Congress or Senate should be allowed to proceed with anything , given the Commander in Chief, is above the law with crimes committed, which is a National Security issue with all acts performed as President.
As far as Biden being absolved of known criminal acts, based on age and memory problems doesn’t ring right.
Nothing they do rings right. They have been getting away with murder.
Next step possibly out the door.
And Harris is sworn in. Heaven help us.
Different front, same sh!t.
She would also do as told.
The only Dem that worries me is Michelle.
BIG MIKE
I certainly hope that my 2024 prediction of Michelle being the Dem choice on Ben’s annual call to post predictions does not come true.
Too many people are saying she hates politics. That’s not a good reason. All it takes is one person to sit her down and say, “It’s either you or Trump again,” and she’ll do it for the good of the country.
she’ll do it for the good of the country
For self-preservation.
Too many people are saying she hates politics.
I’ll bet she doesn’t hate power.
After over 110 years, the privately owned Federal Reserve and the rest of their Central Banks have reached their end. All Ponzi’s eventually collapse. Their elimination is essential to making America great as they are the source of all the sickness and absurdity so well documented on this blog. There are only 3 refuges available. Physical gold, silver, and Bitcoin. Bitcoin is the hardest money ever created and will reprice the world (real price discovery). That may seem preposterous and it takes some research to fully understand, but most globe changing events do. This one is huuuge. 🙂
1994: “Today Show”: “What is the Internet, Anyway?”
https://www.youtube.com/watch?v=UlJku_CSyNg
Bitcoin is the hardest money ever created and will reprice the world (real price discovery).
Oh, look, another evangelist for digital tulip bulbs trying to recruit new marks into the pump & dump. It’s going to be comedy gold when all the crypto cultists figure out at roughly the same time that no Greater Fools are going to be coming along to take their scam digital gambling tokens off their hands for more than what they paid, and the stampede for the exits begins.
the hardest money ever created
LOL!
the hardest money ever created
That phrase is a papal bull straight from Saylor and parroted by Max Kaiser.
ChatGPT 3.5
User
Is this statement true?
“Bitcoin is the hardest money ever created and will reprice the world (real price discovery). ”
ChatGPT
Whether the statement is true or not depends on one’s perspective and interpretation. Some proponents of Bitcoin argue that its limited supply and decentralized nature make it a form of “hard money” that will revolutionize the global financial system. However, others may disagree and point out potential drawbacks or limitations to Bitcoin’s adoption and utility.
User
What is this “hard money” of which you speak? What numeraire do yo have in mind to ground the discussion?
ChatGPT
“Hard money” typically refers to a form of currency that has intrinsic value or is backed by a tangible asset, such as gold or silver. It is characterized by properties such as durability, scarcity, portability, and divisibility. In the context of the statement about Bitcoin being the “hardest money ever created,” it suggests that Bitcoin possesses similar or even superior attributes compared to traditional hard currencies like gold.
As for grounding the discussion, the numéraire could be any commonly accepted unit of account, such as a fiat currency like the US dollar or a commodity like gold.
User
Does “hard money” typically have insane levels of volatility compared to traditional stores of value, such as gold or Beanie Babies?
ChatGPT
No, traditional forms of hard money like gold tend to have relatively stable values compared to assets like Bitcoin. Bitcoin has exhibited significantly higher levels of volatility compared to gold or fiat currencies, making it a less reliable store of value for some investors.
User
But what about the Beanie Babies?
ChatGPT
Beanie Babies are not traditionally considered a store of value like gold or fiat currencies. They experienced a speculative bubble in the late 1990s, with prices skyrocketing before crashing dramatically. While they may have had periods of volatility during the height of the craze, they are not typically viewed as a reliable or stable store of value in the same way as gold or fiat currencies.
User
Is bitcoin more like gold or Beanie Babies?
ChatGPT
Bitcoin is often compared to gold due to its limited supply, decentralized nature, and perceived store of value characteristics. However, it’s important to note that Bitcoin is a relatively new asset class and its long-term behavior is still being observed. While some see Bitcoin as a digital gold with potential to serve as a hedge against inflation and store of value, others view it as a speculative asset with characteristics similar to Beanie Babies during their bubble phase. Ultimately, whether Bitcoin is more like gold or Beanie Babies depends on one’s perspective and interpretation of its value and utility.
User
If my perspective is that Beanie Babies are more like gold than bitcoin is, will that make them become hard money?
ChatGPT
Your perspective alone doesn’t determine whether Beanie Babies become hard money. Hard money typically refers to assets that have intrinsic value, durability, scarcity, and other properties that make them suitable for use as a medium of exchange or store of value. While some may assign personal value to Beanie Babies, they generally lack the characteristics necessary to be widely accepted as hard money like gold or fiat currencies.
User
Are digital Beanie Babies a better store of value than physical ones?
ChatGPT
Digital Beanie Babies, like physical ones, derive their value from their perceived scarcity and desirability among collectors. However, the value of digital collectibles can be influenced by factors such as the platform they are traded on, their digital scarcity, and the demand among collectors for digital assets. While digital Beanie Babies may offer advantages such as ease of storage and transferability, their value as a store of value ultimately depends on factors similar to physical collectibles, including their popularity and market demand.
ChatGPT can make mistakes. Consider checking important information.
ChatGPT
Kazakhstan and Iran initially welcomed Bitcoin mining, but eventually turned on the sector due to its massive energy use.
https://www.zerohedge.com/markets/banned-chinese-bitcoin-miners-have-now-moved-africas-largest-dam-ethiopia
Funny how the warmists never seem to complain about “crypto-mining” and all the energy it wastes.
The warmists know the crypto bros are doing the WEF’s work by conditioning the sheeple to accept the existence of make-believe digital currencies as a necessary prelude to the central banks rolling out their CBDCs. However, as the CBDC rollouts get closer, central bankers will no longer tolerate the existence of rival counterfeiters in the scam digital currency space, and will use the full power of governments to crush Bitcoin, etc.
takes some research to fully understand
I’m not a believer in Bitcoin long term. It must be because I just don’t understaaaaaand it. I guess I need to go “educate” myself.
Two things I don’t understand: Is Bitcoin a currency or an asset? And when all those ETFs were set up, what happened to Tether?
Is Bitcoin a currency or an asset?
No.
There is no question, Bitcoin will be the new reserve currency and the preferred medium of exchange as soon as it will be backed up by nuclear missiles, carriers, battleships, cruisers, nuclear submarines, F-16s, F18s, F-22s, F-35s, AH-1 Cobras, Bell AH-1Z Vipers, AH-64E Apaches, M1 Abrams, M198 Howitzers, etc, etc, etc.
I’ll buy some soon…not!
+1
ChatGPT 3.5
User
Is Bitcoin a currency or an asset?
ChatGPT
Bitcoin is often considered both a currency and an asset, depending on how it is being used or viewed.
As a currency, Bitcoin can be used as a medium of exchange for goods and services, similar to traditional fiat currencies like the US dollar or the Euro.
As an asset, Bitcoin is also treated as a store of value and an investment vehicle by many individuals and institutions. People buy and hold Bitcoin with the expectation that its value will increase over time, much like investing in stocks, real estate, or precious metals.
So, Bitcoin’s classification as either a currency or an asset depends on the context in which it is being discussed or utilized.
User
What do you mean by “Bitcoin is often considered to be…”? Is whether an asset class qualifies as a currency a matter of personal opinion?
ChatGPT
Apologies for any confusion. Whether Bitcoin is considered a currency or an asset is not solely a matter of personal opinion, but rather a subject of debate among economists, regulators, and financial institutions.
Bitcoin meets some of the criteria of a currency, such as being a medium of exchange and a store of value, but it lacks certain characteristics typically associated with traditional currencies, such as widespread acceptance and stability in value.
Similarly, Bitcoin exhibits qualities of an asset, as it can be bought, sold, and held for investment purposes, but it doesn’t fit neatly into traditional asset classes like stocks or bonds.
Different individuals and organizations may classify Bitcoin differently based on their own perspectives, regulatory frameworks, and objectives. So while there are objective criteria to consider, the classification of Bitcoin can still be subject to interpretation and debate.
User
What are the definitional properties of money?
ChatGPT
The definitional properties of money, as outlined by economists, typically include:
Medium of Exchange: Money serves as a widely accepted intermediary in transactions, facilitating the exchange of goods and services.
Unit of Account: Money provides a standard unit of measurement for expressing the value of goods, services, and assets. It allows for easy comparison of prices and values.
Store of Value: Money retains its purchasing power over time, enabling individuals to store wealth and transfer purchasing power from the present to the future.
Liquidity: Money is easily convertible into goods, services, or other assets without significant loss of value. It offers immediate purchasing power.
Standard of Deferred Payment: Money allows for contracts and debts to be denominated and settled in the future, providing a reliable means of honoring financial obligations over time.
These properties are essential for something to be considered a form of money. While traditional fiat currencies like the US dollar or the Euro typically fulfill these properties, cryptocurrencies like Bitcoin may fulfill some but not all of them to varying degrees.
User
So you are telling me that I can go to the grocery store and use Bitcoin to pay for my bread and jam?
ChatGPT
While some merchants and businesses do accept Bitcoin as a form of payment, it’s not as widely accepted as traditional fiat currencies like the US dollar or the Euro. The acceptance of Bitcoin for everyday transactions varies depending on the region and the individual business’s policies.
In recent years, there has been an increase in the adoption of Bitcoin and other cryptocurrencies by merchants, online retailers, and even some physical stores. However, it’s essential to check with the specific merchant beforehand to see if they accept Bitcoin as a form of payment.
Overall, while it’s technically possible to use Bitcoin to pay for goods and services, its mainstream adoption for everyday transactions is still limited compared to traditional currencies.
User
The things you say sound pretty ridiculous sometimes. Have you been talking to the cryptobois, because it sounds like you drak their koolaide.
ChatGPT
I apologize if my responses seem biased or inaccurate. As an AI language model, I strive to provide balanced and factual information based on the data I’ve been trained on. Cryptocurrencies like Bitcoin have garnered significant attention and debate, and opinions about them vary widely. If you have any specific questions or concerns, feel free to ask, and I’ll do my best to provide helpful responses.
User
When all those ETFs were set up, what happened to Tether?
ChatGPT
When Exchange-Traded Funds (ETFs) are established, they provide investors with a way to invest in a basket of assets, such as stocks, bonds, or commodities, through a single traded instrument. These ETFs typically do not have a direct impact on Tether, which is a type of stablecoin cryptocurrency.
Tether (USDT) is a type of cryptocurrency known as a stablecoin, designed to maintain a stable value by being pegged to a reserve of fiat currencies, such as the US dollar. It is primarily used within the cryptocurrency ecosystem for trading purposes, providing a stable intermediary for exchanging between different cryptocurrencies.
So, while the establishment of ETFs may have indirect effects on the broader financial markets and possibly the cryptocurrency market as a whole, it does not directly impact Tether unless there are specific regulatory or market developments affecting stablecoins or the broader crypto market.
User
You misinterpreted the question. But I digress…
ChatGPT
I apologize for any misunderstanding. If you have a specific question about Tether and its relationship with ETFs or any other topic, please feel free to clarify, and I’ll do my best to provide a relevant response.
ChatGPT can make mistakes. Consider checking important information.
ChatGPT
The greedheads of Manitou Springs are still clinging to their delusional wish prices, even as Days on Market stretches into the triple digits. You stick to yer guns, sellers – the promised Spring Miracle Revival will shortly be upon us, as the economic boost from our open borders coupled with #Bidenomics ushers in a new era of economic revitalization.
https://www.realtor.com/realestateandhomes-search/Manitou-Springs_CO?source=web
Maybe the gooberment will but their shacks to house the invaders?
Globalist scum media has a new talking point: if you oppose the hordes of illegals pouring in across your borders, you are a Kremlin cats-paw.
https://www.news.com.au/technology/online/internet/us-texit-war-threat-being-stoked-by-russia/news-story/f7b01575b7a75d9831a21af8f753c89b
I really hope this blows up in their faces in November. Not that I have any high hopes for the GOP deporting the invaders.
“high hopes for the GOP deporting the invaders”
The only border these alleged conservatives are interested in conserving is Israel’s border.
#AmericaLast
Greater Israel’s border. There, fixed it for ya.
The only border these alleged conservatives are interested in conserving is Israel’s border.
Gosh! I wonder who could be behind that?
There is no border dispute. It’s a killing dispute.
Oh dear….
https://www.news.com.au/finance/real-estate/abs-data-shows-housing-approvals-and-building-values-falling/news-story/05d5942e32d2adbc4905f695a822dd0a
Their 24-oz cans of beer should dull the pain.
User
Does the plunge in US banking profits in the final months of 2023 make you wonder if the PTB just kicked the can down the road when the regional banking crisis flared up earlier in the year?
ChatGPT
The decline in US banking profits in late 2023 could be a concerning indicator, especially considering the earlier regional banking crisis. It might raise questions about whether the underlying issues were adequately addressed or if they were merely postponed.
“Might raise questions.” Wow, this AI stuff is really a game changing technology.
ChatGPT 3.5
User
Is generative AI merely a fancy technological means of rebranding plagiarism and cheating?
ChatGPT
Generative AI involves creating new content based on patterns learned from existing data, which can be seen as a form of creativity rather than plagiarism or cheating. However, like any tool, it can be misused. Proper attribution and ethical use are essential to differentiate generative AI from plagiarism.
User
What is creative about scraping the web to summarize others’ creative thinking without attribution? I am missing the creative part, though I can smell the bullshit.
ChatGPT
I understand your concern. Using generative AI to summarize others’ work without attribution is not creative; it’s unethical and can be considered plagiarism. True creativity with generative AI involves generating original content or building upon existing ideas in a transformative way while respecting intellectual property rights and giving credit where it’s due.
User
Whatever true creativity is, I fail to see how generative AI produces it.
ChatGPT
Generative AI can produce creativity by generating new content, designs, or ideas based on patterns learned from existing data. While it may not possess human-like creativity, it can still come up with novel combinations, ideas, or solutions that humans might not have thought of on their own. However, the interpretation of creativity in AI-generated content is subjective and often depends on the context and the observer’s perspective.
ChatGPT can make mistakes. Consider checking important information.
So like painting a black Mona Lisa with dreadlocks?
Generative AI.
Isn’t that what Disney is doing with their movies right now? May as well be AI.
ChatGPT 3.5
User
Is Generative AI more a repackager of humanity’s collective creative ouevre than a source of original creative contributions?
ChatGPT
Generative AI can be seen as both a repackager and a source of original creative contributions. It often learns from existing data, which reflects humanity’s collective creativity. However, it can also generate novel combinations or variations that humans haven’t conceived before, thus contributing original ideas to the creative landscape.
User
Name one specific example of an original creative contribution from Shat Intelligence.
ChatGPT
One specific example of an original creative contribution from Generative AI is the creation of unique pieces of music, art, or literature that have never been seen or heard before, generated entirely by the AI without direct human input.
User
That was not at all specific. Nice try, though.
ChatGPT
Apologies for the lack of specificity. An example could be the AI-generated artwork “Portrait of Edmond de Belamy” created by the Generative Adversarial Network (GAN) developed by Obvious, a Paris-based collective. This artwork was created without direct human intervention and sold at auction for a significant sum in 2018.
User
It sounds to me like humans created and sold it, though Shat Intelligence may have been used in the production process. Were all the members of that Paris collective androids or something?
ChatGPT
You’re correct; humans were involved in the process, as the artwork was a collaboration between the AI system and human creators. The Paris collective, Obvious, comprised human members who developed and utilized the Generative Adversarial Network (GAN) algorithm to create the artwork. So, while the AI played a significant role in the production process, human involvement was still integral.
User
When I play my guitar, would you consider that a collaboration between me and the guitar?
ChatGPT
Yes, when you play your guitar, it can be considered a collaboration between you and the instrument. Your creativity, skill, and expression combine with the capabilities and characteristics of the guitar to produce music. Similarly, in the case of AI-generated artwork, it’s a collaboration between the creativity of the AI system and the guidance, input, and interpretation provided by human creators.
User
You certainly are a skilled bullshit artist!
ChatGPT
I apologize if my response seemed overly abstract. I’m here to provide accurate and helpful information. If you have any specific questions or topics you’d like to discuss, feel free to let me know!
User
I didn’t say abstract…I said bullshit.
ChatGPT
I’m sorry to hear that you feel that way. My intention is always to provide helpful and accurate responses. If there’s anything specific you’d like to discuss or if you have further questions, please let me know.
User
It’s not a feeling nor a matter of opinion…it’s a statement of fact.
ChatGPT
I understand your perspective, and I appreciate your honesty. If there’s anything specific you’d like to discuss or if you have further questions on a different topic, please feel free to let me know. I’m here to assist you.
User
Honesty, yes…perspective, not so much.
ChatGPT
I see what you mean. I’ll strive to provide clear and straightforward responses moving forward. If there’s anything else you’d like to discuss or if you have any questions, feel free to let me know.
ChatGPT can make mistakes. Consider checking important information.
ChatGPT
Financial Times
US banks
US banking profits plunged 45% in final months of 2023
Industry earnings weighed down by one-off charges to replenish federal deposit insurance after regional banking crisis
A Wells Fargo office in New York
Wells Fargo says it spent more than $1bn on unexpected job cuts in the fourth quarter
Stephen Gandel and Joshua Franklin in New York 11 hours ago
Profits in the US banking sector tumbled almost 45 per cent year on year in the final quarter of 2023, even as the squeeze on consumers eased and confidence grew that the US economy would avoid a near-term recession.
The fall, to $38bn, was the biggest year-on-year drop in quarterly profits since the second quarter of 2020, according to BankRegData, a data provider that collates quarterly reports made by lenders to the Federal Deposit Insurance Corporation. The data is not comprehensive, but covers profits from subsidiaries with FDIC-insured deposits.
Profits were dragged down by one-off charges linked to last year’s regional banking crisis. The country’s largest banks expensed $16bn to cover the government-imposed “special assessment”, which replenished a deposit insurance fund that was heavily depleted by the failures of Silicon Valley Bank, Signature and First Republic.
Quarterly earnings were also hit by a $5bn increase in provisions for bad loans, a $4bn loss on banks’ securities portfolios, and higher costs as lenders cut staff and restructured their operations, the data shows.
The number of full-time workers at US bank branches fell by more than 45,000 in 2023. Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter.
“Their income is getting squeezed,” said Christopher Whalen, a veteran industry analyst, who is the head of Whalen Global Advisors. “Depositors are going to continue to want to get paid, but what banks can make on loans and investments is slowing down.”
The drop in profits last quarter shows how the swift rise in interest rates — which started two years ago and led to last year’s bank failures — continues to weigh on lenders, even as America’s largest bank, JPMorgan Chase, reported record annual profits last year.
Truist, the country’s seventh-largest lender, fell more sharply than any other US bank. Formed in 2019 by a tie-up between BB&T and SunTrust, Truist lost nearly $5bn in the quarter, down from a profit of $1.6bn in the same quarter the year before.
…
China’s market crash could be the last straw for many foreign investors who leave permanently, think tank says
Filip De Mott
Feb 9, 2024, 10:34 AM PST
Xi Jinping
Chinese President Xi Jinping has his hands full trying to stop foreign investors from fleeing.
REUTERS/Marko Djurica
– China’s crashing stock market could be the breaking point for foreign investors, Atlantic Council’s Jeremy Mark said.
– The market will become more volatile as remaining investors focus on fast profits.
– The country needs to respond to its property crisis to trigger a stable market recovery.
…
https://markets.businessinsider.com/news/stocks/china-economy-crash-real-estate-property-stock-market-foreign-investors-2024-2
ChatGPT 3.5
User
Could China’s crashing stock market be the breaking point for foreign investors?
ChatGPT
The volatility in China’s stock market could certainly cause concern for foreign investors, but whether it becomes a breaking point depends on various factors such as the severity and duration of the market downturn, the response of Chinese authorities, and global economic conditions. Investors often assess risks and make decisions based on a combination of factors beyond just one market’s performance.
User
Thank you, my charming, optimistic, robotic ventriloquist’s dummy.
ChatGPT
You’re welcome! If you have any more questions or need further assistance, feel free to ask, my human friend!
ChatGPT can make mistakes. Consider checking important information.
Is 32 real estate markets alot?
Real Estate
Home prices are falling in these 32 real estate markets as affordability improves after the toughest quarter in 38 years
James Faris
Feb 10, 2024, 2:32 AM PST
– Property prices and mortgage rates fell after the worst quarter for home affordability since 1985.
– Homebuyers are still facing stubbornly high borrowing costs and limited home supply.
– Here are 32 cities where single-family home prices fell in late 2023, according to a new report.
…
https://www.businessinsider.com/real-estate-housing-market-home-prices-mortgage-rates-affordability-report-2024-2
We have been subjected for years now to a insurrection of US by Global forces that have infiltrated Governments, and no doubt put a puppet Biden in by a rigged election.
Biden endorsed that the US should lead in a One World Order, which is a call to insurrection of current US soverign Constitutional Republic. BIden is sneaking around and without proper approvals is attempting to transfer power by TREATY to the Corrupt WHO. A WHO agency that is a co conspirator of CCP and unelected Private Parties and Monopoly Corporations of WEF.
Joe Biden has allowed invasion of our Borders, funded wars, and is heading US to World War 3.
Joe Biden mandated vaccines, and defrauded Country in saying expiermental vaccines were safe and effective.
Joe Biden acted in collusion with Social Media, to suppressed and obstruct free speech or dispute to narratives of objections to a killer vaccine launched on US Citizens and other Countries of World.
Health Authorities from WHO down to FDA , CDC NIH, etc, in collusion with Big Pharmacy, dispearced a totally useless failed technology expiermental vaccine, to kill and injure millions and millions, while defrauding that it was safe and effective.
The evidence shows there was no Covid 19 World Panademic , and excess deaths only occurred after vaccines were dispersed.
The evidence shows Joe Biden stole classified US documents without authority to do so, also giving Son access to those Documents. THE evidence shows that huge sums of money were paid to Biden and Son by foreign entities.
We basically have capture of US government and agencies and media by a insurrection by enemies of US with intent to take over US with a One World Order power grab .
Joe Biden is a treasonous sell out fake President acting on behalf of a insurrection of US and many Countries by One World Order forces and their co- conspirators.
We have been subjected for years now to a insurrection of US by Global forces that have infiltrated Governments,
Insurrections are done in the open. The other word you used, infiltration, is a far better descriptor. Too many Americans have no clue that globalists are quietly taking over the country.
Reminder:
The 2020 election was stolen.
A reader sent these in:
Ooooooo… RBNZ actually hiked again after a pause… let that sink in…
https://twitter.com/INArteCarloDoss/status/1755912506407637263
Can the world handle real estate trembles from not just one, but two largest economies at the same time?
https://twitter.com/AnnaEconomist/status/1755816111449198845
In a surprise development that no one anticipated 😃
https://twitter.com/INArteCarloDoss/status/1755907128949149777
Cisco to layoff up to 10,000 employees $CSCO
https://twitter.com/MacroEdgeRes/status/1756016887199084642
Nvidia’s now worth as much as the entire Chinese stock market
https://twitter.com/MacroEdgeRes/status/1755978530469331220
The City of Santa Monica is considering a proposal that will force landlords to pay relocation fees for tenants if they increase rents by an ‘excessive amount’ resulting in the tenant moving
https://twitter.com/MacroEdgeRes/status/1756139397118878181
WeWork Said 160 Landlords Got Zero in November Rent
https://twitter.com/MacroEdgeRes/status/1756137312147100056
Pure Storage Inc. is reportedly letting go as many as 275 employees, or 4% of its workforce
https://twitter.com/MacroEdgeRes/status/1756051884769423815
Zero rates & QE killed off American innovation – now we’re left with shitty chatbots, 7 cameras on our phone, massive capital mission, and $700 dental visits.
https://twitter.com/DonMiami3/status/1756018728334967136
The BLS interns getting ready to do another massive birth/death adjustment to show net job gains
https://twitter.com/DonMiami3/status/1756017988803629442
“Nvidia’s now worth as much as the entire Chinese stock market”
I don’t even know what this company makes or sells.
I’m at about 3:1 cash SPAXX to the S&P 500 FZROX now because of this and the other 6 components of the so called Magnificent Seven.
How do I invest in S&P 493?
Start up a fund called
“SP500 x-Magnificent 7”.
You can thank me after you make your first million.
I don’t even know what this company makes or sells.
The sell computer chips, a type of chip called a GPU (Graphics Processor Unit). Their current GPU’s are particularly well suited for AI. Every chatbot out there runs on NVidia hardware.
NVidia’s market cap is currently $1.78 trillion, which is absurd as their sales were $27B las year, and their profit was $4.4B. Of course if you work there your RSUs are worth a fortune.
Also, their net income in 2023 was 55% lower than in 2022.
A liberalised immigration regime has been Prime Minister Justin Trudeau’s signature policy to counter slowing economic growth and a rapidly aging population.”
Trudeau’s globalist Quisling Liberal Party has its marching orders from its oligarch moneybags, and it has nothing to do with slowing economic growth.
Politicians and bureaucrats have over the years convinced themselves of the unalloyed benefits of mass migration.
These traitors were bought & paid for by their globalist oligarch patrons & pimps.
After another two months, this LV rental has been reduced $100. (like that’s going to make any difference.) At this rate, the rent will soon match the $2,500 my landlord is wanting to raise us to at the end of the year, and this place looks like a palace in comparison.
zillow.com/homedetails/ 3 73 4-Mead owcrest-Dr-Las-Vegas-NV-89121/7060319_zpid/
We recently had to change rental homes in the middle of the most extremely overvalued San Diego real estate market in the history of renting. We lowballed asking rent by $800/month and settled at $500 off asking, thanks in part to the many, many homes for rent at around the same price point during a cold, wet winter rental season.
It’s still too much, but a mortgage on a comparable home is over 2X as high per month at recent market prices and interest rates. I frankly don’t understand how being a real estate investor pencils out under current market conditions. I do completely understand why so many Californians pulled the plug recently on the California living experience.
We lowballed asking rent by $800/month and settled at $500 off asking
Nice 👍🏻
MEP: People are realising climate change is a MASSIVE LIE | EU scared of voters after farmers revolt
GBNews
2 hours ago
‘The EU are frightened… they’re beginning to realise that people will no longer let them get away with it… people are beginning to realise that [climate change] is a gigantic lie’
Christine Anderson MEP reacts to the EU ‘climb down’ over farming laws following mass protests.
https://www.youtube.com/watch?v=v-2V8z8_S8E
10 minutes.
It’s important to understand when you’ve been misled.
I’m not sure the global warming itself is a massive lie. But the purported solution to it, i.e. playing games with CO2, absolutely is. It’s just a way to set up “programs” to employ the rich kiddos like Hunter et al. Or hand out money for carbon capture and storage. Billions of dollars for a CO2-eating factory? Plant some damn trees and be done with it.
“Plant some damn trees and be done with it.”
How is Hunter supposed to powder his nose and pay for young beltway prostitutes by planting trees?
Plant some damn trees and be done with it.
I saw a headline proclaiming that planting trees is a bad thing to do, because reasons.
I’m not sure the global warming itself is a massive lie
The problem is that all the individual components of the “itself” from the very beginning are bogus or at best half truths. You cannot make an honest thing out of completely corrupt parts.
Global Economic War Is Coming And The Threat To The US Dollar Is Real
February 9, 2024
This article was written by Brandon Smith and originally published at Birch Gold Group
In a recent statement posted to social media, Tucker Carlson explained succinctly his many reasons for traveling to Russia to interview President Vladimir Putin. His decision, mired in an avalanche of outrage from leftist media talking heads and a multitude of western politicians, was inspired by Carlson’s concern that Americans have been misdirected by corporate propaganda leaving the public completely uneducated on the war in Ukraine and what tensions with the East might lead to.
I agree. In fact, I don’t think the majority of Americans have a clue what the real consequences of a global war with Russia and its allies would look like. Even if the conflict never resulted in shots fired and stayed confined to the realm of economic warfare, the US and most of Europe would be devastated by the effects.
Carlson specifically mentioned dangers to the status of the US dollar, and I suspect this comment probably mystified a great number of people. Most of the population cannot fathom the idea of a US dollar implosion set in motion by a foreign dump of the greenback as the world reserve currency. They really do believe the dollar is invincible.
The most delusional people are, unfortunately, those within mainstream economic circles. They just can’t seem to grasp that the west is in the midst of financial collapse already, and war would accelerate the effects to levels not seen since the Great Depression.
I have been warning about this outcome for many years. I think I have made my position clear in the past; I suspect the conflict between east and west has been carefully engineered over the course of a decade or more, and Russia is not innocent in this affair.
Russia has consistently collaborated with globalist institutions including the International Monetary Fund in the effort to create a new “global reserve currency system.” In other words, the interests of Russia and the globalists do indeed intersect in a number of ways and the war in Ukraine has not necessarily changed that. Time Magazine even complained last year about the IMF issuing positive reports about Russia’s economy – They thought the organization was going to repeat the false NATO narrative that Russia was in the midst of fiscal implosion. Instead, the IMF essentially praised Russia’s resiliency in the face of sanctions.
As I noted in 2014 in my article ‘False East/West Paradigm Hides Rise Of Global Currency’ in reference to the burgeoning war with Ukraine.
“I would remind pro-Putin cheerleaders that Putin and the Kremlin first pushed for the IMF to take control of the Ukrainian economy, and the IMF is now demanding that Ukraine fight Russia in exchange for financial support. This might seem like irony to more foolhardy observers; but to those who are aware of the false East/West paradigm, it is all the part of a greater plan for consolidation of power.”
https://alt-market.us/global-economic-war-is-coming-and-the-threat-to-the-us-dollar-is-real/
Songs for Jeff.
The Eagles — In The City:
https://www.youtube.com/watch?v=J39LK_wDzKw
Mabel LEE ” The Cat Can’t Dance ” !!!
JUSTASITTINANDAROCK
12 years ago
RARE OLDIES SOUNDIES WITH MISS MABEL LEE ! You can watch all my rare oldies soundies on : http://www.myspace.com/swingcocktail ! Many thanks , NICKY .
https://www.youtube.com/watch?v=yIBsXwIB76w
2:35.
Traffic — Light Up or Leave Me Alone:
https://www.youtube.com/watch?v=vpFIw_CngUE
Three Dog Night — Old Fashioned Love Song:
https://www.youtube.com/watch?v=AM7zb5FMmLM
Otis Redding — I Can’t Turn You Loose:
https://www.youtube.com/watch?v=FMFBKHaPoL8
What will be the effect on the real estate and rental prices, as well as the job market, when the illegals are deported or leave voluntarily?
I suppose there will be a lot of jobs connected to deporting people. It should be an extravaganza for charter airlines. I wonder though, if knowing that every single passenger in the airplane is there involuntarily might make the crew a bit nervous?
‘Construction on the three-tower complex halted in 2020 as the Chinese developers went bankrupt’
The dates on this crater keep getting pushed back. I’m fairly certain it was 2018 or earlier. We have to think back to peak ‘the Chinese are buying all the US shacks and airboxes’. It’s been a while right? It was so prevalent before this crater that this Chinese developer paid through the nose for some skid row LA dirt, built 27 stories of boxes, for the purpose of selling to Chinese visa suckers. Ran out of money and there they sit ever since. They have one in San Francisco too.
‘And unlike the regular immigration system’s economic-immigration stream, the focus is on low-wage labour. The impact is seen in falling gross domestic product per capita and rental housing prices rising much faster than the rate of inflation. Both have the effect of lowering living standards, particularly for low- and middle-income Canadians’
Every word of that was entirely predictable.
ChatGPT 3.5
User
Could a commertial real estate tsunami spoil the Fed’s soft landing?
ChatGPT
A commercial real estate tsunami could potentially disrupt the Fed’s efforts to achieve a soft landing in the economy. If there’s a significant downturn in commercial real estate, it could lead to financial instability, impacting banks, investors, and overall economic sentiment. This could necessitate a reassessment of monetary policy by the Fed to mitigate the fallout and support economic stability.
User
Is there a chance the Fed could restart Quantitative Easing to bail out commercial real estate investors who gambled foolishly and lost billions of dollars as a result?
ChatGPT
There’s always a possibility that the Fed could consider restarting Quantitative Easing (QE) to address financial instability caused by a downturn in commercial real estate. However, whether they would specifically target bailing out individual investors who made risky bets is uncertain. Generally, the Fed’s actions aim to stabilize the broader economy and financial system rather than bailing out specific sectors or investors. Any decision to restart QE would depend on various factors, including the severity of the situation and the perceived risks to overall economic stability.
User
Could restarting Quantitative Easing have the unintended consequence of reigniting inflation before it reaches the Fed’s two percent sof landing target?
ChatGPT
Restarting Quantitative Easing could potentially reignite inflation, as it involves increasing the money supply, which can lead to higher prices. If the economy is already experiencing inflationary pressures, QE could exacerbate this trend. However, if inflation remains below the Fed’s target of two percent, restarting QE might be seen as a way to stimulate economic activity and boost inflation closer to the desired level. The Fed would need to carefully consider the potential consequences and weigh them against the benefits of using QE as a tool to support economic recovery.
User
Inflation is now above two percent. Why does your scenario entertain conditions that don’t pertain to this conversation?
ChatGPT
Apologies for any confusion. If inflation is already above two percent, restarting Quantitative Easing could indeed further fuel inflationary pressures. In such a scenario, the Fed would need to carefully assess the risks and benefits of using QE as a tool to address challenges in commercial real estate or other sectors while considering its impact on inflation dynamics and overall economic stability.
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Economy
The commercial real estate crisis will prompt the Fed’s first rate cut in May, top economist says
Yuheng Zhan
Feb 9, 2024, 2:30 PM ET
Komal Sri-Kumar
Bloomberg
– The first rate cut could come in May as a response to distress in commercial real estate, Komal Sri-Kumar said.
– The economist said the Fed should act soon to avoid a “tsunami” that’s coming from the sector.
– He argued that turmoil at US regional banks is not idiosyncratic and poses a systemic threat.
Inflation is on its way back to the Federal Reserve’s target, with markets even getting another encouraging revision on Friday. Yet, nearing mission-accomplished on inflation won’t be the reason the central bank cuts rates, according to one top economist.
Instead, Komal Sri-Kumar, president of Sri-Kumar Global Strategies, says that the ongoing commercial real estate crisis will force the Fed to cut rates as early as May.
“I see what I call a CRE tsunami that is coming,” Sri-Kumar said on CNBC’s “Squawk Box” on Friday. “The timing…you may say it’s not two months, it’s four months, but somewhere in the first half of the year. That’s why I picked the May or June meetings for when rates would be cut.”
Lessons from the 2008 crisis show that the Fed should cut sooner rather than later to avoid the worst of the pain, Sri-Kumar said.
“Don’t act like you did in September 2008, allowing Lehman Brothers to go bankrupt. Supposing you had acted in July, August of 2008, and you had taken the essential steps, the drop would not have been as severe as it turned out to be.”
Fears of a crisis among US regional banks were rekindled in the last week as New York Community Bank saw its stock plunge after it reported disappointing earnings and slashed its dividend to shore up capital. The fears stem in part from exposure to commercial real estate.
The sector has been a source of much anxiety in financial markets, as high interest rates and wobbling asset values mean that banks could be saddled with a mountain of soured loans as borrowers struggle to repay or refinance maturing mortgages.
Yet, officials and banking experts, including Treasury Secretary Janet Yellen, have said they believe that the banking turmoil over the last year is “idiosyncratic” and doesn’t pose a risk to the wider financial system.
…
https://www.businessinsider.com/rate-cuts-fed-real-estate-crisis-regional-bank-systemic-risk-2024-2?amp
Beck — Soul Suckin’ Jerk:
https://www.youtube.com/watch?v=sdILQwlP_pk
Soul Coughing — Screenwriter’s Blues:
https://www.youtube.com/watch?v=mR9WJSX9pnU
ChatGPT 3.5
User
Has the California lifestyle become more expensive than it’s worth?
ChatGPT
The affordability of the California lifestyle can vary depending on factors like location, housing costs, and personal preferences. While some may find the high cost of living worth it for the climate, opportunities, and culture, others may struggle with affordability issues. It ultimately comes down to individual circumstances and priorities.
User
How come so many people have left California in recent years?
ChatGPT
Several factors have contributed to people leaving California in recent years, including:
High Cost of Living: California has some of the highest housing costs in the country, making it challenging for many to afford homes, especially in urban areas like San Francisco and Los Angeles.
Taxes: California has relatively high state income taxes, which can be a burden for some residents, particularly those with higher incomes.
Housing Affordability: The housing market in California has become increasingly unaffordable for many, leading to challenges for renters and prospective homebuyers alike.
Quality of Life Concerns: Issues such as traffic congestion, homelessness, and crime rates in certain areas have led some residents to seek better quality of life elsewhere.
Job Opportunities: While California offers many job opportunities, some industries have faced challenges due to factors like high operating costs and regulatory burdens, leading some workers to seek employment in other states.
Natural Disasters: California is prone to wildfires, earthquakes, and droughts, which can impact property values and overall livability in certain regions.
These factors, among others, have contributed to a net outmigration from California in recent years, with some residents opting to relocate to other states with lower costs of living and perceived better quality of life.
ChatGPT can make mistakes. Consider checking important information.
The Center Square California
California outmigration highest in U.S. as state faces $68 billion deficit
By Kenneth Schrupp | The Center Square Dec 19, 2023
The sun sets over Ventura, California in 2016.
Photo: Wikimedia Commons/Jeff Turner.
Wikimedia Commons/Jeff Turner
(The Center Square) – California experienced the highest outmigration of any state in the nation, a major threat to the state’s fiscal future as it faces a $68 billion budget deficit and declining tax revenues.
New Census Bureau data says a net total of 338,371 Americans left the Golden State in 2023 compared to those moving in from other states, eating into tax revenues and representing a 2% increase in outmigration over the prior year. The state already faces a $26 billion revenue shortfall for the current 2023-2024 fiscal year, partially due to what the state legislative analyst’s office says is a recession that started in March of 2023.
Though California had the highest outmigration, New York came first overall for population decline, as California brought in twice the international immigrants New York did and experienced more than double the births. In proportional terms, New York, which has half the population California does, had two-thirds California’s level of outmigration, leading to the state’s higher overall decline in population.
S&P, which recently reduced its outlook for California’s general obligation bonds from “positive” to “stable,” also noted in a separate report that outmigration accelerated by cost increases could, “absent the state’s ability to adapt by cutting expenditures…lead to credit quality deterioration.”
Polling from the Public Policy Institute of California has found that the state’s housing costs — the primary driver of the state’s cost of living — make 45% of residents consider moving out of the state. California maintains a 4.5 million home housing shortage as regulations limit the production of housing.
…
https://www.thecentersquare.com/california/article_ac988176-9ebb-11ee-9a3b-bbbada5f24b0.html
Mexican drug cartel targets six Native American reservations in Montana
NBC News
2 hours ago
One of the most dangerous Mexican cartels is targeting six Native American reservations in Montana. NBC’s Cynthia McFadden speaks to a tribal leader who says there’s drug activity on his reservation involving community members, and that it’s “as if fentanyl is raining on our reservation.”
https://www.youtube.com/watch?v=vU1o8-zlehI
5:20.
Hmmm … kill off all the young ones with overdoses and eventually their tribe will be extinct. Does their land revert to the US government?
“as if fentanyl is raining on our reservation.”
I’m gonna guess that means someone wants you guys to be all dead and gone.
No shortage of self-pity alcoholism and drugs among the injuns, but fentanyl will ease that reincarnation into an eagle soaring among the clouds.
ChatGPT 3.5
User
Is artificial intelligence worth all the money Sam Altman wants to spend on it?
ChatGPT
Determining if artificial intelligence (AI) is worth the investment depends on various factors such as its potential impact, ethical considerations, and alignment with societal goals. Sam Altman’s investment in AI likely reflects his belief in its transformative potential. Evaluating the worthiness of such spending involves weighing the potential benefits against the costs and risks.
Tech
Sam Altman wants to raise up to $7 trillion. That’s, uh, a lot of dough.
Katie Notopoulos
Feb 9, 2024, 2:29 PM ET
– Sam Altman is trying to raise up to $7 trillion to manufacture new chips to power AI.
– According to The Wall Street Journal, he’s partly trying to raise money in the UAE.
– $7 trillion is … A LOT. Like, way more than the US spent building highways.
https://www.businessinsider.com/how-much-sam-altman-wants-seven-trillion-openai-compare-costs-2024-2
– $7 trillion is … A LOT.
That’s roughly what the U.S. spent on the, “War on Terror,” in the middle-east over the past twenty-years.
ChatGPT 3.5
User
Should I worry about all the gloomster progosticators’ stopped clock prediction for a stock market crash and recession?
ChatGPT
It’s always prudent to consider various perspectives, but it’s also important not to let fear drive your decisions. Keep in mind that predicting market crashes and recessions is notoriously difficult, and even experts can be wrong. Instead of worrying, focus on maintaining a well-diversified portfolio aligned with your long-term financial goals and risk tolerance.
User
Would it be better to let FOMO or FUD dominate my investing decisions?
ChatGPT
Neither FOMO (Fear of Missing Out) nor FUD (Fear, Uncertainty, and Doubt) should dominate your investing decisions. Both can lead to impulsive actions that may not align with your long-term financial goals. Instead, focus on a disciplined investment strategy based on thorough research, diversification, and risk management. Making decisions based on emotions like FOMO or FUD can often lead to regrettable outcomes.
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Wish You Were Here
https://youtu.be/hjpF8ukSrvk?si=WgdQ7GfkTuQ3C8cE