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It Just Feels Like A Never Ending Nightmare

It’s Friday desk clearing time for this blogger. “The tight housing market is loosening, revealing a light at the end of the tunnel of fast-rising prices. More inventory means more potential for buyers to get concessions such as price discounts, covered closing costs, repairs and upgrades. ‘I have two condos on the market and both of my sellers are willing to pay closing costs,’ said Greater Nashville Realtors President Kevin Wilson. The shift is meaningful in the market. Just two years ago, the market routinely demanded cash offers above listing prices. ‘Entry-level buyers are saying, ‘I can rent for less than a mortgage,’ Wilson said. ‘But most Americans build wealth for themselves and their children through home ownership. If you choose to rent, you’re building someone else’s wealth.'”

“‘A lot of our new generations are part of the gig economy — Uber drivers or working in restaurants, especially in the Latino community have different sources of revenue,’ said Nashville Mortgage Bankers Association President Miguel Vega. ‘A lot of lenders are building other programs with more relaxed guidelines. Some of these programs are as simple as showing bank statements.'”

“When it comes to the 2023 Colorado Springs housing market, local realtors used terms like ‘anticlimactic,’ ‘stagnant,’ and ‘in hibernation.’ Patrick Muldoon, broker-owner of Muldoon Associates, noted in his 30 years of experience, that he’d never seen a market with such high rent and buy discrepancies. ‘I’ve gotten a number of buyers that I’ve said, ‘Rent and keep saving money.’ Because in price points they’re in, they can save anywhere from $750 to $1,000 a month renting the same property in the same area that they otherwise would have to buy,’ said Muldoon. ‘So that’s a lot of money nowadays.'”

“Neighbors in the east Columbus community of Pinecrest are demanding answers as property values have tripled in their neighborhood and property taxes are nearly doubling this year for many. ‘I’ve been in my house since 1960,’ said homeowner William Knopic. ‘I’m not going to sell it. It’s one of those that has never been upgraded. If they don’t put down the taxes to where they were, they can have it,’ said Knopic threatening a foreclosure on his property. ‘That’s over $2,000%, not 200%.’ ‘What’s the end game?’ asked homeowner Dave Riggs. ‘They come and take the house at some point after you’ve lived in it for 20 to 30 years because you can’t pay the taxes? That’s insane.'”

“They’re under water. ‘Below Deck’ star Captain Sandy Yawn and her wife emptied their savings three years ago to build their Florida dream home. Instead, they contracted into a nightmare that has them on the financial brink. ‘It’s been horrible,’ Yawn told The Post from a book signing at the Miami Boat Show Thursday. ‘We used all the money we had, and we still don’t have a home.’ The reality show fixture is one of more than a dozen victims who purchased land in scenic Nocatee, a booming planned development near Jacksonville that regularly appears on lists of best places to live in Florida. Buyers paid Pineapple Construction to then build their homes — some of which cost well over $2 million. But the firm and its CEO, Spencer Calvert, suddenly went AWOL, leaving them with unfinished husks and debts mounting into the millions.”

“The ordeal has left some in financial ruin, compelling them to seek out therapy to deal with their sudden destitution. ‘We did everything right,’ said one bilked buyer. ‘We saved, we worked hard for years and years. But one bad move with one bad actor and we don’t know what we’re going to do. It’s hard to describe it to you.’ One victim plunked down more than a million dollars for land and a deposit on their new home’s construction — but Pineapple has yet to even file permits on the empty property a year later. Contractors have also been scrambling in the wake of Pineapple’s collapse, telling homeowners that they completed hundreds of thousands of dollars worth of work and were never paid.”

“It’s been a year-long saga for Jim Carrey and his attempts to part ways with his lavish California estate. Despite slashing its asking price not once, but twice, the Hollywood star finds himself grappling with the challenge of unloading the luxurious property. It began in February last year when Carrey first put the Los Angeles estate on the market for a staggering $29 million. Fast forward two months, to that April, a modest $2.4 million reduction was applied — yet no potential buyers emerged from the woodwork. ‘In California, the real estate market is experiencing a dry spell. These multi-million dollar properties, if initially priced too high, can linger on the market for an extended period,’ a Los Angeles-based broker told The Post.”

“An Ottawa woman has had her life turned upside down and is now facing bankruptcy in a perfect storm of unfortunate events. ‘I just feel like I’m tracking through the mud and swimming against the current. It just feels like a never ending nightmare,’ said Vanessa Hartmann. It all started two years ago, when she purchased a home in Jasper, Ont. along the Rideau River. At the time, the property was listed for $465,000, but Hartmann says she paid $200,000 over the asking price. ‘It was quite ludicrous, there were bidding wars and it was just really stressful,’ said Hartmann.”

“But just seven months later, she was laid off from her well-paying job at Microsoft and at the same time, soaring interest rates nearly doubled her mortgage. ‘I said ok, I can’t afford this but then I started to default on my payments,’ said Hartmann. Hartmann said she tried to sell her house through two different realtors and ended up handing the keys over to Scotiabank in November. ‘I moved out of the property and to my knowledge the bank was changing the locks,’ said Hartmann.”

“A few months later, the bank served her with foreclosure papers. She said she was unable to afford a lawyer and did not qualify for legal aid. As a result, she’s now awaiting a default judgement and faces the possibility of bankruptcy. ‘You literally go from owning a property and having a job with a great income, to being faced with homelessness in less than a year,’ said Hartmann. Marc Rouleau, insolvency trustee at Doyle Salewski Inc., tells CTV News that stories like Hartmann’s are becoming more common with rising interest rates and historically high levels of household debt. ‘There’s a lot of adjustment that’s going to happen. This is not a next week, next month, next year, it’s going to be for a long time that people need to adjust to the new reality,’ said Rouleau.”

“Nine London boroughs have been hammered by price plunges, with Kensington and Chelsea being the hardest hit area, according to new data and analysis by online estate agent Purplebricks. Homeowners just outside the capital have little to celebrate too, with homes in nine commuter belt areas losing an average of £35,000 in the space of a year. In the capital, the City of London and Westminster lost around £142,000 and £141,000 respectively, while Hammersmith and Fulham properties dropped £70,000, Waltham Forest homes lost £42,000 and Haringey shed £28,000.”

“Outside London, the leafy stockbroker belt town of Tunbridge Wells took a bruising, with the average home losing around £47,000. Homes in popular commuter areas like Runnymeade, Surrey Heath, Welwyn Hatfield, Tonbridge and Malling and St Albans lost an average of £37,000 in the last 12 months.”

“The number of company collapses has surged by 44 per cent as the bloodbath continues with construction industry insolvencies leading the way. New data from credit agency Equifax released to news.com.au this week painted a sobering picture of the reality of Australia’s flailing business landscape. In a surprise to no-one, the construction industry received the title that nobody wants — the worst hit industry. It comes as news.com.au previously reported that 8471 businesses went bust in 2023.”

“Of that, a staggering 2349 construction firms collapsed in the past year — with fears more may fall soon. Mass collapses of construction companies are usually the first signs of a struggling economy caught in the throes of inflation, as they run on tight margins and rely on supply chain prices staying the same. Liquidator Nicholas Crouch previously told news.com.au that he was ‘not surprised’ that insolvencies in the construction sector had leapt over the past two years. He said the hundreds of billions in Covid-19 stimulus pumped into the economy by the Australian government helped prop up struggling businesses and resulted in long delays between an insolvent event and liquidators being called in, as business owners tried to hang on.”

“Shamefully, in 96 per cent of cases where small and medium sized businesses go under, only between zero and 11 cents is recovered for every dollar owed to out-of-pocket creditors.”

“The debt crisis at Redsun Properties Group is going from bad to worse as it has missed payments on several offshore bonds since mid-2022 as China’s housing market struggles to overcome a three-year slump. Some bondholders have now moved to put the developer out of business. The Bank of New York Mellon (London branch) has filed a winding-up petition against the firm for failing to repay at least US$228.5 million, the company said in a Hong Kong stock exchange filing on Friday. The debt is related to a US$200 million two-year junk bond due in September 2023 plus unpaid interest.”

“The litigation highlights the swift downfall of the developer based in Nanjing in eastern Jiangsu province, which only listed in Hong Kong less than six years ago. It also shows how some foreign creditors have lost patience with many Chinese builders as home sales have slumped after a liquidity crunch. Since its last repayment of offshore bonds in April 2022, Redsun has defaulted on some of its US$1.5 billion dollar-denominated bonds, including in April and September last year. Evergrande’s demise has opened the door for more winding-up petitions against indebted developers, independent market analyst Louis Tse Ming-kwong said. ‘Some banks are among the creditors, and they are also listed,’ he said. ‘What else can they do but seek recourse from courts?'”

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This Post Has 102 Comments

  1. ‘A lot of our new generations are part of the gig economy — Uber drivers or working in restaurants, especially in the Latino community have different sources of revenue…A lot of lenders are building other programs with more relaxed guidelines. Some of these programs are as simple as showing bank statements’

    So we are back to that one Miguel.

    1. Especially in the Latino community or, at least in the local Latino community that he is familiar with — and nothing beyond that.

    4. “‘A lot of our new generations are part of the gig economy — Uber drivers or working in restaurants, especially in the Latino community”

      Why can’t these kids go to college and major in STEM? There is enough scholarship money, community college, and – yes – student loans, to get a 4-year STEM degree for less than $40K in student loan debt. Sounds like a lot of debt, but that can be offset by decades of fairly good jobs with benefits.

      1. Why can’t these kids go to college and major in STEM?

        1) Maff be hard
        2) Those jobs involve problem solving, as in: why doesn’t it work?
        3) After 4-5 long years of difficult classes, they get a hard job.
        4) It’s geek and nerd work.

        Instead, they hope to make it big in monetized social media. In their minds it just takes a little luck.

        1. 1) Maff be hard

          Kidding aside, if these kids only take the minimum amount of math required to graduate high school (basic algebra?) then they most likely can’t get into a STEM program. Sure they could try to catch up in a community college, but that just adds time to the 4-5 years it will take to earn that STEM degree.

    5. ….more relaxed guidelines.

      ‘12 directive from the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) warning lenders against solely denying lines of credit for mortgages, auto and other loans due to a borrower’s immigration status.’

      No ID no problem, just sign your fake name at the bottom of these 37 pages of 8 point font and give us some pocket money from your fentanyl smuggling operation.

  2. ‘filed a winding-up petition against the firm for failing to repay at least US$228.5 million, the company said in a Hong Kong stock exchange filing on Friday. The debt is related to a US$200 million two-year junk bond due in September 2023 plus unpaid interest’

    Wall streets big golden Chinese junk bond bonanza continues to turn to dust. But nobody could have seen it coming.

    2. Politico — Liberals Dreamed of This Economy For Decades. What If Voters Don’t Like It? (2/16/2024):

      “For years, economic thinkers on the left pushed for more government spending and urged the Federal Reserve to be less paranoid about inflation, with the goal of driving down unemployment as low as possible.

      Their logic: Workers would have more leverage to demand higher wages, as employers competed for employees. With higher incomes, people would be able to spend more, which would fuel the economy by creating demand for goods and services. It could also yield higher productivity, as companies invested in technology to better meet demand.

      There’s a chance we’re headed down that exact path, and yet, Americans don’t seem very enthused.

      Because they really hate inflation.

      “There’s a healthy amount of fear and introspection happening among the architects of these efforts that folks aren’t necessarily buying what we’re selling,” one prominent progressive policy advocate told me. “And folks are under some pressure about it, too.”

      “What are we doing here if we’re not building an economy that people like?”

      Americans’ skepticism about the economy is reasonable. Rent and grocery prices are both up roughly 20 percent in the last three years. Electricity is up more than 25 percent.

      So while inflation has cooled markedly, “the toothpaste is out of the tube.”

      Still, surveys of economic sentiment show optimism has been rising and may continue to do so. So, as the election looms in November, the Biden administration and its allies hope that people get used to the new higher price levels and that positive economic trends, like wages growing faster than prices, last long enough to win over voters.”

      https://www.politico.com/news/magazine/2024/02/16/democrats-economy-inflation-column-00141816

      Ask yourself, are you any better off now than you were in January 2021?

      1. Their logic: Workers would have more leverage to demand higher wages

        I guess they missed the headlines about all the layoffs, and the party is just getting started.

        1. Nike will lay off about 2% of its employees, or close to 1,700 people, as the sportswear behemoth looks to cut as much as $2 billion in costs.

          That’s some leverage those workers have.

    3. Washington Post — How Americans define a middle-class lifestyle — and why they can’t reach it (2/15/2024):

      “A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of U.S. adults have the financial security to meet that definition, according to a Post analysis of data from the Federal Reserve.

      Americans also underestimate the income required for that lifestyle, suggesting that the popular image of middle-class security is more of an aspiration than a reality for most Americans.

      Just over a third of Americans met all six markers of a middle-class lifestyle. While about 9 in 10 Americans had health insurance, only three-quarters had health insurance and a steady job. With each added measure of financial security, more Americans slipped away from the middle-class ideal.

      Gallup polling last spring found that retirement was Americans’ top financial worry. Even for those who can save, retirement planning requires complicated judgments about how long someone expects to live and the future of government support through programs such as Social Security and Medicare.

      “The de facto landscape now for retirement is to save like hell and hope you don’t live too long,” said Ben Harris, vice president and director of economic studies at Brookings. “And that’s a terrible paradigm.”

      https://archive.is/LDWkv

    4. The Hill — America should thank immigrants for the ‘soft landing’ (2/15/2024):

      “The United States has witnessed an unprecedented influx of immigrants, with the number arriving from the southern border hitting record highs. Consistently, according to recent data, immigrants added about 1 million people to the U.S. population in 2023. This marks the second consecutive year that immigration has been a pivotal driver of population gains in the country.

      A notable characteristic of these immigrants is their youthfulness: According to the U.S. Census, about 77 percent of the immigrants who arrived in 2021 were between 18 and 65 years old, compared to roughly 59 percent for the U.S. population as a whole.

      This demographic trend has a profound implication: A significant portion of these younger immigrants are poised to enter the labor force immediately as they arrive. Although many of them may not possess work visas, they will still join the labor force informally.

      As the 2024 elections loom, the discourse around immigration is likely to be dominated by short-term strategies focused on border control. However, it’s crucial to engage in a more nuanced conversation about the long-term necessity of immigrants in the U.S. workforce. The country is facing a continuous need for a diverse immigrant workforce across all types of occupations”

      https://thehill.com/opinion/4471226-america-should-thank-immigrants-for-the-soft-landing/

      ^ That last sentence, why is there a need for a “diverse” workforce?

      The author of this piece is an “associate professor at Brown University, a senior fellow at Harvard growth lab and a non resident senior fellow at Brookings Institution” with very soft, soft hands, and the type of globalist sh*tbag who views the United States as nothing more than an Economic Zone, and not a sovereign nation in which citizens have rights that do not belong to non-citizens.

      1. Related article.

        Politico — ‘There was a lot of anxiety’: Florida’s immigration crackdown is causing patients to skip care (2/14/2024):

        “At issue is a new Florida law requiring hospitals that receive Medicaid dollars to ask patients about their immigration status. Undocumented migrants in Florida are now steering clear of hospitals and clinics, worried that they’ll be arrested or deported, according to 10 immigration advocates, lawmakers and health care officials.

        While several states have cracked down on immigration in recent years — including a law in Texas that makes it a crime to enter the state illegally from a foreign country — Florida’s law is believed to be the only one in the nation that requires hospitals to ask patients about their immigration status.

        Undocumented immigrants in general aren’t eligible for federal health benefits, but some states access Medicaid dollars to help undocumented immigrants. Last year, California became the first state in the country to offer health insurance to undocumented immigrants through its Medi-Cal program, which is supported through state and federal taxes.

        During the 2023 legislative session, DeSantis and Florida Republicans said the immigration crackdown would send a message to President Joe Biden, who they blamed for the surge in migrants crossing the southern border. The law they passed allows authorities to charge someone with human trafficking if they knowingly transport a migrant across state lines, outlaws undocumented immigrants from driving in Florida even if they have a valid driver’s license from another state and punishes companies for employing illegal immigrants.

        Several immigration groups, along with the Southern Poverty Law Center and the ACLU Foundation of Florida, sued DeSantis seeking to overturn the law.”

        https://www.politico.com/news/2024/02/14/florida-immigration-crackdown-healthcare-00141022

        The Southern Poverty Law Center, did you say?

  4. ‘But most Americans build wealth for themselves and their children through home ownership. If you choose to rent, you’re building someone else’s wealth.’”

    I choose to rent because the Fed’s Everything Bubble is going to implode like a Supernova, wiping out trillions in fake wealth created by the Fed’s gusher of fake money since 2008. Got popcorn?

    1. Townhomes in our complex have a monthly nut of $9-11k with 20% down.

      Our rent is $3815.

      I’m happy to build someone’s wealth. That someone is sending a contractor today to replace a door frame damaged by the recent rain. They’ll be doing window casings and the carpet in the master bedroom next week. They’ll need to haggle the HOA to iron out the details of who pays (exterior awnings and lack of maintenance may be the root cause, but good luck convincing the HOA to pay).

  5. ‘It all started two years ago, when she purchased a home in Jasper, Ont. along the Rideau River. At the time, the property was listed for $465,000, but Hartmann says she paid $200,000 over the asking price. ‘It was quite ludicrous, there were bidding wars and it was just really stressful,’ said Hartmann’

    ‘But just seven months later, she was laid off from her well-paying job at Microsoft and at the same time, soaring interest rates nearly doubled her mortgage. ‘I said ok, I can’t afford this but then I started to default on my payments’

    Vincent at Owl Mortgage in K-da has been warning about this: you have to respect the lag in interest rates, he’s said many times. Think back to the minor respiratory illness: paying 200k over on a 400k Ontario igloo wasn’t uncommon. These strategic defaults were baked in the cake.

    1. I am going to feel the purest, most sublime form of schadenfreude as the lemmings who drove Housing Bubble 2.0 to insane heights through their greed and FOMO end up insolvent and homeless.

    2. ‘You literally go from owning a property and having a job with a great income, to being faced with homelessness in less than a year

      Trouble is you didn’t own the house, you owed on it. You knew one of the cards in the dealer’s deck was homelessness when you anted up, didn’t you?

  6. “…‘What’s the end game?’ asked homeowner Dave Riggs. ‘They come and take the house at some point after you’ve lived in it for 20 to 30 years because you can’t pay the taxes? That’s insane….”

    Yes, it is insane, Dave Riggs.

    The HBB and it readers have been warning about such holding costs scenarios for well over a decade.

    Fasten your seat belt, Dave Riggs, as the ride is only getting started.

    1. ” after you’ve lived in it for 20 to 30 years”

      At which point you should have enough equity to sell the house and still make a gain.

    2. The HBB and it readers have been warning about such holding costs scenarios for well over a decade.

      I like to remind people on NextDoor that the government’s maw is insatiable and that they should absolutely never vote to increase any tax. That doesn’t stop the government from trying. Evey election year there is a Prop 2A on the ballot. 2A is a local tax issue and every city has it’s own. It typically involves selling bonds to pay for some pet project, with a sales tax increase to service the bonds. Depending on the locality 2A usually goes down in flames.

  7. ChatGPT 3.5

    User
    Has the US stock market achieved a permanently high plateau?

    ChatGPT
    The concept of a “permanently high plateau” was famously mentioned by economist Irving Fisher just before the stock market crash of 1929. While markets have seen long-term growth, they are also subject to fluctuations and corrections. So, predicting a permanently high plateau is generally considered unrealistic due to the inherent volatility and cyclicality of
    financial markets.

    ChatGPT can make mistakes. Consider checking important information.

    ChatGPT

  9. Waymo Crashes Show It’s Time To Give Up On Cars In Cities
    Robot taxis may not be the answer

    “I would definitely say that tech companies want self-driving cars far more than the general public does. Public concern about such vehicles hasn’t exactly been hidden – many people are incredibly vocal about their worries about self-driving vehicles. The fact that there have been so many crashes and errors like the Waymo ones is only further proof that this kind of technology is not ready to be rolled out for regular use yet,” said Ben Michael, an attorney at Michael and Associates.

    https://www.techtimes.com/articles/301686/20240215/google.htm

    1. The fact that there have been so many crashes and errors like the Waymo ones is only further proof that this kind of technology is not ready

      That’s unpossible! I remember being told years and years ago that the Google cars were infallible and would soon be past the prototype stage.

  10. After years of rapid expansion, California’s booming EV market may be showing signs of fatigue as high vehicle prices, unreliable charging networks and other consumer headaches appear to dampen enthusiasm for zero-emission vehicles.

    For the first time in more than a decade, electric vehicle sales dropped significantly in the last half of 2023. There are even signs that Californians may be growing tired of Tesla — or at least weary of its outspoken chief executive, Elon Musk — as state Tesla sales fell 10% in the final quarter of last year.

    “It’s an interesting time for the automakers and consumers,” said Greg Bannon, director of automotive engineering at AAA. “The government and automakers have spent billions on something consumers may not want.”

    https://www.msn.com/en-us/money/companies/california-ev-sales-are-falling-is-it-just-temporary-or-a-threat-to-state-climate-goals/ar-BB1ijB3C

    1. I here there are too many EVs crowding into the subsidized carpool lanes in CA. Plus the subsidy program is getting phased out.

      Sux to have paid a premium price for a California EV, only to discover your special privileges are getting yanked away.

    2. The government and automakers have spent billions on something consumers may not want.

      May not want?

      Right now a majority of Californians are thinking about leaving the state Many won’t, but they are thinking about it. An EV is the last thing on their minds.

    3. “weary of its outspoken chief executive, Elon Musk”

      They REALLY don’t like that he broke the lib monopoly on information when he bought Twitter.

  11. Emotion, not fundamentals, is driving stock gains, and a recession could send stocks down more than 30%, market vet says
    Jennifer Sor
    Feb 15, 2024, 7:38 AM PST

    Plowing cash into this type of stock market could be a “mistake,” B. Riley Wealth’s Paul Dietrich said.
    While inflation has cooled from its highs, not all is well in the “wonderland” economy.

    A mild recession could send S&P 500 tumbling by more than a third, Dietrich said in a note.

    The stock market is being driven not by fundamentals, but by investor emotion and the fear of missing out — and a recession could send the S&P 500 plunging by as much as 30%.

    That’s according to Paul Dietrich, the chief investment strategist of B. Riley Wealth Management, who’s warned before of a recession and a bear market that could strike the economy this year.

    Stocks have continued to soar so far in 2024, with the S&P 500 recently surpassing the 5,000 mark for the first time ever. But investing in this kind of stock market is always a “mistake,” Dietrich warned, as it’s mostly being fueled by investor hype.

    “So many investors get caught up in the excitement, momentum, and enthusiasm of a stock market that is running like the Kentucky Derby,” Dietrich said in a note last week. “It is that irrational Fear Of Missing Out, or ‘FOMO,’ that fuels this behavior.”

    A closer look beneath the surface shows that not all is well in the “wonderland” economy, Dietrich added.

    Unemployment remains near a historic low, but has steadily ticked higher over the past year as more firms dole out pink slips. Layoffs and firings rose slightly to 1.6 million in December, according to the Bureau of Labor Statistics.

    Consumer spending has remained strong on paper, but there are signs that Americans are simply funding their purchases with credit card debt to fight rising inflation. Household debt now stands at a record $17.5 trillion, according to Federal Reserve data.

    “Similarly in 2000 and 2008, a large percentage of consumers hit their credit limits and consumer spending dropped dramatically. This cannot end well,” Dietrich warned.

    On Thursday, retail sales logged their steepest drop in almost a year, signaling the resilience of the consumer may finally be waning.

    And while inflation has cooled dramatically from its highs, inflation actually hasn’t been an issue in recessions spanning the last 25 years, Dietrich noted. That means the economy — and the stock market — isn’t necessarily in the clear.

    “While inflation can exacerbate the pain of a recession, the stock market can still drop by half in a recession — even if there is no inflation,” he warned, noting that the S&P 500 dropped an average 36% at the onset of a recession.

    “Even in a mild recession, investors holding the S&P 500 index should expect to lose over a third of their retirement investments in stocks,” he warned.

    Other bears on Wall Street have warned of a coming recession that could derail the bull market in stocks. The odds of a recession striking in 2024 are 85%, according to one economic model, the highest odds recorded since the Great Financial Crisis in 2008.

    Investors, though, are still feeling pretty optimistic about the market. 42% of investors said they felt bullish about stocks over the next six months, according to the latest AAII Investor Sentiment Survey. Markets, meanwhile, are still expecting ambitious rate cuts from the Fed by the end of the year, with a 68% chance priced in that interest rates will be slashed by at least a full basis-point, according to the CME FedWatch tool.
    …
    https://markets.businessinsider.com/news/stocks/stock-market-crash-recesion-outlook-economy-sp500-bull-market-2024-2

    1. ChatGPT 3.5

      User
      Are big playas on Wall Street prepared to jump ship the moment the current wave of stock market euphoria crashes to shore?

      ChatGPT
      Some individuals on Wall Street may be prepared to pivot when market conditions change, especially if they foresee a downturn. However, it’s essential to recognize that market dynamics are complex, and not all investors or professionals will react in the same way. Many factors influence decisions, including risk management strategies, long-term investment goals, and personal risk tolerance.

      User
      Why would anyone, professional or otherwise, want to HODL stocks in a major selloff? Wouldn’t that be about as dumb as standing outside in the path of an approaching tornado?

      ChatGPT
      Holding onto stocks during a major selloff can be part of a long-term investment strategy. While it can be tempting to sell during a downturn to mitigate losses, experienced investors often adhere to the principle of “buying low and selling high.” They may view market downturns as opportunities to acquire stocks at discounted prices, believing in the long-term growth potential of the companies they’ve invested in. Additionally, selling during a panic-driven selloff can lock in losses and prevent the opportunity for recovery when markets eventually rebound. However, individual circumstances and risk tolerances vary, so what works for one investor may not be suitable for another.

      User
      I hope no tornadoes come your way.

      ChatGPT
      Thank you for your concern! Luckily, as an AI, I don’t have to worry about natural disasters. But I appreciate your well wishes nonetheless! If there’s anything else you’d like to discuss or ask about, feel free to let me know.

      ChatGPT can make mistakes. Consider checking important information.

    2. a 68% chance priced in that interest rates will be slashed by at least a full basis-point,

      Wow a full basis point. That would be a radical move, huh.

  12. JPMorgan Chase, BlackRock drop out of massive UN climate alliance in stunning move

    JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements.

    In a statement, the New York-based JPMorgan Chase explained that it would exit the so-called Climate Action 100+ investor group because of the expansion of its in-house sustainability team and the establishment of its climate risk framework in recent years. BlackRock and State Street, which both manage trillions of dollars in assets, said the alliance’s climate initiatives had gone too far, expressing concern about potential legal issues as well.

    “Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions,” Jordan wrote in a social media post on X on Thursday.

    Additionally, state attorneys general, financial officers and agriculture commissioners have banded together in recent months to threaten legal action related to banks’ involvement in climate alliances.

    “JPMorgan, State Street, and BlackRock’s departure is a necessary step in the right direction, but consumers should wait to trust these companies again,” said Consumers Research executive director Will Hild. “By leaving the Climate Action 100+ climate cartel, they are signaling that the actions of millions of consumers and dozens of elected officials are having an effect.”

    “These asset management firms are clearly afraid of the bad press and legal actions taken against their destructive net zero push,” Hild added.

    https://www.msn.com/en-ph/money/markets/jpmorgan-chase-blackrock-drop-out-of-massive-un-climate-alliance-in-stunning-move/ar-BB1ikDD2

  13. Detectives are investigating after an inmate at the Pinellas County Jail died from an apparent fentanyl overdose over the weekend and several others were hospitalized after being exposed to the drug.

    According to PCSO, detention staff at the Pinellas County Jail were called to a possible fentanyl exposure in POD 5 of the C barracks around 6:40 p.m. Four inmates who showed signs of exposure were taken to an area hospital. Investigators say before one of the inmates left, he said, “I snorted fentanyl.”

    Detectives say when asked why they would take drugs after seeing the Pod 5 inmates overdose, they responded with, “because we’re drug addicts.”

    https://www.fox13news.com/news/possible-fentanyl-exposure-at-pinellas-county-jail-kills-1-hospitalizes-several-others-were-drug-addicts

    1. It crosses my mind that since the invasion began the media hardly ever talks about the homeless. Dumver Mayor Johnston made the homeless a cornerstone of his campaign, with promises to house them. That seems to have gone up in a fentanyl laced smoke as city hall is now 100% focused on housing invaders.

      1. I posted an article yesterday about encampments and public drug use around the Ross-Broadway branch of the Denver Library in Baker.

        The problem is still there, but the priority is who is replacing those junkies and tweakers.

        1. It’s pretty clear who has the priority and it’s not homeless Americans.

          Just read that Chicago has set aside another $250M to assist the invaders.

          1. The state is putting up the money. The obese governor wanted mayor Brandon Johnson to put up $70M of it but he backed out. The black community is super pissed right now at him for all the money they’re giving to illegals, I mean connected businesses, to house and feed the illegals. It’s a racket.

    2. “before one of the inmates left, he said, “I snorted fentanyl.”

      I have heard parents of troubled teens and young adults say they were relieved when their kids were arrested and put in jail because at least they knew they were safe there as apposed to the streets.

      I guess that’s not the case anymore.

      Let’s Go Brandon!

  14. Millions struggle with student loan repayments amid stubborn inflation

    Racquelle Perry has always prioritized education — she’s got two master’s degrees and the bills to prove it. Perry owes $307,000 in student loans, she told CBS News, one of the millions who must now contend with the restart of those loan repayments and stubbornly persistent inflation.

    She said looking at the number she still owes makes her wonder, “How am I ever going to pay this back?”

    “If I pay this five, six, seven hundred dollars this month, how am I going to afford to buy food for the family for the month, for the week?” the single mother who teaches financial literacy to high schoolers in Harrisburg, Pennsylvania, said.

    https://www.msn.com/en-us/money/personalfinance/millions-struggle-with-student-loan-repayments-amid-stubborn-inflation/ar-BB1if4Pj

        1. Me too.

          How does one get into 300K of student debt earning two masters degrees? How much is the tuition?

          What are these people thinking? That they will be paid $300K per year?

    3. “…the single mother who teaches financial literacy to high schoolers in Harrisburg, Pennsylvania, said.”

      Can’t make-up schitt like this!

  15. The Joe Biden Economy.

    New York Post — Americans shacking up with exes during ongoing housing crisis (2/15/2024):

    “Americans are choosing to remain in a living situation with their exes amidst the ongoing housing crisis, a move that experts say may prove emotionally taxing despite the potential financial benefits.

    “High housing costs are causing more couples to cohabitate despite the fact the romantic flames of their marriage have been extinguished,” real estate broker Chuck Vander Stelt told Fox News Digital.

    “I have had conversations with several divorcing couples who have been weighing options and looking to time the market. In the meantime, they are continuing to live together.”

    Stelt believes the trend of cohabitation after divorce or breakups is growing as he has experienced an influx of those in their 30s and 40s, often with children, weighing the options of selling versus cohabitating. In the past, Stelt said homeowners who separated were adamant that the property should be sold as soon as possible.

    “Many homeowners are sitting on a mortgage with a rock bottom interest rate and a comfortable house payment. It’s hard to let that go and face the alternative of meaningfully higher housing costs,” he added.

    https://nypost.com/2024/02/15/real-estate/americans-shacking-up-with-exes-during-ongoing-housing-crisis/

    Sitting on a mortgage?

    Debt is… Debt is? Debt is slavery?

    Anecdotal: this weekend I’m helping homeboy move into a new apartment, his soon to be ex moved back in with her parents, because neither of them can pay the mortgage on their own, so they had to give up the house.

  16. SF re-examines procurement process after business ban on 30 states backfires
    ABC7 News Bay Area
    13 hours ago

    For seven years, San Francisco kept a business ban on states that would defy the values of the city. But the plan backfired and in the end – the ban hurt San Franciscans more than the other way around.

    https://www.youtube.com/watch?v=1kZBD9xoQRQ

    5:45.

  17. https://www.zillow.com/homedetails/8561-Fremont-Rd-Youngstown-FL-32466/42748676_zpid/

    I was not born yesterday either.

    “Property ready for your next rehab! Two car garage. Nice size lot. Excellent curb appeal. Plenty of equity for you to fix it up. Cash or hard money only.Max two day inspection period. Minimum 5k Earnest money deposit. Contract cannot be assignable. NO WHOLESALERS! Owner is the biggest wholesaler in FL, He was not born yesterday.”

  18. ChatGPT 3.5

    User
    Do you have any red flags to note for US real estate investors buying single family homes as speculative investments?

    ChatGPT
    Certainly, here are some red flags to consider for US real estate investors buying single-family homes as speculative investments:

    Overheated Markets: Be cautious if the market is experiencing rapid price increases driven by speculation rather than genuine demand fundamentals.

    High Vacancy Rates: If there’s a high number of vacant homes in the area, it could indicate an oversupply issue, making it difficult to find tenants or buyers.

    Fluctuating Job Market: An unstable or declining job market in the area may lead to higher vacancy rates and decreased rental income.

    Increasing Interest Rates: Rising interest rates can make mortgages more expensive, potentially reducing the pool of potential buyers and impacting property values.

    Limited Diversification: Overconcentration in a single market or property type can increase risk. Diversification across different markets or property types can mitigate this risk.

    Poor Property Condition: Buying properties that require extensive repairs or renovations without factoring in the true cost can eat into potential profits and lead to unforeseen expenses.

    Unrealistic Projections: Beware of overly optimistic rental income or property value projections that don’t account for potential market downturns or unforeseen expenses.

    Lack of Exit Strategy: Investing without a clear exit strategy, such as selling or refinancing, can leave investors vulnerable if market conditions change unexpectedly.

    Legal and Regulatory Risks: Ignoring zoning laws, building codes, or other regulations can lead to fines, legal battles, or even forced property sales.

    Poor Property Management: Inadequate property management can lead to higher maintenance costs, tenant turnover, and vacancy rates, reducing overall profitability.

    Environmental Risks: Properties located in areas prone to natural disasters or environmental hazards (e.g., flooding, wildfires) may incur higher insurance costs and face greater risks to property value.

    Market Saturation: Investing in areas with an oversupply of similar properties can lead to increased competition and downward pressure on rental income and property values.

    By carefully evaluating these factors and conducting thorough due diligence, investors can mitigate risks and make more informed decisions when investing in single-family homes for speculative purposes.

    ChatGPT can make mistakes. Consider checking important information.

    ChatGPT

    1. Housing Market Trend Raises Red Flags
      Published Feb 14, 2024 at 4:53 PM EST
      By Alexander Fabino
      Reporter, Economy & Finance

      Real estate investors are increasingly targeting low-priced homes in the U.S., with purchases hitting a record 26.1 percent of sales in the fourth quarter of last year.

      The surge comes as lawmakers—including Senator Jeff Merkley, an Oregon Democrat, and Representative Adam Smith, a Washington Democrat—propose legislation aimed at curbing investment firms’ influence on the housing market.
      …
      https://www.newsweek.com/housing-market-trend-investor-purchases-legislation-merkley-smith-act-1870096

  19. Tons of opening houses in my area (Midwest) this weekend. In the middle of February?! Something is brewing…

    1. My (then) fiance and I lived in the Midwest in the early 1990s, when we bought our first house. When we went house hunting, in the wake of the early 1990s recession, the vacant inventory selection was quite astonishing. We had a wide choice of homes at different price/quality points to choose from, and eventually found a great home at a sweet spot between comfort and affordability.

      I have never experienced anything similar in California’s chronically overcrowded, overinvested, unaffordably priced housing markets since we moved out here a few years later.

    2. “middle of February”

      Super Bowl Bounce.

      They literally tried this as a marketing strategy some years back, as if waiting for the conclusion of a sportsball season was a pivot point for the housing market, LOLZ.

  20. [CAUTION! This post has absolutely nothing to do with housing.]

    Major American Financial Institutions Withdraw From Global Climate Investment Org In Blow To Green Agenda

    https://wattsupwiththat.com/2024/02/15/major-american-financial-institutions-withdraw-from-global-climate-investment-org-in-blow-to-green-agenda/

    Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.

    JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according to Financial Times. Climate Action 100+ and Ceres — a green shareholder activist group that co-founded the coalition — are currently under investigation by the House Judiciary Committee, which is alleging that the coalition’s advancement of progressive Environmental, Social and Corporate Governance (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.

    JPMAM has about $3.1 trillion under management, according to Financial News, while State Street controls about $3.7 trillion in assets under management as of September 2023. Both firms joined Climate Action 100+ in 2020, and BlackRock is now the only top-five asset management company remaining as a member of Climate Action 100+. (RELATED: EXCLUSIVE: Jim Jordan, House Republicans Launch Investigation Into BlackRock, Vanguard, Others Over ESG Practices)

    “Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions,” House Judiciary Committee Chairman Jim Jordan wrote of the withdrawals in a statement posted to X, formerly Twitter.

    JPMAM has built up a team of about 40 professionals who specialize in sustainable investing, providing it the ability to pursue its own climate-oriented strategies, a JPMAM spokesperson told Financial News.

    “Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements,” the spokesperson told Financial News.

    JPMAM and State Street are the latest major Western firms to drop out of climate-oriented corporate initiatives. Vanguard, another massive asset manager, withdrew from the Net Zero Asset Management initiative in 2022, while major insurers including Lloyd’s of London, Allianz and Axa all pulled out of the Net-Zero Insurance Alliance in 2023, according to Reuters.

    “After careful review, State Street Global Advisors has concluded the enhanced Climate Action 100+ Phase 2 requirements for signatories will not be consistent with our independent approach to proxy voting and portfolio company engagement,” a spokesperson for State Street told the Daily Caller News Foundation. “As a result, we have decided to withdraw from Climate Action 100+.”

    Climate Action 100+ does not comment on the circumstances surrounding individual departures from its ranks, a spokesperson told the DCNF.

    JPMAM did not respond immediately to a request for comment.

    1. Financial Times
      3 hours ago
      US wholesale prices rose more than expected in January
      Steff Chávez in Chicago

      US wholesale prices rose more than expected last month, a signal to the US Federal Reserve that inflation is proving more persistent as the central bank considers when to execute three anticipated rate cuts this year.

      The producer price index, a leading indicator of consumer price inflation, rose 0.3 per cent in January, the labour department said on Friday, more than the 0.1 per cent economists had expected. The PPI declined in December.

      The annualised rate climbed 0.9 per cent, faster than economists’ forecasts of a 0.6 per cent increase.

      So-called core PPI, which strips out volatile food and energy costs, went up 0.5 per cent, also outpacing projections, taking the annualised rate up to 2 per cent from 1.8 per cent.
      …

    2. AFP
      US Fed should be patient as rate cuts considered: official
      Fri, February 16, 2024 at 1:12 PM PST2 min read
      San Francisco Fed President Mary Daly said the central bank should “resist the temptation to act quickly”
      (Mandel NGAN)

      The US Federal Reserve should “resist the temptation to act quickly” as it contemplates the right time to begin interest rate cuts, a senior bank official said Friday.

      “The economy is healthy, price stability is within sight, and there is more work to do,” San Francisco Fed President Mary Daly told a conference in Washington.

      “To finish the job will take fortitude,” said Daly, who is a voting member of the Fed’s rate-setting committee this year.
      …
      https://news.yahoo.com/us-fed-patient-rate-cuts-211234426.html

  22. ‘The least affordable housing market in recent memory’: Why now is a great time to rent
    Daniel de Visé
    USA TODAY

    Generations of consumers have embraced homeownership as part of the American dream. Lately, though, it looks more like a pipe dream.

    “Housing is becoming a luxury good,” said Christopher Mayer, a Columbia University economist.

    The upside? It’s a great time to rent. The spiraling costs of homeownership have turned the perennial rent-vs.-own equation on its head. In most of the nation’s largest cities, renting is now far cheaper.

    The median sales price for existing homes rose more than 40% from early 2020 to mid-2022, to a seasonal peak just above $400,000, according to the National Association of Realtors.

    Prices are still rising: The median sale price for an existing home was 4.4% higher in December 2023 than in December 2022.

    Mortgage rates, meanwhile, are twice as high now as in early 2022: 6.8%, as of mid-February, compared to just over 3% at the start of 2022.

    Taken together, those two trends yield frightening math.

    The current buy-vs.-rent equation favors renters.

    Rising mortgage rates should have pushed home prices down. They didn’t.

    Imagine you bought a $400,000 home, and you made a 20% down payment.

    At 3.2% interest, your monthly principal and interest on a 30-year mortgage would have totaled $1,383, according to a Bankrate mortgage calculator.

    At 6.8%, the same mortgage would cost you $2,086.

    “It’s the least affordable housing market in recent memory,” said Daryl Fairweather, chief economist at Redfin.
    …
    https://www.usatoday.com/story/money/2024/02/16/housing-market-favors-rent-vs-buy/72599444007/

  23. No soft landing: The US economy is going to fall into recession in the middle of 2024, Citi’s chief economist says

    https://finance.yahoo.com/news/no-soft-landing-us-economy-

    The US economy is headed for a recession in the middle of 2024, Citi’s chief US economist said.

    The economic data seems strong but is hinting at signs of a decline, as seen in the latest jobs report.

    Credit-card delinquency rates are also on the rise, and retail sales data has shown a drop in activity.

    The soft-landing dream is over; instead, the US economy is headed for a recession in the middle of 2024, Citi says.

    “There’s this very powerful and seductive narrative around a soft landing, and we’re just not seeing it in the data,” Citi’s chief US economist, Andrew Hollenhorst, said in a CNBC interview.

    On the surface, the data looks great: The economy is benefiting from historically low unemployment, strong consumer spending, and robust GDP growth.

    But there’s more going on with the numbers than meets the eye.

    “The question is where are these forward-looking indicators showing us that we’re going to go,” Hollenhorst said.

    One place the economy is showing a weakness is the labor market. January had a blowout jobs report, adding 353,000 jobs to the economy. But Hollenhorst noted that if you scratch beneath the surface, the number of hours worked is falling, the number of full-time workers has decreased, and sectors such as the restaurant industry have stalled on hiring.

    “That’s the key to the economy — what happens in the labor market,” Hollenhorst said. “If the unemployment rate stays low, people continue to spend, the economy holds up.” But he added that the unemployment rate was expected to start rising, which would be “the sign that we’re going to have a more material decline in the US economy.”

    Hollenhorst also said inflation was still too high. This week’s data from the consumer price index did show a higher-than-expected uptick in monthly inflation, which dragged stocks lower on Tuesday.

    Credit-card delinquency rates are also rising. The top economist David Rosenberg has said a consumer credit default cycle has already arrived, with one in every 12 credit-card holders missing their payments.

    “There may be some consumers out there with excess savings, but those consumers exposed to floating credit-card debt with higher rates now, that have been pulling on those excess savings to continue to consume, continue to spend, now those delinquencies are picking up,” Hollenhorst said.

    And consumer weakness is also exposing itself in retail sales numbers. Thursday’s release showed a significant drop in activity, posting a 0.8% decline in January.

    Hollenhorst isn’t alone in his pessimism. Apollo Management’s Torsten Sløk recently echoed the sentiment that a soft landing is now the “least likely” scenario.

    2. ‘The soft-landing dream is over; instead, the US economy is headed for a recession in the middle of 2024, Citi says.’

      Has a recession ever started during an election year? Seems like the incumbent can order the fed to refill the punch bowl.

  24. Stage 1: “…I just feel like I’m tracking through the mud and swimming against the current. It just feels like a never ending nightmare,’ said Vanessa Hartmann….”

    Stage 2: of Nightmare: Running with steel shoes into the wind.

  25. A reader sent these in:

    Over in Germany, home prices are in free fall 🚨

    https://twitter.com/Mayhem4Markets/status/1758118367704072255

    Apple fans are starting to return their Vision Pros citing motion sickness, lack of comfort, headaches, vision issues, and nausea

    https://twitter.com/MacroEdgeRes/status/1758267866002989287

    If any one of you make a billion dollars and date this, I will personally fly out and kick you in the balls.

    https://twitter.com/GRomePow/status/1758259990601802045

    ”Greatest real estate crisis since the financial crisis”.
    This is how a German bank recently described the spillovers from US commercial real estate issues into Europe. The credit spreads on their bonds are exploding today.

    https://twitter.com/MacroAlf/status/1758133569762054414

    Investor purchases of housing is still crashing. The propaganda wants you to believe the opposite

    https://twitter.com/GRomePow/status/1758271408260669498

    Spoiler alert, young Americans would be more productive if they could afford a home, nice car and family.

    https://twitter.com/GRomePow/status/1758264074276835541

    More signs the Canadian consumer is struggling. Big box retailer Canadian tire reported a 67% decline in net income for the quarter, which included the holiday shopping season.

    https://twitter.com/SteveSaretsky/status/1758234100396368373

    Sellers now need to put mortgage payout conditions in their offers. Most likely because they’re under water and/or power of sale proceedings have already started.

    https://twitter.com/JonFlynnREstats/status/1758140778386235454

    So my fiancé is purchasing a new vehicle and she was denied a low rate while having over a 750 credit score. The financial manager of the branch said “Last month we had over 47% people defaulted on their loans. So many people bought cars in 2021 and now can’t make their payments. I have never seen worse.” First the cars, then the houses. 2025 is going to be a big year.

    https://twitter.com/DekmarTrades/status/1757909740976513368

    JFC, 36% delinquency rate on Non-QM mortgage loans?

    https://twitter.com/GRomePow/status/1758228235643678724

    A high-profile office building in Portland just transacted at a foreclosure auction. 85% discount to its 2019 price. Montgomery Park. Built in 1920. In 2019, the building sold for $255mm. At the foreclosure auction, lender put in credit bid for $38mm. Bid implies a valuation of ~$52 per SF. ~15% of the 2019 sale price / ~85% discount. No other bidders at the auction except the lender. Lender is Natixis. It is listed on the National Register of Historic Places (NRHP).

    https://twitter.com/aryal1994/status/1758226019922677818

    “Investors bought a high percentage of houses”

    What they don’t say is at the lowest volumes since 1995

    https://twitter.com/GRomePow/status/1758214553983430772

    Inflation adjusted US gov spending since 2020 is more than the combined spending of:
    World War I + World War II + 1970 to 1990
    This is just unsustainable

    https://twitter.com/GameofTrades_/status/1758189429326561648

    $ABNB above where it was before the company warned. I get you people want to own stocks, but it doesn’t mean you have to buy garbage just because it’s down.

    https://twitter.com/RJRCapital/status/1758197066994491615

    Japan, the United Kingdom, and Germany are all in recession.

    https://twitter.com/MacroEdgeRes/status/1758114715304149046

    The household wealth of the top 1% in America has surpassed the entire wealth of the middle class. Back to serfdom

    https://twitter.com/MacroEdgeRes/status/1758146883677999538

    Cathie Wood’s Ark Invest, $ARKK, has destroyed $14 billion in wealth over the past decade, Morningstar has said.
    “These funds managed to lose value for shareholders even during a generally bullish market,” Morningstar said.

    https://twitter.com/unusual_whales/status/1758133309631000584

    People keep wondering why the Nikkei is rising even with a shrinking Japanese economy… lol

    “the Bank of Japan (BOJ) is the only top 10 shareholder of 90% of the Nikkei 225 constituents. The BOJ also owns outright about 75% of all Japanese Exchange Traded Funds”

    https://twitter.com/MacroEdgeRes/status/1758209392351035736

    ❖ Canada Faces Skilled-Labor Shortage in Home-Construction Sector, Finance Department Memo Says

    ❖ Growth in Canada Construction Jobs Not Driven by Skilled Labor, Memo Says

    ❖ Canada Construction Apprenticeships Have Dropped Below 2010 Levels, Memo Says

    ❖ Canada Construction-Labor Woes Come as Government Looks to Address Housing Shortage

    https://twitter.com/DeItaone/status/1758178052209610919
    ❖ U.S. 30-YR FIXED RATE MORTGAGES 6.77 PCT FEB 15 WEEK VS 6.64 PCT PRIOR WEEK-FREDDIE MAC

    ❖ Freddie Mac: Mortgage Rates Rise On Heels of Consumer Prices Rising More Than Expected

    ❖ Freddie Mac: Rates May Stay Higher for Longer, Potentially Slowing Spring Homebuying Season

    ❖ Freddie Mac: Mortgage Applications to Buy Homes Down in More Than Half of All States So Far This Year

    https://twitter.com/DeItaone/status/1758174547520495717

    1. Japan, the United Kingdom, and Germany are all in recession.

      Germany has allegedly passed Japan and is now the #3 global economy.

      1. Germany will not hold this position for long. When they let Joebama Obribem blow up the Nord Stream pipeline, they signed their economic death warrant.

    2. “The household wealth of the top 1% in America has surpassed the entire wealth of the middle class”

      Another World Economic Forum success story!

  26. Klaus Schwab now calls his technocrats take over ” humancracy” in a attempt to restore trust, as a objective outlined in recent Davos meeting.
    Chase and Blackrock pulling out of Climate agenda is probably a temporary retreat only.
    The One World Order forces want to “restore trust” in their Agendas after already revealing their end game objectives of One World Order dictorship enslavement of masses.
    The OWO is doubling down on taking the ist amendment to control what they call ” misinformation and disinformation. ”
    Does anyone believe that the WEF and all their co conspirators have changed their agenda to a objective of the good of humanity.
    They already revealed that they want to control all resources, control consumption and subject the globe to genocide, injury, deprivation , mandated vaccines, eat bugs, starve, freeze, etc by the Great Reset/ 4th Industrial revolution, UN 2030 Sustainable earth agenda.
    John Kerry stated that no governments can stop what he calls the ” market forces” he’s aligned with.
    Well, if no infiltrated governments will stop them, than the people have to stop them .
    These psychopathic fraudsters trying to take over world in collusion with Governments is facism.
    They throw in some Communist BS, to lure useless dumb asses to fight for their own enslavement.
    It’s the end goal of a dictorship by the Money Powers, Monopoly Corporations, Rich Elites and their co conspirators.
    They have no interest in humanity, or the welfare of humanity, or the.survival of humanity.
    Any temporary attempt to make it look like they are ” team humanity” is a fraud.

  27. Clown World.

    ZeroHedge — Biden Admin Unleashes Woke Trifecta: Trans Official Calls Climate-Change Racist (2/16/2024):

    “In case you wondered where, oh where, all the trillions of dollars go, transgender Assistant HHS Secretary Admiral Rachel Levine is here to help.

    In what some have called the ‘woke trifecta’, the white trans official took to social media today to explain that, apparently, climate-change is racist.

    So, to be clear, climate-change is an existential threat to all of mankind, right?

    But it’s an existential-er threat to communities of color?

    ‘Trust the science’.

    https://www.zerohedge.com/political/biden-admin-unleashes-woke-trifecta-trans-official-calls-climate-change-racist

    His name is Richard.

    And every cell in his body is encoded with an XY chromosome.

    “They’re not sending their best”

  28. Never forget what these monsters did with the faked Covid Panademic.
    Never forget how their Climate Change Fraud Doomsday is not legitimate, and their solutions are outright madness.

  29. Show me the man and I’ll show you the crime

    Wednesday, May 9, 2018
    By Michael Henry

    Lavrentiy Beria, the most ruthless and longest-serving secret police chief in Joseph Stalin’s reign of terror in Russia and Eastern Europe, bragged that he could prove criminal conduct on anyone, even the innocent. “Show me the man and I’ll show you the crime” was Beria’s infamous boast. He served as deputy premier from 1941 until Stalin’s death in 1953, supervising the expansion of the gulags and other secret detention facilities for political prisoners. He became part of a post-Stalin, short-lived ruling troika until he was executed for treason after Nikita Khrushchev’s coup d’etat in 1953.

    Read more at: https://www.oxfordeagle.com/2018/05/09/show-me-the-man-and-ill-show-you-the-crime/

    Trump fined more than $350 million in New York business fraud case

    PUBLISHED FRI, FEB 16 2024
    Kevin Breuninger

    A New York judge Friday ordered Donald Trump to pay more than $350 million in total penalties as part of his ruling in the former president’s civil business fraud trial.

    Manhattan Supreme Court Judge Arthur Engoron also barred Trump from serving as an officer or director of any New York corporation or other legal entity in the state for three years.

    And Trump is banned for three years from applying for loans from any financial institution chartered by or registered with the New York financial services department.

    https://www.cnbc.com/2024/02/16/trump-fraud-trial-judge-engoron-verdict-ny-ag-business-case.html

    1. That’s what I call lawfare.

      And they only have to keep this up until the republic collapses, when they will replace it with a one party state, “people’s democratic republic”.

  31. Wall Street Journel article suggests people should skip breakfast to save money.
    Why don’t we just starve and beg for bugs with no coffee to wash this bird food down with.

    1. Meanwhile Chicago just set aside $250M to assist the invaders, who often scoff at the free breakfasts provided to them.

  34. From the Dumver Post:

    Downtown Denver real estate market could “doom spiral,” firm says

    Hines, a real estate firm with a significant footprint in downtown Denver, remains optimistic about the market, but believes the area is at a tipping point that could lead to a “doom spiral” if concerns about safety and other challenges facing developers aren’t addressed.

    Right now the only thing city hall cares about is making sure the invaders are well fed and kept out of the cold.

  36. ‘The ordeal has left some in financial ruin, compelling them to seek out therapy to deal with their sudden destitution…‘We did everything right’

    Denial <- You are here bilked buyer.

Comments are closed.