To Be The Chosen One, Buyers Were Overbidding And Waiving Contingencies
A report from the Missoula Current in Montana. “It’s the third straight year that sales volumes have decreased year-over-year. ‘Last year there were 952 residential sales in our (area),’ said Brint Wahlberg with Windermere Real Estate. ‘That’s on pace with numbers we saw in 2011 and 2012, which was Missoula’s floor of the bubble. The volume is way down while the median is at a new record high.’ The slight improvement in supply has had an equally slight impact on cost, Wahlberg added. ‘This speaks to why you see that the increase in our median sales price has slowed,’ Wahlberg said. ‘Increased supply has led to this situation where median sales-price gains have cooled off.'”
The Green Bay Gazette in Wisconsin. “Consider, for a moment, the home inspection. It’s a longtime staple of the home-buying process. A couple of hundred dollars, easily overshadowed by what’s now on average a $300,000 purchase, to have a professional look over the property so you — and your lender — know you picked a dream home, not a money pit. Or at least so you know how much of a money pit you’re buying. Then three years ago, the housing market became so competitive buyers began to waive them in the hopes of gaining a competitive edge. ‘Without question, it has been a rollercoaster ride for the home inspection industry,’ said Julie Arnstein, executive director of the Wisconsin Association of Home Inspectors. ‘To be the chosen one, buyers were overbidding and waiving contingencies. Needless to say, that heavily impacted the industry.'”
“At the least, an inspection gives buyers peace-of-mind about the condition of their prospective home and what repairs may lie ahead. At the worst, an inspection can identify serious, costly issues from the basement foundation to the roof. For wealthier buyers, that could mean skipping a vacation to pay for repairs, Arnstein said. ‘For (other) buyers, that’s devastating news. That’s sleepless nights. It’s money they don’t have,’ she said.”
The Denver Post in Colorado. “The studs of Jennifer Miller’s Erie dream home carry in them her family’s hopes for the future, with messages literally inked with permanent marker onto the bedroom beams while the two-story house was under construction in 2019. But the dream home turned into a money pit for the family of four as they tapped savings and equity from their down payment to fix problems she said were caused by rushed construction. The soil under the foundation wasn’t properly prepared, Miller said, causing the house to twist and stretch as the dirt settled under its weight. Drywall and floor tiles cracked. Doors stopped shutting all the way. The basement heaved and strained against itself. All after the warranty had expired, she said.”
“Three years and some $45,000 later, Miller now finds herself taking sides in the latest legislative fight over an otherwise esoteric area of law: construction defects, and how to find the balance between encouraging new builds and protecting people who’ve poured their savings into what’s often the biggest asset people will own. ‘We really, really hope that things will change so the homebuying process doesn’t have to be a fight-or-flight experience,’ Miller said. ‘That’s our hope, that people can see there’s a real face and real people with lives that are perfect, and we need homes that are safe to live in. We need that security. And someday I hope housing will be available to everybody because everybody needs a home.'”
Building Salt Lake. “A Utah County-based drywaller is seeking nearly $300,000 from a Salt Lake City developer for work completed in May 2023 at The Austin Townhomes in Draper. Kyco Services, in business since 2004 and based in Springville, filed a complaint in Salt Lake County District Court against Wasatch Residential Builders and South Point Towns. Kyco is claiming that its gypsum assemblies work at The Austin Townhomes, 604 W Park Presidio Way in Draper, was not paid according to the terms of the parties’ contract. Kyco put a mechanic’s lien for foreclosure on the property in August 2023, and filed its suit in February 2024.”
Axios on Texas. “Austin saw the biggest decline nationally in the sales price of luxury homes, according to Redfin. Just as the giddy highs of the pandemic housing market touched everyone in town, apparently the decline is, too. The typical Austin-area luxury home sold for $1.69 million in the fourth quarter of 2023, an 8.6% year-over-year drop, per Redfin. The Redfin report defined luxury homes as those estimated to be in the top 5% of their respective metro area based on market value. Nationally, the total number of luxury listings increased most in Austin — 44.5% year over year — as a glut of houses stuck around the buyers’ market.”
The Real Deal on Texas. “If you slam the brakes on a speeding bicycle, you’ll flip over the handlebars. For the past three years, Texas apartment developers have been riding one such bike. In Dallas, Austin and Houston, builders have pumped out more apartments than almost any other big cities in the country. By now, the story is familiar: High rates, expensive debt, slowed rent growth and an unprecedented supply surge have caused some distress. But farther down the road, where long-term players tend to find their greatest profits, there’s a huge opportunity. Almost nobody is taking it. ‘What we’re feeling right now in 2023 and 2024 is that extreme year of 2021,’ said Cindi Reed, an expert with MRI ApartmentData.”
“The areas that have slowed down most are downtowns, where a glut of newly built, similar apartments is expected to take years to be absorbed. Some 81 multifamily projects have been proposed for the Austin metro area, according to MRI ApartmentData, and just 17 of those are downtown. Another six will rise near the University of Texas’ campus.”
The San Francisco Chronicle. “Low almond prices have driven 17 California almond farms to file for Chapter 11 bankruptcy protection, as first reported by the Los Angeles Times. Last month Trinitas Farming, LLC — which is a farming management group based in Oakdale — filed for Chapter 11 bankruptcy on 7,856 acres of almond orchards it owns throughout Solano, Contra Costa, San Joaquin, Fresno and Tulare counties. A total of 17 farms were included in a filing with the United States Bankruptcy Court Northern District of California San Jose Division as a result of high costs to maintain almond orchards and ‘record-low almond prices,’ the filing read.”
“Last November, the U.S. Agriculture Department said that tree nut prices fell to the lowest levels in two decades, with the price of almonds dropping to $1.10 per pound. Since 2014, when almond prices hit a peak of nearly $4 a pound, they have been mostly on the decline, according to the agency. According to the Times, Trinitas Farming and its affiliates are in debt for $180 million and are expected to sell the orchards.”
The Globe and Mail. “Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said. The fourth quarter saw a continuation of what’s been happening for a while now as the impacts of higher interest rates and inflation continue to weigh on consumers, said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, in an interview. These effects are becoming more visible as people renew their mortgages, she said, and in areas where housing prices are more expensive in Canada. ‘We’re seeing that strain start to increase, and really starting to see missed payments coming out more and more on the credit side for individuals,’ said Oakes.”
“Mortgage delinquency rates soared in those provinces, surpassing pre-pandemic levels, the agency said. In Ontario, the mortgage delinquency rate was up 135.2 per cent compared with a year earlier, while B.C.’s rate rose by 62.2 per cent. ‘What we are seeing in Ontario and B.C. in particular is that as consumers are coming up to the end of their term periods on their mortgage, whether that’s fixed or variable, and they’re renewing their mortgage, there are payments shocks that are happening for individuals, and that’s something we knew was coming,’ said Oakes. ‘And for some individuals, unfortunately … it’s a tipping point.'”
The Guardian in the UK. “An annual gross income of £74,000 puts Scott, 28, a software engineer from Leicestershire, in the top 10% of earners nationally. But, he says, it doesn’t feel that way for him and his family. ‘Ten years ago we’d have been laughing with my salary. Now, it feels like our heads are barely above water. There’s an attitude that at this level of income you’ve plenty of money, but it’s not true at all,’ he says. The couple’s mortgage uses up more than a third of Scott’s take-home pay, the family’s monthly grocery shop costs more than £500, his student loan repayments are £300 – ‘money I now desperately need,’ he says.”
From Reuters. “Some big Chinese developers are set to offload more real estate in Britain to raise cash, property agents say, making the most of a slowly thawing market and buyers betting on a recovery. Data compiled by MSCI Real Assets for Reuters shows that Chinese developers have been net sellers for three years, shedding UK real estate worth 1.4 billion pounds ($1.8 billion). That contrasts with the 12.8 billion pounds Chinese developers splashed out in Britain between 2014 and 2020. Commercial property values have also tumbled globally due to steep borrowing costs and the post-COVID home working trend, leading to a collapse in deal activity. ‘Right now you wouldn’t be selling unless you really had to,’ said Chris Gore a veteran London property adviser at Avison Young, highlighting that commercial real estate prices in London had corrected by 15%-20% in the last couple of years.”
The Korea Times. “Financial services companies in Korea are drawing concerns over the risk of potential massive losses from their overseas real estate investments as the slowdown in the global property shows no sign of letting up. Mirae Asset Global Investments has invested in several office buildings abroad, including State Street Financial Center in Boston. The investment, worth 180 billion won ($134.9 million), was made in 2017 on behalf of the land ministry’s real estate-related fund, for which Mirae Asset Global Investments serves as one of five outsourced chief investment officers (OCIOs). The term refers to a third-party firm that serves as an extension of the client asset owner.”
“According to industry sources, the value of the building plummeted by more than 30 percent from 2017, as State Street, a U.S. financial firm that was housed in the building, moved out and the vacancy rate increased at a sharper pace as a result. A source said the vacancy rate was ‘as high as 100 percent at one point.’ ARA Korea, a Seoul-based a real estate investment trust management firm, meanwhile, is facing a loss from a prime office building in Fornebu, a city near Norway’s capital of Oslo. ARA Korea spent 23 billion won to buy 25 percent of the common shares of the building. The company expected to secure an annual return of 8 percent, as the building was wholly leased by Norway’s largest energy firm Equinor. It was considered a safe and lucrative investment. The value of the building then declined to 500 billion won, down from 590 billion won at the time of the contract date. The property’s creditors required an additional capital injection from shareholders to avoid a loss, which they failed to secure, according to market insiders.”
“IGIS Asset Management posted an 80 percent loss in the Frankfurt-based skyscraper Trianon building in 2023 after investing 500 billion won, as the building’s value fell due to high interest rates and other unfavorable property market conditions.”
From Time. “China is in the midst of a profound economic crisis. Growth rates are flagging as an unsustainable mountain of debt piles up; China’s debt-to-GDP ratio reached a record 288% in 2023. But even that eye-popping figure does not capture the uncomfortable fact that much of it was borrowed to buy assets that no longer yield enough income to repay the debt. This is especially true in the housing sector, where sales have fallen by a third since the pre-pandemic peak, and new construction is down 60%. This is one of the worst housing crashes in the world over the last three decades.”
“The eventual collapse of China’s bubble has always been inevitable. All boom-and-bust business cycles must end, because the rapid expansion of debt creates opposing interests: bull and bear parties. The bullish developers in China today want ever rising mortgage lending so real estate prices continue rising. Yet the bearish creditors—mostly big banks and bond owners—are concerned that price inflation reduces the value of their debt assets.”
“As the most indebted Chinese bulls go bankrupt or panic sell to repay their loans, prices are falling further as their bear counterparts jump back in and buy assets at fire-sale discount prices. That will eventually put a floor on the price collapse but it is also redistributing wealth rapidly from debtors to creditors. Bears feast on the bulls during every crash. Many pundits blame governments whenever economies crash, but the real cause of China’s slump is the long period of fast growth that piled up vulnerable and unsustainable debts. The higher they fly, the harder they fall.”
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‘But even that eye-popping figure does not capture the uncomfortable fact that much of it was borrowed to buy assets that no longer yield enough income to repay the debt’
It’s a good thing they can always sell!
From Time. “China is in the midst of a profound economic crisis. Growth rates are flagging as an unsustainable mountain of debt piles up; China’s debt-to-GDP ratio reached a record 288% in 2023. But even that eye-popping figure does not capture the uncomfortable fact that much of it was borrowed to buy assets that no longer yield enough income to repay the debt. This is especially true in the housing sector, where sales have fallen by a third since the pre-pandemic peak, and new construction is down 60%. This is one of the worst housing crashes in the world over the last three decades.”
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“The eventual collapse of China’s bubble has always been inevitable. All boom-and-bust business cycles must end, because the rapid expansion of debt creates opposing interests: bull and bear parties. The bullish developers in China today want ever rising mortgage lending so real estate prices continue rising. Yet the bearish creditors—mostly big banks and bond owners—are concerned that price inflation reduces the value of their debt assets.”
– This is China, but the economic principles are universal.
– The U.S. has many asset classes where income/yield doesn’t cover debt servicing costs. These are all ZOMBIES, and only kept on life support by extremely low interest rates. That’s where we’ve been since the GFC. This is “can-kicking” / “extend and pretend.” However, the free money and super low rates are now GONE and not coming back due to the Central Bank (Fed)-generated inflation.
Go ahead, marry the house, but date the rate. How’s that workin’ out for ya? 😂
Eventually, the central planners / Socialists run out of runway. We’re rapidly approaching that point in the U.S. if not there already. Think CRE, STRs, many zombie corps. for example. It’s estimated that >20% of U.S. corps. are zombies.
– There’s a global RE bubble that’s now bursting.
– The U.S. has “The Everything Bubble,” aka “The Central Bank Bubble,” which is also bursting, and includes CRE, RRE, stonks, corp. bonds.
– Debt levels in both the public and private sector are “out the wazoo.” High debt loads SLOW economic growth, but U.S. deficit fiscal spending is keeping GDP above the water line. For now.
– China isn’t immune to these fundamental economic relationships; financial gravity, if you will. Despite what they think about themselves, the CCP isn’t a god. Their RE bubble and stonk market bubbles are bursting. Deal with it.
– Epic bubbles bursting in 2024. I’m sure this is fine.
– China isn’t immune to these fundamental economic relationships; financial gravity, if you will. Despite what they think about themselves, the CCP isn’t a god. Their RE bubble and stonk market bubbles are bursting. Deal with it.
I just got back from China and they are dealing with it. Prices are deflating, businesses are closing, and consumers are reducing their spending. The CCP is firmly in control. Same as since the 1980s — you can talk trash about them, but don’t organize.
Like in America, most who own homes (apartments, rather) bought at significantly lower prices. So unless individuals borrowed against the property, they can slowly ride into a smaller net worth. I know frugal people who will see their net worth decline, and gamblers who will be ruined. So it goes.
you can talk trash about them, but don’t organize
So, it’s a lot like here. One can post memes and ridicule the regime, but if you organize then you are an insurrectionist and will be tossed into prison,
So, it’s a lot like here. One can post memes and ridicule the regime, but if you organize then you are an insurrectionist and will be tossed into prison,
Sure, if you want to pretend it is similar go ahead and do that.
Sure, if you want to pretend it is similar go ahead and do that.
I’m sure it’s far worse over there, but let’s not kid ourselves about how great it is here. I haven’t forgotten how the government tried to force me into rolling up my sleeve for an experimental gene therapy, under pain of losing my livelihood were I to refuse. Yeah, some judges overturned those mandates at the 11th hour, but a lot of people folded and took the jab.
‘The eventual collapse of China’s bubble has always been inevitable’
Everybody saw it coming. No one could have predicted. That’s a lot of gluts in fast growing Texas.
The Overbidders will own nothing!
“I can’t tell you the joy it brought all of us to see the Third Precinct destroyed,”
‘Blood Money’: Meet the Secretive Chinese-Funded U.S. Left-Wing Groups Driving Chaos in Our Streets
KRISTINA WONG
5 Mar 2024
What appeared to be organic protests in the United States during the summer of 2020 in the wake of George Floyd’s death were actually in many cases organized by members of little-known radical organizations linked to China, according to a new book by Breitbart News Senior Contributor Peter Schweizer.
The book, Blood Money: Why the Powerful Turn a Blind Eye While China Kills Americans, details how a number of seemingly spontaneous violent protests and riots by far-left activists against police brutality over the past decade in American were organized by groups backed and funded by Beijing.
One of those groups is the Freedom Road Socialist Organization (FRSO), a secretive pro-Beijing organization.
Protests and rioting erupted after a series of high-profile cases including the deaths of black teens Trayvon Martin in Florida in 2012 and Michael Brown in Ferguson, Missouri, in 2014. One of the key organizers of protests in Ferguson was Montague Simmons, who was the leader of the Organization for Black Struggle (OBS) in St. Louis. He would later divulge during a presentation that he had brought some 10,000 out-of-state activists to participate in the protest.
Simmons was also reportedly a member of Liberation Road, an offshoot of FRSO. Left-wing author Max Elbaum wrote the definitive history of the radical movement, in which he said FRSO has a long history of taking “their cues from Beijing.”
https://www.breitbart.com/politics/2024/03/05/blood-money-meet-the-secretive-chinese-funded-u-s-left-wing-groups-driving-chaos-in-our-streets/
Does anyone else remember anecdotes of somebody conveniently pre-staging protest sites with U-Haul trailers full of bricks?
But I think the fentanyl crisis is by far the worst. The Chinese are still fighting the Opium Wars.
The HBB remembers.
And when Jason Aldean reminded people to remember with his video for Try That In A Small Town, the pearl clutchers all lost it.
The actual insurrection was summer 2020, and the perpretrators were communist vermin.
But I think the fentanyl crisis is by far the worst. The Chinese are still fighting the Opium Wars.
It is shocking how few think tanks, journalists, and serious federal folks will talk about this.
The same cabal of globalist oligarch mega-donors that fund the Democrat Party and almost all “progressive” causes bankrolled the Antifa-BLM rent-a-mobs, funneling the money through “Pass-Through” organizations like Thousand Currents. The CCP might’ve been involved on some level, but the money and brains of the operation came primarily from The Usual Suspects.
‘‘We really, really hope that things will change so the homebuying process doesn’t have to be a fight-or-flight experience,’ Miller said. ‘That’s our hope, that people can see there’s a real face and real people with lives that are perfect, and we need homes that are safe to live in. We need that security. And someday I hope housing will be available to everybody because everybody needs a home’
Becca, what else could you want? Yer a chosen one, yer life is perfect and best of all yer a winnah!
Purchased in 2021 for 322K, now listed for 460K. In Northwest Florida, which is essentially equivalent to LA (Lower Alabama), I’m seeing many properties purchased in the last several years now back on the market with greatly elevated wishing prices. My wife and I happened to be in this neighborhood on Sunday. Not to look at a house, I tried taking a “shortcut” and got lost, so we pulled in to turn around. Amazingly, many sellers believe they can buy a property when interests rate were 3% and turn around and sell it for a huge profit when interests rate are now at 7%.
https://www.zillow.com/homedetails/8073-Silver-Maple-Dr-Milton-FL-32583/123554887_zpid/
Probably a frenzy-era flipper who didn’t move fast enough. That said, it’s actually a pretty nice house.
we just spent several weeks in sarasota , FL, close to the beaches , took a dinner cruise , which far surpassed our expectations , out of marina Jacks , Lido beach is pretty in the sunset….thousands of cookie-cutter houses , from the 70’s and 80’s , are still selling good there ,400k to 500K range , yeah ,you can get lost wandering around all those cul-de-sacs…
” yeah ,you can get lost wandering around all those cul-de-sacs”
Beware the cul-de-sac -shack that receives headlight wash from cars that pass in the night.
You weren’t anywhere near Lido Beach if you saw ANYTHING under $1m. AND SURROUNDING NEIGHBORHOODS every tear down is over $1m.
Everything else is $3m upwards to $20m until you cross 41 and then all are being sold as tear downs until you get east of 75.
Everything about that house reeks of cutting corners. Abysmal place.
https://www.zerohedge.com/political/nothing-will-make-sense-you-unless-you-accept-2020-election-was-stolen
“Nothing Will Make Sense To You Unless You Accept That The 2020 Election Was Stolen…”
by Tyler Durden
Tuesday, Mar 05, 2024 – 05:43 AM
Submitted by Drew Allen,
During the debut of his new Saturday show on the General Michael Flynn-backed Patriot TV, Drew Allen – host of the Drew Allen Show – opened by claiming the Democrats stole the 2020 election.
“They cheated!” Allen says plainly.
Allen says:
“I want you to listen very carefully. This is very, very important. In fact, it’s the key to understanding the world that we’re living in right now in the United States of America. Nothing that is happening can make sense to you unless you understand one thing. And this is something that you are forbidden from believing. Alright, this is the key to everything. Are you ready? The Democrats stole the 2020 election. They cheated! Alright, if you believe that, you can understand what’s going on. You have a lens to comprehend the world that we’re living in—the insanity. But if you don’t believe it, nothing makes sense.”
Allen points out:
“You hear what he’s saying there right? He wants to choose our candidate…in his opinion he cannot comprehend how the American people, the Republican voter has not ditched Trump. They do not want to face Trump in 2024 because why? Because they stole 2020 and they’re worried about 2024 again.”
what never made sense to me was there were no lines around the corner, no polls had to close late because they were mobbed, the voting place we went to has the usual 20-30 in line so wait time was about 10 minutes. so to have that many votes just doesn’t add up.
Sure it adds up. The votes came in a 3AM while the doors were locked. Watched it live.
Re-post from the last thread.
Biden secretly dumped 320,000 ‘inadmissible’ illegal immigrants into US cities (3/4/2024):
https://www.washingtonexaminer.com/news/2900755/biden-secretly-dumped-320000-inadmissible-illegal-immigrants-us-cities/
You are being replaced.
Genocide of western civilization is not a replacement of anything.
and you wonder why college tuition is so high.
Some of the at-risk and multiple year performance bonuses Robbins was eligible to receive included $20,000 for centralizing the office of Information Technology and $30,000 for “demonstrating substantial progress toward enhancing the student experience and outcomes of UA Global Campus.”
In November, Robbins and then-UA Chief Financial Officer Lisa Rulney told the regents they had discovered a massive miscalculation in cash reserves and that the UA was in what he called a financial crisis.
https://tucson.com/news/local/education/college/university-of-arizona-president-robert-robbins-pay-cut-budget-deficit/article_bf075c0c-cb88-11ee-bf30-eb390424d6d1.html
No. Tuition skyrocketed when government funded it.
Which made it possible to fund the hiring of lots of high salaried people who have nothing to do with actually providing an education.
A reader sent these in:
The best indicator that Powell is losing control isn’t the CPI, PPI or even PCE…It’s Dogecoin getting revived. $DOGE
https://twitter.com/Geiger_Capital/status/1764737495378403509
$PEPE meme coin says those are rookie numbers. Up 325% 🙂
https://twitter.com/FiatHawk/status/1764872603477635477
This one kills Dogecoin. Up 400% since Friday 🥳🔽
https://twitter.com/market_sleuth/status/1764772480382542042
Gold price runup to a new all-time high is underway. Is this finally the upside breakout #gold holders have spent many long years waiting for??
https://twitter.com/menlobear/status/1764697047327006796
No matter what the official line is on inflation, families see the reality in strained household expenses … 🔥🔥🔥
https://twitter.com/WallStreetSilv/status/1764854092981997685
Next up: Nissan. The company is cutting the price of its 2024 Ariya EV by as much as *$6000*. We are in the middle of an unprecedented decline in EV prices.
https://twitter.com/GuyDealership/status/1764787961776738805
How to become a pirate real quick:
https://twitter.com/LibertyCappy/status/1764350024681677133
If the grocery store has a section for health food, what’s in the rest of the store? 🥴
https://twitter.com/SallyMayweather/status/1764326256747634950
Bring back the 90s!
https://twitter.com/ClownWorld_/status/1763086116088123751
Just some of the major stores closing down in San Francisco.
https://twitter.com/EndWokeness/status/1762914365395591560
Oakland, California
https://twitter.com/ClownWorld_/status/1762438442536124810
TESLA SHARES DOWN 3% AFTER PRODUCTION HALT AT CO’S GERMAN GIGAFACTORY
APPLE SHARES DOWN 2.3% AFTER CO’S CHINA IPHONE SALES PLUNGE 24% Y/Y IN FIRST SIX WEEKS OF 2024
https://twitter.com/DeItaone/status/1765022507524927966
I paid $120,000 for an MBA only to watch magic internet money outperform the market.
https://twitter.com/dougboneparth/status/1764709950180237784
If you invested $10,000 in bitcoin 3 years ago you’d have $10,000 now.
https://twitter.com/alifarhat79/status/1764810682229240076
❖ Americans are struggling to get a loan since the Fed started raising rates
A new survey published by Bankrate found that 50% of loans or financial product applicants have been denied since the Fed started raising rates in March 2022.
https://twitter.com/DeItaone/status/1764731365667356815
Home ownership costs have DOUBLED in 4 years according to Zillow:
The typical mortgage payment is up 7.2% over the last year and a whopping 103% since pre-pandemic.
Currently, the median sales price on a home in the US is $417,700.
This means that a mortgage payment on the median home would cost you $2,269/mo assuming 20% down.
When you factor in taxes, insurance and other ownership costs it’s nearly $3,000/mo.
That’s ~50% of the median PRE-TAX household income.
Clearly, this is a crisis.
https://twitter.com/KobeissiLetter/status/1765002874646302800
Tesla fell more than 7% today which made it the worst performing stock in the entire S&P 500. $TSLA is now down 24% year-to-date.
https://twitter.com/Barchart/status/1764818115597414540
1/4 For all of those asking why #Bitcoin and other memes, alt coins, etc. are skyrocketing higher📈, the @federalreserve
is currently doing de facto QE by letting the excess 💸 they printed 2020-21 that was sitting dormant in the RRP account to buy @SecYellen
‘s bonds. Yes,…
https://twitter.com/GordonJohnson19/status/1764719180207489168
It’s different this time.
It has to be.
Or else.
https://twitter.com/NorthmanTrader/status/1765015247012659411
“#Bitcoin and other memes, alt coins, etc. are skyrocketing higher”
It’s the new ETFs. When people buy the ETF, the fund manager has to buy Bitcoin with it, nothing else. The high demand is pushing up the price.
Re: There’s an attitude that at this level of income you’ve plenty of money, but it’s not true at all . . .
Plenty of fiat (Monopoly) money, that is, representing nothing which has lost over 90% of its purchasing since 1971 when the USD was taken off gold backing in blatant violation of the Bretton Woods agreement and they are surprised?
To paraphrase the great philosopher Yogi Berra, a dollar isn’t worth a dime any more . . .
The government gets caught red handed flying in hundreds of thousands of illegals from outside the country, and their reaction is basically “So, what?”
Meanwhile Elon Musk says:
This administration is both importing voters and creating a national security threat from unvetted illegal immigrants.
It is highly probable that the groundwork is being laid for something far worse than 9/11. Just a matter of time.
It’s treason.
Traitors need to hang. 300+ million guns in the hands of U.S. citizens. When you have a vermin problem, time to bring in an exterminator ☠️
Now Joe Biden couldn’t decide between a fork or a spoon to eat his applesauce. It’s the Marxists behind the scenes running this show.
Joe Biden Uses ‘Secretive Flights’ to Import 320,000 Illegal Aliens to U.S.
JOHN BINDER
5 Mar 2024
President Joe Biden is operating a “secretive flights” program to fly hundreds of thousands of illegal aliens to the United States every year, according to records obtained by Todd Bensman at the Center for Immigration Studies.
The migrant mobile app, Breitbart News has extensively reported, has allowed about 465,000 illegal aliens to schedule appointments at the United States-Mexico border for release into the United States interior from January 2023 through January 2024.
The app’s flight component has flown additional hundreds of thousands of illegal aliens into 43 American airports last year alone, Bensman reveals. DHS officials have refused to say which airports are being used to fly illegal aliens to the United States, admitting that revealing such information poses “operational vulnerabilities” because “bad actors” would attempt to exploit the program.
Bensman reports:
In short, the Biden administration’s legally dubious program to fly inadmissible aliens over the border and directly to U.S. airports has allegedly created law enforcement vulnerabilities too grave to release publicly, lest “bad actors” take advantage of them to inflict harm on public safety. [Emphasis added]
https://www.breitbart.com/politics/2024/03/05/joe-biden-uses-secretive-flights-import-320000-illegal-aliens/
JOHN BINDER
5 Mar 2024
President Joe Biden is operating a “secretive flights” program to fly hundreds of thousands of illegal aliens to the United States every year, according to records obtained by Todd Bensman at the Center for Immigration Studies.
The records, obtained by Bensman via a Freedom of Information (FOIA) lawsuit, show that the Department of Homeland Security (DHS) imported 320,000 illegal aliens to the United States last year through the little-known flight component of Biden’s “CBP One” mobile app
“Enemies foreign and domestic”
It’s treason.
This unelected regime needs to go. Unelected, did you say? Why, yes, because the 2020 election was stolen.
This is not news. It has been know for years. And Obama did it too.
I recall that they were flying them out of places like Laredo, Brownsville, etc. This is the first I’ve heard of invaders being flown in all the way from Caracas
The same guys who claim that they can’t control the border are flying people in. And as always, they are never held accountable for their actions. Never.
CNBC:
“Bitcoin tumbled on Tuesday shortly after it reached a new all-time high for the first time in more than two years.
The price of the cryptocurrency topped $69,210 on Tuesday morning, according to Coin Metrics, and then quickly pulled back. The losses deepened in late afternoon trading. It was last trading lower by 8% at $61,973.37.”
8% is that a lot?
Fidelity has added a “Set Exit Plan” to FBTC when you click on the details for that security.
Exit plan?
None of these bitcoin bois are true believers in Bitcoin. They don’t think of it as a world currency or freedom from central banks, or inherent value of any kind. To them, Bitcoin is something to buy today and sell to a greater fool tomorrow and buy real assets with the proceeds. It falls somewhere between tulip bulbs and pets.com.
Ponzi assets make a few guys rich, a few other guys go to prison, and a lot more guys poor when they eventually collapse.
An 8% loss over a few hours’ time? ‘Tis a mere flesh wound for crypto bois.
It’s time to buy the dip!
ChatGPT 3.5
User
Do stocks normally go up when longterm Treasury yields fall?
ChatGPT
Stocks and long-term Treasury yields can have an inverse relationship, meaning when long-term Treasury yields fall, stocks may often rise. This is because lower yields on Treasuries make stocks relatively more attractive to investors seeking higher returns. However, other factors such as economic conditions, corporate earnings, and geopolitical events can also influence stock prices independently of Treasury yields.
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10 hours ago
Stocks Are Falling Ahead of Powell Testimony
By Connor Smith
Stocks were falling again on Tuesday as the market pulled back from recent highs ahead of Federal Reserve Chair Jerome Powell’s congressional testimony in the days ahead.
The Dow Jones Industrial Average was down 100 points, or 0.3%, shortly after the market opened. The S&P 500 was down 0.4%. The Nasdaq Composite was down 0.8%.
The 10-year Treasury yield was down to 4.168%. 5-year Treasury Inflation-Protected Securities were also implying 2.4% inflation compared to 2.17% in early February.
“There’s not much in the way of a catalyst for the move lower besides the fact that the market has come so far so fast, and investors appear to be looking over their shoulders for Fed Chair Powell’s congressional testimony tomorrow and Thursday,” writes Paul Hickey, co-founder of Bespoke Investment Group. “Since the Fed started hiking rates in 2022, Powell has been known to take a crowbar to the knees of any rally, so some apprehension is understandable.”
…
https://www.barrons.com/livecoverage/stock-market-today-030524/card/stocks-are-falling-ahead-of-powell-testimony-X2RHFlUrb8xfmviYXL1f
Market prophet Gary Shilling warns stocks could crash 30% — and says the odds are ‘very much in favor of a recession’
Theron Mohamed
Mar 5, 2024, 4:18 AM PST
Gary Shilling against a yellow-and-orange background.
Bloomberg
– Stocks may crash 30% and a recession could hit within months, Gary Shilling said.
– The star forecaster said stocks are super pricey and flagged several signs of economic strain.
– Shilling predicted the housing market would rebound in time, and dismissed de-dollarization fears.
…
What would a 30% crash mean to people who levered up like crazy to buy stocks?
Yahoo Finance
Stock market today: Nasdaq leads stock slide, bitcoin tumbles after new record
Alexandra Canal and Karen Friar
Tue, Mar 5, 2024, 2:43 PM PST
In this article:
US stocks closed in a sea of red on Tuesday, pulling further away from record highs as uncertainty over interest rate cuts and a shakeup in “Magnificent Seven” stocks brought a note of wariness to the market.
Contracts on the tech-heavy Nasdaq Composite (^IXIC) led the day’s declines, sinking about 1.7% as a retreat in Apple (AAPL) and Tesla (TSLA) continued to drag on stocks more widely. Both the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) closed down more than 1%.
Apple came under pressure after a report that iPhone sales fell 24% in China, adding to Monday’s loss in the wake of a $2 billion EU antitrust fine. Tesla continued to slump as a shutdown at its Berlin Gigafactory added to concerns over a shipment slump and a Chinese price war.
Bitcoin (BTC-USD) reached a fresh all-time high, briefly surpassing its previous record of $68,789 from November 2021. However, the cryptocurrency experienced a sizable drop shortly after, plummeting 10% to trade just around $62,000 a coin.
The debate now is whether the tech gains behind the recent record-setting stock rally have reached their peak, as downbeat news saps the “FOMO” — fear of missing out — seen as keeping investors engaged.
At the same time, faith in coming easing by the Federal Reserve took a knock after comments by policymaker Raphael Bostic. The Atlanta Fed president said he sees just one rate cut this year, penciled in for the third quarter.
Investors are now even more focused on Fed Chair Jerome Powell’s testimony to Congress on Wednesday. His words will be closely watched for any change in the mantra that policymakers need to be convinced inflation is conquered before any move.
…
https://finance.yahoo.com/news/stock-market-today-nasdaq-leads-stock-slide-bitcoin-tumbles-after-new-record-210041125.html
Market Extra
‘Magnificent Seven’ shed $233 billion in market cap, dragging down the stock market
Published: March 5, 2024 at 5:14 p.m. ET
By Joy Wiltermuth
‘This isn’t some panic selling,’ says Michael Sansoterra, chief investment officers at Silvant Capital Management
The group of Magnificent Seven megacap technology stocks erased a combined $233 billion in market capitalization on Tuesday, even as shares of Nvidia finished higher, according to Dow Jones Market Data. MarketWatch photo illustration/iStockphoto
It has been a not-so magnificent Tuesday.
The “Magnificent Seven” group of technology companies that have helped underpin the stock-market rally for months shed a combined $233 billion in market capitalization on Tuesday, fueling a rout in U.S. equities.
Apple Inc. AAPL shares lost 2.8% on Tuesday, while Amazon.com Inc. AMZN declined almost…
…
https://www.marketwatch.com/story/magnificent-seven-shed-233-billion-in-market-cap-dragging-down-the-stock-market-d71f4f68
Is $233 billion alot?
CR8R
Barron’s
DJIA.-404.64 38585.19
S&P 500 -52.30 5078.65
NASDAQ -267.92 15939.59
Russell 2000 -20.60 2053.71
U.S. 10 Yr -0.004 4.15
VIX 0.97 14.46
LIVE UPDATES | CONCLUDED
Stock Market News: Nasdaq Has Worst Day in Weeks
All three major indexes were lower ahead of congressional testimony from Fed Chair Powell. Treasury yields fell.
Last Updated: March 5, 2024 at 7:47 PM EST
Live Coverage Feed
7 hours ago
Treasury Yields Fall Ahead of Powell Hearings
By Paulo Trevisani, Dow Jones Newswires
Treasury yields decline as soft February U.S. services PMI keeps alive the prospect of interest-rate cuts this summer and as markets wait for Chair Powell’s testimony in the House tomorrow and in the Senate on Thursday.
Odds of rates remaining unchanged beyond the Fed’s July meeting are priced at only 12% in the CME’s FedWatch tool, while repricing is expected to happen if data shows resilient inflation and employment. February payrolls are due Friday.
The 10-year declines 0.082 percentage point to 4.136%, its lowest settle in nearly a month. The two-year falls 0.056 p.p. to 4.550%.
…
https://www.barrons.com/livecoverage/stock-market-today-030524/card/treasury-yields-fall-ahead-of-powell-hearings-nMIV4JxWIi6HHCDJnBDx
Technology
Tesla Stock Set to Lose $76 Billion in Two Days on Growth Risks
– Shares fall again amid negative news from China, Germany
-Analyst lowers first-quarter delivery estimate, citing data
Apple, Tesla Face Struggles in China
By Esha Dey
March 5, 2024 at 8:49 AM PST
Tesla Inc.’s stock is on course to shed $76 billion in market capitalization in just two days, fueled by negative headlines from China and Germany that rekindled concerns about the company’s growth trajectory.
Shipments from Tesla’s Shanghai factory sank to the lowest in over a year in February, weighing on the automaker’s stock, which was down as much as 5.6% on Tuesday, after closing 7.2% lower on Monday.
…
https://www.bloomberg.com/news/articles/2024-03-05/tesla-stock-set-to-lose-76-billion-in-two-days-on-growth-risks
Finance Federal Reserve
Top economist who called the 2008 housing crash pours cold water on soft landing, pointing to rate hikes and a softening labor market
“We Americans tend to be perennial optimists,” Gary Shilling said during an interview on “The Retirement Lifestyle Advocates.”
BY Paolo Confino
March 05, 2024 2:26 PM EST
…
https://fortune.com/2024/03/05/soft-landing-federal-reserve-jerome-powell-gary-shilling-recession-us-economy/
The typical Austin-area luxury home sold for $1.69 million in the fourth quarter of 2023, an 8.6% year-over-year drop, per Redfin.
But…but…muh generational wealth!
The greedy speculators who levered up on debt to “invest” in the crypto mania are now feeling as nervous as a six-year-old at the Neverland Ranch.
https://www.cnbc.com/cryptocurrency/
The records, obtained by Bensman via a Freedom of Information (FOIA) lawsuit, show that the Department of Homeland Security (DHS) imported 320,000 illegal aliens to the United States last year through the little-known flight component of Biden’s “CBP One” mobile app
I recall reading that Michael Jackson asked Disney to build him a replica of the Pirates of the Caribbean ride at Neverland. Disney declined his request.
In Ontario, the mortgage delinquency rate was up 135.2 per cent compared with a year earlier, while B.C.’s rate rose by 62.2 per cent.
Is that a lot?
But farther down the road, where long-term players tend to find their greatest profits, there’s a huge opportunity.
If there’s such a huge opportunity, REIC shills, I’ll let you go all in on it while I sit tight on my lawn chair, waiting for the knife-catchers to get impaled.
Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.
https://www.dailymail.co.uk/yourmoney/housing-market/article-13156197/homebuyers-afford-average-home-salary.html
Canada’s CCP-loving Liberal Party traitors belong in prison for this.
https://www.dailymail.co.uk/health/article-13159847/Canadian-virus-lab-security-chinese-government.html
Justice is coming, COVID Communists.
https://www.dailymail.co.uk/news/article-13160589/Andrew-Cuomo-subpoenaed-Republicans-deposition-covid-investigation-reckless-mishandling-states-nursing-homes.html
It’s just a gully….
https://www.dailymail.co.uk/news/article-13159811/florida-real-estate-housing-market-sales-plummet.html
Remember, crypto baggies: It takes a big man to cry, but a bigger man to laugh at that man.
https://www.cnbc.com/cryptocurrency/
‘A Utah County-based drywaller is seeking nearly $300,000 from a Salt Lake City developer for work completed in May 2023 at The Austin Townhomes in Draper…put a mechanic’s lien for foreclosure on the property in August 2023, and filed its suit in February 2024’
These guys have been in trouble for at least a year.
Lindsey Buckingham – Trouble
https://www.youtube.com/watch?v=Kcm3dbuV8Z4
Hey, remember when the Little Communista AOC told her Red Guard followers back in 2020 that it was okay to make people uncomfortable by accosting them in public spaces? That didn’t age well.
https://twitter.com/AOC/status/1334184644707758080
AOC was at a movie theatre with her “fiance.” Didn’t those two get engaged over two years ago? Why aren’t they married yet?
Do I care? What I care about is getting her out of congress and replaced by someone who isn’t an insane, evil communist.
‘Right now you wouldn’t be selling unless you really had to’
Remember when Chinese investors meant you were red hot Chris?
(Yes, your government is suing to keep the border open…)
Supreme Court Temporarily Blocks Texas Illegal Immigration Law
The U.S. Supreme Court imposed a temporary pause on the enforcement of Texas’s immigration law on Monday, which would have granted state law enforcement powers to arrest and detain people they suspect of entering the country illegally.
https://www.zerohedge.com/political/supreme-court-temporarily-blocks-texas-illegal-immigration-law
AG Merrick Garland Calls Voter ID Laws ‘Unnecessary’
https://www.zerohedge.com/political/ag-merrick-garland-calls-voter-id-laws-unnecessary
[I love the contradictions as presented here …]
“There are many things that are open to debate in America,” Mr. Garland stated. “One thing that must not be open for debate is the right of all eligible citizens to vote and to have their vote counted.”
The attorney general said the Department of Justice is “fighting back” against states that have passed bills requiring identification that would prove such eligibility to cast ballots.
People who only knew Robert Palmer’s MTV music have no idea what they missed.
Robert Palmer – Sailing Shoes – Hey, Julia – Sneaking Sally
https://youtu.be/_srk5Wc3Dhc?si=GNAT1UXqQIP7uxYd
Economy
A boomer couple ‘couldn’t get out of California fast enough’ and moved to Kansas for retirement. Living costs are cheaper, and making friends is much easier.
Noah Sheidlower
Mar 5, 2024, 6:05 AM ET
Aerial view of Kansas City, Missouri, skyline at dusk, viewed from Penn Valley Park.
Mihai_Andritoiu/Shutterstock
– A boomer and his wife moved to Kansas after living in California for 50 years.
– He and his wife sold their house for $1.4 million and bought a historic Kansas home for under $400,000.
– He said it’s much easier to make friends in Kansas, and the cost of living is much lower.
…
https://www.businessinsider.com/moving-california-kansas-pros-cons-san-francisco-weather-buying-home-2024-2
“He said it’s much easier to make friends in Kansas, and the cost of living is much lower.”
Isn’t Kansas where early humans rode dinosaurs?
Isn’t Kansas where early humans rode dinosaurs?
There are people in Clownifornia who believe that too. There are plenty of fundyvangelical megachurches in the golden state.
He said it’s much easier to make friends in Kansas, and the cost of living is much lower.
Probably true, though Californians might not be thrilled with the weather or the flatness.
The constant mid-west wind doesn’t blow, it sucks!