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When Your Main Source Of Investment Falls

A report from Business Insider. “Owners are trying to unload units in the face of the skyrocketing costs of maintaining an apartment in Florida. At the same time, prospective buyers are driven away by those same fees. ‘It’s definitely been a slow-motion train wreck,’ said Joe Humphfner, who owns a condo in Jupiter, near West Palm Beach. Listings have soared as prices fall in major Florida cities, according to Redfin. The number of listings in February jumped nearly 30% in markets like Jacksonville and Miami compared to the same time last year. Meanwhile, prices dropped by as much as 7% in Jacksonville, to $254,000, and 3% in Miami, to $385,000.”

“Humphfner bought his pad for $140,000 in 2020. Rising costs have made him consider selling already, he said. HOA fees on his one-bedroom unit have jumped from $200 a month to $500 a month. Much of the increase, Humphfner said, has come from the increased cost of the building’s annual insurance payments, which have ballooned from $30,000 per year in 2020 to $100,000 this year. Humphfner, 25, predicted that many owners like him will be forced to sell their units because of increases like these. ‘Unless there’s a miracle in the insurance market,’ Humphfner said, ‘I don’t see it being sustainable.'”

The Bellingham Herald in Washington. “Home sale prices in Whatcom County and Bellingham decreased in February. Whatcom County’s median home sale price has fluctuated throughout 2023. The median home sale price reached an extreme high of $702,500 on Nov. 20, the highest price recorded in 2023, according to Redfin. In February, Whatcom’s median home sale price fluctuated, starting at $604,950 on Feb. 5, then jumping to $626,000 on Feb. 12, and then dropping to $580,000 on Feb. 19.”

Realtor.com on California. “Eva Longoria could hardly be considered a desperate housewife these days, even though she famously played one on TV more than a decade ago. But without finding a buyer for her home, the actress did recently slice the price of her Beverly Hills mansion. The haute home landed on the market almost a year ago for $22,888,000, and Longoria has now dropped the price a second time. The posh place is now listed for $18,988,000. She and her husband paid $13,500,000 for the chic, 1.4-acre property in 2017. The couple will still make a hefty profit, even though they spent an untold (but obviously substantial) amount on an exquisite renovation.”

The Los Angeles Times in California. “Every once in a while, Shardreata Moore gets a Subway coupon in the mail, and she knows she won’t have to worry about her next three meals. ‘I get a $7.99 footlong and have them cut it in threes,’ the retiree told me. Moore says she goes to Subway to order a chicken sandwich on whole grain bread, with spinach, cucumbers and tomatoes. That way, she gets some protein and at least a few fresh vegetables without a trip to the grocery store, where inflation is a killer. Kris Gaine said that when she retired several years ago from 40-plus years in ticketing and subscriptions at downtown L.A. arts venues, she was financially set. ‘Not now,’ she said. ‘Inflation has overtaken my pension and Social Security. I stand here and shake my head on most of my visits to the grocery store.'”

From The BBC. “New York City deli owner Jimmy Yavrodi looks grimly out of the shop that he opened 27 years ago in one of the city’s prime business districts. ‘Everything is empty,’ he says. ‘I don’t understand it.’ From his perch on Park Avenue South, the 61-year-old sent two children to university and employed 12 people, slinging sandwiches and salads for the office workers that streamed in from nearby buildings. These days it offers a window from which to watch what some are calling America’s office ‘apocalypse.’ His next door neighbour, 360 Park Avenue South, has been empty since 2021 for redevelopment. The 20-storey building, which sold for $300m (£233m) that year, recently drew headlines after one of the owners handed over its 29% stake to one of its partners, walking away from commitments to fund $45m more in upgrades,in exchange for $1.”

“On the street, residents will tell you life has returned since Covid. But sales at Mr Yavrodi’s Taza Cafe & Deli, which have sunk 70% since 2020, tell a different story – one revealing the enormous challenges facing owners of office properties around the country, and the risks those issues are creating for the wider economy. ‘We depend on office employees and office employees are not here. It’s very simple math,’ he says. ‘If they don’t come to work, places like us can’t survive.'”

“The declines have coincided with a sharp rise in borrowing costs, creating incentives for even well-financed firms to walk away from their properties, as the value of their buildings sinks below what they owe on their loans. The situation looks more serious in other places. In San Francisco, where the shift to remote work has been most extreme, the mayor has paused hiring and ordered officials to prepare to slash spending by 10%. Analysts in Boston, where more than a third of tax revenue comes from commercial property taxes, are forecasting looming budget shortfalls and pushing the city to find new ways to raise money. Warnings have also bubbled up in Atlanta, Dallas and other cities.”

“Mr Yavrodi remains sceptical. After shrinking his workforce from 12 to five, switching up his menu, and expanding deliveries, he sees little anyone can do to address the problem. ‘Everybody has different ideas but they are trying to put a bandage on a big cut when they need heavy-duty stitches,’ he says. ‘The way of life for the offices, as it was before the pandemic, is never going to come back.'”

The Globe and Mail in Canada. “That swooshing sound you hear is markets zooming upward. Over the past few days, many of the world’s leading stock market indexes – the S&P 500, the Nasdaq Composite, the Stoxx Europe 600 and the Nikkei 225 – have hit record highs. So has bitcoin. So has gold. But, um, why? At the risk of sounding rude, the underlying data don’t seem to be quite as cheery as the current bull market in nearly everything would suggest. Corporations are reporting decent but not overwhelming earnings growth. Interest rates remain at punishing levels in Canada, the United States and Europe.”

“”Thanks in large part to those painfully high interest rates, the global economy is sputtering. Britain and Japan are already in recession. Germany is likely to join them, according to the Bundesbank. Meanwhile, China is grappling with a property crisis. This is not the most natural launch pad for widespread gains in asset prices. To be fair, the current level doesn’t feel like a bubble, where share prices lose all connection to rationality. It seems more like a frothy, optimistic market determined to look on the bright side of things.”

The London Free Press. “The number of London homeowners defaulting on their mortgage payments has risen more than 80 per cent as high interest rates catch up with buyers who paid soaring home prices, a new analysis shows. London had the second highest rate in the country, as defaults rose 83.3 per cent at the end of the third quarter last year, second only to Barrie that saw defaults double, says the report by credit agency Equifax and Canada Mortgage and Housing Corp. Delinquency is defined as missing three or more mortgage payments.”

“Although the 83.3 per cent increase sounds dire, it means about 70 homeowners defaulted on their mortgage payments in London, said Rebecca Oates, vice-president of analytics for Equifax, a credit reference agency. ‘When you miss mortgage payments for 90 days, that is pretty bad,’ Oates said. London stands near the top of the list as home prices here rose sharply in a short period of time and have now fallen. If a homeowner has to renew their mortgage but the home is worth less than the mortgage, it may not be renewed.”

“‘It is happening across Ontario, and Hamilton and Toronto rates are increasing faster than London,’ Oates said. ‘House prices rose significantly and income has not risen.’ Last month the average home selling price in London was $618,000, down more than $200,000 from February 2022 when it was $825,000. In 2022, the Bank of Canada’s key lending rate rose from 0.5 per cent to 3.75 per cent and now stands at five per cent.”

The Chosenilbo. “One of South Korea’s top 10 construction companies, Company A, has decided internally to avoid pursuing large-scale projects this year. Instead, they will prioritize smaller projects with secured stability or ongoing construction ventures. The business activities of domestic construction companies are sharply declining. In January, new construction orders in South Korea totaled 8.5639 trillion won, down 53.6% from the same period last year (18.4721 trillion won). This decline is the largest in over 13 years since October 2010 (58.9%). Annual construction orders for the previous year also fell by 18.5% compared to the year before, totaling 176.1387 trillion won. Excluding the IMF foreign exchange crisis period in 1998 (-42.6%), this marks the largest decline in construction orders since records began in 1977.”

“Joo Won, deputy director of the Economic Research Department at Hyundai Research Institute, emphasized, ‘The construction industry, known for its high wages, has a substantial effect on boosting purchasing power and stimulating the economy when job opportunities increase. This particularly benefits low-income households.’ He added, ‘It’s crucial to prevent further decline in the construction sector to support domestic consumption-driven economic recovery.'”

From Barron‘s. “There are many things haunting China’s economy these days, foremost among them the property market, which is a deflating bubble draining wealth from all corners of the country. Housing prices and sales are falling, and with them the investments of Chinese, who are notorious savers who put most of their excess cash into property. Developers are defaulting, and perhaps most infuriating to buyers, many have paid full price for units only to see them never finished. But nowhere are things worse than the property market in lower-tier cities—places with relatively modest GDPs and no more than a few million people. Their biggest problem is glut—too many units with few prospective buyers.”

“Investments for residents in third-tier cities are being pummeled because they hold a significantly larger share of their household wealth in property than residents in higher-tier cities like Shanghai. ‘I’m one of the unlucky ones,’ said Wang Liyun, a 36-year-old white-collar worker in the third-tier city of Langfang, between first-tier Beijing and second-tier Tianjin. ‘I bought in early 2021, then prices began to fall. I’ll ride it out, and I have hope prices will swing back up. But I consider myself a smart financial person, so this will impact how I spend in other areas. This is the only rational reaction when your main source of investment falls.'”

“As of the most recent data, the time to clear housing inventories in lower-tier cities is now about 30 months, compared with eight months three years earlier, according to data provider Wind. The rate remains roughly half of that for higher-tier cities. The southern city of Shaoguan—on the cusp of the third and fourth tier with 2.8 million residents—has an inventory clearing time of 131 months, or 10 years, according to a survey by think tank E-House China Research and Development Institute.”

“One official late last year was surprisingly candid when interviewed by Chinese media. ‘How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes is enough for 3 billion people,’ said He Keng, 81, a former deputy head of the statistics bureau. ‘You don’t dare buy now because prices will continue to fall. And you don’t dare sell because prices are low,’ said Gou Liwei, who lives in a low-income area outside of Chengdu and has family in small cities across China, and who bought two additional properties years ago, before prices began to fall.”

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This Post Has 102 Comments

  2. ‘Mr Yavrodi remains sceptical. After shrinking his workforce from 12 to five, switching up his menu, and expanding deliveries, he sees little anyone can do to address the problem. ‘Everybody has different ideas but they are trying to put a bandage on a big cut when they need heavy-duty stitches,’ he says. ‘The way of life for the offices, as it was before the pandemic, is never going to come back’

    The murdering bashtards at CDC recent said minor respiratory illness was just that: minor. These huge sh$tholes destroyed their economies for nothing. Do you read about any regret from the globalist scum for helping push this tragedy?

      1. Isn’t that a typical course of pandemics?

        Plus there is tremendous uncertainty at the outset. I still remember very well AlbuquerqueDan offering his reassurances circa February 2020 that the virus would be contained to China, just weeks before panic broke loose in the US policy arena.

      2. It’s only “minor” when you consider the known fact that more people died from the mRNA poison injections than died from CCP Flu.

        Anthony Fauci is guilty of medical genocide.

      3. Covid didn’t start out as a minor respiratory illness. It evolved into one.

        More pseudo-scientific malarkey. Has there ever been a description of the symptoms of Covid that distinguished it from previously known illnesses? And how has the description evolved over time?

        1. I’m not going to go back and look it all up again, but the Medcram YT channel was very thorough in its descriptions of how COVID’s mechanisms and symptoms differed from influenza. And if you googled, you would find dozens if not hundreds of scientific papers with the information you want.

          The description of COVID did change over time. The evolution from Delta to Omicron was huge. Wild type, Alpha, and Delta variants all lodged deep into the lungs near the air/blood barrier, where it could enter the blood stream and wreak havoc anywhere. Omicron stopped in the upper trachea, where the immune system could attack it before it did deeper damage, which is why it was so mild near the end.

          1. Fauci controls close to 100% of the scientific research funding so any research results are heavily tainted if not outright fraudulent.

          2. hundreds of scientific papers

            We’re not forgetting that lies were told. Professionally.

            And nobody wants you to dig up old articles.

          3. I don’t see why it would be necessary to go to YT channels or even scientific papers to answer this question. There should have been a clear statement from the CDC about what specific symptoms were characteristic of Covid vs. other illnesses. And anyone who claims any expertise in infectious disease should be able to give a clear and concise description of the symptoms and the differential diagnosis, and not just vaguely refer to scientific papers.

            About the evolution of the description: For example, at one point I remember that it was said that Covid caused glassy nodules to form in the patient’s lungs, which would then eat up their lungs, or some such nonsense. Then that claim was quietly dropped and some other outlandish scare tactic was invented.

          4. Markets
            Barclays Says Sell US Treasuries After ‘Excessive’ Bond Rally
            Strategists recommend shorting 10-year US government bond
            The case for a ‘meaningful’ easing cycle in US has weakened
            By Ruth Carson
            March 10, 2024 at 7:40 PM PDT

            Investors should consider selling 10-year Treasuries as the resilience of the world’s largest economy makes the recent US bond rally look overdone, according to Barclays Plc.

            Yields on the global funding benchmark have fallen nearly 30 basis points from this year’s peak of 4.35% as traders bet the Federal Reserve will cut interest rates sooner rather than later. The drop in yields is “odd” given US economic data have proved stronger than expected in recent weeks, strategists including Anshul Pradhan and Amrut Nashikkar wrote in a note.
            …
            https://www.bloomberg.com/news/articles/2024-03-11/sell-us-treasuries-after-excessive-bond-rally-barclays-says?embedded-checkout=true

        2. The loss of taste was pretty unique. Not just a dulling of taste, but the loss of taste, and making somethings take disgusting, that used to taste good.

    2. These huge sh$tholes destroyed their economies for nothing.

      Well, they certainly didn’t do it for us. They, on the other hand, have profited immensely.

    3. There is a great example in SF called Lee’s Deli. It was a local chain of 12 deli shops in the city. When covid shut everything down it immediately killed off half of them. The owner then tried to keep 6 of them going but one by one had to shut them all down. This story is repeated over and over block by block yet the gas lighters tell us it’s the best economy ever and they somehow can’t understand why people aren’t more excited. At some point people are going to get so sick of the lies they are just going to start setting it all on fire. I’ve been trying to decide which city is going to burn first. My best guess is either Ookland or Chicago but some backwater in a place like Minnesota will probably upset my calculations again. The liberal paradise NYC already has the National Guard deployed for practice! It wasn’t so long ago when they were calling Trump a racist for considering such things. So progressive!

      2. Chicago is already half burnt down. Hispanics are quickly taking over half-abandoned black neighborhoods and turning them into near-favelas. The students in Chicago Public Schools are half hispanic now, and only 1/3rd black, as blacks flee chicago for the suburbs, and many flee IL back to the south again.

        1. The students in Chicago Public Schools are half hispanic now,
          The students in my old HS near the airport in the suburbs are over 50% Hispanics.

  3. ‘It is happening across Ontario, and Hamilton and Toronto rates are increasing faster than London,’ Oates said. ‘House prices rose significantly and income has not risen.’ Last month the average home selling price in London was $618,000, down more than $200,000 from February 2022 when it was $825,000′

    It’s interesting that the appraisers missed this ‘prices rose significantly and income has not risen’ thing Becca. As a matter of fact, I don’t recall it even being mentioned. Oh well, it’ll probably be fine.

    1. It blows me away when you point out the basic price-to-income fundamental and most folks just give you that sideways no comprende look.

  4. ‘when she retired several years ago from 40-plus years in ticketing and subscriptions at downtown L.A. arts venues, she was financially set. ‘Not now,’ she said. ‘Inflation has overtaken my pension and Social Security. I stand here and shake my head on most of my visits to the grocery store’

    Note that the central bankers can’t wait to go back to printing up money. That’s policy making!

    1. “Inflation has overtaken my pension and Social Security”

      Are you any better off now than you were in January 2021?

      Stolen elections have consequences.

    3. I stand here and shake my head on most of my visits to the grocery store

      I’ll bet she’s gonna vote D this November.

  5. ‘predicted that many owners like him will be forced to sell their units because of increases like these. ‘Unless there’s a miracle in the insurance market,’ Humphfner said, ‘I don’t see it being sustainable’

    It’s a good thing UHS says you can always sell Joe!

  6. Unelected Occupant has apologized for using the word illegal during his state of disunion speech:

    “I shouldn’t have used illegal, it’s undocumented”

    1. When they asked him the next day, he said “Technically they shouldn’t be here.” That’s a pre-2010 mindset, and I’ve seen Biden revert back to that a few times.

      1. e said “Technically they shouldn’t be here.”

        Yet he is flying them into the country and there were no consequences when it was revealed. Have they stopped?

        1. I don’t think that Biden himself is behind this. There’s some ultra-WEF-style wokerati calling the shots. Biden himself thinks he’s center left — if he thinks at all.

          1. Obamma, susan riice and valerie jarretttt are running the show. Rice is architect of the invasion .

    2. “I shouldn’t have used illegal, it’s undocumented”

      Actually it’s…

      Invited Invader

  7. “The couple will still make a hefty profit, even though they spent an untold (but obviously substantial) amount on an exquisite renovation.”

    Counting your chickens already, eh? Talk to us when it’s sold and closes escrow. Because I think you’re gonna have to redefine “hefty”.

    1. $22,888,000 … $18,988,000.

      I guess the realtor still thinks that some Chinese billionaire will come to her rescue.

    2. Counting your chickens already, eh? Talk to us when it’s sold and closes escrow. Because I think you’re gonna have to redefine “hefty”.

      My thoughts exactly

  8. “But I consider myself a smart financial person, so this will impact how I spend in other areas. This is the only rational reaction when your main source of investment falls.’”

    Put this one on the short list for “Delusional Statement of the Year Award”. This dude is nowhere near “smart” or “rational”.

    1. US Markets Closed
      Dow Jones -0.18%
      Nasdaq -1.53%
      S&P 500 -0.65%
      META -0.69%
      TSLA -0.21%
      AAPL -0.15%

      Markets
      Bank of America’s top global strategist shares 4 signs that a bubble continues to grow in US stocks — and 4 indicators to know when to get out of the market
      William Edwards
      Mar 9, 2024, 2:00 AM PST
      new york stock exchange trader bubble
      REUTERS/Lucas Jackson

      – Stocks continue to head into bubble territory, says Bank of America’s Michael Hartnett.

      – Market overextensions are evident in the inflated semiconductor sector and the Nasdaq’s trend.

      – Watch real rates, investor sentiment, and PE ratios to know when to exit the market, Hartnett said.

      Stocks have been on a relentless tear over the last five months, with the S&P 500 rising to the 5,000 mark for the first time. Since October 27, the benchmark index has gained nearly 25% as investors have cheered on a strong economy and blowout earnings reports from mega-cap tech stocks.

      According to Michael Hartnett, the chief global strategist at Bank of America, such impressive returns over such a short period have only come in 10 instances since the 1930s. But they’ve only come in one of two market environments, Hartnett said in a March 7 note: at the bottom of a recession, like in 2009 or 2020, or at the start of a bubble, like in 1999.

      Given that the US economy is not licking its wounds on the backend of a downturn, the S&P 500 could be floating into bubble territory.

      In the note, Hartnett laid out more evidence that a bubble could be developing in stocks. One is how inflated the semiconductor sector has become compared to the rest of the market. Here’s the PHLX Semiconductor Sector index (SOX) relative to the S&P 500. Excitement around AI has driven the ratio to all-time-highs, surpassing the prior high seen during the dot-com bubble in 2000, when investors bid up internet-related stocks.

      Second, the semiconductor sector and the tech-heavy Nasdaq are well above their 200-day moving averages, a sign of overextension in the world of technical analysis. Semiconductor stocks are 36% over their 200-day moving average, while the Nasdaq is 16% over, Hartnett said.

      Valuations on the “Magnificent Seven” stocks — Amazon, Apple, Microsoft, Nvidia, Tesla, Alphabet, and Meta — are also historically high, with a trailing 12-month price-to-earnings ratio of 45x. The S&P 500, by comparison, trades at a 28x trailing PE, which is also historically elevated.

      Still, things can get even more extreme, Hartnett said. During the dot-com bubble, the Nasdaq went 55% above its 200-day moving average, and the “Nifty Fifty” stocks went to a 54x trailing PE during their bubble in the 1970s.

      How to know when the bubble is set to pop

      Hartnett said it pays to be a “cynical bull,” and that investors with this mindset will ride the wave of returns until a few bearish signals arise.

      One of them is when real rates on 10-year Treasury notes rise above 2.5%. Real rates are yields adjusted for future inflation expectations. The current real 10-year rate is 1.6%, according to Fed data.

      Second, Bank of America’s Bull & Bear Indicator, which measures investor sentiment, needs to be in “Extreme Bullish” territory. The indicator has historically acted as a contrarian signal for future returns. Right now the measure is at 6.4, in moderate territory.

      Third, the S&P 500’s trailing 12-month PE ratio has to surge above 25x. It sits right around 23 today. The ratio was around 30 in the months leading up to the 2000 and 2022 market declines.

      Finally, the Fed has to be ready to cut interest rates. Markets are pricing in the first cut sometime in the middle of this year. Hartnett said a falling number of job quitters shows a weakening labor market, hence the Fed’s apparent willingness to cut rates soon.

      “Fed causes bubbles & Fed pops bubbles and in 2024 Fed’s determination to cut rates means ‘we’re not too far from it,'” Hartnett said.
      …
      https://www.businessinsider.com/stock-market-crash-signs-bubble-sp500-bank-of-america-hartnett-2024-3

  10. “‘You don’t dare buy now because prices will continue to fall. And you don’t dare sell because prices are low,’ said Gou Liwei, who lives in a low-income area outside of Chengdu and has family in small cities across China, and who bought two additional properties years ago, before prices began to fall.”

    If even low income Chinese citizens own multiple investment properties, math suggests a lot of these might be vacant. How many housing units can a low income family occupy?

    1. If even low income Chinese citizens own multiple investment properties, math suggests a lot of these might be vacant. How many housing units can a low income family occupy?

      Remember, the growth was exponential. Many people bought when prices were lower. So rents below current market price easily pencil out.

      Migrant workers in China need housing, young professionals need housing.

      If you bought in the past 5 years you are likely fooked. But 15 years ago? 20? 25? You are profitable.

      Chinese cities have many prosperous people. The cities are clean. Zero crime because there are trillions of cameras and you will be caught. The trains run on time. Trials happen in real time on network TV.

      Just like San Diego. Lots of people bought low and are fine.

  11. In San Francisco, where the shift to remote work has been most extreme, the mayor has paused hiring and ordered officials to prepare to slash spending by 10%.

    Looks like that repatriation office and $5MM a pop are gonna have to wait

    1. Did you mean “reparations”? (Not to suggest repatriations are not a thing in SF…)

      2. repatriations

        Dumver as outwoked SF, as it now has a new bureaucracy: The Office of New Americans. (ONA) We used to joke about “Nuevos Americanos” here, but it’s not a joke anymore, that is what they are calling them. I looked up ONA in Denver, and it has a staff of at least six. Their mission is to help the invaders settle into Denver.

          1. “We overextended a while ago,” said Ismael de Sousa, a longtime Denver bakery owner who grew up in Venezuela and has struggled with whether to open his own home to newcomers. “It’s tricky because you don’t know who you’re opening your door to for an indefinite amount of time.”

            Come on Ismael, there’s probably only a 10 to 20 percent chance you would be opening your home to a convicted rapist or murderer, give him the room next to your daughter.

          2. “It’s tricky because you don’t know who you’re opening your door to for an indefinite amount of time.”

            I wouldn’t call that “tricky”, I would call that dangerous.

            And good luck kicking them out once you get fed up with them. You’ll have to hire a lawyer and go through a pricey eviction process, and they will trash your home before your can kick them out. And that’s if they don’t murder and rape your family first.

          3. who grew up in Venezuela

            So a Venezuelan won’t open his doors to his fellow Venezuelans? Maybe that’s because he knows his countrymen better than the SBUX-sipping liberal white baby boomer women.

          4. What is bot veing said are tenant laws and once these visitors stay past a couple of weeks they become tenants, no longer “guests”.

        1. If it happens, I expect a lot more California outmigration by people who would otherwise be stuck with the tab.

    2. repatriation office

      A long time ago, the US setup a colony in Africa and sent a bunch of Negros there so that they could build a Utopia on African soil. They enslaved the locals. It’s called Liberia.

      1. [Some snips from Wikipedia …]

        Liberia began in the early 19th century as a project of the American Colonization Society (ACS), which believed black people would face better chances for freedom and prosperity in Africa than in the United States.[7] Between 1822 and the outbreak of the American Civil War in 1861, more than 15,000 freed and free-born African Americans, along with 3,198 Afro-Caribbeans, relocated to Liberia.[8] Gradually developing an Americo-Liberian identity,[9][10] the settlers carried their culture and tradition with them. Liberia declared independence on July 26, 1847, which the U.S. did not recognize until February 5, 1862.

        [snip]

        The Americo-Liberian settlers did not relate well to the indigenous peoples they encountered. Colonial settlements were raided by the Kru and Grebo from their inland chiefdoms. Americo-Liberians formed into a small elite that held disproportionate political power; indigenous Africans were excluded from birthright citizenship in their own land until 1904.[12][13]

        In 1980, political tensions from the rule of William R. Tolbert resulted in a military coup during which Tolbert was killed, marking the end of Americo-Liberian rule in the country and beginning over two decades of political instability. Five years of military rule by the People’s Redemption Council and five years of civilian rule by the National Democratic Party of Liberia were followed by the First and Second Liberian Civil Wars. These resulted in the deaths of 250,000 people (about 8% of the population) and the displacement of many more, with Liberia’s economy shrinking by 90%.[14] A peace agreement in 2003 led to democratic elections in 2005.

  12. Listings have soared as prices fall in major Florida cities, according to listings in February jumped nearly 30% in markets like Jacksonville and Miami compared to the same time last year. Meanwhile, prices dropped by as much as 7% in Jacksonville, to $254,000, and 3% in Miami, to $385,000.”
    7% and 3.5% ain’t $hit when the increases in Ins and HOA fees are considered. I am expecting another 2007-2010 drop, especially in the Condos. Financially it seems like it HAS to happen for affordability to return.

  13. ‘The greatest real estate correction in my lifetime’: Grant Cardone sees doom and gloom ahead for US real estate — but here’s how savvy investors can use it to ‘grab trophy real estate’
    Story by Jing Pan • 1d
    Grant Cardone: Dark skies ahead for US real estate
    © Fox Business/YouTube
    High interest rates have already cast a dark shadow over the U.S. real estate market. And according to real estate mogul Grant Cardone, the slump is only getting started.

    “I just want to say that we’re entering the greatest real estate correction in my lifetime,” he said in a recent interview with FOX & Friends.
    …
    https://www.msn.com/en-us/money/realestate/the-greatest-real-estate-correction-in-my-lifetime-grant-cardone-sees-doom-and-gloom-ahead-for-us-real-estate-but-here-s-how-savvy-investors-can-use-it-to-grab-trophy-real-estate/ar-BB1jB9id

    1. i tried searching news on haiti and the first 5 news sources are the BBC, NYT, WaPo, Guardian and AP, basically all fake news, none of it can be trusted.

  15. NY Firefighters Who Booed AG Letitia James To Be Punished & Reeducated

    by Jamie White
    March 10th 2024, 11:10 am

    New York City firefighters are facing administrative punishment after booing Democrat Attorney General Letitia James during a promotion ceremony last week.

    James’ speech on Thursday was drowned out after members of the New York Fire Department (FDNY) delivered boos and chants supporting former President

    “Come on, we’re in a house of God…simmer down,” James scolded them.

    FDNY Commissioner Laura Kavanagh responded to the incident by sending an email vowing to “hunt down” all those involved in the jeering, announcing that the Bureau of Investigation and Trials (BITS) will investigate the matter.

    “BITS is investigating this so they will figure out who the members are. I recommend they come forward. I have been told by the Commissioner It will be better for them if they come forward and we don’t have to hunt them down,” the email reads.

    “The DC’s shall direct the Captain of the Company to make a list of those that come forward and send it directly to John and Kevin in Operations. I realize members might not come forward but they should know that there is clear video of the entire incident and they will be contacted by BITS if they don’t,” it added.

    Internal communications from firefighter unions, including the Uniformed Fire Officers Association (UFOA), circulated memos condemning the stunt, the New York Post reported.

    The memo reads: (click link to read memo)

    The memo goes on to say that the guilty parties will be “educated” over their behavior:

    Next steps:

    Have DC visit each firehouse that had a member promoted
    Relay bullet point message
    They should understand that BITS is gathering video and identifying members that brought discredit and to the Department
    We want the members to come forward. They will come to HQ to be educated why their behavior is unacceptable.

    https://www.infowars.com/posts/ny-firefighters-who-booed-ag-letitia-james-to-be-punished-reeducated

      1. The problem are the salaries and pensions. I know quite a few municipal laborers and first responders in the Chicago region. They all want out but the salaries in red states can be half of salaries in Chicago with 1/3rd of the pension, but the housing prices are the same or higher. I know one guy – saw him last night – tried to move to Florida. He earns $55k working for a suburb here and the only job offers he was getting in Florida were for $16 to $20 an hour, but FL home prices were higher than Chicago’s. I know one truck driver who took a job with a large city in Houston and the pay is $20 an hour which is 60% of what he earned working in Illinois, but the housing prices and cost of living in Houston is tough to live on $20 an hour. Those NYFD guys are probably earning six figures. If they went to Indiana or Ohio they’d be lucky to make $70k

  16. US Markets Closed
    Dow Jones
    -0.18%
    Nasdaq
    -1.53%
    S&P 500
    -0.65%
    META
    -0.69%
    TSLA
    -0.21%
    AAPL
    -0.15%

    Markets
    A former investment banker shares the strategies she’s using to build long-term wealth, including 3 mental tricks she used to save six figures
    Kathleen Elkins
    Mar 10, 2024, 3:00 AM PDT
    Nischa Shah

    Nischa Shah worked in banking for nearly a decade before quitting to go all-in on her content creation business.

    Leaving the corporate world meant taking an 80% pay cut at the time, she told Business Insider. It also meant walking away from a six-figure bonus, which BI verified by looking at a copy of her employment contract.

    “That was the hardest decision that I had ever made,” she said, adding, “I had set myself up financially, and I knew what made me happy.”
    …
    https://www.businessinsider.com/former-investment-banker-shares-top-savings-investing-strategies-build-wealth-2024-3

    1. including 3 mental tricks she used to save six figures
      ….
      a six-figure bonus

      Soundslike saving six figures should have been easy peasy.

  17. Liz Cheney & January 6 Committee Suppressed Exonerating Evidence Of Trump’s Push For National Guard at Capitol

    Jamie White
    March 9th 2024, 3:37 pm

    Former Rep. Liz Cheney (R-Wyo.) and the January 6 Committee suppressed evidence that former President Donald Trump pushed for 10,000 National Guard troops to protect the U.S. Capitol building, according to a bombshell report.

    Cheney and the J6 committee falsely claimed they had “no evidence” to support Trump officials’ claims the White House had called for 10,000 National Guard troops ahead of the mass demonstration in Washington, D.C. against the rigged 2020 election.

    But a transcribed interview from Jan. 2022 conducted by the committee that’s been obtained by The Federalist included that very evidence from a key source.

    “The interview, which Cheney attended and personally participated in, was suppressed from public release until now,” Mollie Hemingway reported Friday.

    Deputy Chief of Staff Anthony Ornato’s first transcribed interview with the committee was conducted on January 28, 2022. In it, he told Cheney and her investigators that he overheard White House Chief of Staff Mark Meadows push Washington D.C. Mayor Muriel Bowser to request as many National Guard troops as she needed to protect the city.

    He also testified President Trump had suggested 10,000 would be needed to keep the peace at the public rallies and protests scheduled for January 6, 2021. Ornato also described White House frustration with Acting Secretary of Defense Christopher Miller’s slow deployment of assistance on the afternoon of January 6, 2021.

    Not only did the committee not accurately characterize the interview, they suppressed the transcript from public review. On top of that, committee allies began publishing critical stories and even conspiracy theories about Ornato ahead of follow-up interviews with him. Ornato was a career Secret Service official who had been detailed to the security position in the White House.

    Hemingway noted that Cheney frequently cited the Government Publishing Office for “transcripts, documents, exhibits & our meticulously sourced 800+ page final report,” but its website only features fewer than half of the 1,000 interviews conducted.

    https://www.infowars.com/posts/liz-cheney-january-6-committee-suppressed-exonerating-evidence-of-trumps-push-for-national-guard-at-capitol/

  19. A reader sent these in:

    The parallels between now and the 70s are truly endless
    Powell is Arthur Burns. Done deal. 10,000%. Written in stone
    The only thing that can save him is the under measurement of inflation with ever more obtuse BLS survey methodology on OER and Healthcare.

    https://twitter.com/rev_cap/status/1766245969501340103

    The World in a nutshell:
    “Central Banks scent victory over inflation”
    Vs
    “Spain’s shoplifting gangs target olive oil as price surge triggers liquid gold rush”
    When the Plebs come out with pitchforks, none should be surprised…

    https://twitter.com/agnostoxxx/status/1766414027876384905

    Me: “I wonder how journalists feel about the current market”
    Journalists:

    https://twitter.com/allstarcharts/status/1766442126013772088

    Powell essentially said they plan to ease before inflation gets to their 2% target & the target is going to get raise to 3% although they didn’t outright say it. They know 2% isn’t possible unless you get some sort of economic slowdown and with the current fiscal policy / loose financial conditions / global demand picking up in general / wealth effect / and them outright saying lower rates are coming that is going to pour gasoline on the fire.

    https://twitter.com/eliant_capital/status/1766475623076122931

    Used car prices have continued to decline sharply. Down another .73% over the last month and are down 10% since June 2023.

    https://twitter.com/MacroEdgeRes/status/1766304572237074456

    California marijuana distributor MedMen has reportedly shuttered almost all its locations as of today – the website is down.

    https://twitter.com/MacroEdgeRes/status/1766261431014727840

    Probably nothing

    https://twitter.com/MichaelAArouet/status/1766376755651088569

    Financial conditions are as loose as they were before rates hikes started. Is Powell happy or scared at the moment?

    https://twitter.com/MichaelAArouet/status/1764912597768253901

    Home buying conditions have collapsed
    Current levels have NEVER been seen since 1960

    https://twitter.com/GameofTrades_/status/1766471502180897211

    What stage of the bubble is this?

    https://twitter.com/INArteCarloDoss/status/1766584021952143857

    The rapid increase in COL during this inflation crisis has resulted in most major metros – including in TX, AZ, FL, GA, and elsewhere becoming completely unaffordable for 90% of people that are trying to move here.

    When you look at places like Dallas requiring an HHI >125K to afford a shoebox dump and the median HHI is ~70, where’s the money come from? The math is even worse in Florida.

    https://twitter.com/DonMiami3/status/1766637687673401688

    The Canadian Circus looks a lot like the Cirque Du California

    https://twitter.com/DonMiami3/status/1766579793682747728

    Discount Road House

    https://twitter.com/SteveInmanUIC/status/1765794662961623109

    Powell ballooned the Fed balance sheet, ballooned asset & house prices creating massive wealth inequality, led us to 40 year high inflation destroying poor/middle class, led a trading scandal at the Fed, but he’ll save us?

    https://twitter.com/RobotSnickers88/status/1766536991154598118

    1. “Spain’s shoplifting gangs target olive oil as price surge triggers liquid gold rush”

      Theft has long been a problem in Spain: shoplifters, car burglaries, home burglaries, etc. When I visited everyone at the local office had a modular pull out stereo in the car, sitting on their desk The expats there told me that their flats would be periodically burgled. Some gave up buying a cheap replacement TV because it would be stolen within a few months. They left their cars unlocked so burglars could get in without damaging the locks or breaking the windows. Every retailer had several uniformed security guards patrolling the store. And pickpockets everywhere.

      It was like San Francisco is now.

    2. Used car prices have continued to decline sharply. Down another .73% over the last month and are down 10% since June 2023.

      So, still stupidly overpriced.

    3. Powell ballooned the Fed balance sheet, ballooned asset & house prices

      Funny how the Fed can balloon just about anything except wages.

    4. Metropolitan Theaters is a smaller cinema chain, and I probably only know of them because they operate two multiplexes in my little burg. Anyway, they announced they are filing for chapter 11, and are looking to break some leases in the BK. I suspect that one or both of the plexes in town will close.

      The reasons offered in the press include that streaming ate their lunch. I suspect the high prices also play a role, as well at the current crop of cr@ppy, woke movies. I went to see a movie just once last year, and the theater was nearly empty. It was one of those places where you could order dinner and they would bring it to your seat. Sounds good, but the movie I watched was “A Haunting in Venice” and it was so visually dark that I could hardly see my dinner.

      1. don’t forget that if you go out to see a movie you get inundated with “diversity” and 100 people all on their cell phones instead of watching the movie.

        TBH I’m amazed any movie theaters are even still open. It’s been a death watch since mid-aughts rapidly accelerated last few years. Anything that kills pedowood is good.

        1. Haven’t been to a movie theater in years. Watch vintage movies online. No diversity. Many genres, including noir. Hollywood golden era. Intriguing plots, unmatched acting, no dizzying AI, clever dialog.

        3. 100 people all on their cell phones

          It’s been a loooong time since I had 100+ fellow theatre goers watching a movie.

      2. Emma Stone just won the best actress oscar for Poor Things, which I apparently only heard of last week. It’s some creepy and gross art film. I saw a few stills and it’s off really gross looking people having s3x with emma with their schlongs hanging out. I showed my wifes the pics from the movie and she was like WTF who pays to watch this, and why does it deserve an oscar? Hollywood has lost its mind. They’ve always been insane but with this type of movie winning best actress, they’ve completely turned off 95% or 96% of the country. Who watches this crap? They’re burning it all down as no name streaming actors and actresses take all the work.

  20. [This post is for Housing Wizard.]

    A fascist, totalitarian future awaits us – my testimony to Congress
    – Jordan Peterson

    https://www.yahoo.com/news/fascist-totalitarian-future-awaits-us-170000843.html

    There are now 700 million CCTV cameras in Communist China. Those electronic eyes are attached to the most complete state apparatus of surveillance yet imagined. It has the ability not only to recognise faces at a distance, but gait itself when facial features are hidden or obscured.

    Such capability can, and soon will, be augmented to the point where the movements of eyes themselves, monitored by intelligent cameras, will be sufficient to identify any active party.

    The demented, naïve engineers who so enthusiastically helped build this system call it “SkyNet”, after the rogue and all-seeing technology that take such a dreadful wrong turn in the science fiction Terminator series, where artificially-intelligent robot minds hell-bent on protecting themselves end up destroying humanity as a consequence. The name also references a well-known Chinese phrase describing the reach of the divine itself – “the net of heaven is vast, yet it misses nothing” – which aptly describes the capabilities of the new state apparatus.

    This system is integrated with the so-called Chinese Social Credit System which awards its involuntary participants with a score indicating their compliance with the dictates of the Party, allowing for full control over access to everything they possess electronically – most ominously their savings and access to travel, including, as more electronic gates appear, walking.

    If you are Chinese, or even just a visitor, if your Social Credit Score falls beyond an arbitrary minimum your access to the world can be reduced to zero. This allows you to be shut out of all activities that can be virtualised: driving, shopping, working, eating, finding shelter; even fraternising with friends and family (as merely being in the presence of someone with a low Social Credit Score means that your own score can be lowered).

    This has opened up the opportunity for the government to extract slave-like labour from its citizens. The donation of free work to the state constitutes one means whereby erring men and women citizens can increase their score and remain part of society. This is precisely the payment system most desired by the most tyrannical: not the “work for me and benefit thereby” that constitutes the contractual arrangement undertaken by free citizens, but the “work for me and I will lift the deprivation I imposed” that has always been the leit-motif of the slaver.

    A dystopian world of our own creation

    Why is any of this relevant to people in the West?

    Because the technology that the Chinese Communist Party employs is an extension of Western technology.

    Because we already recently fell prey to the terrible temptation of lockdowns employed by that state in the face of a hypothetical crisis.

    Because we are walking, step by step, in the same direction – partly because of the hypothetical ‘convenience’ of universal and automatic recognition of identity, partly because any problem whatsoever that now confronts us can easily be used to justify the increasing reach of the security and nanny state.

    It is said that stone-age people, first confronted with cameras and their resultant photographs by modern anthropologists, objected to having their images captured, as they feared the captivity of their souls. It turns out that such fear was prescient: the images that we leave behind while navigating virtual space are such close duplicates of our actual selves that the capture of our essence is, at this point, all but guaranteed.

    We all now have our doppelgangers. We all live so much in the virtual world, thanks to our purchasing habits and modes of electronically-mediated communication, that our very selves have become reducible to a frightening degree as mere ‘data’, the modern equivalent of our footprint, with that same data making up an image of our identity. This identity can be – and is increasingly – bought and sold by invisible corporate brokers that use it to sell us what we so desperately and carelessly and conveniently want, but that can also be used to track, monitor and punish everything we do and say.

    Behavioral scientists facilitate this process with their reprehensible nudging: the practice of pushing people in a given ideologically-determined direction by manipulating invisible incentives behind the scenes. Corporations track purchasing decisions, developing algorithms that with increasing accuracy track our patterns of attention and action, allowing for the prediction of what might next be most enticing, doing so not only to offer us what we want, but to determine and shape what we need.

    Governments can, and are, colluding with these corporate agents to develop a picture not only of our actions but of our thought and words so that deviation from the desired end can be mapped, rewarded, and punished. The development of such a digital identity and currency is nothing more than the likely end consequence of such inclinations – and the combination of both will facilitate the development of a surveillance state the scope of which optimistic pessimists of totalitarianism such as George Orwell could scarcely imagine.

    The ultimate fascist collusion

    The rapidly emerging new AI systems do nothing but increase this danger, providing for the possibility of a super-surveillance whose scope exceeds anything that mere unaugmented humans could imagine. They could ensure that our attitudes, conduct and personalities can be manipulated to the degree that we will not even be able to see a reality outside that which has been constructed by the superstate: the ultimate fascist collusion between gigantic self-interested corporations and paranoid security-obsessed anti-human governments.

    We are already selling our souls to the superstate for the purposes of immediate gratification and convenience, while being enticed to do so by fear-mongering ideologues, guaranteeing to us the security which we so desperately and increasingly crave.

    This is by no means a partisan matter. In my country, Canada, the most egregious over-reach of the superstate occurred in the aftermath of a working-class protest against – ironically – state over-reach during the Covid lockdowns, when our increasingly delusional and totalitarian federal government determined that it was appropriate to suspend the access of protestors and their supporters, however minor, to their own assets, in collusion with Canada’s big banks.

    Such an event did, and should, send a chill down the spines of anyone concerned with the maintenance of personal security, privacy and autonomy, signalling the increasingly ability and willingness of state and corporate agents to act in sync with regard to the data they now possess and means of control at their fingertips, and to punish their customers and citizens for their political views, however widespread those views might be. What views are deemed unacceptable will be precisely determined as those that oppose the interests of whomever is currently wielding the baton of power, left or right, corporate or governmental.

    It was recently determined in Canada that such a move was literally unconstitutional. But that has not stopped the over-reach of the state. New legislation proposed by the same government mandates the generation of a soon-to-be giant bureaucracy to monitor and punish in an extra-judicial manner so-called “crimes of hate”, soon defined as any speech or act that the bureaucrats and corporations in charge of the definition themselves object to.

    The same legislation now even defines what might be well regarded as pre-crime: if a court agent now judges that a Canadian citizen might perpetrate a so-called hate crime in the future, that person can be fitted with an electronic surveillance device, restricted in his or her ability to move or communicate, all to monitor their compliance with the dictates of the state.

    With increasing ability to monitor not only the actual attention patterns and behaviors of its citizens, but to predict those that are most likely, the persecution of such potential crime becomes ever more likely. “If you have nothing to hide, you will have nothing to fear,” will be the slogan commandeered by those most likely to turn to surveillance to protect and to control.

    What was the famous Soviet totalitarian joke, attributed to Lavrentiy Beria, head of the secret police? “Show me the man, and I’ll show you the crime.” Those words were true enough in the time of Joseph Stalin’s terror – and the police were secret enough then, as well. But that’s nothing compared to what we can and likely will produce now: a police so secret that we will not even be able to detect their comprehensive and subtle activity, monitoring crime so pervasive that everyone under the dictates of the system will have something to hide and much to fear.

  21. ‘The declines have coincided with a sharp rise in borrowing costs, creating incentives for even well-financed firms to walk away from their properties, as the value of their buildings sinks below what they owe on their loans’

    These guys also qualified for more leverage, which puts thin skin in the game. How do you like yer non-recourse loans now?

  22. ‘You don’t dare buy now because prices will continue to fall. And you don’t dare sell because prices are low,’ said Gou Liwei, who lives in a low-income area outside of Chengdu and has family in small cities across China, and who bought two additional properties years ago, before prices began to fall’

    Yer a winnah! Gou. You aren’t giving it away and yer buying into the crash.

    1. ECONOMY
      Meet the typical retiree: A married woman in her 70s living on $30,000 a year in Maine or Florida
      Juliana Kaplan Mar 10, 2024, 4:51 AM ET
      retired woman eating ice cream on the beach
      Rawpixel/Getty Images

      – The majority of America’s retirees are married, female, and have just a high school diploma.

      – Retirees in the US have an average income of around $35,000.
      Florida, New Hampshire, and Main’s populations all have a big share of retirees.
      …
      https://www.businessinsider.com/retirement-age-income-education-retiree-ages-income-marital-status-states-2024-3

      1. The majority of America’s retirees are married, female, and have just a high school diploma.

        So married female retirees outnumber married male retirees? So some portion of them must have husbands who are still working. Or are they same-sex married?

        1. They’re probably widows age 75+, which explains why they don’t have a college degree. They are the last generation of large-scale tradwives.

      2. Maine seems like a tough place to retire. I was just in the Upper Peninsula of Michigan several weeks ago, which is also a fairly popular and cheap place to retire. Lots of old people up there with small homes on acreage or on the water. But the weather is tough to handle, they get days long blizzards that will drop 18″ of snow like nothing, and the snow stay on the ground through April. I met a guy the other night at a poker tournament, from Chicago suburbs, but retired three years ago on 60 acres in northern Wisconsin. He has a 300 yard shooting range on his property and can hunt on his own land. His taxes are less than $3,000 a year, and he’s only 7 miles away from the closest Walmart and medical center, with a gas station for basics like milk and cheese being only 5 minutes away. The town I was at in the UP several weeks ago was kind of in the middle of nowhere, it was 50 miles to the nearest Wal-Mart. The town had a mcdonalds which apparently is new and just put them on the map. At that same tournament, met a third guy from Chicago suburbs who is actively looking for acreage in the middle of nowhere Tennessee, doesn’t care where, just wants land, plans on retiring down there.

      3. Retirement
        ‘Prices are astronomical’: Millions of seniors are ‘unretiring’ to make ends meet amid higher consumer prices and dwindling savings
        Older Americans are finding their fixed incomes aren’t enough to cover the rising cost of living.
        senior Black woman looking concerned sitting on a couch
        Monkey Business Images/Shutterstock
        By Serah Louis
        Mar. 05, 2024
        3 min read

        Joyce Fleming, a 70-year-old retired nurse, decided to head back into the workforce to combat rising costs.

        In an interview on Fox & Friends, Fleming offered an example of a fence estimate that ended up being $2,000 more than what she was initially quoted back in 2019.

        Fleming, who resides in Lancaster, Pennsylvania, is now looking for a nursing job that’s closer to home — so she doesn’t have to pay more at the pump — and comes with a higher salary, to cover travel and home improvements.

        “The cost of living skyrocketed after COVID-19,” she told The Wall Street Journal. “Prices are astronomical.”
        …
        https://moneywise.com/retirement/millions-of-seniors-are-unretiring-to-make-ends-meet-amid-higher-consumer-prices-and-dwindling-savings

        1. “The cost of living skyrocketed after COVID-19,” she told The Wall Street Journal. “Prices are astronomical.”

          The regime is doing a great job convincing leftist people that Covid is responsible for the huge inflation, and that the mind boggling deficits have nothing to do with it.

          At least people aren’t the “inflation is low and under control” narrative.

  26. ‘The way of life for the offices, as it was before the pandemic, is never going to come back.’”

    Well, when we need to pay exorbitant prices for shelter thanks to the pandemic housing surge, we really cannot also pay for $15 for a sandwich.

  27. ChatGPT 3.5

    User
    Who are the scam artists who have successfully hoodwinked the investor community into going all in on AI stocks?

    ChatGPT
    I can’t provide specific names of individuals who may have deceived investors, as it’s essential to avoid making unsubstantiated accusations. However, it’s crucial for investors to conduct thorough research and due diligence before investing in any stock, especially in emerging and volatile sectors like AI.

    User
    Is what PT Barnum said true?

    ChatGPT
    PT Barnum, a famous American showman, is often attributed with the saying “There’s a sucker born every minute,” suggesting that people are easily deceived or conned. While this sentiment may resonate with some situations, it’s important to remember that not everyone falls for scams, and many people exercise caution and critical thinking. Ultimately, it’s essential to be skeptical and discerning, especially when it comes to financial matters.

    User
    Is what PT Barnum said applicable to investors in overvalued AI stocks?

    ChatGPT
    The quote “There’s a sucker born every minute” can sometimes be applied to situations where people are lured into investments without fully understanding the risks or the true value of what they’re investing in. In the context of overvalued AI stocks, it’s possible that some investors may be drawn in by hype or speculation without thoroughly evaluating the fundamentals of the companies they’re investing in. However, it’s important to recognize that not all investors fall into this category, and many make informed decisions based on careful research and analysis.

    ChatGPT can make mistakes. Consider checking important information.

    ChatGPT

  28. Deseret News
    Deseret Magazine
    THE WEST
    MAGAZINE
    INDEPTH
    What’s the matter with California?
    Once heralded as a beacon of prosperity, the state has suffered from housing shortages, climate change and a media fixation on crime in recent years. Is this why people are moving out in droves?
    Published: March 10, 2024, 9:04 p.m. MDT
    Mike McQuade for the Deseret News
    By Natalia Galicza

    California is a land of contradiction as much as it is a land of promise.The wealthiest state and the state with the highest level of poverty. It carries tremendous social and political influence while serving as the butt of national jokes. It has tantalized generations of newcomers in search of fame and fortune — whether through the gold rush, Hollywood or tech booms — while granting it to a disproportionate few. Yet it has remained a beacon of hope to flock toward. Until now.

    More than 800,000 Californians left the Golden State between 2021 and 2022. Last year, tens of thousands more were added to the tally. The drastic drop in population even prompted the state to lose a congressional seat for the first time in its history. California has long been held as the core of population growth for the country, yet it’s also struggled with resident retention every year since the start of the new millennium. Population has naturally ebbed and flowed, due in part to factors like international migration, a decrease in births and an increase in deaths. But more recently, people fleeing to other states is the driving force for the dwindling figures. The state now stands on an unprecedented precipice — one where its challenges outweigh its allure.

    The housing crisis, worsening crime and climate concerns are at the forefront of the exodus. The state’s housing and rental markets are among the costliest in the country, especially in southern cities like Los Angeles. The National Low Income Housing Coalition reports there are only 24 affordable and available rental homes for every 100 extremely low-income renter households statewide. Other metropolitan hubs like San Francisco have suffered an uptick in high-profile crime — from the fatal downtown stabbing of a tech executive to the carjackings and smashed store windows spreading across the city like contagion. And while people struggle to find housing or fear for their safety, climate change introduces its own hurdles. The state’s sea level rises, its wildfires worsen, its Central Valley sinks lower into the ground and its water management whiplash — from severe droughts to dire floods — further strains resources.

    More than 75,000 people experience homelessness in Los Angeles County on any given night.
    All these problems have thrust California into an unflattering national spotlight. When Gov. Gavin Newsom appeared on Fox News’ “Hannity” last June, he grew defensive when asked about the residents who have fled in recent years and about the roster of influential companies who have similarly shipped off. “I love this state,” he pleaded to viewers. “Don’t count us out.” Though, by the urgency heard in his voice, it’s clear how many already have.
    …
    https://www.deseret.com/the-west/2024/03/10/why-are-people-moving-out-of-california/

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