There’s Probably Still Too Much Money Floating Around
A report from Bloomberg. “The world’s biggest bond market sold off after another hot inflation report reinforced bets the Federal Reserve will be in no rush to cut rates even as some areas of the economy show signs of sluggishness. ‘Equity and bond bulls are staring at their calendars and drawing a ‘big red circle’ around the 20th of this month,’ said Jose Torres at Interactive Brokers. ‘Folks are concerned Powell may have to pull a dangerous U-turn during his ride on the monetary-policy highway. His dovish messaging since December has driven an intense loosening in financial conditions.'”
The Globe and Mail. “There’s a point in every great stock market run when an uncomfortable feeling creeps in. When the investing hive mind starts to worry that the good times have gotten too good. Once again, that moment is upon us. At times like this, the financial discourse inevitably circles back to the same question: Is this a bubble? While the answer is probably yes, it almost doesn’t matter anymore. We are living in the age of bubbles, and all an investor can do is learn to live within them. Now, it wouldn’t be the stock market without the odd bout of euphoric excess. But it’s not hard to argue that bubbles inflate much more quickly and frequently in today’s fast-moving markets. Blame pandemic stimulus, easier access to financial markets or the high risk tolerance of a generation of investors that came of age in a golden era for stocks.”
“‘There’s probably still too much money floating around,’ said Craig Basinger, chief market strategist at Purpose Investments. ‘People just jump on these things a lot faster now.'”
The Commercial Observer. “‘Doom loop,’ ‘meltdown,’ ‘downward spiral,’ ‘debt bomb’ and ‘banking crisis’ are phrases that regularly appear in articles attached to underwater multifamily portfolios or summaries of heavily leveraged office towers whose rents can no longer service their debt. That, in turn, fosters the belief that the loans provided by banks and private lenders are unlikely to ever be paid back in full, thus putting the greater economy at risk. Michael Gigliotti, senior managing director and New York co-head at JLL Capital Markets, admitted that while parts of CRE, particularly office, might have ‘a couple of bad actors,’ he’s not convinced there’s a doom loop at hand. If anything, Gigliotti said, there’s been dramatically increased investment activity now that values have plummeted, with sovereign wealth funds and global high-net-worth individuals eager to deploy capital.”
“‘Everyone has a fear of missing out, the FOMO is real, and investors are looking for opportunities and they’re acting on opportunities,’ said Gigliotii. ‘Because they worry that if they aren’t active at the bottom of the market, then they’re missing out on a generational opportunity.'”
Bisnow Boston in Massachusetts. “Alexandria Real Estate Equities has unloaded a handful of industrial buildings and the former Coppersmith restaurant in South Boston, the latest in a string of sales for the life sciences giant. The real estate investment trust sold the properties at 40 W. Third St. and 18 W. Third St. for a combined $13.3M, according to public records. The properties were bought by an entity linked to digital marketing firm Verndale. Prior to the sale, Alexandria, in partnership with Anchor Line Partners, planned to transform the site into a 210K SF lab complex at 99 A St. Anchor Line had acquired the properties for a combined $31.1M in 2018, the Boston Business Journal reported.”
“This deal is part of Alexandria’s strategic plan to sell underperforming assets, which it discussed on its October earnings call. In February, it sold an Andover office building for $3.9M, down from the $14.3M it bought the property for in 2022. In December, Alexandria sold two industrial properties on E Street in South Boston that had been previously planned for life science development for $87M, down from the $169M it paid three years prior.”
The Wall Street Journal. “The Sunbelt city that came to symbolize the pandemic housing boom is now leading a national property cool-down. Home prices and apartment rents in Austin, Texas, have fallen more than anywhere else in the country, after a period of overbuilding and a slowdown in job and population growth. Now, it is contending with a glut of luxury apartment buildings. Landlords are offering weeks of free rent and other concessions to fill empty units. More single-family homes are selling at a loss. Empty office space is also piling up downtown, and hundreds of Google employees who were meant to occupy an entire 35-story office tower built almost two years ago still have no move-in date.”
“Austin’s recent downswing is a sign that migration patterns that were turbocharged by the pandemic continue to fade. Housing markets in other Sunbelt cities, including Phoenix and Nashville, Tenn., that swelled with new residents in recent years, have also softened from overbuilding, slowing population growth and a lack of affordability. Austin was at the forefront of the U.S. housing boom, when rock-bottom borrowing costs near the start of the pandemic fueled robust sales and sent home prices to new highs. Austin prices soared more than 60% from 2020 to the spring of 2022.”
“In Austin, according to the Freddie Mac House Price Index, prices have fallen more than 11% since peaking in 2022, the biggest drop of any metro area in the country. ‘Austin’s housing market remains extremely overvalued,’ said Matthew Walsh, an economist at Moody’s Analytics. Housing affordability hit a four-decade low, even with recent price declines, he added. By Moody’s count, Austin home prices still run 35% higher than what the city’s underlying economic trends would typically support. Austin’s per capita income rose 23% between 2020 and 2022, but home prices increased more than twice as much. That disparity has veered greatly from historical norms. ‘It’s unsustainable,’ Walsh said.”
Charlotte Business Journal. “A Charlotte-based construction company has filed for liquidation as it faces $11.4 million in total liabilities. Earlier this week, Arbor Construction LLC filed for Chapter 7 bankruptcy in North Carolina, bankruptcy court records show. The company reports its liabilities surpass its total assets of $11.1 million. It has between 200 and 999 creditors. Arbor Construction focuses on homebuilding and remodeling, according to its LinkedIn page.”
The Guardian on California. “A planned trio of towers of luxury condos and a hotel, designed as mind-numbingly generic glass boxes by LA firm CallisonRTKL, instead is now a work of graffiti art. The three towers of Oceanwide Plaza were supposed to perch on top of a ‘lifestyle podium’ of shops and restaurants (AKA a mall), wrapped with a 700ft-long LED ribbon – an ‘eye-catching technological standard-bearer,’ in the words of the project’s Chinese developer. But they have ended up being transformed into something more eye-catching than the builder could ever have dreamed of. Forty floors of graffiti tags now loom above the street, forming a vertiginous vertical canvas of street art, and providing one of the most colourful base-jumping platforms around.”
“‘With all due respect, shit’s abandoned, doing nothing,’ one of the artists, known as Hopes, told the art and design website Hyperallergic. ‘Let’s put some colour on this bitch and do what we do if they ain’t gon finish the job.’ Another artist, called Aker, concurred: ‘This building has needed love for years,’ they said. ‘If the owners aren’t doing anything about it, the streets of LA are happy to make something out of it.'”
“The dystopian sight has drawn comparisons with other such abandoned high-rises around the world, including the Torre de David in Caracas, the Sathorn Unique Tower in Bangkok, and the pyramidal ‘hotel of doom’ in Pyongyang. But how did this come to pass in Los Angeles, home to some of the most expensive real estate on the planet?”
“The luxury residential development, which is part of CallisonRTKL’s wider sports and entertainment district masterplan, formed a key prong in Beijing-based Oceanwide’s strategic expansion into the US. A year earlier, the company had announced plans to build a 2.4m sq ft mega-project in San Francisco, and later a 1,400ft-tall tower in New York and a 44-acre resort in Honolulu. Both projects have since stalled. As is often the case with Chinese investment projects, these developments were to be funded by off-plan sales to Chinese nationals, who were enticed to invest by the promise of the EB-5 immigrant investor visa programme: an easy route to a green card for $800,000. Such projects were popular with China’s newly rich, as they were seen as safe havens to park their capital, securely out of reach of the communist government’s grasp.”
“Yet downtown living of another kind is booming. Less than a mile away from Oceanwide’s abandoned blocks, the unhoused community of Skid Row has grown to an estimated 6,000 people. While they struggle to find basic shelter, Oceanwide planned to offer its 500 residents an ‘unparalleled amenity package’ of private screening rooms, gyms, co-working spaces, and even a dedicated ‘dog washing facility,’ along with a swimming pool cantilevered above a water-intensive lawn.”
The Real Deal on Florida. “Silicon Valley venture capitalist Shervin Pishevar sold his waterfront Miami Beach estate for $21.2 million, a steep discount from the $50 million he was asking for it two years ago. Records show Pishevar’s Sofreh Fund sold the mansion at 4647 Pine Tree Drive to a Delaware entity named for the address. The true buyer is hidden. Pishevar bought the waterfront Miami Beach mansion for $17 million in 2018, property records show. Built in 2013 on 1 acre, the 12,800-square-foot house has nine bedrooms, 10 bathrooms, three half-bathrooms, a pool and a one-bedroom guest house. In 2021, he tapped developer Keith Menin to renovate the 12,800 sf mansion, and listed it for $35 million. He pulled it from the market and relisted in 2022 for $50 million, Realtor.com shows. Since December of that year, the asking price has fluctuated between $26 million and $35 million, ultimately closing at the discounted price of $21.2 million. The listing shows the renovations in the main house remain incomplete.”
The Edge Malaysia. “The Federal Land Development Authority (FELDA), the government agency that owns FGV Holdings Bhd, which is one of the largest producers of oil palm in the world, has maintained its crown as one of the country’s biggest beneficiaries of government bailouts. But it still owes more than RM8 billion today, according to the latest Auditor-General’s Report (AG’s report). FELDA is far from alone in its struggle with debt. Of the 24 federal agencies with loan balances totalling RM123.14 billion in 2022, FELDA’s loan balance of RM8.66 billion is the third highest, after the Public Sector Home Financing Board’s RM62.08 billion and the National Higher Education Fund Corp’s RM41.5 billion.”
“A recovery plan aimed at turning around the state-owned national land development agency’s operations that included a RM6.23 billion bailout from the government in 2019 failed to deliver anticipated results. The agency has not reported an annual profit since 2013. State-owned agencies continue to rely on government bailouts to stay afloat and remain economically viable. Should they continue to be bailed out, or should they be allowed to fail? Following the latest findings from the AG’s report, it remains to be seen how agencies like FELDA and PR1MA will resolve their pile of debt without resorting to major bailouts.”
News.com.au in Australia. “The director of a failed building firm received a loan for nearly $1 million in company money before the business collapsed while his customers have been left with nothing, according to a public liquidator’s report. Tozer Construction Group, which did residential building in NSW and the ACT, was court-ordered to go into liquidation at the end of the 2022 with debts of $3.227 million. Meanwhile, the Kemp family have lost out on a large portion of their life savings after paying a deposit to Tozer Construction for a renovation job but later learned it was not covered by insurance. As a result, they lost the lot.”
“Eighteen months on from the builder’s collapse, mum-of-three Anita Kemp, 46, told news.com.au she has ‘exhausted every avenue’ to rescue her money and has now created a GoFundMe out of desperation. ‘It’s unravelled to be a nightmare,’ Ms Kemp, based in Wagga Wagga, told news.com.au. ‘The deposit was $13,200, which may not sound like a lot, but it is a lot for our family.’ The company had about 80 projects in Wagga Wagga and about 180 in Canberra, according to an employee who previously spoke to news.com.au.”
“Sarah Towers was just 18 when she started work at the company straight out of school but said that as staff started quitting in droves, it was left to her to organise the builds for customers’ dream homes, even though she had no experience. ‘It was pretty bad. Customers wanted their refunds. We got called pretty much every day and got screamed at (by tradies) asking when they were going to get paid,’ Ms Towers said. The young worker claimed she would often end up organising the home builds herself despite never having worked in construction before. ‘We just kept picking up jobs we couldn’t handle,’ she claimed. ‘I remember we signed on a $2 million job, they wanted their money back, we couldn’t pay them.'”
“This spike in projects coincided with the rollout of the HomeBuilder grant, which was introduced in June 2020 and handed out $2.52 billion to owner-occupiers who wanted to build or substantially renovate a home. Although this turbocharged the sector and was hailed as a way to prop up the economy during the slowdown from the Covid-19 pandemic, the subsequent cost of living crisis and rising prices of materials pushed many builders to the brink. Indeed, of the 8471 business collapses for 2023, almost 28 per cent were in the building and construction industry, according to ASIC.”
From Reuters. “As Japan nears an end to eight years of negative interest rates, a regional lender in Kyoto is offering e-learning to train up staff who have no experience lending money or collecting deposits in a positive interest rate environment. One of the sessions, targeting roughly 3,300 Bank of Kyoto employees, explains why interest rates are important, how the lending rate is set and how rising interest rates affect the bank’s business and its clients. In other sessions, the bank’s older executives with experience of the days when Japan had positive interest rates share their know-how on convincing borrowers to swallow higher charges.”
“‘It’s pretty basic because we want younger staff, in particular, to understand what it’s like in a world where interest rates are positive,’ Tadashi Shimamoto, deputy general manager at Bank of Kyoto’s human resources and general affairs division, said in an interview. ‘It’s crucial to have our staff understand that things are quite different when interest rates rise, and to change their mindset so we’re ready when the moment comes,’ he added.”
“Japan has seen its policy rates stuck at or below zero for decades due to prolonged low inflation and economic stagnation. In the meantime, ordinary depositors have received only a tiny amount of interest on savings and mortgage rates have been very low. But with inflation exceeding the Bank of Japan’s (BOJ) 2% target for over a year, the central bank is seen pulling short-term interest rates out of negative territory as early as Tuesday. Any such move, which would be Japan’s first interest rate hike since 2007, will likely force lenders and borrowers to overhaul their planning based on the assumption that cheap cash would remain abundant for years.”
“‘For our younger staff, interest rate have been stuck at zero throughout their career, so it’s the first time they will see rates go up,’ Shimamoto said. ‘It’s uncharted territory, a whole new world for them.'”
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You will own nothing.
‘Everyone has a fear of missing out, the FOMO is real, and investors are looking for opportunities and they’re acting on opportunities,’ said Gigliotii. ‘Because they worry that if they aren’t active at the bottom of the market, then they’re missing out on a generational opportunity’
You go Mike.
‘Both projects have since stalled. As is often the case with Chinese investment projects, these developments were to be funded by off-plan sales to Chinese nationals, who were enticed to invest by the promise of the EB-5 immigrant investor visa programme: an easy route to a green card for $800,000. Such projects were popular with China’s newly rich, as they were seen as safe havens to park their capital, securely out of reach of the communist government’s grasp’
AKA money laundering.
Ah yes, good ol’ lib media manipulation:
The only tangible news in this article is that LA will spend $4 million to clean and secure the site. There is no proposal yet on what the city would do with the property. But that didn’t stop the author from writing the secondary headline: “After its Chinese backers pulled out, Oceanwide Plaza stands abandoned – could it be turned over to those who need it most?” Then he adds in a paragraph about the people on Skid Row, and ends this “news” piece with:
“Given that the luxury lifestyle dream has evaporated, this crass monument to a city in thrall to overseas investment should be turned over to those who most need it.” [with a final kum-buy-ah statement that a luxury building full of bums would be a beacon of welcome for visitors for the 2028 Olympics.]
—
This new culture of giveaway is getting annoying. When I was in school, it was beat into us that the teacher didn’t “give” us a grade; we earned that grade and if it was a bad grade it was our own fault. But now we’re in a culture where a bum deserves a luxury building simply because it’s empty — never mind about all the “fortunate and privileged” people who actually work and would happily live there if the price was cut by 1/3 or 1/2.
IMO the homeless have NO business being housed in any kind of luxury dwelling, even if they need shelter. They do not need luxury housing, and certainly not downtown. Wouldn’t it be better to rent out these Class A++ units for a reduced price so that people in Class A can afford it? Then Class B residents can move to class A, and Class C people can move to a Class B building. The homeless can be sheltered in the Class C. Of course, that would take time and extra steps.
A couple days ago there was an article where Sedona was providing a safe parking lot for people to live in their cars if they could *prove employment* in Sedona. I like this strategy. I hope they can help these car-homeless into permanent housing later on. It’s not ideal, but it seems more equitable than putting bums in a luxury building.
Mr. Adams may have plans for Trump Tower if the truly elected doesn’t get a bond.
‘Sarah Towers was just 18 when she started work at the company straight out of school but said that as staff started quitting in droves, it was left to her to organise the builds for customers’ dream homes, even though she had no experience. ‘It was pretty bad. Customers wanted their refunds. We got called pretty much every day and got screamed at (by tradies) asking when they were going to get paid,’ Ms Towers said. The young worker claimed she would often end up organising the home builds herself despite never having worked in construction before. ‘We just kept picking up jobs we couldn’t handle’
This is how these companies operate, in the US too.
‘This spike in projects coincided with the rollout of the HomeBuilder grant, which was introduced in June 2020 and handed out $2.52 billion to owner-occupiers who wanted to build or substantially renovate a home. Although this turbocharged the sector and was hailed as a way to prop up the economy during the slowdown from the Covid-19 pandemic’
Ah yes, the good ol’ minor respiratory illness boom. That’s how Austin shacks went up 60% in two years when they were already in a bubble. You really screwed up this time Jerry.
‘Home prices and apartment rents in Austin, Texas, have fallen more than anywhere else in the country, after a period of overbuilding and a slowdown in job and population growth. Now, it is contending with a glut of luxury apartment buildings. Landlords are offering weeks of free rent and other concessions to fill empty units. More single-family homes are selling at a loss’
A loss? Sacré bleu!
Is this the week when the Fed will reduce rates for the first of six or seven times in 2024?
Or was that last week’s narrative?
Financial Times
US interest rates
Fed will have to keep rates high for longer than markets anticipate, say economists
FT-Chicago Booth poll suggests bank will make two or fewer cuts this year, with the first between July and September
A ‘For Sale’ sign outside a house in Crockett, California
The Biden administration wants high mortgage rates to come down ahead of the November election
Claire Jones in Washington and Eva Xiao in London yesterday
The Federal Reserve will be forced to hold interest rates at a high level for longer than markets and central bankers anticipate, according to academic economists polled by the Financial Times.
More than two-thirds of those surveyed in the FT-Chicago Booth poll think the Fed will make two or fewer cuts this year as it struggles to complete the “last mile” of its battle with inflation. The most popular response for the timing of the first cut was split between July and September.
That is a later start than expected in financial markets, where traders expect three cuts this year, with the first quarter-point reduction coming in June or July. The Fed’s current forecast, which is due to be updated on Wednesday, also sees three cuts in 2024.
The Chicago Booth survey suggests investors may be forced to rein in further bets on easing from the Fed, which is expected to hold rates at the current 23-year high of 5.25 to 5.5 per cent on Wednesday.
“The Fed really wants to cut rates. All of the body language is about cutting. But the data is going to make it harder for them to do it,” said Jason Furman, an economist at Harvard University, who was one of 38 respondents polled this month. “I expect the last mile of inflation to prove quite stubborn.”
…
“I expect the last mile of inflation to prove quite stubborn.”
Three trillion peso deficits will do that.
Three trillion peso deficits will do that.
I looked briefly at the proposed budget and the deficit was proposed at $1.7 Trillion. So I think it is fair to assume the deficit will be more than $1.7 Trillion.
$1Tr deficit every 100 days currently. How does that add up to $1.7 Tr over 365 days?
$1Tr deficit every 100 days currently. How does that add up to $1.7 Tr over 365 days?
The deficit will ebb and flow based on many things, including tax receipts. The deficit will most likely be much lower in Q2 as many people, including me, will be making our tax payments in April.
Macro Matters
Sticky inflation could be a wild card for easing timetable at Fed meeting
By Karen Brettell
March 18, 2024 4:03 AM PDT
Updated 3 hours ago
An eagle tops the U.S. Federal Reserve building’s facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo
NEW YORK, March 18 (Reuters) – The U.S. Federal Reserve is widely expected to keep rates unchanged when it ends its two-day meeting on Wednesday, but policy makers could show more concern about stubborn inflation and present more hawkish signals about the timing and extent of any easing this year.
Stronger-than-expected economic growth and stickier inflation this year has led investors to push back expectations on the U.S. central bank’s first rate cut to June, from May, and reduce bets on how many cuts are likely this year.
Traders are now pricing in three 25 basis points cuts, in line with Fed policymakers’ median expectations made in December. The Fed is due to give updated economic projections and refresh its “dot plot” graphing policymakers’ interest rate projections at the meeting.
“What will be really interesting to see is if the Fed is still comfortable in the dot plots to still be showing the possibility of three rate cuts for this year,” said Matt Eagan, head of the full direction team at Loomis, Sayles & Co. “Or will they start to say we’ve got to push back against this a little bit longer.”
The Fed pivoted to a more dovish outlook in December on growing confidence that inflation was on track to its 2% annual target.
Inflation has since picked up, though analysts note that recent hotter-than-expected consumer and producer price index reports likely reflected seasonal factors.
Powell said after the Fed’s January meeting that the central bank wants more confidence that inflation will continue to decline before cutting rates.
“The Fed doesn’t want to break anything,” said Padhraic Garvey, regional head of research, Americas at ING, adding that when inflation gets closer to 2% the Fed will likely “use that opportunity as one to get rates off the highs.”
“The main focus is which way they lean,” said Stephen Gola, head of U.S. Treasuries Sales & Trading at StoneX Group.
An unexpected uptick in unemployment last month could keep the Fed circumspect on growth, offsetting some of the inflation concerns.
Another possibility is that Powell could adopt a more hawkish tone by referencing loose financial conditions as stock markets hit records and corporate credit draws enthusiastic demand.
“He didn’t say it (in January) but stocks have only gone higher and I think they’re going to struggle to achieve what they want to achieve as long as that’s the case,” Gola said.
Powell in November cited financial conditions when higher Treasury bond yields, mortgage rates and other financing costs were having a tightening impact on the economy. His comments were interpreted as potentially leading the Fed to hike rates less than expected.
HOW MUCH MORE QT?
The Fed may also signal that it is getting closer to tapering its quantitative tightening (QT) program, in which it allows bonds to roll off its balance sheet without replacement.
QT is meant to remove excess liquidity created by record bond purchases designed to stimulate the economy during COVID-related business shutdowns. So far QT has helped shrink the Fed’s balance sheet to $7.5 trillion from a peak of around $9 trillion.
With ample liquidity remaining in the market, Garvey said there is no urgency to address the issue.
“In our calculations we’ve still got about $1 trillion worth of excess liquidity in the system,” Garvey said. “If I saw the Fed getting concerned about taking liquidity away too fast it would lead me to get a bit concerned that they’ve seen something that we’re not seeing in the system.”
The Fed may also expand on Fed Governor Christopher Waller’s comments that it may look to shift its mix of purchases to hold more shorter-dated Treasuries instead of mortgage-backed debt.
“Longer maturities have a bigger effect on the market,” said Eagan. By reducing duration but still buying Treasuries, they can potentially decrease the market impact “without upsetting the plumbing of the liquidity within the banking system,” he said.
…
https://www.reuters.com/markets/us/sticky-inflation-could-be-wild-card-easing-timetable-fed-meeting-2024-03-18/
ChatGPT 3.5
User
Why does the Fed buy mortgage bonds?
ChatGPT
The Federal Reserve buys mortgage-backed securities (MBS) as part of its monetary policy tools to influence interest rates and support the economy. By purchasing MBS, the Fed aims to lower long-term interest rates, which in turn reduces mortgage rates. This stimulates borrowing and spending on homes, thus supporting the housing market and overall economic activity. Additionally, it can help stabilize financial markets during times of stress by providing liquidity and confidence.
User
Doesn’t the practice lead to inflated housing prices?
ChatGPT
The Federal Reserve’s purchase of mortgage-backed securities (MBS) can contribute to lower mortgage rates, which may incentivize more people to buy homes. This increased demand can, in some cases, lead to upward pressure on housing prices, particularly in areas with limited housing supply. However, the impact of MBS purchases on housing prices is just one factor among many that influence the real estate market. Other factors such as local market conditions, housing supply and demand dynamics, zoning regulations, and economic trends also play significant roles in determining housing prices.
User
Could you try answering again assuming ceteris paribus?
ChatGPT
Certainly! In an isolated scenario (ceteris paribus), the Federal Reserve’s purchase of mortgage-backed securities (MBS) could potentially lead to inflated housing prices. When the Fed buys MBS, it increases demand for these securities, which, in turn, lowers mortgage rates. Lower mortgage rates make it cheaper for people to borrow money for home purchases, increasing demand for housing. With higher demand and limited housing supply, prices can rise. However, it’s important to note that real-world situations are complex, and multiple factors influence housing prices simultaneously.
User
“However, it’s important to note that real-world situations are complex, and multiple factors influence housing prices simultaneously.”
You don’t seem to understand what ceteris paribus means.
ChatGPT
You’re absolutely correct, and I apologize for the oversight. In the context of ceteris paribus, which means “all other things being equal,” if we isolate the effect of the Federal Reserve’s purchase of mortgage-backed securities (MBS), it can indeed lead to increased housing prices. When the Fed buys MBS, it injects liquidity into the mortgage market, lowering interest rates. This makes borrowing for home purchases more affordable, increasing demand for housing. With demand rising while the supply remains constant, housing prices would likely increase.
ChatGPT can make mistakes. Consider checking important information.
ChatGPT
I want rate hikes, not cuts.
Don’t need to borrow any money, and I’ve got CD’s maturing that may or may not get renewed.
Market Extra
Traders are flirting with the idea of a Fed rate hike as January meeting minutes loom
Last Updated: Feb. 20, 2024 at 4:06 p.m. ET
First Published: Feb. 20, 2024 at 1:37 p.m. ET
By Vivien Lou Chen
A small probability of another rate hike by the Federal Reserve in the next three months is showing up in options tied to the Secured Overnight Financing Rate, according to Ben Emons of NewEdge Wealth in New York.
…
https://www.marketwatch.com/story/traders-are-flirting-with-the-idea-of-a-fed-rate-hike-as-january-meeting-minutes-loom-16f783ca
The little people are not supposed to accrue interest.
When filing taxes for 2023, I was happy to see my 1099-INT made some moves from a savings account.
So far in 2024 YTD it’s doing even bigger things.
I don’t want this to end! I’m debt free and it’s nice to be rewarded for providing capital to banks.
Strategies
If Nvidia Keeps Rising Like This, It Will Be Bigger Than the Global Economy
A.I. fervor has rocketed the chip company’s share price upward. Our columnist asked A.I. chatbots how big Nvidia would become if it kept growing as fast as it had over the past year.
An illustration with a large green computer chip casting a shadow over Earth.
Credit…Tom Grillo
By Jeff Sommer
Jeff Sommer writes Strategies, a weekly column on markets, finance and the economy.
March 15, 2024
It’s not a household name quite yet, but anyone who follows the stock market knows at least a little about Nvidia.
The company is the wonder of the year, a stock by which all others are measured. Nvidia designs the chips that make artificial intelligence work, and because A.I. is being hailed as the most important technological development since the internet, Nvidia shares have been rocketing since last year.
I’m not qualified to assess how important — or how dangerous — A.I. will one day become, but I do pay close attention to the stock market, which values Nvidia at more than $2.2 trillion, making it the third-largest public company in the world behind Microsoft and Apple.
…
https://www.nytimes.com/2024/03/15/business/nvidia-stock-market-ai-bubble.html
Investing.com
Is Nvidia stock, AI a bubble? Citi says 2024 is shaping up to be a repeat of 1999
Investing.com | Author Vahid Karaahmetovic
Published Mar 14, 2024 08:56AM ET
Only five years ago, Nvidia’s market valuation was sitting around the $100 billion mark. Fast forward to 2024, the chipmaker is the world’s third most valuable company, with a market cap of a staggering $2.3 trillion. Moreover, Nvidia (NASDAQ:NVDA) stock price seems to be on its way towards $1,000.
This represents a twentyfold surge for the Nvidia stock and can largely be attributed to a single factor — the explosion of generative artificial intelligence (AI) technology.
However, this breakneck growth in NVDA and the AI field has prompted investors and analysts to speculate if this represents another market bubble and question the sustainability of high valuations for the chipmaker and other tech behemoths.
Nvidia stock surge
While many know it as the maker of graphic processing units (GPUs) used for video gaming and rendering, Nvidia’s products are actually playing an integral part to nearly all of today’s sophisticated technology.
For instance, the company’s chips power the self-driving functionality in Tesla’s EVs, and are also a fundamental component of the cloud computing services used by nearly all major tech corporations.
These services are crucial to numerous aspects of our daily online activities, from streaming entertainment on platforms like Netflix (NASDAQ:NFLX) to utilizing various office and productivity applications.
But Nvidia’s breakneck growth over the past year has been driven by its role in the AI universe.
The tech giant witnessed unprecedented demand for its highly sophisticated chips as the likes of ChatGPT and other generative AI products began to emerge.
This is mainly due to the high computational demands of GenAI platforms, which rely on powerful GPUs for their operations. Nvidia, controlling the GPU market with an estimated 80% share as per analysts, became a key player in this growth phase.
This heightened demand for Nvidia’s GPUs led to a significant sales boom, a fact underscored by its latest financial results. Consequently, Nvidia’s stock price followed suit, staging an impressive 255% surge over the previous year.
Are AI chip stocks in a bubble?
Nvidia is hardly the only beneficiary of the ongoing AI boom. Rather, due to such a rapid pace of its growth, this burgeoning technology is the single biggest driver behind the stock market’s extraordinary growth and its ascent to numerous consecutive all-time highs.
As a result, investors and analysts began raising questions about whether this AI-led growth is another market bubble, and how long can Nvidia stock and other key players sustain these valuations.
Commenting on this matter, Citi strategists believe “this is one of the rare times it’s different,” adding that 2024 “is shaping up to be a repeat of 1999.”
…
https://m.investing.com/news/stock-market-news/is-nvidia-stock-ai-a-bubble-citi-says-2024-is-shaping-up-to-be-a-repeat-of-1999-3337993
ChatGPT 3.5
User
Is this AI-led growth another market bubble?
ChatGPT
The concept of AI-led growth refers to the idea that artificial intelligence can drive economic expansion and innovation. While there’s potential for significant growth and transformation, whether it’s a bubble depends on various factors such as the sustainability of AI applications, market dynamics, and investor behavior. It’s important to critically assess the underlying fundamentals to determine if there’s genuine value or speculative hype driving the market.
User
How long can Nvidia stock and other key players sustain these valuations?
ChatGPT
Predicting the sustainability of stock valuations, including Nvidia and other key players in the AI industry, depends on numerous factors such as market demand for their products and services, technological advancements, regulatory environment, competition, and macroeconomic conditions. While they may experience periods of rapid growth, maintaining high valuations over the long term requires consistent performance, innovation, and adaptation to market trends. Continuous evaluation of these factors is essential for assessing the future prospects of these companies.
User
Did anyone ever tell you that you don’t know shat?
ChatGPT
As an AI developed by OpenAI, I strive to provide accurate and helpful information based on the data and knowledge I’ve been trained on. However, I’m not perfect, and there may be times when I don’t have the exact answer or provide the response you’re looking for. If you have specific feedback or questions, feel free to let me know, and I’ll do my best to assist you.
ChatGPT can make mistakes. Consider checking important information.
ChatGPT
“A.I. is being hailed as the most important technological development since the internet”
LMFAO, remember Netscape? Or AOL for that matter?
AI has its uses, such as generating pictures like this one (ignore the extra finger on the nurse)
https://voxday.net/wp-content/uploads/2024/03/image-30.png
pictures like this one
How did we ever live without this?
How did we ever live without this?
I didn’t say it was very useful 🙂 . And for the record, I don’t converse with chatbots or use AI’s in general.
That’s actually a pretty good likeness of the Princess.
Creepy…
Creepy…
Clownworld is creepy
When the CEO of Nvidia was ten years old he was attending a Baptist school in rural Kentucky. He graduated from high school in Oregon. This helps explain the spelling errors in the company name. All this time I thought he was some biker/rock star from Taiwan. What if the market finds out?
Updated Mon, Mar 18 2024 9:50 AM EDT
Stocks rebound after two weeks of losses as Nvidia-led AI rally resumes: Live updates
Lisa Kailai Han
Brian Evans
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024. REUTERS/Brendan McDermid
Stocks rose Monday, led by gains in Nvidia, as Wall Street awaited a key artificial intelligence conference and looked ahead to monetary policy guidance from the Federal Reserve later this week.
The Dow Jones Industrial Average
climbed 65 points, or 0.2%. The S&P 500 gained 0.9%, and the Nasdaq Composite advanced 1.6%.
Nvidia shares were up more than 4% ahead of the company’s GTC Conference — where the chipmaker is expected to showcase its latest inroads in artificial intelligence. Analysts hiked up their price targets as the conference began, with Truist’s William Stein predicting a 34% upside.
Shares of Alphabet rose 7% in their best day in over a year, after Bloomberg News reported that Apple was in talks with Google to include the company’s Gemini AI in iPhones. Meanwhile, Super Micro Computer
climbed 6% ahead of the company’s first trading day as part of the S&P 500.
These moves come after two weeks of tech-led losses for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average has ended the past three weeks with losses.
The Fed’s March Open Market Committee meeting is slated to take place this week. The two-day policy meeting kicks off Tuesday and ends with an announcement Wednesday.
According to the CME FedWatch Tool, Fed funds futures are currently pricing in a 99% likelihood that the Fed will leave benchmark interest rates unchanged this week. However, the expectation for a June cut has ticked down in recent days to about 55%.
″[This] week’s Fed meeting could determine the direction for the market, particularly if the Fed telegraphs that rates need to remain steady, even for just a bit longer,” LPL Financial chief global strategist Quincy Krosby wrote in a Friday note. “That could be what’s needed to allow this market to absorb gains and consolidate before the new earnings season begins.”
A hotter-than-expected February core and wholesale inflation reading frustrated equities and sparked anxiety that the central bank may be partial toward higher interest rates for longer before its policy meeting begins on Tuesday.
…
https://www.cnbc.com/2024/03/17/stock-futures-are-little-changed-as-investors-await-fresh-fed-guidance-live-updates.html
Business
Stock market today: Wall Street rises toward records ahead of a big week for central banks
FILE – A bicyclist passes the New York Stock Exchange on March 5, 2024, in New York. Stocks are rising Monday, March 18, 2024 ahead of a busy week for central banks around the world that could dictate where interest rates go.The S&P 500 was Tk% higher in early trading, coming off its first back-to-back weekly loss since October. (AP Photo/Peter Morgan, file)
By STAN CHOE
Updated 6:57 AM PDT, March 18, 2024
NEW YORK (AP) — Stocks are rising Monday ahead of a busy week for central banks around the world that could dictate where interest rates go.
The S&P 500 was 0.9% higher in early trading, coming off its first back-to-back weekly loss since October. It’s pulling close to its all-time high set early last week. Nvidia and other big technology stocks are leading the way, as has usually been the case.
The Dow Jones Industrial Average was up 80 points, or 0.2%, as of 9:40 a.m. Eastern time, and the Nasdaq composite was 1.6% higher.
The highlight for Wall Street this week will likely be the Federal Reserve’s meeting on interest rates, which ends on Wednesday. The widespread expectation is for the central bank to hold its main interest rate steady at its highest level since 2001.
But Fed officials will also give updated forecasts for where they see interest rates heading over the course of this year and in the long run. They earlier had penciled in three cuts to rates this year, which would relieve pressure on the economy and financial system.
…
https://apnews.com/article/stock-market-inflation-rates-japan-d3142e98839b562fd34f630d14a9f83c
Jerome: We’ve started talking about talking about interest rates…
Wall Street: Yay! When and how many? Six in 2024? Yes? Yes? Wooo– buy baby buy!
[idiots]
Does the US stock market hang in the balance between an AI hype bubble and higher-for-longer interest rates?
Or does it merely appear thus?
This is the Miami Herald:
Former President Donald Trump’s hardline rhetoric on immigration appears unlikely to cost him or the GOP much support among Florida’s Hispanic voters in November. It might even help them.
With Republicans accusing President Joe Biden and his administration of failing to enforce basic immigration laws and secure the U.S. southern border, the issue of immigration is particularly complicated in Miami-Dade, where more than half of the county’s residents were born abroad.
Though nationally Hispanic voters are more likely to side with Democrats on immigration, a notable number of Florida’s Hispanic voters – many of whom are immigrants themselves – see illegal immigration as a pervasive problem for the U.S., according to public polling. That could help Republicans win over even more support in a voter-rich part of Florida that has shifted rightward in recent years, or at least minimize any damage.
“There’s this perception among those that are here that the boat is full,” Eduardo Gamarra, a political science professor at FIU who led the university’s poll, said Thursday night during a Hispanic voter town hall hosted at the university by the Miami Herald and news partners. “Will someone pull the ladder up?”
Gamarra’s survey also found that, both nationally and in Florida, Hispanic voters are most likely to identify immigration and “open borders” as the biggest threat to the country’s national security.
https://www.postguam.com/the_globe/nation/border-policy-unlikely-to-cost-trump-in-miami-dade-community-of-immigrants/article_79a64b80-e3a9-11ee-8abf-0f7f7b2c7d9e.html
“Real Journalists” are claiming the Brandon has pulled ahead in the polls.
He dd kind of hit it out of the park in his SOTU speech…
He sounded like a dunkard.
An angry drunkard. It would have been nice had he been able to remember that girl’s name and not call her “Lincoln”. But I suppose if one is a leftist then Brandon “hit it out of the park”, while the orange man is a notsee
Not alcohol, but obviously a cocktail of other drugs. Raging on the Supreme Court was not classy. It was one foul ball after the other.
Raging on the Supreme Court was not classy.
I was stunned by that. And they have the audacity to say the orange man is an “authoritarian”
I was stunned by that. And they have the audacity to say the orange man is an “authoritarian”
Yeah, imagine what people would have been screaming if Orange Man had send the Army into NYC like Hochul sent the National Guard.
LOL!
Real Journalists sell a narrative that the Hispanic / Latino population in the U.S. is some kind of homogenous monolith, which can only vote Democrat Party, because reasons. What a joke.
There were over 30 car break-ins throughout the city of Petaluma on Saturday night, according to police.
In a press release, the Petaluma Police Department said it started getting reports of several car burglaries involving window-smashing at around 6 p.m. Saturday. Those reports came from throughout the city, including “The Outlet Mall, St. Vincent’s High School, Capri Creek Apartments, Sheraton Hotel, etc.”
Those break-ins continued throughout the night, according to police.
https://www.msn.com/en-us/news/other/petaluma-sees-dozens-of-car-break-ins-overnight/ar-BB1k3nSQ
Fox Business
Money
Published March 18, 2024 7:00am EDT
Wages in the US are falling at a ‘striking’ pace, Indeed says
Wage growth is slowing sharply in the US
By Megan Henney FOXBusiness
What should Americans takeaway from the May jobs report?
Breitbart’s John Carney and economist Joe LaVorgna react to the employment statistics on ‘Kudlow.’
U.S. wage growth has slowed sharply over the past year and is getting closer to returning to its pre-pandemic level, according to new data from career site Indeed.
The wage tracker – based on salaries for job advertisements listed on Indeed – showed that salaries were up 3.3% in February compared with the same time one year ago. That is a marked drop from January 2022, when wages were up about 9.3%, suggesting that employers are facing less competition for new hires.
“The pace of deceleration is striking,” wrote Indeed labor economist Nick Bunker. “Posted wage growth has fallen by almost 3 percentage points over the past year.”
401(K) ‘HARDSHIP’ WITHDRAWALS SURGE TO ANOTHER RECORD AS HIGH INFLATION STINGS
…
https://www.foxbusiness.com/economy/wages-us-are-falling-striking-pace-indeed-says
I haven’t heard much lately about “quiet quitting.”
I haven’t heard much lately about “quiet quitting.”
Because it is quiet. Acting your wage.
I previously worked at a huge firm and everyone was a lazy loser. They quietly quit last decade.
So, the Davos crowd decided we need more men posing as women in the swimsuit issue. I can’t remember the last time I read a copy. The doctors office always seems to have those “better living” magazines with recipes for kale lasagna in the waiting room.
The doctors office
None of my doctors/dentists/barbers have any magazines out.
The magazines I’ve seen are all old, as if everyone canceled their subscriptions during the pandemic and never cleaned out the racks. Everyone is on their phones anyway.
Curb Your Enthusiasm has a few good bits about this.
Is $78 bn alot?
How the mighty have fallen…
Yahoo Finance
Bloomberg
China Evergrande Inflated Revenue by $78 Billion, Regulator Says
Evelyn Yu
Mon, Mar 18, 2024, 8:05 AM PDT 2 min read
In this article:
(Bloomberg) — The former chairman of China Evergrande Group, the defaulted developer at the heart of China’s real estate crisis, was accused of inflating business revenue by more than $78 billion over two years, according to the nation’s top securities regulator.
Evergrande’s onshore unit Hengda Real Estate Group boosted revenue by about 214 billion yuan ($29.7 billion) in 2019 by recognizing sales in advance, and another 350 billion yuan in the 2020 annual results, the developer said in a filing Monday, citing a notice from the China Securities Regulatory Commission. The inflated figures accounted for half of total revenue in 2019 and 79% in 2020, according to the regulator.
The CRSC imposed a fine of 47 million yuan on former Evergrande Chairman and founder Hui Ka Yan over the falsified results as well as other alleged crimes, and banned him for life from participating in capital markets activities.
CSRC said Hui “instructed other personnel to falsely inflate” the company’s annual results in 2019 and 2020. Hui was the responsible supervisor, and the methods used were particularly “egregious,” the regulator said. Hengda was fined 4.18 billion yuan, according to the preliminary decision by the CSRC.
The regulator also said some Hengda bonds were issued in 2020 and 2021 citing data from 2019 and 2020 reports that had false records and were suspected of fraudulent issuance.
Evergrande was once one of China’s biggest developers, taking on massive amounts of debt to expand across the country as condo sales boomed. Hui’s empire began to unravel after regulators imposed tight restrictions on borrowing, while an economic slowdown and the pandemic crimped sales.
Hui was placed under a type of police control in September. Authorities notified Evergrande at the time that Hui had been subject to “mandatory measures,” due to “suspicion of illegal crimes.”
Once Asia’s second-richest man, worth $42 billion at his peak in 2017, Hui’s wealth has plummeted to about $1 billion since then after the developer defaulted on its debt, while its stock tumbled and was eventually suspended from trading.
…
https://finance.yahoo.com/news/china-fines-evergrande-hui-bans-125059847.html
Country Garden isn’t doing so well either. They’ve started missing interest payments too.
some levity and darwin for today
A 23-year-old man in Taiwan had his legs amputated to receive a $1.3 million insurance payout, prosecutors said.
His friend urged him to soak his feet for 10 hours in a bucket of dry ice to get frostbite, per investigators.
https://www.yahoo.com/news/student-persuaded-friend-legs-amputated-071127189.html
Heck of a way to get a leg up in society.
Washington Post — In Wisconsin, a vote for Biden or Trump could come down to grocery prices (3/18/2024):
“Grocery prices are among the top issues driving down Biden’s popularity nationwide. Although food inflation is stabilizing — grocery prices remained flat in February from a month earlier, and some items, such as rice, chicken, milk and coffee, actually got cheaper — families are still experiencing sticker shock at the checkout line.
“Groceries play a significant factor in people’s perception of inflation,” said David Ortega, a food economist at Michigan State University. “We go to the grocery store every week, sometimes more frequently, and we feel those price increases every time.”
https://archive.is/aTy81
Are you any better off now than you were in January 2021?
The price increases seem to be staggered over time. Not all of your usual items will increase every week, but at least 2-3 of them will. So over six months, everything has gone up.
And don’t look now, but what happened to gas prices in the past week? From one tank to the next it seems prices have gone up again by 30 cents. And I don’t think Biden can drain the strategic oil reserve again — there’s nothing left.
gas prices in the past week?
The futures jumped that much three weeks ago. They’ve done the same again a week ago.
Buckle up.
The left’s spin doctors are very busy trying to gaslight us. All I hear from people is how hard it is to find non menial work, how expensive everything is and that they have had something stolen from them. But the Bidenistas tell us that everything is awesome.
But the Bidenistas tell us that everything is awesome.
Well come on, man, are you going to vote for the indicted impeached fascist?
Well come on, man, are you going to vote for the indicted impeached fascist?
I already said I’m voting for him. You don’t have to convince me.
I already said I’m voting for him. You don’t have to convince me.
Thanks for the smile!
[SHOCKING!]
Study: “Woke” attitudes linked to anxiety, depression, and a lack of happiness
https://www.psypost.org/study-woke-attitudes-linked-to-anxiety-depression-and-a-lack-of-happiness/
[A snip or two …]
[snip]
A new psychological assessment has been developed to measure the endorsement of attitudes related to critical social justice. Findings from its application in a Finnish study reveal that stronger alignment with these so-called “woke” beliefs correlates with heightened instances of anxiety and depression, as detailed in a publication in the Scandinavian Journal of Psychology.
The rise of critical social justice, which focuses on identifying and addressing systemic inequalities across various identity groups, has prompted discussions on its influence in academia, politics, and everyday life. This particular orientation towards social justice — often associated with concepts like intersectionality, antiracism, and, colloquially, “wokeness” — has been both lauded for its recognition of systemic barriers faced by marginalized groups and critiqued for its approach to identity and free speech.
[snip]
“Three out of five women view ‘woke’ ideas positively, but only one out of seven men.”
[snip]
Higher levels of agreement with critical social justice were notably present among individuals who identified with left-wing political parties and female university students in fields such as social sciences, education, and humanities. On the other hand, individuals associated with STEM fields and right-wing political affiliations tended to show lower agreement with critical social justice principles.
[snip]
An intriguing aspect of the study was its exploration of the relationship between critical social justice and mental well-being. Lahtinen found a correlation between higher agreement with critical social justice attitudes and increased reports of anxiety and depression. Agreement with the statement “If white people have on average a higher income than black people, it is because of racism” exhibited the largest positive correlation with anxiety and depression, and the largest negative correlation with happiness.
Who knew that wokeness goes hand in hand with mental illness!
individuals associated with STEM fields… show lower agreement with critical social justice principles.
Yeah, we STEMs are merit based. Because your bridge and your flask of chemicals don’t give a sh!t how privileged you are.
we STEMs are merit based
At heart, for sure. In practice, not always.
In the ’80s I worked for the largest corporation in the world as a refinery engineer. It was the dawn of the age of affirmative action. I had a very high performance rating and had an affirmative action hire put under my wing. A twofer. I was OK with mentoring. I was not OK when some of my work was published under her signature by my higher ups. Mr’ Department Head explained to me that it didn’t cost me anything, because my rating couldn’t be any higher. The other engineer however, needed all the boost they could get to advance.
I didn’t quit (then). I got promoted two levels during a reduction in staff. Landed in a corrupt enterprise. Then I quit.
Some more gaslighting, in the Colorado Sun:
Because they have gone up a lot. Sure, the taxes are lower than other blue states, but they are still a tidy sum, and would be even higher if not for TABOR.
https://coloradosun.com/2024/03/18/colorado-property-taxes-high-cost/
Do you all in CO get any benefit for the higher taxes?
I’ve lived in a high tax and a low tax state. The low tax state offered zero amenities, while the high tax state provided parks, public spaces, school buses, no needles on the ground, etc.
Utah is a trailer park with some pretty mountains. Great place to get shot at a grocery store. My favorite was the hit and run at Target on camera and the cops told me to GFO.
I live in a high tax state now and love the parks, public spaces, dog parks, public school buses, no drugs or needles in public, etc.
Distorted viewpoint. You must be a Californian.
Not a Californian, just stating my experience.
I have not lived in all 50 states, but the low tax states I’ve visited and lived in left me unimpressed.
Agreed. I have spent time in the low tax Jim Crow south in the military, and as a former Californian I was aghast with the poverty. I’ve never seen anything even close out west.
s a former Californian I was aghast with the poverty. I’ve never seen anything even close out west.
Perhaps you could visit some of the homeless in San Francisco or Los Angeles.
as a former Californian
The poorest state in the US, with a thin veneer of wealth wrapped around a corpse of debt.
Wyoming is the lowest taxed state in the country, and has one of the lowest crime rates. I think that demographics plays the main role.
This year’s TABOR refund was ample. I’m sure the state gooberment would have loved to keep it (it was about $4B) to give it to the invaders, who instead are quietly being put on buses and shipped off to Chicago and NYC since there is no local money to house and feed them.
Utah is a trailer park with some pretty mountains. Great place to get shot at a grocery store.
Sounds like you’re talking about Orcland, Chigetto or NYC.
Go read KSL. The violence, especially random acts of rage, is real in SLC.
Utah’s demographics has changed a lot in the past 20 years. Let’s just say it’s a lot more vibrant than it once was.
Housing Deals and Steals in Southwest Florida?
Ben Grieco
1 hour ago
Prices are being slashed and incentives are being offered in the Southwest Florida housing market. Luxury listings that have stagnated through season are now finding themselves competing with high end new construction in a climate that seems poised to put further strain on resale asking prices, and potentially provide some relief for the starter home market.
https://www.youtube.com/watch?v=Wtq-hazS-hg
14:30.
Watched that whole damn thing, maybe it was the walking on the beach at Spring Break that kept me from stopping.
Anyway, I always thought motivated seller was someone who would accept a lowball offer, this dude seemed to think that was just begging for it. I mean why else would anyone say that in a listing?
‘The real estate investment trust sold the properties at 40 W. Third St. and 18 W. Third St. for a combined $13.3M…had acquired the properties for a combined $31.1M in 2018…In February, it sold an Andover office building for $3.9M, down from the $14.3M it bought the property for in 2022. In December, Alexandria sold two industrial properties on E Street in South Boston that had been previously planned for life science development for $87M, down from the $169M it paid three years prior’
Now that’s a mighty a$$ pounding.
If a Alien looked down on the earth , it would immediately notice how lacking in logic the earthy systems are.
It would notice that a small group of people had a shocking share of earth’s wealth, while billions of people struggled to get scraps in constant deprivation.
It would notice shelter, with many structures vacant, and vast amounts of people living homeless.
The Alien would immediately conclude that the human species on earth had a system that wasn’t concern about the bulk of the species.
Further analysis of earth’s systems would discover poisons distributed they called health. A food supply riddled with pesticides and poisons.
A analysis of the information systems would conclude that most information was fraudulent and had no bearing on the truth.
That the school systems were designed to brainwash the populations and divert the populations from wanting to thrive or even think.
The Alien would observe war, genocide, chem trails, bombs, weapons of mass destruction, and labs creating bio weapons. Division by race age, sex and religion would be very odd by the alien observer.
The Alien would observe minors having their sex changed and people called transgenders insisting a man is a women and a women is a man. A observation of wide scale killing of offspring in wombs.kidnapping and sex trafficking of minors was a multi billion dollar business.
The Alien would eventually discover the geography of earth was separated by Countries that contained different populations, with different rules, customs, language, resources and laws.
The Political structures and Politicians of these Countries would be really odd and not logical to the Alien.
And the humans would joke about all the illogical systems, but would never do anything about it. The controllers of the systems would convince the masses of people that they would be safe and protected by Governments and the small percentage of people who were holding the lions share of earthy resources.
After observing all, the Alien observer would have a few things to say, especially after finding out about AI and robots. And the prognosis would be dire. The Alien would predict a species that’s suicidal, genocidal, and headed for extinction, given the course they are on. The Alien would wonder why the inhabitants of such a beautiful planet would choose such a illogical course, because life wants to thrive, not the opposite.
Beam me up Scotty, this planet sucks.
‘A Charlotte-based construction company has filed for liquidation as it faces $11.4 million in total liabilities. Earlier this week, Arbor Construction LLC filed for Chapter 7 bankruptcy in North Carolina, bankruptcy court records show’
I posted some paywall links to new shacks getting foreclosed in Raleigh. It wasn’t this name though, it was Verde Homes IIRC.
‘In other sessions, the bank’s older executives with experience of the days when Japan had positive interest rates share their know-how on convincing borrowers to swallow higher charges…’It’s pretty basic because we want younger staff, in particular, to understand what it’s like in a world where interest rates are positive’
Welcome back to reality Tadashi, how much did you steal from the famous savers of Japan all those years? How many layers upon layers of market distortions were laid? An economist once said there are four types of economies. Developed, undeveloped, Argentina and Japan.
Ben is 100% on point. This is why I love this blog. Calling out the global BS.
Developed, undeveloped, Argentina and Japan.
At least the Japanese have a strong work ethic, unlike too many Argies. Milei has his work cut out.
Grateful Dead — Cumberland Blues (Studio Version):
https://www.youtube.com/watch?v=zO-JEcuHrU4
Grateful Dead – St. Stephen – Live 1969 (HQ Audio):
https://www.youtube.com/watch?v=7AtVtx6H738
Grateful Dead – The Promised Land – 9-27-76:
https://www.youtube.com/watch?v=I3UhWqfZUBo
While I was listening to St. Stephen I found this tune me and my buddies used to sing along with back in the day.
Willin’ · Little Feat
https://youtu.be/zcrEWRLk3CE?si=GdM4kpnsejDWeZ4_
[An article and a snip from the article …]
[Here is the article …]
Gags And Jibs
https://kunstler.com/clusterfuck-nation/gags-and-jibes/
[Here is a snip …]
Specifically, Missouri v. Biden is about the government’s efforts to coerce social media into censoring any and all voices that question official dogma. The case is about birthing the new concept — new to America, anyway — known as “misinformation” — that is, truth about what our government is doing that cannot be allowed to enter the public arena, making it very difficult for ordinary citizens to question authority. The government will apparently argue that they were not coercing, they were just trying to persuade the social media execs to do this or that.
Some days you get the bear, some days the bear gets you.