Anything Was Selling Before And It Was Selling Instantaneously, Now Those Aren’t Really Selling
A report from WFLA in Florida. “Donald Delorme lived in his Pasco County home for more than seven years. Then, a salesman knocked at his door and offered something that sounded like a great deal. Delorme decided to sign up. ‘Because there were a few things that we needed to fix with the house,’ he said. Through a program offered in Pasco County known as the Florida Pace Funding Agency, he received new windows for his home and a new air conditioning unit. PACE is a program run through the state that is designed to help Florida residents strengthen their homes against storms. Delorme said he didn’t fully understand what was being offered and at what cost. ‘We had everything installed and that’s when we started getting the bills. It increased my taxes five fold. My taxes went from $500 a year to $2,500 a year,’ Delorme said.”
“Under the program, the loan from Florida Pace Funding Agency is attached to a homeowner’s tax bill. In Pasco County, records from the tax collector show nearly 300 people are behind on taxes because of PACE, and 24 people have lost their homes because of it. Delorme lost his home in 2020 because of back taxes. ‘I’m just a little guy here you know, I’ve lost everything,’ Delorme said.”
From CNN. “After the 2018 Camp Fire – the deadliest wildfire in California’s history – engulfed Michael and Kristy Daneau’s Paradise home, the couple and their four daughters were forced to move 30 miles away to find a home they could afford. They moved to Cohasset to buy a home with money they received through their insurance claim and their portion of an $11 billion settlement. Six years later, the family’s experiencing déjà vu: Their new home in the rocky region of northern California recently burned down to the studs in the 2024 Park Fire, the fourth largest fire in the state’s history.”
“But this time the Daneaus don’t have the safety net of insurance to help them rebuild their lives. When they moved to Cohasset, they were denied homeowners insurance from every company they contacted, citing wildfire concerns, and when they finally found an insurer that would offer them a plan, they couldn’t afford it. They were priced out – uninsured in a state prone to natural disasters. And now they are left with, essentially, nothing. ‘I’m personally so numb that I just can’t wrap my head around where we’re going to go, what we’re going to do. How do we go from here knowing that we’ve built a beautiful life for us and our kids, and now we have literally nothing,’ Michael Daneau said.”
Westword in Colorado. “Mayor Mike Johnston held another Community Conversation, this one focusing on affordability, in north Denver last week. Nita Gonzales told the mayor that she has been building an ADU for a year and a half, and it will be the only thing that keeps her in Denver. But the process has been pricey, and she wants the city to pour more resources into helping residents through it. ‘It is very difficult for me to get the refinancing to build an ADU that me and my husband will age in place in so that my daughter, who’s a teacher, can live in my house. That’s what we would like to do. That’s how we’re going to afford to stay in Denver,’ she said. ‘You’d better figure out how to use your bully pulpit to bring those finances to the table.'”
“In their comments on the Westword Facebook post, other residents have plenty to say about the city’s efforts regarding ADUs…and affordability in general. Responds John: ‘Oh, my, I overextended myself and my credit, I cant afford my house unless I rent. Sounds like a bad business plan to me. Or something is broken.’ Adds Leenie: ‘That is BS!! You already have the house — get a roommate or two if you want residual income. You don’t need to build a tiny home in your even tinier backyard. They are ugly and will remain unkempt. I personally would never buy a home with one.’ Counters Audrey: ‘Never mind housing prices have doubled (along with property taxes, homeowner’s insurance and building supplies) in less than a decade. Let’s just assume it’s people overextending their credit the mortgage company qualified them for instead.’ Notes Eric: ‘Wah! City of Denver! Fund me! Fund me! Give me some money!'”
The Daily Mail. “Brad Sumrok, aka the ‘Apartment King’, is all tan, smiles, and white teeth as he launches into a typical sales pitch. At one of his glitzy networking events in Dallas, he claims to have ‘created over 600 millionaires’ by coaching everyone from doctors to warehouse workers in how to invest in commercial real estate. Never, he adds, has he ‘lost anyone’s money.’ Sumrok, a 57-year-old salesman from Texas, has been credited with driving the business known as apartment syndication to new heights, creating a generation of landlords who now own tens of thousands of apartment buildings worth billions of dollars.”
“He and his ilk have been blamed for driving property prices out of reach of first time buyers. But now his bubble may be about to burst. Amid soaring interest rates, some of his students have overstretched themselves and cannot afford the massive loans they took out to finance their spending sprees. Millions of dollars of investors’ money has already been lost after buildings bought by Sumrok disciples fell into foreclosure. Sean Tate, a Dallas-based real-estate attorney who worked with dozens of Sumrok students to structure syndication deals, said bringing together so many inexperienced investors and was ‘a recipe for disaster for a lot of honest, hard-working people.'”
“Deals went south primarily because of market conditions, underprepared syndicators, inexperienced operators, and an over-eager lending market,’ he said. ‘It’s just about greed and wanting quick cash. That allure and temptation took over. Their noses were just sniffing green.’ As for Sumrok, he is already sniffing the next opportunity. ‘Get ready for distressed deals galore!’ read a post on his Instagram in May last year. He told his almost 14,000 followers: ‘There’s going to be a lot of distressed deals coming down the pipeline. A lot of people got into variable rate loans of 3 per cent, and now they’re 7 per cent. They didn’t budget for the rise in their debt payments. They didn’t budget for these short term loans becoming due and not being able to refinance.'”
The Wall Street Journal. “Kamala Harris on Friday floated a panoply of government subsidies to make housing more ‘affordable.’ The plan goes as follows: Subsidize Americans to take out bigger mortgages. If they can’t repay them, no worries—Ms. Harris will simply wave the payments away. The Biden administration is already doing this on the sly, which is a major reason housing prices have grown at more than twice the overall inflation rate since the start of the pandemic. About 70% of single-family mortgages are guaranteed by federal agencies or government-sponsored enterprises such as Fannie Mae and Freddie Mac, which are regulated by the Federal Housing Finance Agency. Ms. Harris wouldn’t need Congress to subsidize home buyers. The Obama and Biden administrations have done so merely by easing credit standards and reducing costs to borrowers for government-backed mortgages.”
“The Federal Housing Administration—which insures homes for lower-income and first-time buyers with down payments as low as 3.5%—cut mortgage premiums in 2015 and 2023. This increased buyers’ purchasing power by a combined 10.5%, according to the American Enterprise Institute’s Ed Pinto. It also pushed up home prices. The feds have also enabled riskier buyers to qualify for bigger mortgages. The Consumer Financial Protection Bureau in 2013 effectively barred lenders from issuing mortgages to those whose total debt payments would exceed 43% of income. Yet the CFPB rule exempted government-backed mortgages.”
“As home prices rose, lenders issued mortgages to buyers with increasingly more debt. About 70% of recent Federal Housing Administration loans and 40% of mortgages backed by Fannie and Freddie have debt ratios that the bureau considers risky. That’s up from 30% and 16%, respectively, in 2012, according to an analysis by Mr. Pinto. Meantime, Fannie and Freddie have allowed buyers to take out mortgages with down payments as low as 3%. Harking back to the bubble days of the mid-2000s, personal gifts, lender assistance and government grants can count toward the amount. Some lenders are letting buyers take out second mortgages to make down payments.”
“Now, however, many homeowners are struggling with high inflation and debt payments. Hence the Biden administration game of ‘extend and pretend,’ the suspect practice of modifying mortgages to avoid defaults and foreclosures. The FHA rolled out a ‘home retention’ plan last winter that covers the late payments of delinquent borrowers and up to 25% of the principal and interest on monthly payments for three years. Not to be outdone, the FHFA in May instructed Fannie and Freddie to extend the duration of mortgages and cut principal and interest payments by 20% for homeowners facing ‘hardships.’ According to Freddie, that includes ‘reduction in income,’ ‘unemployment’ and an ‘increase in housing expense due to circumstances outside the Borrower’s control (e.g., uninsured losses, increased property taxes, or an HOA special assessment).’ No documentation required.”
The Globe and Mail. “There are signs that first-time buyers are souring on condo living. Still, a condo is the only affordable option for many first-time buyers, particularly in Canada’s most expensive housing markets. The average square footage of a condo peaked in the mid-1990s at roughly 1,100 square feet; in 2022, the average was about 700 square feet, which is roughly the size of a large one-bedroom apartment. Rose Calvelo, a realtor with eXp Realty in Calgary, said many of the first-time buyers she works with are frequently worried about monthly condo fees and the risk of facing a special assessment, a charge all condo owners in a building must pay if there are unexpected repairs or a shortfall in the condo’s reserve fund.”
“Ms. Calvelo says small units are coming to the Calgary market, a function of a drastic increase in the cost of development. ‘Developers are building matchboxes and charging a lot per square footage, and the quality is not the same,’ she said. Sean Miller, a realtor with Property.ca in Toronto, said the first-time buyers he works with are much more hesitant to buy. ‘Anything was selling [before] – a unit facing a brick wall, or the garbage dump, or a train track, with a terrible layout, no room to put your couch, and it was selling instantaneously. And now those aren’t really selling,’ he said.”
The Peterborough Examiner in Canada. “Residents of Burnham Meadows are caught in the middle of a multi-front battle over responsibility for unfinished roads and bylaw enforcement in the partially completed subdivision. Between the developers, township councillors, and the pigeons and rats who have made their homes in the unfinished structures on nearby lots — and feast upon the uncollected trash in dumpsters allegedly left behind by the developer Safe Harbour Inc. — the human residents of the development seem always to be on the losing side as they await answers.”
“When Mike Heffernan moved into his home on Veterans Road in 2021, before his home was even completed, he and his family began to notice something was desperately wrong. He now contends there are approximately 100 families being affected to some extent by the alleged financial mismanagement that has left many in limbo as they await further negotiations between the township and lenders. After discovering mould in late 2022, Heffernan moved his family out of the house for six and a half weeks while it was almost completely rebuilt, he recalled. ‘Our insulation was found to be poisonous and illegal, so they had to rip that out,’ he said, adding that the roof and the floor joints of his new home were also found to be unsuitable and that the plans for the homes did not end up matching the final designs.”
“As the process of selling the unused lots works its way out through the necessary channels, Heffernan and his neighbours feel they have been left holding the bag. This includes paying full taxes while not receiving municipal services beyond garbage pickup. Anything beyond that basic service, including general road maintenance, snow removal, and yard waste pickup is not currently being undertaken by the township.”
Radio New Zealand. “There are growing calls for regulation on Waiheke Island to ensure there is affordable rental housing for long-term residents, as increasing numbers of homeowners instead rent their properties to short-stay tourists. The island in the Hauraki Gulf has the fourth highest homeless population of any local board in the Auckland region, despite having one of the lowest overall populations.Dr Pam Oliver, an independent social researcher and long-term Waiheke Island resident, said other popular destinations had effectively mitigated similar issues in recent years without destroying their tourism industry.”
“‘We’re not saying we want tourists all go away. The issue is that there is a massive oversupply of short-stay accommodation and there are places remaining empty all of the time,’ she told Checkpoint. ‘Communities can’t survive without the ability for people to rent. The survival of the local community [depends on] people’s ability to live somewhere close to where they work. In 2018 in the last census, 38 percent of Waiheke Island homes were unoccupied and the number has almost certainly risen since then,’ Oliver said. ‘In April this year, our local newspaper the Gulf News did a review of homes to let on the island that found there were only nine places available for people who wanted long-stay accommodation, and there were 698 Airbnb listings. [The nine] houses that were available weren’t affordable.'”
News.com.au in Australia. “Frustrated home seekers have been thrown a lifeline following an unusually large jump in property listings over July, with the greater choice of housing set to ease buyer competition and moderate prices. PropTrack director of research Cameron Kusher said both Sydney and Melbourne were now becoming ‘buyer’s markets’ – the former after being an extreme ‘seller’s market’ for much of 2023. Melbourne was a particularly good market for buyers, he said. ‘It’s probably the easiest (capital city) market to buy in at the moment,’ he said.”
“Mr Kusher attributed the rise in national listings partly to the Reserve Bank’s decision to delay an interest-rate cut. This ‘forced the hand’ of struggling homeowners who had been waiting for some repayment relief, encouraging them to sell, he said. ‘There was an expectation that rates would be cut this year and some homeowners were probably waiting that out,’ Mr Kusher said. ‘Now that a cut looks more likely next year there are homeowners who can’t hold on any longer and they’re choosing to sell. Most homeowners will try to sell their home or divest before they get into arrears.'”
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‘The FHA rolled out a ‘home retention’ plan last winter that covers the late payments of delinquent borrowers and up to 25% of the principal and interest on monthly payments for three years. Not to be outdone, the FHFA in May instructed Fannie and Freddie to extend the duration of mortgages and cut principal and interest payments by 20% for homeowners facing ‘hardships.’ According to Freddie, that includes ‘reduction in income,’ ‘unemployment’ and an ‘increase in housing expense due to circumstances outside the Borrower’s control (e.g., uninsured losses, increased property taxes, or an HOA special assessment).’ No documentation required’
I mentioned at the time we already had a HAMP like scheme and guberment was making it worser. The main forces in the REIC are the federal guberment, the central bank and the MBS market. UHS are just monkey grinders.
“The main forces in the REIC are the federal guberment, the central bank and the MBS market.”
Making housing unaffordable…
– From the article. Read the whole thing.
– The housing market is now almost completely controlled by .gov in one form or another. This is Socialism / Communism and not a free market. The State owns the means of production, or in this case, the housing market.
– Everything changed for the worst and accelerated after the 2008-2009 GFC. The .gov leviathan will now always – just like for stonk prices – provide support for house prices, because stonk and house prices are now The Economy.
\\
“The plan goes as follows: Subsidize Americans to take out bigger mortgages. If they can’t repay them, no worries—Ms. Harris will simply wave the payments away. The Biden administration is already doing this on the sly, which is a major reason housing prices have grown at more than twice the overall inflation rate since the start of the pandemic.”
“About 70% of single-family mortgages are guaranteed by federal agencies or government-sponsored enterprises such as Fannie Mae and Freddie Mac, which are regulated by the Federal Housing Finance Agency. Ms. Harris wouldn’t need Congress to subsidize home buyers. The Obama and Biden administrations have done so merely by easing credit standards and reducing costs to borrowers for government-backed mortgages.“
“The Federal Housing Administration—which insures homes for lower-income and first-time buyers with down payments as low as 3.5%—cut mortgage premiums in 2015 and 2023. This increased buyers’ purchasing power by a combined 10.5%, according to the American Enterprise Institute’s Ed Pinto. It also pushed up home prices.”
“The feds have also enabled riskier buyers to qualify for bigger mortgages. The Consumer Financial Protection Bureau [CFPB] in 2013 effectively barred lenders from issuing mortgages to those whose total debt payments would exceed 43% of income. Yet the CFPB rule exempted government-backed mortgages.”
“Fannie and Freddie have allowed buyers to take out mortgages with down payments as low as 3%. Harking back to the bubble days of the mid-2000s, personal gifts, lender assistance and government grants can count toward the amount. Some lenders are letting buyers take out second mortgages to make down payments.”
“An increasing share of buyers have little equity in their homes, which increases the risk of default. Ms. Harris’s plan for $25,000 in down-payment assistance for “first-time” buyers would magnify that risk. It would also fuel inflation in housing prices.”
“A series of events have led home buyers to appear more creditworthy on paper. Credit bureaus have removed most medical debt from reports since 2022. Student-loan defaults were also almost entirely wiped out with the Biden administration’s forbearance. At the same time, abundant Covid stimulus payments allowed borrowers to pay down credit-card debt.”
“Now, however, many homeowners are struggling with high inflation and debt payments. Hence the Biden administration game of “extend and pretend,” the suspect practice of modifying mortgages to avoid defaults and foreclosures.”
“The FHA rolled out a “home retention” plan last winter that covers the late payments of delinquent borrowers and up to 25% of the principal and interest on monthly payments for three years. Not to be outdone, the FHFA in May instructed Fannie and Freddie to extend the duration of mortgages and cut principal and interest payments by 20% for homeowners facing “hardships.””
“In other words, after enabling riskier borrowers to qualify for mortgages they can’t afford, the Biden administration is writing down monthly payments to stop defaults. This is mortgage forgiveness by another name. The FHFA reports some 1.4 million “home retention” actions by lenders since 2021.”
“The Veterans Affairs Department has extended its foreclosure moratorium through December and directed loan servicers to reduce interest rates for struggling borrowers to 2.5%. Such actions “helped more than 145,000 Veterans and their families avoid foreclosure in 2023 alone,” the VA boasts.”
“The result of such programs is a tighter housing market, jacked-up prices and moral hazard. Buyers don’t have to worry about taking on larger mortgages since the government has told servicers to reduce payments if anyone runs into trouble.”
“Kamala Harris on Friday floated a panoply of government subsidies to make housing more ‘affordable.’
That $25K of down payment money is to “first generation” home buyers. Not first-time home buyers. First generation, i.e. the parents were renters. Most couples were able to buy a home up until ~2001 or so. Their American kids, who are now old enough to vote, would not be eligible for this $25K.
This is a program designed for illegal immigrants.
“This is a program designed for illegal immigrants.”
Bingo!
This is a program designed for illegal immigrants.
+1
I’ve been spending far too much time on Twitter/X, and this is what they are saying. Even JD Vance said this was for illegal immigrants.
That $25K of down payment money is to “first generation” home buyers. Not first-time home buyers.
So you’ll have to prove that none of your ancestors ever owned a house? Good luck with that. More likely it’ll be yet another no-doc program, accepting anyone who checks a box.
Well, illegals won’t have any family history in the US, so they should qualify.
‘Anything was selling [before] – a unit facing a brick wall, or the garbage dump, or a train track, with a terrible layout, no room to put your couch, and it was selling instantaneously. And now those aren’t really selling’
Gosh Sean, I hope no one overpaid in such an environment!
“Never mind housing prices have doubled (along with property taxes, homeowner’s insurance and building supplies) in less than a decade”
Denver is an overpriced dump.
Notes Eric: ‘Wah! City of Denver! Fund me! Fund me! Give me some money!
You need to be an illegal invader to get a penny from the Dumver.
This raises a couple obvious questions, Nita Gonzalez. If housing prices have doubled, then you should have a lot of sweet, sweet equity. Why are you having so much trouble refinancing? And if you can’t refinance, why not just sell the house and use all that sweet, sweet equity to buy something else, perhaps a duplex for you and your daughter?
My guess is that they don’t have two nickels to rub together.
But there might be a luxury SUV in the driveway (the power of the HELOC)
Economics
Robert Kiyosaki Advises Preparing for Crash Landing — Says ‘Time to Save Yourself’
By Kevin Helms
Sat Aug 17 19:30:34 EST 2024
Rich Dad Poor Dad author Robert Kiyosaki has explained why he is preparing for a crash landing. He criticized U.S. leadership, including Vice President Kamala Harris, Treasury Secretary Janet Yellen, and Fed Chairman Jerome Powell, calling them “3-Stooges.” Kiyosaki advised his followers to invest in gold, silver, and bitcoin, emphasizing self-reliance over relying on the Federal Reserve.
Robert Kiyosaki’s Latest Warnings
Rich Dad Poor Dad author Robert Kiyosaki issued another warning this week about the U.S. economy, market crashes, and investment strategies. His book “Rich Dad Poor Dad,” co-authored with Sharon Lechter in 1997, has been on the New York Times Best Seller List for over six years, selling more than 32 million copies in 51 languages across 109 countries.
On Tuesday, Kiyosaki posted on social media platform X: “Soft landing or crash landing. I hope I am wrong … yet I am prepared for the biggest market crash in world history.” He added:
Q: Why am I preparing for a crash Landing? A: Because if I am right … a crash and possible depression will make myself and those that are prepared very, very, rich.
…
https://news.bitcoin.com/robert-kiyosaki-advises-preparing-for-crash-landing-says-time-to-save-yourself/
[This article is long and probably should be presented to you via snips, but it is probably paywalled thus I will present it to you in its entirety.]
Coming to a Cash-Strapped Company Near You: Creditor-on-Creditor Violence.
As private-equity-owned companies default, lenders are resorting to measures that seem extreme.
https://www.wsj.com/finance/coming-to-a-cash-strapped-company-near-you-creditor-on-creditor-violence-2dfd4308
Grand alliances. Secret pacts. Betrayal. It’s all in a day’s work in the booming market for low-rated corporate debt.
U.S. companies that struggle to repay their below-investment-grade bonds and loans have increasingly squeezed concessions from lenders by pitting them against one another. The private-equity firms and wealthy individuals who own most of the companies call the deals “liability management exercises,” or LMEs. Debt investors call them “creditor-on-creditor violence.”
Companies using these tactics—or preparing to—run the gamut from telecommunications provider Altice USA to cloud-computing firm Rackspace Technology and aerospace supplier Incora. Some funds are fighting back by joining forces to pre-empt such tactics. Lenders to radio broadcaster iHeartMedia have recently organized, fund managers who have participated in the groups said. But even in such alliances, debt investors can turn on each other, they said.
“We are of the view that LME will only become more contentious from here,” Barclays credit analyst Corry Short wrote in a July report. It was the bank’s first systematic analysis of the phenomenon. There are roughly $155 billion of bonds and loans trading at distressed prices that could be subject to future liability management, he said.
The clashes reflect in part the squeeze of sharply higher interest rates. Many of the companies involved have taken on loans and bonds to pay for their acquisitions by private-equity funds. Rising interest rates have simultaneously made the debt more expensive and damped returns the private-equity firms deliver to their own investors. Private equity returned about 6% last year, according to data from MSCI, compared with the S&P 500’s 24%.
Owners can prolong their control over ailing companies and postpone losses by playing the financial equivalent of Game of Thrones with creditors. The proprietors coax certain lenders to exchange debt that is coming due for a smaller amount of longer-term debt by offering them preferential treatment—at the expense of other creditors who aren’t in on the deal. Once a majority of creditors agree, owners can push harsher terms on the rest of their loan and bondholders.
Defaults have historically been overseen by bankruptcy courts, but in the current cycle, a majority are playing out in the backroom world of liability management. Private-equity firms can push the out-of-court deals through now because loan investors have been giving up legal protections for years in exchange for higher yields.
Such restructurings bolster the valuations that private-equity firms assign to the companies, protecting management fees they charge investors. They also cut the companies’ costs and give them time to potentially recover.
Still, these arrangements can help stressed firms only so much. Companies that have already defaulted are four times more likely than average to re-default and 35% of companies that conduct distressed exchanges default within two years, according to S&P Global Ratings. The deals also worsen ultimate recoveries for debt investors, who recovered 47% in bankruptcies last year of companies that had previously engaged in LMEs, according to Fitch Ratings. Recoveries on debt of companies that hadn’t been involved in LMEs averaged 60%.
“These acts of financial war have been presented as attempts to rejuvenate a distressed company but appear to have done little more than afford private-equity sponsors additional fees and an improved position,” Wake Forest University law professor Samir Parikh said in a recent paper.
The market for below investment-grade bonds and loans has almost doubled in size since 2010 to about $3 trillion, as low interest rates encouraged companies to borrow. The default rate on the loans has roughly tripled since 2022 to about 4.5% as borrowers contended with inflation and higher interest rates.
Owners of the debt are primarily institutions—pensions, insurers, hedge funds and the like—but individuals also bought in through mutual funds, exchange-traded funds and business-development companies, or BDCs.
One consequence of coercive exchanges is lower returns on senior secured loans, which typically fare better than junior loans and bonds in restructurings because they have first claim on corporate assets. Bondholders and junior lenders fared better than senior loan investors in 12 of 20 liability-management exercises that Barclays analyzed.
“It’s a small part of our market that is adding a lot of uncertainty,” said Andrew Sveen, who runs $30 billion of loan investments at Morgan Stanley Investment Management. The unpredictability makes investors more likely to sell out of loans at risk of liability management unless they own large stakes that give them leverage in negotiations, he said.
Private-equity firm BC Partners was among the first to turn creditors against each other in 2019 to restructure its company PetSmart. BC launched a deal saying it would be available only to the first 51% of its loan holders who accepted it—the majority it needed for legal reasons—and that all other lenders would be left out in the cold.
Loan holders initially agreed informally to reject the deal. Then a large lender, Apollo Global Management, broke ranks and in a matter of hours the coalition fell apart.
“One by one, they dropped out,” said a person involved in the informal group. “It was a disaster.”
More companies adopted the tactic after the pandemic, including Envision Healthcare, backed by KKR, and restaurant supplier TriMark USA, backed by Centerbridge Partners and Blackstone. Investment banks such as Moelis and PJT Partners began building practices designing the deals, and law firms such as Gibson Dunn and Paul Weiss specialized in the lawsuits that resulted.
As the tactic grew more common, even more traditional debt investors began striking deals that disadvantaged other creditors. In the case of Advent International-owned mattress maker Serta Simmons Bedding, mutual-fund managers Eaton Vance and Invesco struck a deal with the company.
Private-equity sponsors are increasingly turning to distressed exchanges in part because they are struggling to sell companies they own since higher interest rates have chilled mergers-and-acquisitions activity. They have also been reluctant to reduce valuations of the companies they still own.
“This means that sponsors have had to get more creative with manufacturing returns,” Barclays’s Short said.
Debtholders have begun pre-emptively forming co-op groups, signing binding contracts committing not to accept any exchange offers from companies unless all agreed on it. In 2023, Apollo Global Management and Pacific Investment Management joined forces effectively to preclude a coercive exchange by online car retailer Carvana. They negotiated a deal that gave the company time to improve operations and strengthened creditor protections. The restructuring worked, and both debt and stock prices rebounded.
Once rare, the alliances are growing commonplace, with more than a dozen forming this year, debt fund managers said. Companies affected include pharmaceutical firm Bausch Health and movie-theater chain AMC Entertainment.
free coffee soda croissants are the first to go, then showing up 15=30 min late because of traffic. you will have a time card to punch in….overtime will be eliminated…….
“Subsidize Americans to take out bigger mortgages. If they can’t repay them, no worries—Ms. Harris will simply wave the payments away.”
Nothing new here. I was half joking to someone this weekend to go ahead and buy a new home and never make a payment. Good chance you’re gonna get at least a couple years, if not more, free housing. And who the heck cares about what it does to your credit score. Does it even matter anymore?
“Does it even matter anymore?”
+1
Weren’t people doing exactly that in 2007?
https://x.com/VladTheInflator/status/1825556161204306271
Darth Powell @VladTheInflator
Why are real estate agents needed?
Sounds like RE agents aren’t really needed at all honestly.
Find property – MLS
Value property – Appraiser
Inspect property – Inspector
Fill out contracts – Paralegal
Title – Title Company
Issue with land – Surveyor
11:31 AM · Aug 19, 2024 · 1,236 Views
– 👆 This.
– I suggested an attorney for filling out the contracts, but I suppose a paralegal (or AI?) could do this.
– No value add. Only a cartel skimming their huge, but unjustified cut of the house price.
– The REIC on one side and .gov on the other. Crony capitalism at its best.
https://www.youtube.com/watch?v=OMAIsqvTh7g
Stuck in the Middle with you – Stealers Wheel
10,230,936 views Nov 12, 2008
Find property – MLS
Requires a Realtor for all of the details on a property.
Find a starving realtor (there’s plenty) and offer them a happy meal to look some stuff up for ya.
I have MLS access via my husband, who’s a property manager.
“Requires a Realtor for all of the details on a property.”
– I’m interpreting that to mean that Realors and the MLS are still a monopoly. Maybe it’s not, but if it is, then need to break that up as well. FTC Chair Lina Khan: Are you listening?
– I think the listings are there. No one’s required to hire a buyer’s agent and the buyer isn’t paying the seller’s agent. Just contact the seller directly, or the seller’s agent. Also, sellers will become increasingly motivated to make a deal as DOM moves up and prices move down.
– Lots of places to look. I’m sure there are others.
https://www.realtor.com/ (136,339 listing in CA right now)
https://www.trulia.com/
https://www.zillow.com/
https://www.redfin.com/
https://www.homes.com/
– I think buyers will work it out over time and the result will be (much) lower commissions and fewer Realtors. We’ll see how this plays out. Only the first week with the new “rules”. Nature finds a way; necessity is the mother of invention, etc.
Lots of places to look.
They all draw from the MLS.
or the seller’s agent
Dual agency is ill-advised.
the buyer isn’t paying the seller’s agent
No one gets paid without a buyer. The buyer ultimately pays for everything.
Simple truth.
Only the first week with the new “rules”.
Over on /r/Realtors, many are mistakenly calling them “laws” and advising clients as such.
Rex real estate had the correct biz plan. No MLS, put the for sale particulars on your own site, or on Rex’s site. Again no MLS. No buyers agents, who cares, just negotiate with the buyer directly. Title companies in Ca. will do the work, and will issue the policy. Rex did a great job. 2% commission. The buyer had an agent and they did get 1% and money from the buyer, but that was negotiated. Dump the MLS, not needed with the net.
Sound anything like 2007?
What is the interest rate and payback period?
Effective August 1, 2024, the current interest rate for Single Family Housing Direct home loans is 4.875% for low-income and very low- income borrowers. Fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower Interest rate when modified by payment assistance, can be as low as 1% Up to 33 year payback period – 38 year payback period for very low income applicants who can’t afford the 33 year loan term.
How much down payment is required? No down payment is typically required. Applicants with assets higher than the asset limits may be required to use a portion of those assets.
https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans-17
A reader sent these in:
In moving to flat fees, realtors would have to start looking for higher transaction volume over hitting record prices. To get higher volume, you need *lower* prices to bring more buyers to market. Totally flips the incentive structure for realtors that’s been in place until now
https://x.com/artimidore/status/1825169532706529686
And the walls came tumbling down… #Aug17
https://x.com/gregrobertson/status/1824932298858618906
@TrishaFLsun it’s like this for at least 2 years. I can’t help but think people lost a good chunk of money on what was probably their long awaited dream home.
https://x.com/gungirlnyc/status/1824969631854911641
The fun will really begin when some of the smaller builders file BK
https://x.com/Cjcdad0925/status/1824833219348557836
JLL Says It Takes $18 Million Loss in Multifamily Loan Fraud
https://x.com/BankingNewsGuy/status/1824501893265035734
Victims of Real Estate Scheme Involving HGTV’s Christina Hall and Tarek El Moussa Awarded More Than $12M
“The lawsuit alleged that false earnings claims were used to lure participants into “spending thousands or tens of thousands of dollars in a relatively short amount of time.”
Some participants also alleged that the reality stars used to promote the seminars did not actually attend the coaching sessions”
Over 25,000 will get refunds.
https://x.com/JohnWake/status/1824970185704640950
On Wednesday, the Bureau of Labor Statistics will downward revise jobs for the April 2023-March 2024 period by up to 1 million. This means that all “beats” recorded in the past year will have been misses and the US job market is in far worse shape than the admin would admit.
https://x.com/zerohedge/status/1825248254893953351
🚨LAYOFF ANNOUNCEMENTS IN 2024:
– Dell cuts 15% of workforce
– Intel cuts 15%
– Intuit cuts 10%
– PayPal cuts 9%
– Unity Software cuts 25%
– Twitch cuts 35%
– Bumble cuts 30%
– Expedia cuts 8%
– Cisco cuts 5%
– DocuSign cuts 6%
– Snap cuts 10%
– Riot Games cuts 11%
– Wayfair cuts 13%
– Indeed cuts 8%
– Peloton cuts 15%
– Tesla cuts 10%
– Pixar cuts 14%
– Discord cuts 17%
– Lucid cuts 6%
– UKG cuts 14%
– Match Group cuts 6%
– Brex cuts 20%
– Wayfair cuts 13%
– Riot Games cuts 11%
– Duolingo cuts 10%
– Rent the Runway cuts 10%
– eBay cuts 9%
In 2024, tech companies have laid off +126,032 people.
With NASDAQ down -12% from record high, how much worse can it get?
https://x.com/GRDecter/status/1820856443018326222
Airbnb portfolios starting to get unloaded
https://x.com/NipseyHoussle/status/1825271867692707897
Donald Trump has suggested eliminating U.S. income tax and replacing it with tariffs on imports.
Do you agree?
https://x.com/unusual_whales/status/1824853949041557783
Average 401(k) balance, per Vanguard:
Under 25: $7,351
25 to 34: $37,557
35 to 44: $91,281
45 to 54: $168,646
55 to 64: $244,750
65 and up: $272,588
https://x.com/unusual_whales/status/1825246536483447233
Kamala the Commie
https://x.com/SallyMayweather/status/1825364333884305649
Chris Rock getting slapped by Will Smith had a longer news cycle than Donald Trump getting shot by a sniper.
https://x.com/SallyMayweather/status/1825364155248840856
It’s time to consider why Mary Daly, the regulator of SVB and First Republic, still has her job.
https://x.com/sidprabhu/status/1825316712142791014
They made mistakes but in totality powell has been fine. imo if someone is still hating on the Fed, they are just haters 🙂
https://x.com/MayankSeksaria/status/1825244764146368858
If you think waiting until we are at 40 year highs inflation before acting, buying MBS in the midst of massive home price appreciation leading to the most unaffordable housing market in decades, and moving rates around so aggressively that you contribute to banking failures that force you to create new bailout facilities is “fine” then you have a very low bar for “fine”. IMO if someone thinks this is “fine” they are just apologists.
https://x.com/sidprabhu/status/1825248653810028563
Hey America,
Look around. Do you see all the retail businesses and restaurants (large chains and small independents) filing for bankruptcy and closing?
If they were making gobs of money gouging all you consumers, do you think that would be happening?
Phil’s right. 👇🏼
https://x.com/MauiBoyMacro/status/1824824718257705227
Kamala Harris is giving speeches about how shitty the last 3 years have been like she hasn’t been Vice President the entire time.
It’s mind boggling. 🤯
https://x.com/CryptoLawyerz/status/1824953743240032570
This means that all “beats” recorded in the past year will have been misses and the US job market is in far worse shape than the admin would admit.
Anyone job hunting in the past 12 months already knew that something was very wrong with the economy.
Still getting recruitment cards in the mail at least two a month. Liscensed commercial electrician, Denver.
How does this square with your post that 10% of electricians being out of work by the end of the year? Not trolling, sincere question.
“Chris Rock getting slapped by Will Smith had a longer news cycle than Donald Trump getting shot by a sniper”
And I thought I was imagining things.
European defense stocks slid on Monday, paring some big year-to-date gains, after a weekend report from local media suggested that Germany will no longer grant new requests for aid to Ukraine in an effort to rein in spending.
The Frankfurter Allgemeine Zeitung reported on Saturday that while existing German aid programs to Ukraine should generally continue, additional applications for military support will not be approved. It cited government documents, emails and unidentified officials.
https://finance.yahoo.com/news/defense-shares-fall-germany-plans-083419620.html
Once again, the forces of the market have proven too strong to be denied. Consumers have had enough of rising food prices at groceries and fast-food establishments and their purchases began to decline. Realizing declining sales, McDonalds reinstated their $5 meal deal. Competitors soon followed suit. Nestle and other food companies have also seen lagging sales as customers sought cheaper alternatives. As the Chicago Tribune said, “The market reasserted itself without government mandates or interventions.”
In the rush to use government mandates or interventions to address what officials consider unfair prices is an instinct in Washington and some state capitals. Often it is applauded by grateful consumers who believe that controlling price increases for commodities is the only way to assure that the economic system is fair to all. However, repeatedly, government interference in the market has proven to be a deterrent to the equitable allocation and discourages economic growth from which all citizens benefit. Despite a myriad of historical circumstances to the contrary, many elected officials still make attempts to replace market forces with government fiat.
For instance, to hasten the introduction of electric vehicles the federal government, along with several states, determined to offer tax credits to those who buy electric vehicles. Purchasers of new EVs can realize a $7,500 tax savings on a new EV during the year in which the vehicle was purchased. States such as California and Massachusetts offered additional tax or registration incentives. These incentives were initially introduced to help offset the price of EVs as they were more expensive than similar internal combustion engines. The resulting lower prices for Teslas and similar cars initially increased consumer demand. But as the realities of charging electric cars and several other inconveniences associated with them became apparent, consumer demand, even with significant government tax subsidies, fell. Major purchasers of EVs, such as Hertz, which was seduced by Washington into buying fleets of them, found consumers did not want to rent EVs, so Hertz unloaded most of them. The glut of EVs caused GM to shelve a planned EV plant while Tesla’s profits have declined 45%. New EV prices are being slashed as cash incentives and financing deals make them the biggest bargains on dealers’ lots. So much for government interference in the new car market.
Unphased by misadventures in the EV market, the current administration is running headlong into another thinly vailed attempt to circumvent the market. President Biden recently proposed a national rent control plan. In June he suggested giving tax breaks of 5% per annum to landlords owning more than 50 apartments, which is half of the country’s 20 million rental units. This is a significantly higher depreciation rate than they currently enjoy. While this proposed tactic for controlling rents by using accelerated depreciation is new, the policy of rent control is not. Whether it be the rent control in New York City following WWII, or the rent control initiated by Santa Monica in 1979, the results are the same. Rent control diminishes most incentives for building new units because the cost of doing so is not covered by the amount of rent a landlord can charge. It also removes incentives for landlords to keep up the buildings. After the implementation of rent control in Santa Monica the city lost some 2,100 rent-controlled units from a total available rental market of 7,176 units.
Rent control in NYC was staggeringly unsuccessful. Not only did it severely curtail the number of apartments available for rent, but the reduced income derived from rent controlled units did not cover the cost of maintaining them. This led to the deterioration of many apartments in NYC. It ushered in a black market for rent controlled and “rent stabilized” units that became infamous in the annals of non-legal and quasi-legal rental market. Ironically, the administration now is promoting increased subsidies to create affordable housing, while simultaneously suggesting rent control which makes such units unattractive. If the government insists upon circumventing the market, it should do it carefully and consider all the implications its actions may cause.
The market works. Whether it be hamburgers, automobiles or apartments, the government should stand back and allow the market to remedy the situation. It will do so eventually.
https://www.msn.com/en-us/money/markets/you-cant-fool-the-market/ar-AA1oZBvd
Ironically, the administration now is promoting increased subsidies to create affordable housing, while simultaneously suggesting rent control which makes such units unattractive.
How about they stop rolling logs in front of developers and simply make it easier and cheaper to build.
Kamala Harris Hires Disgraced Russia Hoaxer Marc Elias for Election Legal Team
Joel B. Pollak
19 Aug 2024
CHICAGO, Illinois — Vice President Kamala Harris has hired disgraced “Russia collusion” hoaxer Marc Elias to help lead her massive team of election lawyers as they prepare to fight former President Donald Trump and the Republicans over voting results.
Elias will join a team of lawyers that is reportedly ten times larger than the team of 600 lawyers that then-candidate Joe Biden boasted he had hired in the summer of 2020 to challenge election results in close contests nationwide.
As Breitbart News has noted:
Elias runs the so-called “Democracy Docket,” suing on behalf of Democrats and claiming to defend “democracy” in doing so. He played a key role in planting the “Russia collusion” hoax, which sought to undermine the results of the 2016 presidential election. He was also instrumental in suing states to change their voting laws ahead of the 2020 presidential election to enable mass vote-by-mail, a tactic that was crucial to Democratic turnout in swing states.
https://www.breitbart.com/politics/2024/08/19/kamala-harris-hires-disgraced-russia-hoaxer-marc-elias-for-election-legal-team/
Marc Elias
The Democrats’ Achilles heel.
Delorme said he didn’t fully understand what was being offered and at what cost.
And yet he signed on the dotted line. He though he was joining the free sh!t army.
New windows and a new A/C. Must have cost a pretty penny. Regarding new windows, I’m seeing a ton on online ads for them, especially from Champion.
In Pasco County, records from the tax collector show nearly 300 people are behind on taxes because of PACE, and 24 people have lost their homes because of it.
As Gomer Pyle would say: Surprise, surprise!
“What are your parents’ names?”
Fang, then a third grader, hemmed and hawed at the simple question as her teacher waited impatiently, unaware the 9-year-old was caught in a dilemma.
Since preschool, Fang had been officially registered as the daughter of her eldest uncle – an attempt by her birth parents to circumvent harsh penalties for having a second baby under China’s controversial one-child policy that was enforced from 1980 to 2015.
“I really had no idea which parents I was supposed to name,” Fang told CNN years later, using a pseudonym for privacy reasons.
Since then, Beijing has gradually lifted the birth caps from one to two children, then to three in 2021, in a bid to arrest a looming demographic crisis.
The one-child rules have gone, but the wounds of the past cast long shadows. A new generation of women like Fang, haunted by their parents’ struggles and their own sacrifices as children under the one-child policy, now eye parenthood with reluctance – making Beijing’s current pro-birth push a tough sell.
Fang was born in the 1990s – when the one-child limit was at its strictest – and became a big sister just a year later, when her mother “illegally” became pregnant again. To avoid punishment, the family sent Fang to live with extended family members, while her mother pretended her second pregnancy was her first.
Fang, now 30 and married, doesn’t want children at all.
“All the fears, drifts and insecurity felt throughout my own childhood have, more or less, played a part in my current call,” she said.
Keeping their firstborn secret spared Fang’s parents ruinous fines, job loss and even forced abortion and sterilization – the heavy price for having an “unauthorized” second child, another daughter.
Fang was finally allowed to return home at age 10 – but was still registered as her eldest uncle’s daughter and told to “stick with her official registration” whenever she was asked about her parents.
After the one-child policy was dismantled in 2015, Fang’s parents tried for another child. Fang sensed their unstated wish for a son, but her mother gave birth to a girl – her third.
Over 30 years of China’s one-child policy, an estimated 20 million baby girls “disappeared” due to sex-selective abortions or infanticide, according to Li Shuzhuo, director of the Center for Population and Social Policy Research at China’s Xi’an Jiaotong University.
Since the shift to a three-child policy in 2021, Beijing has been running national campaigns to foster a “pro-birth culture” as China’s population shrinks and grays at an alarming rate.
Posters and slogans once warning of the perils of having more than one child have been replaced with ones encouraging more births. Local governments have rolled out a flurry of policy incentives, from cash handouts and real estate subsidies to the extension of maternity leave.
The policy U-turn, from birth limits to birth boost, has left Yao “speechless.”
“How ‘well-planned’ the family-planning policy is!” Yao mocked. “(The government) used to slap us for having two (babies) and now expects us to have three?”
Fang said she was “somewhat nettled” by Beijing’s initiatives to spur births, arguing: “Having kids or not is purely a woman’s personal choice, not out of any policy, be it a stick or a carrot.”
In May, China’s National Health Commission issued a dozen “birth-friendly theme posters” to local bureaus, calling for a “widespread dissemination” from social media to community parks.
The move was met with wry comments online, referencing past one-child slogans like “Fewer kids, happier lives,” and, “If you want to be rich, have fewer children and plant more trees.”
These chants are not just recounted for ridicule – people have found new resonance with the ruling Chinese Communist Party’s old teachings and are now acting on them earnestly.
Last year, the country’s total fertility rate (TFR) – meaning the average number of children a woman delivers during her reproductive years – stood at around 1.0, according to the 2024 China Birth Report from the YuWa Population Research Institute, a China-based think tank.
That’s far lower than the 2.1 rate needed to maintain a stable population, or the “replacement rate” in demographic terms, and ranks as the second lowest among the world’s major economies.
The birth deficit is even grimmer in China’s richest city, Shanghai, where roughly half of all women do not have children throughout their reproductive periods, based on the city’s 2023 TFR figure (0.6) announced in May.
Yi Fuxian, an expert on China’s demographics at the University of Wisconsin, says the country faces three major obstacles to reversing its shrinking population: low fertility desire, high child-raising costs and a climbing infertility rate.
Of these, “the sole challenge Beijing has any capacity to impact is the affordability issue,” Yi said.
Last month, the Communist Party proposed boosting incentives, including childbirth subsidies and more affordable childcare, at a key meeting of party leaders.
Yet, debt-stricken local governments – including many that are struggling to recover from three years of strict pandemic controls and a loss of revenue from a real estate crash – can only carry them out on a shoestring budget, dooming the party’s birth boost attempt, according to Yi.
https://www.msn.com/en-us/news/world/china-s-one-child-policy-hangover-scarred-women-dismiss-beijing-s-pro-birth-agenda/ar-AA1p1gPT
Local governments have rolled out a flurry of policy incentives, from cash handouts and real estate subsidies to the extension of maternity leave.
Not just in China. Hungary has financial incentives for those willing to have more than one child.
It’s not just South Texas. Republicans are making gains with Latino voters in big cities, too
For years, Carmen Cavazos’ neighborhood in southeast Houston has voted reliably for Democrats up and down the ballot. In 2016, Hillary Clinton won 68% of the vote in Cavazos’ voting precinct, a mostly residential enclave of about 3,000 people near Hobby Airport.
But something is changing in the precinct, where about nine out of 10 residents are Hispanic. President Joe Biden carried it by 20 points in his 2020 race against Donald Trump — a solid showing for Democrats, but half of Clinton’s 40-point advantage from just four years earlier against the same Republican.
Cavazos, a 44-year-old flight attendant and Republican precinct chair, said she expects the trend to continue in November. She has been trying to accelerate the political shift, helping organize regular meetings of the Saturday Menudo Club, a group that meets monthly at local Mexican restaurants to hear from conservative candidates and other speakers.
“The messaging and voter engagement in our community is critically important,” Cavazos said. “When presented with data, facts, and statistics, the false narrative of identity politics and ideology propaganda encouraged by Democrats crumbles.”
https://www.msn.com/en-us/news/politics/it-s-not-just-south-texas-republicans-are-making-gains-with-latino-voters-in-big-cities-too/ar-AA1p2HWM
They have been promising a Hispanic Tide for decades. Remember when we were told that Hispanics were “conservative Catholics” and were thus natural Republicans, only to have them pull the D lever in election after election?
Anyway, here’s hoping.
Will the mobile abortion clinic at DNC2024 move the needle?
Text messages appear to show Inglewood mayor colluding to defraud taxpayers
Inglewood Mayor James T. Butts Jr. continues to defend himself against allegations that the City wrongfully terminated the employment of his former assistant after she stopped making herself available to him in a mutually beneficial relationship in 2018.
Lawyers representing Melanie McDade have released a 12-page settlement demand letter seeking more than $65 million for her loss of wages, emotional distress, punitive damages, and attorney’s fees. Her original claim sought $12 million.
The letter dated Aug. 12 was emailed to lawyers representing the City and Butts days after a judge issued a ruling on July 24 which advanced a hearing date on McDade’s request to have sanctions awarded in the case terminated.
Along with releasing the settlement demand, McDade’s legal team also released two dozen pages of emails and text messages between her and the mayor beginning in 2011, while she worked on his campaign, leading up to two weeks before she was walked out of Inglewood City Hall in mid-2019.
In 2013, he explained that between his $345,000 annual salary and her $65,000, “they were in the top 2% of families in the United States.”
“…you go through too much money…you have gradually drained all my savings…I never had to think about money…now I do…”
The text messages corroborate all of the allegations she has levied against the mayor after he begged her for well over a year to take him back after she ended their relationship.
https://www.msn.com/en-us/news/us/text-messages-appear-to-show-inglewood-mayor-colluding-to-defraud-taxpayers/ar-AA1p0AxM
Every two years at work I have to take a “Standards of Business Conduct” class online. One of the recurring topics is “Quid Pro Quo”. Of course I’m not a boss, so all I could offer a female coworker are my roguish good looks. I’ve never tried that, and I doubt it would work.
Delorme said he didn’t fully understand what was being offered and at what cost. ‘We had everything installed and that’s when we started getting the bills.
No such thing as a free lunch, Donald.
Delorme lost his home in 2020 because of back taxes. ‘I’m just a little guy here you know, I’ve lost everything,’ Delorme said.”
Yer a little fella, Donald, but you’re a big fool.
They were priced out – uninsured in a state prone to natural disasters.
So move someplace else.
DC Councilmember Trayon White arrested ─ took $156K bribe, DOJ says
WUSA9
1 hour ago
Ward 8 Councilmember Trayon White was arrested and taken into federal custody Sunday afternoon. We now know White is being charged with bribery.
https://www.youtube.com/watch?v=tjaJEXFE6p8
1 minute.
Sounds like he got greedy and didn’t share the wealth via brown envelopes.
Yup. Our corrupt DoJ and FBI have no problem with corruption, as long as the DNC gets its cut. But those who engage in corruption for private gain have broken the cardinal rule of the criminal enterprise masquerading as a political party called the Democrats.
But the process has been pricey, and she wants the city to pour more resources into helping residents through it.
Why should I, as a taxpayer who rents, be forced to subsidize Ms. Gonzales who wants to remain in Denver but can’t afford to?
“Apt King promises blah blah . . . now changes tune to support latest get rich yadda yadda = pay me upfront for my wisdom blah blah . . . ”
heard it all / seen it all before.
here’s just 1 reference: Armando Montelongo. HaHa!
But at least with most apartments, you don’t need stock-up on green spray paint for that brown lawn.
I think it’s hilarious that the Apt King switches effortlessly from leading the gullible, greedy, and stupid down the primrose path, to switching his whole focus on shameless profiting from their misery and woe.
End Wokeness
@EndWokeness
Holy sh*t
The UK is releasing 5k prisoners to make room for anti-immigration protestors
Some of those will be voiIent offenders
8:33 AM · Aug 19, 2024
https://x.com/EndWokeness/status/1825511320705216755
0:34 video
Brits will have to shoot their way out of this tyranny. The problem is, most of them are disarmed.
Keir Starmer is a wanker.
Lord Prince of his wanker island, laughs in American 🤣🤣🤣
“Brits will have to shoot their way out of this tyranny. The problem is, most of them are disarmed.”
They were disarmed after this event which some say was used as a script for a made for TV movie in the United States during the first four years of the Obama administration.
Dunblane school massacre
school shooting, Dunblane, Scotland, United Kingdom [1996]
Dunblane school massacre, mass shooting on March 13, 1996, in which a gunman invaded a primary school in the small Scottish town of Dunblane and shot to death 16 young children and their teacher before turning a gun on himself.
In the aftermath of the massacre, residents of Dunblane initiated the Snowdrop Campaign (named for the spring flower that was in bloom at the time of the mass shooting) to seek changes in British gun laws. The campaign’s petition gathered some 750,000 signatures, and a letter written by the mother of one of the slain children was printed in two national newspapers. In February 1997 Parliament responded by passing a law banning private ownership of handguns above .22 calibre, and in November 1997 the ban was extended to all handguns. In addition, security requirements for gun clubs were expanded. Following the passage of those laws, the incidence of gun killings in the U.K. dropped significantly.
https://www.britannica.com/event/Dunblane-school-massacre
Notes Eric: ‘Wah! City of Denver! Fund me! Fund me! Give me some money!’”
Safe to say Eric is fed up with involuntarily subsidizing entitlement voters.
“Deals went south primarily because of market conditions, underprepared syndicators, inexperienced operators, and an over-eager lending market,’ he said.
Die, speculator scum.
The plan goes as follows: Subsidize Americans to take out bigger mortgages. If they can’t repay them, no worries—Ms. Harris will simply wave the payments away.
Globalist scum media won’t tell you the real plan: buy votes from entitlement voters with all costs to be borne by those who pay the bills but have no voice or representation in “Our Democracy.” Say, remind me of what happened the last time “taxation without representation” was forced on us by another unaccountable tyrant.
The issue is that there is a massive oversupply of short-stay accommodation and there are places remaining empty all of the time,’ she told Checkpoint. ‘Communities can’t survive without the ability for people to rent.
The sooner communities band together to drive out the speculator scum, or at least slap them with punitive taxes for vacant properties, the sooner “affordable housing” will return.
There’s something deeply satisfying about seeing the Bidens thrown under the bus by the shameless disloyal skank Kamala Harris.
https://x.com/saras76/status/1825572527034507482
Nothing to see here…move along….
https://x.com/zerohedge/status/1825569702443159683
Keir Starmer now prime Minister of the UK gets kicked out of a pub ‘The most hated man in England.”
Cresto 🏴
2 days ago
The pub owner is a good judge of character then.
https://www.youtube.com/watch?v=NV9xtYAhi8I
38 seconds.
The wankers are all wearing CCP Flu masks. Sad, pathetic island.
‘They were priced out – uninsured in a state prone to natural disasters. And now they are left with, essentially, nothing. ‘I’m personally so numb that I just can’t wrap my head around where we’re going to go, what we’re going to do. How do we go from here knowing that we’ve built a beautiful life for us and our kids, and now we have literally nothing’
It’s still way cheaper than renting Mike. I’ve never heard of this sh$thole: Cohasset.
‘It is very difficult for me to get the refinancing to build an ADU that me and my husband will age in place in so that my daughter, who’s a teacher, can live in my house. That’s what we would like to do. That’s how we’re going to afford to stay in Denver,’ she said. ‘You’d better figure out how to use your bully pulpit to bring those finances to the table’
We’re always sorry to lose a valuable member of our community Nita.
‘‘Our insulation was found to be poisonous and illegal, so they had to rip that out,’ he said, adding that the roof and the floor joints of his new home were also found to be unsuitable and that the plans for the homes did not end up matching the final designs…As the process of selling the unused lots works its way out through the necessary channels, Heffernan and his neighbours feel they have been left holding the bag’
Lot’s of bag holding, foreclosures, arson’s and a$$ poundings in K-da these days. But it’s still a red hotcakes sellers market!
‘attributed the rise in national listings partly to the Reserve Bank’s decision to delay an interest-rate cut. This ‘forced the hand’ of struggling homeowners who had been waiting for some repayment relief, encouraging them to sell, he said. ‘There was an expectation that rates would be cut this year and some homeowners were probably waiting that out,’ Mr Kusher said. ‘Now that a cut looks more likely next year there are homeowners who can’t hold on any longer and they’re choosing to sell. Most homeowners will try to sell their home or divest before they get into arrears’
Rate daters reach the end of their rope.
[These people are stupid …]
“A lot of people got into variable rate loans of 3 per cent, and now they’re 7 per cent.”
[Check.]
“They didn’t budget for the rise in their debt payments.”
[Check.]
“They didn’t budget for these short term loans becoming due and not being able to refinance.”
[Check. These people are stupid.]
It’s deja vu all over again.
Looks like a January 6th Muh Insurrection, LOLZ
https://x.com/FordFischer/status/1825652429980880931
I’ll probably be glued to Twitter tonight after the sun goes down in Chicago.
Does it seem strange that economists cannot practice law but attorneys are freely entitled by our electoral system to practice economics?
Price controls worked out badly for a Republican attorney elected president president who tried them a generation ago. Maybe the laws of ecomomics have subsequently changed?
Financial Times
US presidential election 2024
Democrats on defensive after Kamala Harris’s economic plans poorly received
Cool response to price-gouging pledge complicates vice-president’s bid to win trust on inflation
Kamala Harris
Presidential candidate Kamala Harris in North Carolina outlining her economic vision, on Friday
© Allison Joyce/AFP/Getty Images
Martha Muir in Washington
August 18 2024
Democrats rushed to defend Kamala Harris’s newly unveiled economic plans on Sunday, amid criticism that they amounted to gimmicks that would fail to tackle inflation.
The Democratic presidential candidate outlined her economic vision at an event in North Carolina on Friday, pledging to ban price gouging and offer new tax relief for families and homebuyers. But some of the measures met a cool response from economists and habitual allies of the Democrats, complicating the vice-president’s bid to win voters’ trust on the economy and cost of living issues.
An ABC News/Washington Post/Ipsos poll taken last week and released on Sunday showed Harris enjoying a six-point lead over former president Donald Trump. But it put Trump nine points ahead when it came to who voters trusted on the economy and inflation. This was at odds with the FT Michigan Ross poll conducted earlier in the month, which showed that more Americans trusted Harris to handle the economy.
…
Does it seem strange that economists cannot practice law but attorneys are freely entitled by our electoral system to practice economics?
Given how wrong most economists are, no.
Attorneys at least have a competency exam and can be disciplined for harm they cause; and, ostensibly, politicians are accountable to the electorate. The same can’t be said for economists.
All paid by skimmed $ from trillion $ bills paid out to Soros grpops and the like.
The Band “Up On Cripple Creek” on The Ed Sullivan Show
3 years ago
November 2, 1969.
https://www.youtube.com/watch?v=NKu0OTDvQ-w
3:45.
I never saw that before, awesome find!
You know i love zydeco music here is one that rocks
Same Knife Cut The Sheep Cut The Goat “Official Music Video” 2011 – Horace Trahan
https://www.youtube.com/watch?v=4oPDfEKf2pQ
General Motors to Lay Off 1,000 Software Employees, Including 600 Workers in Michigan
John Binder
19 Aug 2024
About 600 of the salaried employees facing the layoffs are at Global Technical Center in Warren. Other salaried employees will be laid off at GM offices in California and Texas.
Nearly half of GM’s workforce, some 76,000 people, is salaried.
https://www.breitbart.com/economy/2024/08/19/general-motors-to-lay-off-1000-software-employees-including-600-workers-in-michigan/
Unsold cars and trux are starting to pile up.
Do you plan to buy the dip on Japanese stock prices?
I admit to having done so in 1990…only to catch myself a falling knife! 🗡️🔪
Japan Stock Markets
Japan’s stock market crashes – what it means for investors
Japan’s stock market crash could ultimately mean “lower prices and better valuations” for investors
By Alex Rankine
published 19 hours ago
in.Features
Japanese prime minister Fumio Kishida has given up. Beset by public anger about cost-of-living pressures and a party corruption scandal, Kishida has announced that he will not seek re-election as leader of the country’s governing party. He is expected to step down next month. Change at the top of Japanese politics comes as the local stock market recovers from a bruising sell-off, which saw the Nikkei fall 12.4%, its biggest one-day drop since 1987.
Japanese shares suffered their worst two-day drop since the 1950s, says River Akira Davis in The New York Times. The plunge could mark the end of one of the country’s “most enduring stock rallies” in decades. The benchmark Topix index has gained 36% since the start of last year amid excitement about corporate reform. Yet the speed of the drawdown – which came after the yen strengthened – has left many asking if Japan’s much-vaunted revival was just an illusion driven by currency weakness. The weak yen boosts the earnings of big listed multinationals, such as Toyota.
The Topix has rallied 15% from its nadir last week, although it is still down 11% since the mid-July peak. Such “absurd” daily swings make Japan resemble an emerging market, says Leo Lewis in the Financial Times. In just a week, the Topix “drunkenly” lurched from being “one of the best-performing major benchmarks of 2024 to one of the worst”. The “whole market is trading like a penny stock”, laments one fund manager. While there have been some “genuine bright spots”, sceptics say that the sell-off has “exposed the true face of an economy” that is still rife with “zombie” businesses, bad management and wasted capital. “Far too many companies” in Tokyo “should not be listed at all.”
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https://moneyweek.com/investments/japan-stock-markets/japans-stock-market-crashes-what-it-means-for-investors
Business & Tech
Unemployment Rate Nears 5% In San Diego County
The unemployment rate in San Diego County increased to 4.9% in July, up from a revised 4.5% in May.
City News Service,
News Partner
Posted Fri, Aug 16, 2024 at 10:46 am PT
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https://patch.com/california/san-diego/unemployment-rate-nears-5-san-diego-county