It Was My Dream To Have A House, But It’s Been A Nightmare
A report from Red Bank Green. “The three townhomes for sale at Red Bank’s Cedar Crossing affordable housing development seem like a potential godsend for a working-class family. Two of the units, both foreclosures, have sat empty for a half decade with apparently no nibbles. And the third? Well, the owners have listed it for sale but say finding a buyer has so far proven impossible. Lending agencies that typically serve low-income buyers through the New Jersey Mortgage Finance Housing Agency will not issue mortgages for properties at Cedar Crossing. For Nathalia Schmidt-Muller and her husband Michael Muller, it’s left them stuck. They have listed their unit for sale, but no buyers have come forward. ‘It’s bad for us because we want a bigger house,’ said Nathalia Schmidt-Mueler. As many as ten homeowners may had been in arrears for monthly association dues. The failure to pay has left the ten-year-old complex with ‘large debt and no reserve funds (until this year)’ according to minutes from the May meeting of the RBHA.”
From WUFS. “‘I grabbed the mail on my way in, and I opened a letter and a few expletives came out of my mouth, and it was a notice from the insurance provider basically saying that you’re no longer going to be covered,’ said Sarah Haverstick of Bradenton. Just like that. No warning. Haverstick’s home insurance was canceled. ‘Just a few years ago, I was paying around $5,000 a year for my homeowners insurance. It’s now over $15,000 per year,’ Jeffrey Phillips of St. Petersburg said. Maria Lopez wants to stay in Tampa. Her daughter lives next door. She loves her little home, but …’I think it’s a mess,’ she said. ‘When I spoke to friends, is that I have many, many friends that don’t have insurance anymore. And this is not like the very poor people, it’s everybody.’ And it’s not just Maria’s friends. One in five Floridians are now going without home insurance.”
House Digest. “When ‘Fixer Upper’ homebuyers Ken and Kelly Downs married in 2013, they weren’t all that familiar with Waco, Texas. The couple featured in the Season 3 picked a property with a long list of foundation, electrical, and plumbing problems, so Chip and Joanna Gaines extensively remodeled the Craftsman-style home, getting it in working order and giving the exterior a facelift. Although it was dramatically improved by a new front door and antique brick skirt, the front porch still overlooks the Alexander Express Mart. In sharp contrast to the couple’s new linen shades, its shop windows are covered by large posters advertising discount cigarettes and frozen shrimp.”
“‘There’s been a lot of commotion coming from the bars and the store across the street. It’s been a problem from the beginning,’ Kelly complained to the Waco Tribune-Herald after a suspected drunk driver famously crashed into the house while she and Ken were sleeping. ‘We’ve lived here a year and a half and we feel deceived by the city of Waco and Magnolia Realty.’ The unhappy clients no longer live in the home, which is now a highly-rated Airbnb.”
Reason on California. “A pair of two-story, two-unit apartment buildings. A skinny three-story block rising above the single-story homes around it. Rows of two-story complexes going up in the backyard of a low-slung bungalow. These are allegedly examples of ‘monster ADUs’ taking over San Diego since the creation of the city’s ADU Bonus Program. Now the local news outlet OB Rag is collecting reader-submitted images of these new homes as part of its ‘worst ADU’ competition. ‘We thought this was a way for people to be heard,’ says Kate Callen, a reporter at OB Rag, of the contest. ‘A lot of people who have these monster ADUs [next door] feel like collateral damage.’ Callen says the original idea of the humble granny flat has been hijacked by for-profit developers pushing the ADU Bonus Program ‘to the extreme’ and San Diego Mayor Todd Gloria who ‘wants housing on steroids.’ The Worst ADU Contest, she says, is a way of highlighting how the program has ‘gone off the rails.'”
Bisnow Los Angeles in California. “The 44 remaining available condo units at the Shvo-owned Mandarin Oriental Residences Beverly Hills will go up for bulk sale Wednesday after the project’s lender filed a notice of default. ‘The ownership group had arranged financing with JP Morgan but chose instead to work with the lender to market the remaining units in a bulk sale,’ a spokesperson for the ownership group told Bisnow in statement.”
Silicon Valley in California. “An Oakland housing tower lauded as an eye-catching addition to the ciy’s skyline has been seized by its lender due to a delinquent real estate loan for the high-rise. The residential high-rise at 1700 Webster Street in downtown Oakland was seized by its lender through a process known as a ‘deed in lieu of foreclosure,’ according to documents filed on Aug. 28 with the Alameda County Recorder’s Office. The apartment complex’s amenities include a roof deck pool, indoor and outdoor lounge, a lobby with outdoor access, an outdoor terrace with fire pits and grilling stations, a boutique fitness center, outdoor play spaces for pets, and a pet spa. ‘Our rooftop pool and lounges bring people together and our location in downtown Oakland supports an active lifestyle, both within our walls and out around Lake Merritt,’ states the website for the ZO Oakland Apartments.”
The Real Deal. “Two owners of an Oregon-based real estate investment firm stand accused of committing widespread fraud, allegedly bilking lenders and investors out of more than $18 million. Robert Christensen and Anthony Matic are facing 21 counts in a federal indictment unsealed this week, Oregon Live reported. The pair are accused of wire fraud, conspiracy to commit wire fraud and money laundering. While Christensen and Matic said money was going towards buying and renovating undervalued Midwest properties — which would then be rented out — they actually used new investments to pay off earlier investors, the indictment stated. Behind the scenes, the business was ‘underwater’ and in ‘survival mode,’ the indictment stated.”
New York Daily News. “Linda Sun, a former aide to Gov. Kathy Hochul and ex-Gov. Andrew Cuomo, has been arrested alongside her husband for working as an agent of China a month and a half after the feds raided their $3.6 million home in Manhasset. Sun, 41, and her husband Chris Hu, 40, were taken into federal custody early Tuesday morning and accused of helping shape state policy in exchange for millions in kickbacks and gifts — including specially cooked salted ducks for her parents. Sun was charged with violating and conspiring to violate the Foreign Agents Registration Act, visa fraud, alien smuggling, and money laundering conspiracy, while her husband was charged with money laundering conspiracy, as well as conspiracy to commit bank fraud and misuse of means of identification.”
“While working in the governor’s office, she blocked representatives of the Taiwanese government from having access to the governor and changed Cuomo and Hochul’s messaging regarding issues important to the Chinese government, the feds allege. The proceeds of her scheme were laundered to pay for her Manhasset home, a $1.9 million condo in Honolulu, and luxury vehicles, including a 2024 Ferrari Roma, the feds allege. In one episode in 2020 during the COVID-19 pandemic, Sun texted a Chinese consulate official, according to the indictment, boasting, ‘I’m still in charge of all Asian affairs. A few weeks (ago) when we released a press release for international travel — I almost had a heart attack when we referred to Taiwan as a country. Thankfully I had the press team correct it immediately.'”
The Hamilton Spectator in Canada. “A longtime Hamilton builder whose stalled developments created a ‘nightmare’ for dozens of homebuyers in Brant County, Haldimand, and beyond, has had his building licence revoked by the Home Construction Regulatory Authority (HCRA). In a notice to revoke, the regulatory authority said Mike Bettiol of Mariman Homes entered into agreements of purchase and sale of 108 homes without proper authorization, ‘among other things.’ In January, lender MarshallZehr put Bettiol into receivership for his Grand York Estates development in Haldimand, leaving around 54 buyers unsure of the state of their purchases. ‘He messed up our life,’ homebuyers from the development told The Spectator earlier in the year. They described the ordeal of closing on their new-build home as ‘nothing short of a nightmare,’ after they were told the sales would not close unless they came to an agreement with Bettiol’s lenders.”
The Globe and Mail. “For the last 10 years, Amélie Brack’s property-management company had no trouble renting out both halves of a duplex near St. Lawrence College in Kingston, one of Canada’s most notable student-dominated cities renowned for its high proportion of out-of-town students. ‘Up until last year, we would get 25 to 50 inquiries per week in August. This year, it’s been crickets. It’s quite a surprise,’ said Ms. Brack. Other rental brokers and property managers in major Canadian university cities are noticing the same downturn. ‘We have noticed a reduction in enquiries. There’s definitely a decline and drops in traffic from other countries,’ said Matisse Yiu, a marketing manager whose Vancouver-based company liv.rent acts as a broker between landlords and students for about 3,500 units primarily in Ontario and B.C. ‘On the landlord side, they’re definitely a little more desperate.'”
“Ms. Brack said it looks as though federal government policies are having the effect that was intended: reducing rent. But it is proving difficult for those who bought properties, intending to rent to students. ‘It’s putting those people who invested years ago into a difficult position.'”
The Mirror in the UK. “One resident of a high-rise block of flats in East London is clinging onto hope that the flammable cladding surrounding their building is going to be removed, but plans keep being postponed. Peter Petropoulos, 45, is the owner of a three-bedroom apartment in the Altius complex in Bow. He bought the fifth-floor flat in 2011 when it was first constructed, at a time when it was deemed safe. He is desperate to sell his apartment but still holds out hope that issues will be resolved. He says his only option is to sell at a cheaper rate to a cash buyer, who would ultimately rent it out. ‘We’re going to make a big loss,’ he explained. ‘I’m losing 7k on service charges each year anyway. Losing on the mortgage. Lose on the money we get back. But it’s the least of my worries, I just want to sell and go as quickly as possible. And most people are like that.'”
From ABC News. “Along a suburban street in Australia’s Top End, Sukhpreet Kaur’s house stands out alongside a row of new project homes. Unlike the others, it sits unfinished, with no roof, windows or doors, having been abandoned 18 months ago by its Darwin builder. Ms Kaur had paid more than $134,000. Then, in May, she was asked to pay a further $62,000. Ever since, her single-income family has been paying a mortgage on their partially-built house, plus rent on a home to live in. Ms Kaur believes her best option, considering the home’s derelict state, may be to knock it down and rebuild. ‘Then we will have to start from scratch,’ she said. ‘I think it will cost me $200,000 more now … to finish this house. It was my dream to have a house in Australia, but it’s been a nightmare.'”
“Jessica and Ryan Fuss have been living a similar nightmare. They signed a contract with Kassiou Constructions in March 2022 and were promised their house would be built by Christmas that year. By April 2023, after several delays, the Fusses received an invoice for 90 per cent completion. ‘We looked around and there was no way [it was 90 per cent completed],’ Jessica said. ‘We still had no ceilings, wires were hanging out, no concrete, no cupboards.’ Jessica and Ryan subsequently chose to engage another builder to complete the home. ‘It’s cost a lot more money … probably close to $200,000,’ Jessica said. The couple are pursuing financial compensation, but the nightmare has also left a psychological toll. ‘The stress – I can’t even begin to tell you,’ Jessica said. ‘It’s been terrible.'”
News.com.au in Australia. “Customers have revealed they are ‘scared’ and ‘distressed’ after claims that tradies threatened their homes would be damaged unless they paid thousands of dollars — just days before a major Victorian builder collapsed. News.com.au broke the news on Monday that construction firm Grandeur Homes had gone bust with 108 projects left in limbo and had previously revealed that some customers were facing a ‘nightmare’ as building on their dream homes had stalled. Gurwinder Singh had signed up to build his home with Grandeur Homes for almost $295,000 in 2022, with building commencing the following year. The Melbourne man’s house is still not finished but he told news.com.au that he has been left ‘really distressed’ after receiving what he claims were threatening phone calls from multiple tradies demanding money be paid just a day before the company’s collapse. ‘The company has shared my personal contact details with the all the trades (and) I was getting threatening calls from the trades who were not paid for their jobs,’ he claimed.”
“While Mr Singh only heard from three of the trades, he described the experiencing as leaving him ‘numb.’ He said the first call he got the tradie initially demanded $10,000. But Mr Singh told him: ‘Look mate I don’t have any money. My family basically is being forced to live in India as I can’t afford $2000 in rent and electricity and gas bills and $2500 in mortgage all at once,’ he added. ‘It’s hard to maintain all expenses and be paying $2500 in mortgage repayments. I’m living in shared accommodation at the moment and trying to keep up with this mortgage.'”
“Another Grandeur Homes’ customer, Pradeep Yallaula, and her partner, said they were also met by two tradies at their house who demanded money from the couple. She claims the couple were told by one tradie that they were owed $10,000, but would accept $4000 and if they didn’t pay up that their home would be ‘vandalised.’ She said the tradies were not aggressive but very firm, while the couple had already paid around $320,000 to Grandeur Homes for their build. ‘I said: ‘This is not going to work, you are a victim and we are victim, you might get your money but slowly – we are in the middle,’ she said.”
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‘the front porch still overlooks the Alexander Express Mart. In sharp contrast to the couple’s new linen shades, its shop windows are covered by large posters advertising discount cigarettes and frozen shrimp’
That sounds like a convenience Ken and Kelly. Think about all those times when it’s 3AM and you got a craving for a pack of Pall Mall Sigaretten’s and some seafood!
“The couple featured in the Season 3 picked a property”
They were the ones who chose the property in the middle of a ‘hood with a corner store and run-down shacks, but all of a sudden it’s Joanna’s fault? Typical starry-eyed Millenial behavior. 🙄
When I say “‘hood,” see for yourself. Here’s the street view of what *appears* to be the house. Check out the other houses on ‘da block.
[1899 Alexander Avenue, Waco Texas.]
https://www.google.com/maps/@31.5691581,-97.1648755,3a,75y,160.24h,94.06t/data=!3m7!1e1!3m5!1sD2DuAz_JqZ_jLG3vux-BqQ!2e0!5s20220501T000000!7i16384!8i8192?coh=205409&entry=ttu&g_ep=EgoyMDI0MDgyOC4wIKXMDSoASAFQAw%3D%3D
Gotta love the bollards along the fence line. Smells of police chases up the facing street.
“It Was My Dream To Have A House, But It’s Been A Nightmare”
Now you’re just trolling me 🧙♂️🧙♂️🧙♂️ 😐
btw how’s the kitty? All grown up now?
Yep.
Federal income taxes.
Antiwar — Without US Aid, Israel Couldn’t Sustain Gaza Operations For More Than A Few Months (9/3/2024):
“A senior Israeli Air Force official has told Haaretz that without US military aid, Israel would not have been able to sustain military operations in Gaza for more than a few months, demonstrating how crucial US support is for the genocidal slaughter of Palestinians.
The support is especially crucial for the Israeli Air Force. The report said the US provides the IAF with “all of its fighter planes and some of its bombs, missiles and intelligence equipment.” The US also helps Israel develop “joint weapons systems for all three layers of air defense.”
Since October 7, the US has shipped Israel over 50,000 tons of weapons and other military equipment. Weapons shipments have increased over the past month, with flight tracking data showing that August was the busiest month for US deliveries since October 2023.”
https://news.antiwar.com/2024/09/03/israeli-official-without-us-aid-israel-couldnt-sustain-gaza-operations-for-more-than-a-few-months/
50,000 tons is that a lot?
I’m surprised that we haven’t heard much from the IDF soldiers that have completed their tours of duty. These guerilla war campaigns are highly stressful for the front line fighters who must first identify any contact before engaging. Widespread PTSD among their population will likely impact them for years.
Globalists gonna globe.
The GOP Is Actually Better Off if Kamala Harris Wins (9/4/2024):
“The best possible outcome in November for the future of the Republican Party is for former President Donald Trump to lose and lose soundly. GOP leaders won’t tell you that on the record. I just did.
Trump will never concede defeat, no matter how thorough his loss. Yet the more decisively Vice President Kamala Harris wins the popular vote and electoral college the less political oxygen he’ll have to reprise his 2020 antics; and, importantly, the faster Republicans can begin building a post-Trump party.
The broader question among Republicans: Would it be best to endure a Harris presidency to keep Trump out of power, likely for good? Or is the better way to hasten his departure from the scene for him to win so that he could only serve one more term and be done for certain in 2028?
The argument for the second of these cases being that, should he lose this year, he would once again insist he was cheated and hold out the possibility of a fourth consecutive bid, prolonging the party’s capture.”
https://www.politico.com/news/magazine/2024/09/04/kamala-harris-republicans-after-trump-00177194
What a laughable disgrace that article is
That’s why I post them here. These columnists are delusional.
Man, this stuff still scares me. I hope there are a bunch of GenZ men out who will suddenly rise up and vote for DJT like crazy, because all I see is just one DJT loss after another.
Pheenixx. too hot for me…..But. its dry heat……..
On Tuesday, the city hit its 100th straight day with at least 100 degree temperatures. That’s long since shattered the record of 76 days in a row set back in 1993
https://apnews.com/article/phoenix-los-angeles-summer-heat-100-degrees-76ede6aee41bfe31ae82fda345ef2f3c
Pheenixx. too hot for me…..But. its dry heat……..
Was in Lake Havasu for 10 days. All over 100. went from pool to lake to river channel. Not sure I could handle 100 days of 100+ temps.
Lake Havasu City is hotter than Phoenix. It’s at a lower altitude. I once saw a digital thermometer there reading over 100 degrees before 8 AM.
I’ve spent time around Davis hydroelectric dam in Laughlin, NV. It’s hotter than Hades’ underworld there, and nothing to do but casino sin. Great food though.
Bull Head City/Laughlin is the hottest place in AZ I know of. I’ve been there working on hot foreclosures when it hit 130 degrees. Ceiling fan blades droop like flower petals.
Ceiling fan blades droop like flower petals.
I’ve never heard of that issue before. Evenings along the river were dream-like with warm, star-filled sky and a dimly lit concrete walking path between the casinos, or a flat-bottom, river boat ride.
When I lived in coastal Oregon there was I guy I got to know who said he was moving to Arizona because he couldn’t handle the rain half the year. My reply was that in AZ is basically the same thing in that you live indoors half the year there too, only it’s the heat not the rain. He did one year in AZ and then moved back to the coast.
I just got back from riding off road motorcycles in Gunnison valley colorado. I did a few homes for sale I don’t normally see in Pitkit and tin cup…a small lot in sargents where we stayed…small data point though. I
In my hood near Charlotte….two neighbors have homes on the market….both are sitting….some of is over price but I’m hoping things are slowing/crashing. One is asking 800k but should be 650ish. Who knows where they will end up. I’ve seen some stupid behavior around here last few years.
Took a looksie at shacks in Gunnison city. Stupidly expensive, especially considering there are no real jobs there.
A reader sent these in:
Construction job openings fell below January 2007 levels, falling by 51,000 from June to July
https://x.com/MacroEdgeRes/status/1831350026812919926
Construction unemployment rate ready for takeoff. Once the summer building season is over, it’s likely lights out.
https://x.com/profplum99/status/1831351626222735493
How many Airbnb hoteliers took out 30 year mortgages but made <2 year business plans if demand hit zero?
https://x.com/DonMiami3/status/1831022420959940894
Seeing local country clubs start to advertise for memberships is a sign that the boom time free money era is winding down (+ inbound migration is way down & slowing).
https://x.com/DonMiami3/status/1830956619724923283
Fine wine prices are decreasing sharply amid rising inventories and low demand for some of the most expensive wine
https://x.com/MacroEdgeRes/status/1831073359548785137
🍷🍷🍷
https://x.com/DonMiami3/status/1831070047865049312
The US Justice Department sent subpoenas to Nvidia Corp. and other companies, an escalation of its investigation into the dominant AI computing providers
https://x.com/MacroEdgeRes/status/1831067286947655919
Nearly 40% of Michelin workforce opts for voluntary severance amid downsizing plans
https://x.com/dailyjobcuts/status/1830977139480633429
Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024. Not financial advice.
https://x.com/ScottiePippen/status/1831074924217438310
🌞Residential Solar Firm Lumio Files Bankruptcy, Plans to Sell
https://x.com/dailyjobcuts/status/1831074953594356057
Here’s a data point from NJ
Zillow says my house is worth $712k
Somewhat similar house across the street listed for $649k
30 days later reduced to $589k
https://x.com/coherentranter/status/1831076949495828855
Credit card defaults from small lenders hit RECORD highs
Surpassing even the Dot Com bubble & Financial Crisis peaks
https://x.com/GameofTrades_/status/1831006796817015242
Australia will limit the number of foreign students to 270,000 in 2025. Almost 600,000 student visas were granted in fiscal year 2023, per Bloomberg.
https://x.com/unusual_whales/status/1830978304444416313
2024 Vs. 2022
Silent depression. 🤫🇨🇦
https://x.com/ManyBeenRinsed/status/1831108728546033701
Miami International Mall’s value has plunged $232M over the last decade 😲
The Simon Property owned mall was worth $391M in 2014
It was recently valued at $159M by Morningstar
South Florida’s indoor malls are facing trouble w/ rising vacancy according to TRD
https://x.com/TripleNetInvest/status/1831023854036086860
Finland has unveiled plans for a full ban on property acquisitions by some foreign nationals
https://x.com/unusual_whales/status/1830912873289392251
New York STRs
https://x.com/JohnWake/status/1831038970320613622
Highest ever new listings for Sydney in an August.
Finally a spring selling season that is actually delivering after years.
https://x.com/AvidCommentator/status/1830772157443608892
“Seeing local country clubs start to advertise for memberships is a sign …..”
Nonsense. Country Clubs are a boomer/silent/GG thing. Very few GenX’ers play golf (or played as kids) and the only millennials who play, their parents played and somehow they have a little time, but they play maybe 1/10th as much.
Couple hundred bucks a month for things you either can’t do/don’t have time to do plus a crappy restaurant? Yeah, that time is over. a LOT of golf courses and country clubs are gonna close in the next few years. They never replaced their membership and it’s rapidly aging itself out of existence.
Former golf courses around here are now housing developments.
Which is exactly what George Carlin wanted.
“Construction job openings fell below January 2007 levels, falling by 51,000 from June to July”
Just inspecting on one our big builder projects that is about to close out. Was talking with a crew and asked where they were going to next. One guy spoke up and said no one knows. Another one chimed in it’s the first time in years that they haven’t been told where they will going next at this point in a project. After a moment of awkward silence I took my leave.
A company that partnered with the Hawaiian Electric Company to provide a solar rewards program has halted operations, affecting more than 1,200 customers, officials said.
Swell Energy sent notices to customers last week, saying it was experiencing financial difficulties.
HECO said it’s still assessing the situation and seeking alternative solutions for customers.
In the notice, Swell Energy said it would provide an update on next steps the week of Sept. 9.
HECO contracted with Swell Energy in 2021 to provide grid services on Oahu, Maui and Hawaii.
https://www.hawaiinewsnow.com/2024/09/03/company-that-partnered-with-heco-provide-solar-rewards-program-halts-operations/
Not filed for a reorganization BK, but flat out halted operations.
Speaking of halted..
https://abc30.com/post/new-corcoran-homes-remain-empty-struggle-power-continues/15245198/
This story kills me (I swear it saw it a few days ago). How did they ever get approval to even build without power approvals? and not just one home but a whole development. You, as a single homeowner need a whole ridiculous list of approvals to get before you can even break ground. But developers just grease some palms and off they go.
Here’s what market strategists and portfolio managers are saying about the selloff and how investors may want to react to it:
ANDREW GRAHAM, FOUNDER AND MANAGING PARTNER, JACKSON SQUARE CAPITAL, SAN FRANCISCO
“Nvidia didn’t rally post earnings, so when people came back from holidays, it seems they decided to sell it. That sounds like a weird reason to me, but that is part of the story. Also, Nvidia has been trading sideways for most of the last quarter, which hasn’t helped sentiment although it has created technical support at around $95 a share.”
“The other factor here is that all tech revolutions go through periods of disillusionment, and maybe we’re in the early stages of that with AI.”
https://www.theglobeandmail.com/investing/article-believe-in-this-bull-market-but-shield-yourself-against-rash-decisions/
It’s the story of so many stock market manias: A transformative technology juices a few companies, a bunch of more questionable outfits follow in their wake, and Wall Street buys it all. Then time sorts out what’s real from fake.
The angry reaction to Nvidia Corp.’s earnings last week shows how tenuous things can get. The chipmaking giant beat analysts’ estimates and the stock fell 6.4%. Why? Because after watching the shares soar more than 700% since the start of 2023, investors have grown accustomed to Nvidia not just beating expectations, but destroying them. And with its equity “priced for perfection,” Mahoney said, the $3 trillion company was primed for a $200 billion selloff.
These are the kinds of swings that happen when markets becomes fixated with a new technology, from the invention of radio to the development of the internet.
“The stock market always has a way of moving too far, too fast and then going through a period of digestion,” John Belton, portfolio manager at Gabelli Funds, said in an interview. “For a lot of these companies, we’re in a healthy period of digestion.”
https://finance.yahoo.com/news/shorts-circling-ai-boom-biggest-110000120.html
“For a lot of these companies, we’re in a healthy period of digestion.”
In other words, the party is over. Sure NVIDIA is still profitable, bit the meteoric growth is over, and perhaps they will have to refocus on selling high end graphics card for gamers.
Former Volkswagen Group CEO Martin Winterkorn went on trial Tuesday on charges of fraud and market manipulation in connection with the corporate scandal over Volkswagen’s use of rigged software that let millions of cars cheat on emissions tests and emit high levels of harmful pollutants.
Prosecutors say Winterkorn knew about the illegal software well before the U.S. Environmental Protection Agency announced its discovery of the violation in September 2015. He resigned days later.
He has said he learned about the practice only shortly before the announcement and earlier testified during civil proceedings that the allegations against him “are not correct.”
The diesel scandal had wide-ranging consequences for the company and the auto industry. Volkswagen wound up paying more than 31 billion euros ($34 billion) in fines and legal settlements. Sales of diesel-powered cars, once favored for their fuel efficiency over gasoline-powered vehicles, plunged as a share of the car market in Europe.
https://www.ketk.com/news/business/ap-former-volkswagen-boss-winterkorn-faces-trial-over-diesel-cars-rigged-to-cheat-on-emissions-tests/
I know a guy who had his VW diesel bought back. It was scrapped.
Too bad about the diesel scandal as diesel is nearly inert (safe) at atmospheric pressure, and it packs a lot of energy per mol. Meanwhile, diesel is still widely used by aircraft, ships, trains, and trucks. Politics!
[People are stupid.]
Viral videos of people stealing money from Chase ATMs were just plain check fraud.
https://edition.cnn.com/2024/09/03/business/chase-tiktok-trend/index.html
A number of viral TikTok videos had some people believing they could get “free” cash from Chase ATMs. But it was just a glitch – and those customers were actually committing fraud, according to the bank.
Over the weekend, videos appeared on the app showing people depositing checks for large sums of money at Chase ATMs and then making a withdrawal for a smaller yet substantial amount, leading them to believe they had discovered a bug and were hitting the jackpot.
The problem is that this is just a form of check fraud, a criminal offense. Chase said in a statement to CNN that the issue has “been addressed” and warned people not to try it.
JPMorgan, the bank’s parent company, is carefully reviewing the situation, a person familiar with the matter told CNN. The bank is still determining how many Chase customers and how much money was involved in the incident, the source said.
Chase representatives would not comment on whether regulators are investigating. The Federal Reserve declined to comment, and a spokesperson for the Office of the Comptroller of the Currency said the agency does not comment on specific banks or supervisory activities.
The ruse centers on a banking standard that enables check depositors to have access to a portion of their money before the full total of the check clears. In the case of the viral videos, participants wrote checks for obscene amounts of money and then withdrew as much as they could before the check could bounce.
“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” a Chase spokesperson said.
One video shows participants throwing dollar bills in the air with glee, while other posts showed negative balances in their Chase accounts after trying the “hack.” But that was the bank putting holds on their accounts or deducting the stolen cash from their accounts, according to Jim Wang, a financial educator.
“The people that were doing this were seeing big holes in their accounts or huge negative balances,” Wang said on Instagram. “Bank errors in your favor are almost never in your favor. In the case of this ‘glitch,’ it was just check fraud.”
His advice? “It’s not your money, and when they figure it out, they will want it back. Do not spend it, do not move it, just leave it alone and tell the bank,” Wang said.
Proof that some crooks are stupid.
What’s up with Chase here? Every single bank I have ever done business with has warned that “funds may not be available immediately,” or your statement would show a number of “available to withdraw.” That is, you were never allowed to withdraw more cash than what was confirmed to be in your account before the check cleared. Chase should have had safeguards in place. So it was check fraud AND a glitch.
moving all your IT operations to India/H1B’s has consequences.
New Zealand
Risk of carbon credits going on scrap heap after auction fails to attract any bidders
No bidders turned up to the government’s third auction of carbon credits of the year, raising the chances that millions of unsold tonnes of permits to create carbon dioxide will go on the scrap heap.
By law, big carbon dioxide emitters such as petrol companies and coal importers have to buy enough carbon credits to cover their planet-heating emissions each year, under the Emissions Trading Scheme (ETS).
The system is meant to give companies an incentive to cut their emissions, and move the country towards meeting its climate targets.
But demand has been languishing, and only one of the last seven auctions has sold any permits.
https://www.rnz.co.nz/news/national/527048/risk-of-carbon-credits-going-on-scrap-heap-after-auction-fails-to-attract-any-bidders
But demand has been languishing, and only one of the last seven auctions has sold any permits.
Create stupid taxes (like carbon credits) and capital will always find a friendlier place to go. Or did they think they would get the “right kind of investments” because kiwiland? Like so many other people they think they are special, or as an old saying goes: “they think they p!ss perfume”
The ‘glory days’ for global automakers in China are over
Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. That golden era is now coming to an abrupt end.
The rapid rise of China’s homegrown electric vehicle (EV) makers, such as BYD and Xpeng, is upending the largest passenger car market on the planet and leaving the world’s biggest carmakers on the losing end.
The latest sign of the steep challenges facing traditional automakers came Monday, when Volkswagen warned it could close plants in Germany for the first time in its history, in an effort to cut costs.
In China, its single largest market, the German car giant has seen its deliveries tumble by more than a quarter from just three years ago to 1.34 million in the first half of this year. And last year, the company lost its crown as China’s biggest-selling car brand to BYD, shedding a title it had held since at least 2000.
But Volkswagen, the world’s second-largest carmaker after Toyota, is not the only company in trouble. Ford and General Motors are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead.
Worse still, GM’s joint ventures in China (it has 10 in the country) reported consecutive quarterly losses this year. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year.
“Very few people are making money (in China),” its CEO Mary Barra told analysts on a recent earnings call. “It’s unsustainable because the amount of companies losing money there cannot continue indefinitely. And really, when you get into the type of pricing war that’s going on now, it’s really a race to the bottom.”
https://sg.finance.yahoo.com/news/glory-days-global-automakers-china-220020627.html
Copper wire thieves target street lights across Bay Area
In San Jose, hundreds of streetlights are out and in Contra Costa County, Richmond’s police chief said it’s a similar situation there as well.
There was not much visibility along parts of Jackson and Marbury avenues in San Jose on Tuesday night as several streetlights were out.
San Jose police said there are more than 300 streetlights in the city were out of service because of copper wire theft.
Brian Schulman, president of Rinehart Neighborhood Association, said he noticed the problem over the weekend when he walked outside his home.
“Some of the covers on the ground were opened up with wires just sticking out of them, cut,” he said. “It went all the way down the street.”
https://www.nbcbayarea.com/news/local/copper-wire-thieves-street-lights-bay-area/3642531/
I’ve worked on vandalism / theft repair jobs. They’ll get enough copper to buy $10 of fentanyl and the repair could cost hundreds if not more.
Recent videos posted to social media show people parading around with impressive sums of cash after they allegedly benefited from a “glitch” with their Chase Bank accounts.
Except, it isn’t a glitch. It’s “fraud, plain and simple,” according to Chase.
The trend entails depositing a faulty check into a Chase account and then withdrawing the money before the check is flagged as illegitimate.
Those participating in the trend were seemingly exploiting banking rules that allow for at least some of a check’s total funds to become available before the check has cleared. While that process can take a day or two, some ATMs allow access to those funds immediately, NBC News notes.
“We are aware of this incident, and it has been addressed,” a Chase spokesperson told Nexstar’s KRON. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”
Some users have found out the hard way. Other videos on social media appear to show users deep in debt after Chase retroactively takes the money back.
Other users on social media have also acknowledged the fraudulent behavior, with one TikTok user describing the trend as “not a life hack,” but instead, “robbery.”
“You went to the bank and took $50,000 that didn’t belong to you. That’s not a life hack, that’s called robbery.”
https://kfor.com/news/chase-glitch-social-media-trend-is-fraud-plain-and-simple-bank-says/
I would love to see the demographics of those doing this “life hack. I would also love to see their faces when a judge sentences them to hard time.
You already know what the demographics of these “urban youths” are. You don’t even have to ask.
It’s just reparations in another form to them.
Except that while it’s OK to rob the local Walgreen’s, it’s different when you rob a bank, especially a big bank. In that case bail will be huge, if not denied, and you will likely do hard time.
An attempted jail break at the Democratic Republic of Congo’s largest and chronically overcrowded prison this week has left at least 129 people dead, the interior minister said Tuesday.
The circumstances around the bid to bust out of Makala prison in the capital Kinshasa in the early hours of Monday remain unclear.
But Interior Minister Jacquemain Shabani in a statement released by video to the media on Tuesday announced a provisional death toll of 129 people.
They included “24 who were shot after warnings,” he said.
At least 59 others had been wounded and were receiving care, he added.
Witnesses told AFP that they had heard gunfire at around 2:00 am on Monday and that it lasted for several hours in the area of the prison, a popular and residential neighbourhood.
https://www.dhakatribune.com/world/africa/357098/129-killed-in-dr-congo-prison-break-attempt
Democratic Republic of Congo
https://www.youtube.com/watch?v=lVuxNwZmF5k
Former President Trump said his competitor, Vice President Harris, is seeing “problems” with her campaign in New Hampshire.
“Comrade Kamala Harris sees there are problems for her campaign in New Hampshire because of the fact that they disrespected it in their primary and never showed up,” Trump said in a post on his Truth Social site.
Trump said the cost of living in the Granite State is “through the roof,” and energy bills are “some of the highest in the country,” calling the housing market the most unaffordable in history.
https://www.msn.com/en-us/news/politics/trump-harris-sees-problems-for-campaign-in-new-hampshire/ar-AA1pVTgw
New Hampshire tried to be the free state, but with free state comes low taxes, and with low taxes come Massholes who commute to Boston.
Raygun apologises to breaking community but defends controversial record
Rachael ‘Raygun’ Gunn has apologised to the breaking community but continued to insist that her “record speaks” when it comes to being Australia’s best B-girl.
The Australian did not score a single point from the judges and was knocked out at the round-robin stage after losing all three of her bouts, where her moves went viral on social media.
Raygun’s performance bemused Olympic fans and officials with her routine containing a move where she seemed to wriggle on the ground, becoming a meme.
She was later at the heart of controversy over the project, but in her first interview since the Olympics.
“It is really sad to hear those criticisms,” she told The Project host Waleed Aly.
“And I am very sorry for the backlash that the community has experienced, but I can’t control how people react.”
When asked if she believes she is the best female breaker in Australia, Gunn said: “I think my record speaks to that.”
She is a university lecturer with a PhD in dance, gender politics, and the dynamics between theoretical and practical methodologies, and was Australia’s first Olympic qualifier for breaking after winning QMS Oceania Championships in Sydney.
Breaking will not appear at the Los Angeles Olympics in 2028, and has been criticised for its inclusion at Paris 2024.
https://nz.news.yahoo.com/raygun-apologises-breaking-community-defends-082833455.html
The federal New Democrats have pulled their support from the supply-and-confidence agreement with the Liberal government.
The move puts Prime Minister Justin Trudeau’s minority at risk of falling at any time in the coming weeks or months if it loses any confidence votes, which could trigger a snap election as soon as this fall.
NDP Leader Jagmeet Singh said in a video released by the NDP on Wednesday that the Liberals “have let people down” and failed to take on “corporate greed.”
He also pitched the NDP as the only party that can stop a surging Conservative Party from winning the next election, arguing the Liberals are “too weak, too selfish and too beholden to corporate interests to fight for people.”
“Today, I have notified the prime minister that I have ripped up the supply-and-confidence agreement,” Singh said. “Big corporations and wealthy CEOs have had their government. It’s the people’s time.”
The NDP official told Global News on background that the video was shot some time ago, and that the decision to pull out of the deal has been in the works for months.
The official added a key reason for pulling the trigger now was a “fundamental difference in values on corporate greed” between the two parties.
The official spoke on condition of anonymity to discuss private conversations about the decision. No one from the NDP was made available to speak to media Wednesday.
Conservative Leader Pierre Poilievre, who has urged Singh to pull out of the deal, called Wednesday’s announcement a “media stunt” and criticized the NDP leader for not committing to a non-confidence vote.
At an announcement in Newfoundland and Labrador Wednesday, Trudeau wouldn’t say if an election was imminent, telling reporters a vote “will come in the coming year, hopefully not until next fall.”
“I am not focused on politics,” he said, highlighting actions the government has taken to try and bring costs down for Canadians.
“I’ll let others focus on politics, but I will point out that I really hope the NDP stays focused on how we can deliver for Canadians, as we have over the past years, rather than focusing on politics.”
Trudeau wouldn’t say what conversations he had with Singh leading up to Wednesday’s announcement, but said he hopes to continue working with the NDP on legislation.
Singh has been under increasing pressure to pull out of the deal — particularly from the opposition Conservatives, who have been itching for a snap election as they lead Trudeau’s Liberals in the polls by double digits.
An Angus Reid survey released Wednesday found the Conservatives leading the Liberals 43 to 21 per cent, a gap that is three times what it was in 2022. Support for the NDP, meanwhile, has remained relatively stagnant during that same period, standing at 19 per cent in Wednesday’s poll.
In June, close to 70 per cent of Canadians polled by Ipsos for Global News said Trudeau should resign as prime minister.
https://globalnews.ca/news/10732510/ndp-pulls-out-of-liberal-deal/
NDP Leader Jagmeet Singh said in a video released by the NDP on Wednesday that the Liberals “have let people down” and failed to take on “corporate greed.”
Corporate greed? If the Canucks really think that voting these communists into power will improve things, well, what can I say?
That said, I doubt they really will dissolve parliament and pull next year’s elections forward. They have to know they will lose. I think they are putting pressure on Trudeau to get some pet bills passed before they lose power next year. On the other hand, they are commies, so they might be crazy enough to do it.
He is just doing this to save face for the NDP govt.
They will not force an election until next year – when many MPs qualify for a very generous pension.
Bread and Circuses
Former Liberal MP offers thoughts on NDP pulling out of coalition agreement l Sept 4, 2024 l BCN
Bridge City News
1 hour ago
Former Ontario Liberal cabinet minister in the Chretien government, Dan McTeague, offers thoughts on the NDP pulling out of the coalition agreement with the Liberals and what that means for Justin Trudeau and Jagmeet Singh moving forward.
https://www.youtube.com/watch?v=hCNyJuDkdO8
30 seconds.
Posted this at the end of yesterday. yesterday.
Good to see Big Tech won’t have their thumb on the scale for this election.
Why vote for Trump? Why vote for Harris? Amazon’s Alexa gives shockingly different answers.
1:15
22 hours ago
https://youtu.be/jbo1gkS3Okk?si=cVPM79hoMlCEvIhK
Want more crime, inflation, scarcity and people trying to harm your kids?
I know, the problem is that too many people can be gaslit, even when there is a lot of month left but their paycheck is all gone.
‘When I spoke to friends, is that I have many, many friends that don’t have insurance anymore. And this is not like the very poor people, it’s everybody.’ And it’s not just Maria’s friends. One in five Floridians are now going without home insurance’
Sound lending!
‘A lot of people who have these monster ADUs [next door] feel like collateral damage’
Another bubble side show dies in the cradle.
‘seized by its lender due to a delinquent real estate loan for the high-rise..The apartment complex’s amenities include a roof deck pool, indoor and outdoor lounge, a lobby with outdoor access, an outdoor terrace with fire pits and grilling stations, a boutique fitness center, outdoor play spaces for pets, and a pet spa. ‘Our rooftop pool and lounges bring people together and our location in downtown Oakland supports an active lifestyle, both within our walls and out around Lake Merritt’
The reason you took an a$$ pounding is you paid too much for the land.
‘The proceeds of her scheme were laundered to pay for her Manhasset home, a $1.9 million condo in Honolulu, and luxury vehicles, including a 2024 Ferrari Roma, the feds allege. In one episode in 2020 during the COVID-19 pandemic, Sun texted a Chinese consulate official, according to the indictment, boasting, ‘I’m still in charge of all Asian affairs. A few weeks (ago) when we released a press release for international travel — I almost had a heart attack when we referred to Taiwan as a country. Thankfully I had the press team correct it immediately’
The ADV China guys talk about Chinese infiltration of foreign guberments and this is textbook. What are they trying to control? Information. And it’s such a typically stupid issue, ‘I almost had a heart attack when we referred to Taiwan as a country.’ Everybody has heard of the country called Taiwan for decades.
‘it is proving difficult for those who bought properties, intending to rent to students. ‘It’s putting those people who invested years ago into a difficult position’
Years ago? They should be rolling in that sweet equity Amélie.
‘We’re going to make a big loss,’ he explained. ‘I’m losing 7k on service charges each year anyway. Losing on the mortgage. Lose on the money we get back. But it’s the least of my worries, I just want to sell and go as quickly as possible. And most people are like that’
It was still way cheaper than renting Pete.
‘he has been left ‘really distressed’ after receiving what he claims were threatening phone calls from multiple tradies demanding money be paid just a day before the company’s collapse. ‘The company has shared my personal contact details with the all the trades (and) I was getting threatening calls from the trades who were not paid for their jobs’…‘Look mate I don’t have any money’
That keeps coming up Gurwinder. You loanowners are all broke a$$ losers.
‘the couple were told by one tradie that they were owed $10,000, but would accept $4000 and if they didn’t pay up that their home would be ‘vandalised.’ She said the tradies were not aggressive but very firm, while the couple had already paid around $320,000 to Grandeur Homes for their build. ‘I said: ‘This is not going to work, you are a victim and we are victim, you might get your money but slowly – we are in the middle’
Keep fighting Pradeep, you are going to be a winnah! Big shout out to all the FB’s for great tales of woe today.
It sure seems like builders don’t do the spec house thing in Oz. You want a new house, you hire a builder and pay him upfront. And to buy a used shanty you have to go to an auction.
The Pre-Construction Space Is Looking Scary Right Now (GTA Condo Real Estate Market Update)
Team Sessa Real Estate
27 minutes ago TORONTO
In this episode we take a look at the current GTA Condo Markets – Toronto, York Region & Peel Region for week ending Aug 28, 2024. We also discuss certain calls we receive and how many of them are from pre-construction purchasers unsure of what to do with their units. Always try and speak to the builder to see if there are options for you.
https://www.youtube.com/watch?v=4Eq4LtKnVvQ
12:42.
Too many X videos in this story to post separately.
Government-Funded Communist Group Holds Protest Claiming No Gangs Are At Aurora, Colorado Apartment Complex
by Infowars.com
September 4th 2024, 4:00 PM
TPUSA reporter Savanah Hernandez documented a recent protest at the now-infamous Aurora, Colorado, apartment complex where criminal Venezuelan gangs have reportedly taken over.
The bizarre demonstration was apparently meant to promote the narrative that there are no Venezuelan gangs wreaking havoc at the complex.
It turns out, a communist group called the East Colfax Community Collective was behind the protest.
https://www.infowars.com/posts/government-funded-communist-group-holds-protest-claiming-no-gangs-are-at-aurora-colorado-apartment-complex
Is it safe to buy the dip on Nvidia?
LNvidia Falls Despite AI Giant Saying It Didn’t Get DOJ Subpoena In Antitrust Probe
ED CARSON 04:14 PM ET 09/04/2024
Nvidia (NVDA) said it hasn’t received a Justice Department subpoena regarding an AI probe, despite a report that it had. Still, Nvidia stock fell Wednesday, extended major losses over the past several sessions.
The AI giant said, “We have inquired with the U.S. Department of Justice and have not been subpoenaed.”
…
https://www.investors.com/news/technology/nvidia-stock-doj-issues-subpoenas-in-ai-antitrust-probe/
Nvidia is suddenly in trouble
Analysis by David Goldman, CNN
3 minute read
Updated 4:45 PM EDT, Wed September 4, 2024
…
https://www.cnn.com/2024/09/04/tech/nvidia-is-in-trouble/index.html
Is a soft landing in the bag?
Fed chairman Jerome Powell hints at a likely US recession in 2025
02 Sep 2024
The US economy is showing signs of recession despite the healthy 3 per cent growth of GDP in the second quarter of the current year. While the recession is not so impending, persistent inflation could lead to a recessionary situation, Jerome Powell, chairman of the board of US Federal Reserve, said during a news conference.
He said the Fed has taken note of this and has signaled likely cuts in interest rates to pump prime the economy by sustaining consumption and investment.
Powel cited historically proven indicators such as persisting inflation that continues to rise materially, or recession that is on the way, to seriously consider the likelihood of a recession in 2025.
…
https://www.domain-b.com/economy/world-economy/fed-chairman-jerome-powell-hints-at-a-likely-us-recession-in-2025