That Building Bonanza Helped Bring Costs Back Down To Earth
A report from Fox 13 Tampa Bay. “Lawmakers came together Saturday to find solutions to Florida’s home insurance crisis and discuss the impact climate change has had on the problem. During big storms like Idalia and Tropical Storm Eta as well as Debby the Shore Acres neighborhood in St. Pete saw significant flooding. During Idalia, at least 1,200 of the roughly 2,600 homes flooded. Meghan Martin saw up to 18 inches of water in her home. ‘We’ve lived here for eight years and the first four or five were amazing. Unfortunately, we’ve flooded twice now in the last three years,’ Martin said. Martin said her home insurance has more than tripled over the last few years.”
The Globe and Mail. “As snowbirds prepare for their annual pilgrimages to Florida, local lawmakers are scrambling to address a crisis that has become one more blemish on the Sunshine State’s changing complexion from an affordable tropical getaway to an expensive nightmare for condominium owners. Estimates by local real estate associations suggest the problem has driven down values in the statewide condo market by more than 13 per cent this year. It is a Gordian knot that has become particularly tight for Canadians who own condominium properties in Florida. For years Canadians have been the largest block of foreign owners of Florida property, with much of that investment in condos.”
“When coupled with soaring home insurance rates, the rising ownership costs for condos represent a one-two punch that has quickly turned Florida from a relatively value-priced refuge from northern winters into an expensive proposition. For condo owners who need to dump their units because of rising fees, buyers are scarce and prices are depressed.Now, everyone is expected to pay the piper, but few can. The aggressive timetable and higher-than-expected costs related to bringing so many buildings up to snuff so quickly has exposed the flawed reality facing the new laws: There simply isn’t enough money among condominium unit owners to cover the past sins of the developers who built the buildings and the associations accountable for maintaining them.”
KXAN in Texas. “Median home prices in the Austin-Round Rock-San Marcos metropolitan statistical area (metro) continued to fall in August compared to a year prior, but are still out of reach for most prospective homebuyers, according to the Austin Board of Realtors (ABoR). ‘We’re looking at home prices that are relatively flat on a year-over-year basis. It’s not likely that buyer demand is really going to move until home prices come down more meaningfully,’ ABOR housing economist Clare Knapp said. ‘Prices do need to come down somewhat to be more aligned with what buyers can reasonably afford. Buyers just don’t have the same amount of cash lying around that they did a couple of years ago.'”
KUT in Texas. “During the pandemic, Austin came to exemplify the story of housing across the country: Prices went through the roof. In 2021, the average monthly rent in the region rose 25%. But that narrative has flipped. As tens of thousands of new apartments have opened in Austin and the rate of people moving to the city has slowed, rent prices have been falling. For more than a year. According to new numbers from Zillow, Austin is now leading the country in declining rents. But this time few other large U.S. cities are following. ‘A lot of builders … they look at the demographics and they look at the job growth and they look at projections and they say, ‘You know what, this is going to be a good place for me to build,’ Kim Betancourt, vice president of multifamily research at mortgage-backer Fannie Mae, said. ‘This is what happened with Austin.'”
“Because construction takes several years, apartments permitted years ago are now opening. At the same time, the population surge that defined Austin in 2020 and 2021 has slowed. More homes, fewer new people. Thus, rent prices began to fall last summer. ‘It’s that building bonanza that helped to bring costs back down to earth,’ Orphe Divounguy, a senior economist at Zillow, said.”
The Review Journal in Nevada. “Crystal Chen, an associate director of communications for Zumper, said Las Vegas rent is approximately $300 dollars more affordable than the national median. ‘It’s notable that Las Vegas rent is down annually since we are in the hot moving season right now, which is typically when demand is at its highest throughout the year. This likely reflects the fact that there is a generous amount of new supply hitting the Las Vegas market and that is putting downward pressure on rent prices,’ she said. ‘Las Vegas has nearly six thousand units being delivered in the next six months and new buildings are offering concessions like waived fees, gift cards and even up to six weeks of free rent to get people in the door.'”
The News Tribune in Washington. “A Tacoma apartment site completed in 2022 by a local developer who later went bankrupt is now in the hands of the developer’s lender. It’s one of several Tacoma commercial properties that hit hard times in the past year over financing. Sound Capital NW Holdings LLC, affiliated with Sound Capital Loans of Bellevue, took possession of the property in a $5 million credit bid Aug. 21. Harbor Custom Development, founded in Gig Harbor in 2014 as Harbor Custom Homes, sought Chapter 11 bankruptcy protection last December. In February, Harbor Custom announced it had ‘found no viable plan’ to continue and would sell four apartment properties in the area along with assets in three other states as part of its wind-down process.”
“Shelly Crocker, the chief restructuring officer for Harbor Custom Development, wrote in a declaration filed June 13 with the U.S. Bankruptcy Court for the Western District of Washington that the value of Pacific Ridge in the Fern Hill area was well below what was owed on it. Pacific Ridge is tied to one of four of Harbor Custom-affiliated LLCs that the developer hopes to close out from bankruptcy court later this month, according to recent filings. The other three LLCs represent properties in Port Orchard as well as Whatcom County and Punta Gorda, Florida. Harbor’s bankruptcy case involves properties in four states with total debt listed in its initial filing last year totaling $172.5 million with $224 million in assets.”
The Real Deal on Pennsylvania. “Alleged voter fraud and double voting. Crumbling buildings. Slumlord accusations. And now, Philadelphia landlord Philip Pulley is facing down a $60 million lawsuit filed by Fannie Mae. The government-controlled mortgage financier sued several real estate companies tied to Pulley in federal court, the Philadelphia Inquirer reported. Fannie Mae alleges the Pulley affiliates defaulted on seven mortgages between Philadelphia and Delaware County. The affiliates owe $59 million on the defaulted loans, ranging from $6 million to $14 million each, according to the lawsuit. The companies also allegedly owe $1.2 million in interest, a total growing each day.”
“Pulley is the guarantor of the loans. The business entities he used to obtain the mortgages are eye-popping, including fiendish names such as DeVil Management Corp., Satan Management Corp., and Lucifer Management Corp. Pulley did not comment on the lawsuit, but it’s par for the course for the embattled landlord, who is facing pressure from numerous directions. The Pennsylvania Attorney’s General Office filed a consumer-protection complaint against Pulley and his entities, alleging ‘deplorable conduct’ at his properties and tenant retaliation. Tenants held a rally outside of City Hall in the spring to bring attention to his alleged misconduct, calling him a ‘slumlord bully.’ Federal prosecutors recently charged Pulley with election fraud, double voting and falsely registering to vote, allegedly voting more than once in multiple elections by using a fake Social Security number. He’s facing similar charges at the state level.”
The Baltimore Sun in Maryland. “Kevin Spacey’s objections to the foreclosure sale of his luxury Inner Harbor home are invalid, the investor who bought the property at a July auction said in a filing late Wednesday that asks the court to deny the actor’s request to disqualify the buyer. Potomac real estate investor Sam Asgari argued in a court filing that Spacey has no legal basis to seek to revoke the July sale and disqualify a buyer he accused of harassment. Spacey also is accusing trustees of mishandling the July auction in a way that fetched a too-low price of $3.24 million. In a response in Baltimore City Circuit Court, Asgari accused Spacey of trying to delay the sale’s ratification so he can stay in the harborfront home in Baltimore’s Federal Hill as long as possible without making payments.”
“Spacey is principal of Clear Toaster LLC, listed in state property records as the home’s owner. ‘Clear Toaster is attempting delay for the pure sake of delay so that [Spacey] can stay in a multimillion-dollar luxury condominium rent-free, tax-free, loan-free, and maintain a proverbial (and very costly) free ride at Mr. Asgari’s cost and expense,’ Wednesday’s filing said. Asgari, who has paid $324,000 toward the home, is asking the court to ratify the sale.”
The Los Angeles Times in California. “Andrew Wolff stood in darkness, looking down Alvarado Street and conducting a visual inventory of broken streetlights on the eastern border of MacArthur Park. ‘There are no lights all the way up to that corner,’ Wolff said, pointing to Wilshire Boulevard and beyond. ‘Zero lights on both sides, down to Langer’s.’ That’s no small consideration, given the long history of criminal activity in the area and the number of drug-impaired people who wander in and out of the park, an epicenter of the raging fentanyl epidemic. ‘I was driving yesterday and almost hit somebody. You can’t see, it’s so dark,’ said Wolff, adding that the lights have been out for at least a year. ‘It’s been reported to everyone we know, and it’s not getting any responses.'”
“It’s been longer than that, said Eduardo Aguirre. ‘It’s been maybe two to three years,’ he told me. And unlike streetlights across the city that have been stripped of copper wiring and other materials by thieves, Aguirre said, these just needed basic maintenance, but nobody was expecting a fix anytime soon. Wolff, Aguirre and Elaine Alaniz, all of whom serve on area Neighborhood Councils, were giving me a tour of their home turf, where lighting is just one of many issues. They said local merchants were reeling from thefts and gang threats, a new playground in the park had been damaged by fire, and the drug trade was brazenly visible day and night. ‘I’ve worked with a lot of children, and I don’t think it’s OK for them to see this,’ Alaniz said as we walked through a thicket of people who appeared to be either using drugs or recovering from the last hit.”
KRON in California. “A San Francisco market is closing its doors after 35 years of service. The owner is citing crime and the rising cost of business for his decision. Bayside Market will be laying off six employees when it closes on Friday. About eight others are being transferred to another location. The owner says crime has become so bad that he feels staying open would put him and his staff in danger. ‘It’s not about the dollar, it’s about my safety and my staff safety. It’s just too dangerous,’ said owner David Pesusic. ‘All my managers have had knives pulled on them. This is the last two years since COVID… I’ve had a knife pulled on me at least 6-8 times.'”
The San Francisco Chronicle in California. “City Attorney David Chiu has sued the owner of a stalled San Francisco housing development site, charging that the abandoned property has become a blighted water-filled hole in the heart of the South of Market area marred by ‘graffiti, garbage, mosquito infestations, and standing water.’ The lawsuit claims that a subsidiary of Leap Development, the owner of the site at 360 5th St., owes more than $1 million in fines related to the property. Leap Development excavated the 26,000 square foot parcel in 2019 for a 127-unit condo project at a time when development in South of Market, or SoMa, was considered a sure bet at the heart of the city’s tech boom. The builder abruptly stopped construction about six months into the pandemic.”
“Since then the developer has ‘maintained the property in a substandard condition, subjecting neighbors to a blighted parcel of land filled with large ponds of standing water, mosquitos, overgrown vegetation, and piles of trash, as well as abandoned construction equipment that blocks the sidewalk,’ the lawsuit states. The swimming pool-sized cavity on Fifth Street between Folsom and Harrison streets is one of more than a dozen major development sites scattered across the city that have been on hold as the city struggles to bounce back from the pandemic. Neighbor Brian Wallace, who has lived on nearby Tehama Street for 42 years, called the blighted property an ‘eyesore’ that attracts taggers, including some who have graffitied the wooden apartments overlooking the excavated site. ‘At least if it’s going to be vacant, have a better fence,’ Wallace said. ‘This is not a warehouse on the outskirts of town. These are people’s houses.'”
From CBC News. “The role of large real estate investment corporations is coming under scrutiny as Torontonians face major rent hikes at their aging apartment buildings. A CBC News investigation published Monday focused on the rise of the ‘financialized’ landlord, whose business model allows outside investors to share in the profit of rental housing. But an industry representative argues Canada’s real estate market couldn’t survive without these big firms.Michael Brooks is CEO of Real Property Association of Canada (REALPAC), an association that represents many of the country’s biggest landlords. He spoke to Metro Morning host David Common on Tuesday about the role of real estate investment firms.”
“DC: Can you walk me through how the business model works — when you take a building that may be affordable housing, or at least lower-rent housing, and turn it into a profitable enterprise? MB: Well, it’s hopefully profitable when you buy it. A return on your investment when you buy an apartment building is probably in the three to four per cent range, at least historically it has been. Hopefully, you’re able to manage your costs going forward and your rental revenue so that there’s a profit for you in there somewhere. DC: What if it’s not profitable or you want that margin to be bigger? MB: There’s always some pressure to keep up with your expenses on the cost side. So you’ve got mortgages that have gone from 1.6 to 3.6 per cent in the past two-and-a-half years. If you’ve got a mortgage coming up for renewal, you might be underwater.”
The Daily Hive in Canada. “Vancouver mansions don’t seem to be selling as easily these days. Another example is 1433 Angus Drive, a property in the mansion-laden neighbourhood of Shaughnessy, which has been listed since 2021. According to Zealty, it has experienced several price drops since then and has not found a buyer. 1433 Angus Drive is assessed at $10,491,000 and is listed slightly above that for $10,800,000. The 41-year-old property was last sold in 2018 for $13,200,000.”
“In April 2021, it was listed for the same price, $13,200,000. No one bit at that price, so it was dropped to $12,700,000 before that listing expired. It was re-listed for $12,700,000 in May 2022, but again, no buyer came forward. It was listed for the same price in May 2023 but still couldn’t attract a buyer. Earlier this year, it received another price drop, listed for $11,200,000. That listing expired this September before it was re-listed earlier this week for $10,800,000.Some real estate commentators on social media are celebrating this trend in the luxury market. ‘The number of ‘millionaires’ who are going to lose money on their $5, $8, $20 million dollar mansions is truly glorious.'”
The Observer in Uganda. “After running several businesses in Kampala and now enjoying retirement, 69-year-old Charles Sabune decided to invest part of his savings in a two-bedroom condominium unit at Waves Modern Homes and Apartments, located in Kungu, a suburb of Kampala. The unit was priced at Shs 115 million, with an initial payment of 30 per cent and monthly installments ranging from Shs 3 million to Shs 5 million until the total amount is paid off. Sabune explained that he opted for the condominium housing arrangement due to the shared amenities, which reduce the cost of maintaining individual properties.”
“However, since moving in in 2020, Sabune has noticed several defects in the condominium complex, including water leakage through the roof whenever it rains, along with substandard plumbing and sewerage systems installed by the developer. ‘When it rains, water goes through the roof onto the stairs, damaging our walls. The roof was not constructed well, and residents in the top units report that rainwater seeps through it,’ he said. He added that, initially, the soak pit for the complex building was small, which affected the sewerage system. As a result, the unit owners had to contribute Shs 500,000 each to enlarge it and redo all the sewerage piping.”
“Another Ugandan in the diaspora, who spoke to The Observer anonymously, purchased a three-bedroom unit for Shs 220 million at one of the condominium buildings in Naalya. However, she expressed disappointment with the quality of the house she received. ‘When they finally handed me my unit earlier this year, you would expect that after taking an extra year to complete the work, they would deliver a high-quality product. But the apartment I received was very poor. There was no kitchen, the toilets were unfinished, tiles were coming loose, the doors were poorly installed, and the plumbing system was leaking, causing the walls to remain wet,’ she said. To date, I am still renovating and have spent over Shs 50 million to try and make the house livable. It is supposed to be a three-bedroom condominium, but the rooms and bathrooms are very small, not in line with the sizes indicated in the original plans we were shown before purchasing.’ During the process of redoing the floor, the workers discovered that the developer had used sand instead of adhesive to secure the tiles, which explained why they were coming loose.'”
Geelong Advertiser in Australia. “Geelong’s off-the-plan suburbs are offering the best chance for people to shop for a new home, according to data that reveals the best buyers’ markets. The SuburbData figures revealed the suburbs where an the biggest supply of homes for sale tips the scales – and prices – in favour of buyers. Armstrong Creek is Geelong’s biggest market with more than 250 homes selling in the past year. But the median house price had slipped 3.4 per cent in that time. The supply of existing, near-new houses for sale adds to new house and land packages, and new residential blocks where developers are offering thousands of dollars in rebates and incentives.”
“Geelong buyer’s advocate Tony Slack said most hopeful purchasers didn’t need help finding a home in Armstrong Creek, given the choice. ‘It’s a predictable market with not a lot of variables,’ he said. ‘And if you miss one, just like the sun’s going to come up tomorrow, more often than not, there’ll be something else for you to buy.’ Just as an oversupply helps people when they buy, it can also hurt when they sell, SuburbData analyst Jeremy Sheppard said. Historical data indicated most markets had an even balance between supply and demand when about 1 per cent of the total housing in the suburb was available for sale.”
“Mr Sheppard said suburbs oversupplied with housing could be a trap for new buyers because it would take many years until home values rose. ‘Ideally, when it’s your first home you still want a bit of equity locked in soon after your purchase. Without that equity you have fewer options as an owner if things ever go wrong.'”
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You will own nothing.
‘When it rains, water goes through the roof onto the stairs, damaging our walls. The roof was not constructed well, and residents in the top units report that rainwater seeps through it’ he said. He added that, initially, the soak pit for the complex building was small, which affected the sewerage system. As a result, the unit owners had to contribute Shs 500,000 each to enlarge it and redo all the sewerage piping….purchased a three-bedroom unit for Shs 220 million at one of the condominium buildings in Naalya…‘When they finally handed me my unit earlier this year, you would expect that after taking an extra year to complete the work, they would deliver a high-quality product. But the apartment I received was very poor. There was no kitchen, the toilets were unfinished, tiles were coming loose, the doors were poorly installed, and the plumbing system was leaking, causing the walls to remain wet,’ she said. To date, I am still renovating and have spent over Shs 50 million to try and make the house livable. It is supposed to be a three-bedroom condominium, but the rooms and bathrooms are very small, not in line with the sizes indicated in the original plans we were shown before purchasing’
Uganda sounds almost as bad as south Florida or Australia when it comes to defective airboxes.
I bet Uganda’s elections are more honest than ours.
‘investor Sam Asgari argued in a court filing that Spacey has no legal basis to seek to revoke the July sale and disqualify a buyer he accused of harassment. Spacey also is accusing trustees of mishandling the July auction in a way that fetched a too-low price of $3.24 million. In a response in Baltimore City Circuit Court, Asgari accused Spacey of trying to delay the sale’s ratification so he can stay in the harborfront home in Baltimore’s Federal Hill as long as possible without making payments’
‘Clear Toaster is attempting delay for the pure sake of delay so that [Spacey] can stay in a multimillion-dollar luxury condominium rent-free, tax-free, loan-free, and maintain a proverbial (and very costly) free ride at Mr. Asgari’s cost and expense,’ Wednesday’s filing said. Asgari, who has paid $324,000 toward the home, is asking the court to ratify the sale’
Things like this can come up. In this case you got a rich pervert who can hire lawyers and drag it out. Why not just pay yer bills Kevin?
But it’s always on the back of yer mind. I’m signed up to bid on a REO this coming week. I went to the foreclosure auction, no one but me showed up and opening bid was 135k. Immediately the auctioneer threw up a sellers reserve bid at 175k. Then it went into a ‘First Look’ period where only owner occupiers can bid at 95K. (A condition of who made the loan, probably guberment backed). Seller again threw in a reserve bid at 180K, and it didn’t sell. So the new opening bid is 135K. You can see opening bid doesn’t mean squat on auction.com.
I talked to a neighbor about the FB. Young guy who immediately got a 40K solar system on credit. He couldn’t afford it and walked away. The foreclosure probably wiped out the solar company lien, but I’ll bite the bullet on some form of title search.
CNBC (9/13/2024):
“Inflation and housing costs are a top concern across the country, but few places are worse than Montana when it comes to affordability. The National Association of Realtors rated Montana the least affordable state for home buyers. Housing prices in the state have increased 66% in the past four years, according to the U.S. Federal Housing Industry Price Index – faster than the 50% increase nationally.”
66% is that a lot?
“The median income for a household in Montana is $67,631, according to the U.S. Census Bureau. That means the median home price in Missoula, $568,377, according to the Missoula Organization of Realtors, is high for the average Montanan, but it’s inviting for those looking to leave higher-cost states for Montana’s mountains, national parks and ample space.
Missoula builder Andrew Weigand, owner of Butler Creek Development, said prices are also affected by a labor shortage in the state. Subcontractors, such as plumbers and electricians, are in short supply and costs are higher as a result, he said.
“If you have a pool of three or four subcontractors to use, and not 30 or 40, you’re going to have not as competitive a market as you do in other areas of the nation,” he said.
Weigand said he is worried the issue will only get worse because many subcontractors are getting older and there are fewer people to replace them.
“A lot of our trades are aging. They’ve been doing it for 20 [or] 30 years, and they’re looking at retirement,” he said. “There’s not a whole lot of … young professionals or young people that are interested in performing those jobs to fulfill that need.”
https://www.cnbc.com/2024/09/13/montana-hot-housing-market-heats-up-critical-senate-race.html
No plumbers for you! No sparkies for you! Costs are higher, did you say?
Same situation in every single mountain resort town in the entire state of Colorado. Licensed Journeyman in the trades aren’t gonna live with ten roommates in their 30’s or older just for the privilege of working in your town that greedhead PIGS destroyed with short term rentals.
You want that project built? Better factor in the cost of paying for hotels and per diems. And have fun waiting in line 45 minutes to get a latte, your WFH bro Patagonia vest will keep you warm in the line so long it’s out the door of the building…
yep. Pre Covid (so before it was totally insane) i delivered stuff to a crew working in Silverthorne building a new house. The whole crew was from Wisconsin. They were making bank (like $45/hr for carpenters (not trim)) and getting per diem and hotel rooms and it was like a 9 month contract. They were all like we can make more in 9 months than we can make in a year back home. But man that makes the house expensive.
Stucco’d! Bought 5/12/2022 for $1.95M. Under power lines and adjacent to very high fire hazard area. Lists for $2.6M despite many other properties (much nicer BTW) not selling for months.
15419 Vali Hai Rd, Poway, CA 92064
How far away is the equestrian trail?
Zoom out on the map and you’ll see the trails as green dashed lines. More importantly, from a Reddit post I found early today looking at insurance recommendations, “I pay 7000 a year for homeowners insurance. That is with Farmers. . . . . I am in an area surrounded by chapparal, up behind Lake Poway. Many homes burned up here with the Cedar fire. The firefighters wouldn’t even come up here because it was too risky for them, so they just let it burn.”
“I pay 7000 a year for homeowners insurance.”
What is his shack worth?
The listing should give you an idea.
I’m budgeting for $7500. I was loosely quoted $2500 a few years ago and know things are 3-4x now.
“…things are 3-4x now.”
Mom’s San Jose property insurance has really leaped, and that was after a new roof or be dropped entirely.
And yet sellers refuse to understand the new insurance environment.
New York Post (9/15/2024):
“Former Democrats Robert F. Kennedy Jr. and Tulsi Gabbard blasted their one-time party as “warmongers” and “the party of censorship” while stumping for Donald Trump in Arizona Saturday.
“Today it’s become the party of war, it’s become the party of surveillance, it’s become the party of censorship,” Kennedy, 70, told the crowd at Arizona Christian University in Glendale.
“It’s no longer the party that I recognized.”
Sounds about right, Bobby.
“Gabbard, a veteran and former Hawaii rep who sought the Democratic nomination for president in 2020, frequently noted in her remarks that foreign policy was behind her decision to leave the party in 2022 and back Trump this election.
“How could I align with a party that stands for tyranny and war?” she said, before referring to Democrats as an “elite cabal” with “warmongers.”
https://nypost.com/2024/09/15/us-news/rfk-jr-tulsi-gabbard-blast-dems-as-warmongers-party-of-censorship-while-stumping-for-trump-in-arizona/
Endorsed by Dick Cheney is a succinct summary of what Democrat Party now stands for.
In honor of my old friend who had a curse placed on him by a Hattian laborer back 1n 1989.
Voodoo Child (Slight Return) · The Jimi Hendrix Experience
https://youtu.be/L7UMubmfbH0?si=RF2A530Nli7sdqCf
If you ever make any promises to a voodoo lady, you damn well better not renege on the deal.
https://www.youtube.com/watch?v=lv06Qdw68t8
“Inflation and housing costs are a top concern across the country, but few places are worse than Montana when it comes to affordability.
Most native Montanans – my relatives included – are descendants of Scandinavian and German homesteaders. I have no doubt that when the Fed causes a dollar collapse, we will see the Heritage ancestral population of Montana move decisively to deal with the CA libtard infestation that has ruined this once-great state.
https://www.hjnews.com/montpelier/theres-gonna-be-a-war-in-montana/article_1d85d8ec-aa34-5773-a567-cb4f1861f53d.html
The swimming pool-sized cavity on Fifth Street between Folsom and Harrison streets is one of more than a dozen major development sites scattered across the city that have been on hold as the city struggles to bounce back from the pandemic.
The globalist scum media can’t bring itself to say so, but the municipalities that were most zealous in pushing Wu flu lockdowns and vaxx mandates are precisely the cities that are now dealing with the fallout of the engineered destruction of their local economies.
‘The number of ‘millionaires’ who are going to lose money on their $5, $8, $20 million dollar mansions is truly glorious.’”
I couldn’t agree more. Die, speculator scum. Just die already.
A CBC News investigation published Monday focused on the rise of the ‘financialized’ landlord, whose business model allows outside investors to share in the profit of rental housing.
It will be schadenfreude at its most sublime watching these “outside investors” get defrauded and seeing their “investments” go up in smoke.
Nuremberg 2.0 can’t come soon enough.
https://x.com/liz_churchill10/status/1835281384568418600
‘The ENEMY is YOU and your Biological Warfare Games. Insufferable Monster.’
Covid vaccines are poison.
All mRNA jabs are poison. And they are quietly replacing old school non mRNA vaccines.
My employer gives us free flu shots. I wn’t take it unless it’s a traditional chicken shot. And I suspect I won’t be the only one demanding a traditional shot.
My employer
usa.gov
My insurance covers all vaccines 100%. But I’m done with them and I’m not going to ask the pharmacist if a vaccine is mRNA or not, because I increasingly distrust the system and doubt I will get an honest answer,
At this point, ALL vaccines are poison. I’ve taken my last shot of anything, ever. The trust is completely gone, and TBH it’s obviously all bullshit.
When (not if) the entire medical industry implodes, I”m going to laugh at all of them.
Is it safe to conclude that the stock market has reached a permanently high plateau?
Market Valuation: Is the Market Still Overvalued?
by Jennifer Nash, 9/3/24
Market valuation indicators are used by investors and analysts to gauge whether markets are overvalued, undervalued, or fairly valued relative to historical norms. Here is a summary of the four market valuation indicators we update monthly.
– The Crestmont Research P/E ratio (more)
– The cyclical P/E ratio using the trailing 10-year earnings as the divisor (more)
– The Q ratio, which is the total price of the market divided by its replacement cost (more)
– The relationship of the S&P composite price to a regression trendline (more)
To facilitate comparisons, we’ve adjusted the two P/E ratios and Q ratio to their arithmetic means and the inflation-adjusted S&P composite to its exponential regression. Additionally, we’ve plotted the S&P regression data as an area chart type rather than a line to make the comparisons a bit easier to read. It also reinforces the difference between the line charts — which are simple ratios — and the regression series, which measures the distance from an exponential regression on a log chart. Thus the percentages on the vertical axis show the over/undervaluation as a percent above mean value, which we’re using as a surrogate for fair value.
Based on the latest S&P 500 monthly data, the market is OVERVALUED somewhere in the range of 98% to 164%, depending on the indicator, down from last month’s 101% to 167% range.
…
https://www.advisorperspectives.com/dshort/updates/2024/09/03/market-valuation-is-the-market-still-overvalued
The 2007 rate cutting cycle too began on Sep 18, three months before the Great Recession
There was a housing bubble in the US then, there’s a tech bubble now. US inflation was a lot lesser then, it’s been a lot higher in this cycle. It was the worse-than-expected jobs report in August, both in 2007 and 2024, that convinced the Fed chair it was time to cut interest rates. History taught us that it was late then, and global markets hope it would be timely and adequate this time.
…
https://www.cnbctv18.com/market/stocks/us-fed-meeting-date-interest-rate-cut-us-recession-lehman-brothers-collapse-date-19476394.htm
Are you so bubbled up on stocks that you cannot even envision a return to more normal valuations?
Welcome to the club!
Financial Times
US equities
Wall Street’s last remaining bears struggle to convince optimistic clients
The few analysts still warning about US market downturn say investors have embraced ‘fanatical thinking’
A street sign for Wall Street is seen outside the New York Stock Exchange, New York
Bears view the S&P 500’s roughly 25 times trailing price-to-earnings ratio as a red flag, arguing that stocks typically only trade at such expensive multiples ahead of sell-offs
George Steer in London
June 27 2024
A dwindling number of bearish Wall Street strategists are struggling to convince “fanatical” clients that slowing economic growth and excessive hype about artificial intelligence have left the US stock market vulnerable to a sharp downturn.
Banks including Goldman Sachs, Citigroup and UBS this month upgraded their end-of-year forecasts for the S&P 500 index, which has hit successive record highs during its surge of about 15 per cent so far this year, driven by a small group of soaring AI stocks.
Faced with a growing number of investors convinced that the rally will continue, the few remaining bearish strategists say their contrarian views are proving an increasingly difficult sell.
“This rally has been tough and we’re having a hard time convincing [clients] to be bearish,” said Barry Bannister, chief equity strategist at Stifel. “There’s a wall of money that’s willing to buy the market at any price and embrace fanatical thinking.
“People are bubbled up right now, they think the sky is the limit,” added Bannister, who expects a mix of weaker growth and lingering inflation to drag the S&P down roughly 13 per cent from its current level by the end of the year.
…
Markets
5 warning signs the economy is spiraling toward recession — and why there’s ‘major disconnect’ between stocks and the job market
William Edwards
Sep 14, 2024, 2:00 AM PDT
– Jon Wolfenbarger warns of a potential 70% drop ahead for the S&P 500.
– Despite record highs, the market faces risks from a deteriorating labor market.
– Wolfenbarger shared 5 signs of a job market heading towards recession.
To Jon Wolfenbarger, the stock market’s success and the labor market’s recent deterioration don’t seem to add up.
As of market close on Friday, the S&P 500 sat at 5,626, just below record highs. And yet, the unemployment rate continues to inch up, job openings continue to fall, and payroll data continue to underwhelm.
The short explanation for this discrepancy is investor hype around artificial intelligence and continued hope for an economic soft landing, according to Wolfenbarger, the founder of investing newsletter BullAndBearProfits.com and former investment banker at JPMorgan and Merrill Lynch.
But how long that enthusiasm can continue to outweigh declining labor market indicators remains to be seen. In a pair of notes this month, Wolfenbarger has laid out several pieces of evidence from job market data showing the outlook continuing to worsen, threatening to throw the economy into recession and lampoon the market’s soft-landing hopes.
The first is declining job openings, which are down to 7.6 million from 2022 highs above 12 million. Since data started being collected in December 2000, the significant declines in job openings in 2001, 2008, and 2020 were all accompanied by recessions. While openings have fallen a lot, however, they are still above pre-COVID levels and may just be normalizing after pandemic stimulus has dried up.
Still, job openings data has had an impressively close correlation to stock market performance since 2000. This suggests the amount of job openings may have to turn around soon, or the market may be ahead of itself and in for a correction.
“Historically, there’s been a strong relationship between JOLTS openings (orange line) and the S&P 500 (blue line), although there has been a major disconnect during the AI-driven rally of the past two years,” Wolfenbarger wrote in a September 9 note.
Another sign Wolfenbarger shared showing the labor market is turning sour is the Kansas City Fed’s Labor Market Conditions Index, which is a composite of 24 job market indicators. The last three times is has climbed above 0.5 and then declined again below that level, the economy has gone into recession.
The indicator sits at 0.53 right now, down from 1.4 in May 2022.
Third, the year-over-year percentage change in the employment level, or number of people employed. It just hit 0%, and negative year-over-year growth has typically coincided with recessions over the last several decades, Wolfenbarger said.
While the employment growth is softening, there has also been a rise in the amount of part-time employees who cite economic reasons for taking part-time roles. Part-time employment levels usually surge during recessions, though current growth levels are not yet as pronounced as in prior downturns.
Finally, in a September 2 note, Wolfenbarger shared a chart from Bank of America showing the decline in private job growth as a share of all job growth. The chart excludes the healthcare and education sectors, which are typically immune to economic downturns. Private job growth is an important measure because it takes government payroll growth out of the equation, which is also resistant to business cycles.
Wolfenbarger sees the potential for severe downside for stocks. In an email to Business Insider on Friday, he confirmed that he continues to see a drop of as much as 70% in the S&P 500 as plausible.
He cites John Hussman’s valuation metric of the market-cap of non-financial stocks-to-the gross value-added of those stocks. With the measure currently at all-time-highs, Hussman said in August that the S&P 500 would have to fall around 70% to get to levels where investors could expect 10% annualized returns over the following decade.
…
https://www.businessinsider.com/stock-market-crash-labor-market-recession-unemployment-rate-sp500-wolfenbarger-2024-9
Yahoo
Fox Business
CEO of JPMorgan warns US of economic fate worse than recession: ‘The worst outcome’
Jasmine Baehr
Fri, Sep 13, 2024, 1:55 PM PDT
2 min read
JPMorgan Chase CEO has laid out the “worst outcome” for America’s economic future, beyond recession.
“The worst outcome is stagflation,” said Dimon. “And by the way, I wouldn’t take it off the table.”
68-year-old Jamie Dimon made his remarks on Tuesday at the Council of Institutional Investors in New York.
JPMorgan Chase is the largest bank in the United States according to Bankrate, with $3.4T in assets.
Stagflation, a portmanteau of stagnation and inflation, refers to a state where economic growth slows while inflation and unemployment rise.
The economic consequences of stagflation may cause retirement savings to go down as well as the stock market to crash; it was last seen in the U.S. during the 1970s, according to Investopedia.
While inflation in August grew less than expected at 2.5%, the outlook for the federal debt is bleak, with the growing number measuring $35,309,184,612,870.00 as of September 12.
Interest payments due in October on the national debt now exceed the costs of both Medicare and the national defense budget. National debt may contribute to further inflation on the horizon.
This is the first time in American history that interest payments on the national debt have risen above $1T.
“So, it’s hard to look at [it] and say, ‘Well, no, we’re out of the woods.’ I don’t think so,” said Dimon.
…
https://finance.yahoo.com/news/ceo-jpmorgan-warns-us-economic-205558688.html
“…portmanteau…”
Yeah, had to this one up.
Saudi Arabia and the conservative Gulf Arab Sheikdoms have funded U.S. deficits for years by buying up trillions in U.S. debt (Treasuries). Now, however, as the Fed & Biden-Harris regime have turned the former USA into a corrupt, insolvent banana republic, with the Deep State likely to install a babbling moronic Marxist as our next “selected, not elected” president, the Saudis are wisely dumping U.S. Treasuries and buying gold instead.
When the U.S. dollar loses its world reserve currency status, the stoopids who voted for our national descent into Venezuela del Norte are going to get to experience the joys of hyperinflation and economic collapse. Got gold? Got silver? Got lead & brass?
https://www.cointribune.com/en/saudi-arabia-is-secretly-buying-gold/
A reader sent these in:
Oh my goodness this is an absolute train wreck.
Reporter: What are your specific plans to bring down prices?
Kamala: “I grew up a middle class kid… I grew up in a neighborhood of folks who were very proud of their lawn. Ya know?”
https://x.com/greg_price11/status/1834717560224596345
She’s an idiot and a liar.
https://x.com/FloatingToHome/status/1834722337968865661
Just a causal 80k under list price offer accepted and closed.
https://x.com/AustinWhittRE/status/1835028563231134054
Boeing CEO furiously googling “how to assassinate 33,000 people”
https://x.com/SxarletRed/status/1834633714430603366
Rising unemployment meeting the real estate market
https://x.com/artimidore/status/1834922952405533149
When the rates drop AND the values drop there are going to be some really perplexed folks out there DUMPING houses.
https://x.com/FiatBDyin/status/1834667578871926947
“Toronto’s condo market is drowning in oversupply, and sellers are left gasping for buyers.”
– Condo prices down 5%, more drops coming.
– 80% of investors losing money.
– Listings up, sales down.
https://x.com/ShaziGoalie/status/1834585283624419422
Declining housing payments haven’t yet translated to an uptick in sales; pending home sales are down 8% annually.
Pending sales fell most YoY in:
1. West Palm Beach, -20%
2. Miami, -19%
3. Fort Lauderdale, -17%
https://x.com/Redfin/status/1835004607090532698
Del Mar, CA just passed primary-residence-only short-term rental (STR) regulations and capped Airbnb to 5% of housing supply.
https://x.com/NotoriousAirbnb/status/1835032628317261912
These aren’t cars from the Poors getting repoed.
It’s upper class high end autos.
https://x.com/StealthQE4/status/1834721118831141332
Yes, the Fed is in a lose-lose situation largely of their own making. The problem is the enormous mountain of debt, originated by multiple Congresses and Administrations of both parties but enabled by the Fed’s easy money policies. Cutting rates next week is inflationary.
https://x.com/dgsommersmkts/status/1834918639616590040
Milton Friedman Was Right: Inflation Is Like Alcoholism
When it starts good effects come first, bad effects come later
When Governments spends, hires tons of people & wastes money endlessly there will be Inflation & fixing it is truly painful
https://x.com/ronmortgageguy/status/1834659430832701924
Unemployment Is Regional & Toronto Is Worse Than The Canadian Average: Toronto 8% Canada 6.6%
That’s not a good sign for the future in the GTA
Unemployment is VERY important to the Rental Market, unemployed people don’t pay $2600 monthly for a Condo
https://x.com/ronmortgageguy/status/1833225101426454809
The Most Worrying Real Estate Story In Canada: New Construction Condos In Toronto
There are so many Real Estate issues in Canada why would this local story be so worrying?
Because it’s the most expensive, the most concerning to Financial Institutions & the most inevitable
https://x.com/ronmortgageguy/status/1833136737444388871
It’s a slow-motion Train Wreck all of us in RE are expecting
Eventually one big new building will just fails to convert to a Condo Corp because 70% of Buyers will walk on their deposits & refuse to close
After that well publicized moment do MORE Buildings fail?
https://x.com/ronmortgageguy/status/1833136752246009881
For the first time since 2020, both single-family and multi-family units under construction are falling.
https://x.com/WarrenPies/status/1833617570903052442
The Restaurant Performance Index (RPI) fell -1.3% in July to 97.7 points, the lowest level since the 2020 lockdowns.
This index tracks the health of the restaurant industry in the US by measuring sales, customer traffic, labor, and overall business conditions.
Since 2021, this metric has fallen by ~8.0%, marking the largest drop since it was launched in 2002.
Such a low level in the index has only been seen during recessions.
Americans are pulling back on dining out as prices have been sharply rising and recently hit new all-time highs.
Since 2020, food prices away from home have increased by 27.0%, and fast food prices have jumped by 31.0%.
Eating out is officially a luxury.
https://x.com/KobeissiLetter/status/1835069955462902195
These aren’t cars from the Poors getting repoed.
It’s upper class high end autos.
More like pretenders who bought cars they can’t afford.
I was just watching that guys channel last night, it’s worth checking out if you enjoy reality irritainment. He posts videos of the calls he takes from people who are trying to see how much he will give them for their underwater ride. He tries not to laugh at them but sometimes he can’t help it. It’s amazing what people will sign up for.
That said, here in TN we got an unsolicited offer for a flex loan recently for $1500. The fine print says 275% apr! I was in disbelief so I had to do some poking around and this is actually a thing and legal in many states. TN put caps on interest but flex loans have a loophole where they are allowed to charge a fractional daily rate that turns into 275 annual. As pay day loans became more regulated the ‘industry’ came up with flex loans to prey on the unwise. From what I’ve read, they have no shortage of interest, no pun intended.
When Governments spends, hires tons of people & wastes money endlessly there will be Inflation & fixing it is truly painful
This is why I doubt that deficits can be reduced. If they are reduced a lot of people will lose the gooberment jobs or their private sector jobs serving the gooberment, and no one wants that to happen under their watch. They prefer inflation.
Argentina seems to be getting it done.
It only took them like 100 years. Milei got his chance because life in Argentina as utterly unbearable and they still have real elections.
Eating out is officially a luxury.
I’m smoking some ribs for tonight, more than enough for four people. The ribs and fixings are about $30. Plus we’ll be making Margaritas. Gotta get that last cookout done before the autumn cool arrives.
If we went out to a barbeque joint with the drinks it would be well over $100
When you start running the numbers on the premium you are paying to eat out it becomes a reasonable side gig to just cook your own food lol.
I still haven’t tried to smoke a brisket, for two reasons:
1) The process can take14+ hours
2) Briskets are big. I would have to invite a lot of people to consume it.
The economic carnage of these “reader sent in” threads, versus what Real Journalists tell you.
Paul Krugman, you are a lying sack of sh*t.
The one really good (by a far margin, made from mostly scratch and reasonably affordable ($20/entree +/-)) restaurant in the valley is closing. It’s a small place, tough to make good money with 10 tables (you turn maybe twice in a good night), and the chef is leaving. They are gonna pull the plug and I’m sure it will become yet another crapbox mexican restaurant (not doing safety, taxes, cleaning, etc and/or money laundering) in a town that’s full of them.
So not only are there fewer restaurants but ti’s the choice that’s disappearing. You can have overpriced sysco at this restaurant or you can have overpriced sysco at this restaurant, your choice.
Restaurants are getting slammed from both sides for sure. Rising food (and overhead costs) with people mostly unable to pay those increases.
“Restaurants are getting slammed from both sides for sure.”
Just went to breakfast with a former coworker last weekend, Sunday at 0800; only one other couple in there! This is a country kitchen, not a franchise. Folks in my area LOVE TO EAT, so yeah, they’re broke. Our tab and a generous tip, $50.
Servers are appropriating the coins from your change when paying cash. I had no idea this was a thing until it happened to me twice in two weeks. People are angry enough at higher prices, service charges, exorbitant tip demands, etc. but servers pulling this cr@p are really pushy and presumptuous.
A federal jury on Friday convicted a San Bernardino County man and woman of running a “birth tourism” scheme in which they took tens of thousands of dollars from Chinese clients to help them travel to the U.S. under pretenses to give birth, authorities said.
Michael Wei Yueh Liu, or 刘维岳, 59, and Jing Dong, or 董晶, 47, both of Rancho Cucamonga, were each found guilty of one count of conspiracy and 10 counts of international money laundering in federal court in Los Angeles, according to the U.S. Department of Justice.
The scheme involved helping Chinese women hide their pregnancies and coaching them on how to circumvent U.S. authorities to travel to Southern California to give birth, providing their children with birthright U.S. citizenship, DOJ spokesman Ciaran McEvoy said in a written statement.
Liu and Dong operated a maternity home in Rancho Cucamonga between 2012 and 2015, he said. They also rented numerous apartments in Southern California as temporary housing for their clients, “and provided other services to pregnant women from China who traveled to the United States to give birth so their children would acquire U.S. citizenship.”
In most cases, the women returned to China within a month or two of giving birth, prosecutors said.
“Liu and Dong advised their customers on how to hide their pregnancies from the immigration authorities,” McEvoy said. “Liu and Dong also knew — or deliberately avoided learning – that their customers lied on their visa applications submitted to immigration authorities to enter the U.S.”
The pregnant women generally falsely claimed on their visa applications that the purpose of their visit was tourism, officials said. They also claimed they stays would be days or weeks, rather than months, and lied about where they would be staying.
“Liu and Dong or their agents also advised their customers to fly to ports of entry with perceived less customs scrutiny, such as Hawaii, before flying to Los Angeles, to wear loose fitting clothing, to favor certain lines at customs that they perceived to be less strict, and on how to answer the customs officials’ questions,” according to McEvoy.
Liu and Dong each face a potential maximum sentence of 205 years in federal prison.
https://www.msn.com/en-us/travel/news/southern-california-man-and-woman-convicted-of-running-birth-tourism-scheme/ar-AA1qAmi6
Reporter: What are your specific plans to bring down prices?
Kamala: “I grew up a middle class kid… I grew up in a neighborhood of folks who were very proud of their lawn. Ya know?”
She speaks in word salads and non-sequiturs. And somehow at least 40% of the electorate is going to vote for her.
Oops, nested under the wrong post,.
“40% of the electorate”
Voters are vegetables.
Yep.
Word salad bars are a FEATURE and not a bug (unless Ze Bugs have been endorsed by Dick Cheney) to the emerging/submerging Muzzle Class.
da bear
“birth tourism”
I heard about that years ago and they were talking about chinese couples then too.
My understanding is that the ChiComs do not allow dual citizenship. If they want to take the kid home, they might have to renounce his American citizenship.
Wouldn’t an American birth certificate allow the kid to come back to the US later and claim citizenship?
East Bay authorities recover over 700 stolen catalytic converters, copper wire
Contra Costa County authorities arrested three men caught with hundreds of allegedly stolen catalytic converters and copper cable wires on Tuesday, according to San Pablo police.
Police said the arrests stemmed from a report in August regarding stolen copper wire sales occurring within and around San Pablo. During the investigation, three men were identified to be involved in the purchase, sales, and possession of stolen catalytic converters and stolen copper wire.
Around 8 a.m. Tuesday, police and sheriff’s deputies served two search warrants in the 1700 block of Road 20 in San Pablo and the 1000 block of Brookside Drive in Richmond. Authorities said they seized a significant cache of suspected stolen property, including more than 700 catalytic converters, over 1,100 pounds of copper cable wires, and over $113,000 in U.S. currency.
“The suspects are believed to have been involved in an ongoing criminal enterprise to buy and sell stolen property, with more than $6.4 million in transactions in 2024 alone,” San Pablo police said.
https://www.nbcbayarea.com/news/local/east-bay/east-bay-stolen-catalytic-converters-copper-wires/3650795/
Friday morning, a big arrest was announced when it comes to fentanyl.
Denver District Attorney Beth McCann and Denver Chief of Police Ron Thomas said they arrested a fentanyl distributor in California who allegedly sold fentanyl to a Denver man who died.
Denver police and the Denver DA’s office said they arrested Jamal Gamal who lives in San Francisco. They are charging him with the distribution of fentanyl resulting in death, which holds a similar prison sentence as homicide. He is expected to be brought back to Denver on Sept. 16 to face charges.
Gamal was allegedly selling drugs online and mailing them to the buyers. Unfortunately, these pills were deadly.
Police and the DA said that between Nov. 9-19, 2023, Gamal sold fentanyl to 28-year-old Collin Walker and that caused his death.
Earlier this year, Denver police conducted a sting operation to catch Gamal and bought fentanyl from him. He mailed detectives 14 grams of fentanyl from California. He was arrested on Aug. 28.
The Common Sense Institute looked into the numbers and said the total cost of fentanyl-related overdose deaths in Colorado was estimated to be $16 billion in 2023. This is over 10 times the cost of fentanyl overdoses from 2017.
https://kdvr.com/news/local/denver-da-police-to-announce-fentanyl-drug-arrest/
Animal feed now delicacy to some Nigerian families
Following the present economic hardship in the country, occasioned by the hike in fuel prices and food inflation, Nigerians have devised ingenious means to survive. The hardship has driven many to do the unimaginable just to survive such as feeding on animal feeds.
Some residents have resorted to selling personal belongings to weather the crisis while some have even taken to urban farming. Many car owners have also abandoned their cars at home and make use of commercial motorcycles tricycles and other means of public transportation to their respective destinations while others have taken to trekking some distances because of the hike in transport fares.
Mrs Gladys Tonggang said, “I was heartbroken when I heard of a pregnant mother of four feeding her children with maize chaffs, which is called dusa in local language. Animals are fed with dusa and this is what this woman was feeding her children with after grinding it and making food with it”.
This development was confirmed by a seller of dusa who said the price of the commodity had increased by N500 as many women had been patronising her which they grind and make into two.
A mechanic, Monday Adetola said that in the last six to seven months, his client base had greatly reduced because of the hardship in the country. He said, “I have been calling my clients to know why they don’t come again but they complained about the economic hardship. If they don’t drive the cars, how will they come for regular maintenance? When the price of petrol keeps going higher, many people will park their vehicles and that means less work for us”.
Murtala Musa, a tailor, said he closed his shop and has started selling noodles and eggs because he no longer had customers.
To Mary Friday, “In the past, I was particular about what I eat and how I eat it due to ill-health. But right now, I am unable to afford the kind of food I should eat while I eat what I see now which is giving me concerns because I don’t want my condition to get worse. The suffering is too much, how do we survive? Nobody will go through these and remain sane.”
In Ekiti State, a civil servant, Deji Ilori noted that it has become increasingly difficult for him to provide staple foods for his family, forcing them to skip meals and rely on less nutritious alternatives.
He said, “fuel is now N1,000 per liter, I can’t imagine when last I drove my car to the office. Before now, when fuel was being sold for N585 per liter at NNPC, I spent an average of N30,000 per week on fuel and we are yet to enjoy the new minimum wage. Even at that, whatever gain is coming with the minimum wage has already been eroded with the new pump price of petroleum. My family and I can no longer eat what we want. We have to prioritize what is most essential. Everything is just getting more difficult with the rise in fuel and commodity prices,” he said.
Uwamba Favour, a small business owner, described how she has been caught in a vicious cycle of increasing expenses and dwindling profits. This unfortunate development has forced her to stop taking orders and, at times, she would sell products at the purchase price to avoid losses.
“Imagine buying something for N5,000 and having to sell it at the same price just to make people buy it so that the product doesn’t go unsold. It got to a point where I was tempted to sell below the amount I bought it, but I pray it doesn’t come to that, which has led me to stop taking some orders,” she explained.
Also a tricycle operator, who identified himself as Mr Odudu Umoh noted that both the scarcity and high cost of fuel have made transportation business in Akwa Ibom unprofitable. “This increased price of petrol is really killing transportation business in Akwa Ibom. Sometimes you buy petrol worth N5000, it won’t last two hours and you won’t even be able to make any profit because the roads and streets are empty. So, it is that bad now,” Umoh said.
Another resident, Margaret Ogen, a school teacher said she breeds chickens in her kitchen and living room. “I have about ten chickens presently. Every three months I sell them after killing one or two for my family, I make good money from the sale”.
https://www.vanguardngr.com/2024/09/hardship-animal-feed-now-delicacy-to-some-families/
Following the present economic hardship in the country, occasioned by the hike in fuel prices and food inflation
The whole world is affected by Bidenomics. It’s inflation everywhere.
When the US has inflation, everybody has a problem. Places like Egypt are in the ‘how much more does something cost by noon’ boat.
Egypt’s official inflation rate is 26%, which means it’s more than 50%. MExico is also lying about their inflation rate, they claim it’s under 5%.
A slew of poor economic data from China is deepening pessimism among equities traders wondering what it’d take for authorities to initiate forceful stimulus.
Figures released Saturday showed Chinese factory output, consumption and investment all slowed more than forecast for August, and the jobless rate unexpectedly rose to a six-month high. Home prices declined from the previous month.
“The fear is that the authorities are losing control of the economy and they won’t admit it,” said Gary Dugan, chief executive officer of the Global CIO Office. “The market looks set to go to significantly lower levels in the absence of real, substantial new policies.”
Still, stimulus can only go so far in China’s current business climate, according to veteran emerging-market investor Mark Mobius.
“The real problem is that the entrepreneurial impetus is missing, with lots of businessmen unwilling to invest,” he said. “It will be necessary for the government to loosen up on private enterprise restrictions and regulations so the private sector can be stimulated and help grow the economy.”
https://finance.yahoo.com/news/chinese-stock-traders-ponder-just-071423295.html
Dick Cheney was once vilified by Democrats. Now he’s backing Harris. Will it matter?
Dick Cheney is a career Republican still vilified by Democrats for his bullish defense of the Iraq War as vice president. But his partisan loyalties were cast aside in extraordinary fashion last week when he endorsed Democrat Kamala Harris for the White House.
Alberto Gonzales’ service in George W. Bush’s administration was roiled by debates over intrusive government eavesdropping and an abrupt purging of U.S. attorneys that Democrats regarded with intense suspicion. Yet the former attorney general is also opting for Harris over Republican Donald Trump.
The endorsements crystalized the remarkable evolution of the Republican Party’s establishment wing, which ruled Washington during the Bush years only to be sidelined once Trump wrested control of the party. These figures, once reviled by Democrats, are so alarmed by the prospect of the former president’s return to power that they are prepared to oppose their own party’s nominee for the White House.
“It’s easier for prominent Republicans like Cheney and Gonzales to say, ‘I support Kamala Harris’ because, in effect, their old home has been ransacked and destroyed,” said Will Marshall, the founder of the Progressive Policy Institute, a center-left think tank. “The ties of partisanship, which are always strong in both parties, are attenuated by the fact that Trump has made today’s Republican Party absolutely unwelcome for prominent Republicans who served in previous administrations.”
Bush himself will not follow suit. A spokesperson says the former president has no plans to make endorsements or say publicly how he will vote.
Even as the Harris campaign basks in the support, comedian Jon Stewart mocked Cheney’s endorsement on “The Daily Show,” addressing the ex-vice president with an expletive and shouting: “You came this close to destroying the entire world. We were this close.”
“Who in God’s name is that endorsement gonna sway?” Stewart demanded. “‘Well, I like the Democrats’ policy on child tax credits, but are they bombing enough Middle Eastern countries?’”
https://www.ctvnews.ca/world/dick-cheney-was-once-vilified-by-democrats-now-he-s-backing-harris-will-it-matter-1.7038131
War pigs gonna pig.
Just wait until they have to reinstate the draft. All Dem voting families are going to freak out, especially the UMC. I wonder how many Nuevos Americanos, when they get their draft notice, will high tail it home?
maybe you haven’t noticed, but only white americans have to obey the law. The rest all get a pass on literally everything.
Mr. weapons of mass destruction is still looking to line the pockets of his friends in the Military Industrial Complex.
15 years ago I was a staunch Democrat. DailyKos, AirAmerica, Valerie Plame, the works. And we fellow liberals loved NOTHING more than to get together and hate on Dick Cheney.
Anyone who stays with these new Dems after Cheney is a lost cause.
Vista, Other California Cities Widen Efforts to Crack Down on Homeless Encampments
It’s been a little more than two months since the U.S. Supreme Court gave cities the green light to crack down on homeless encampments.
Already, Santa Monica is considering barring its homeless residents from using sleeping bags, San Joaquin County is poised to force unhoused people to move 300 feet every hour, and Fresno has made it illegal to camp anywhere at any time — even if no shelter is available.
At least 14 California cities and one county have passed new ordinances that prohibit camping or updated existing ordinances to make them more punitive, another dozen are considering new bans, and at least four have dusted off old camping bans that hadn’t been fully enforced in years.
The cities taking action span the state, from the Bay Area, to the Central Valley, to Southern California. Many are places where voters lean conservative, but a few are cities run by Democrats, such as San Francisco, Long Beach and Antioch.
“The problem is out of control, and residents are demanding a solution,” said Vista Mayor John Franklin. The city in North County recently voted to resume enforcement of a 1968 ordinance that bans encampments city-wide.
Vista opened its first homeless shelter this year, with 36 beds for city residents. The city had 170 unsheltered homeless residents this year, according to its most recent point-in-time count. But Franklin says on most days, there are shelter beds available, and people decline them when offered.
The San Joaquin County Board of Supervisors this week OK’d changes to its camping ordinance that would prohibit sleeping in a tent, sleeping bag or car for more than 60 minutes. It would also prohibit someone from sleeping within 300 feet of anywhere they had previously slept within the past 24 hours.
“We’re going to have zero tolerance,” Supervisor Tom Patti told CalMatters. “We’re going to have definitive enforcement.” The county will continue to offer people shelter, he said. But if they refuse, “We’re going to offer them the opportunity to visit our local county jail.”
https://timesofsandiego.com/politics/2024/09/14/vista-other-california-cities-widen-efforts-to-crack-down-on-homeless-encampments/
The biggest issue facing San Francisco currently is not crime or drugs, but rather, homelessness, according to a new KRON4 News/Emerson College Polling survey. Poll respondents were surveyed on a variety of issues, including who they would likely vote for in the upcoming mayoral election and whether they approved of current SF Mayor London Breed.
When asked what they felt was the top issue facing San Francisco currently, the majority of respondents chose homelessness, which beat out crime in second, and the cost of housing in third. Drugs were tied with business closures in fourth place, with only 7.7% of voters saying they were the top issue.
KRON4’s poll also asked San Franciscans whether they thought clearing encampments was an effective strategy for dealing with homelessness. More than half of them felt it was, with 31% of respondents somewhat agreeing and 27.5% strongly agreeing.
By contract, 22.2% percent of respondents strongly disagreed, while 19.4% somewhat disagreed.
https://www.msn.com/en-us/money/markets/drugs-and-crime-not-the-top-issues-facing-san-francisco-according-to-voters-kron4-poll/ar-AA1qoTVI
An appropriate message for SF:
https://x.com/iamnot_elon/status/1834683992622481673
https://nitter.poast.org/DanScavino/status/1835388640710586376#m: President Trump is safe following gunshots in his vicinity. No further details at this time.
Via Don Jr:
Again folks!
SHOTS FIRED at Trump Golf Course in West Palm Beach, Florida.
An AK-47 was discovered in the bushes, per local law enforcement. The Trump campaign has released a statement confirming former President Trump is safe.
A suspect has reportedly been apprehended.
Donald Trump Jr., the former president’s oldest son, wrote on social media that an “AK-47” rifle was found “in the bushes” near the course and that a suspect was reportedly apprehended, while suggesting that the shooting was another attempt on Trump’s life. He cited local law enforcement officials for his comment.
Sen. Lindsey Graham (R-S.C.) wrote on X that he spoke with the former president after the reported shooting, adding that he is in “good spirits” and is “one of the strongest people” he’s known. “He is more resolved than ever to save our country,” the senator added.
Trump’s golf course in West Palm Beach is several miles from Mar-a-Lago, the former president’s primary residence.
https://www.theepochtimes.com/us/trump-safe-following-gunshots-in-his-vicinity-campaign-says-5724619
@rms, Still think there’ll be a handshake and pardon next January 20th?
Yes. If he wins the election then he will need to be unencumbered in order to fully exercise the duties of the POTUS.
DJT doesn’t need a pardon from FJB or Special K.
He could use a peck on the cheek from our long legged, thigh gap billionaire.
He’s got Melania.
Yeah, she’s a hottie.
But I was thinking of an expression of regret. Celebrities really shouldn’t engage in political stumping.
Deep State gonna deep.
Globalists gonna globe.
And they’re gonna keep trying, just wait and see …
This isn’t gonna stop until DJT takes the oath of office and signs ~500+ executive orders. Even after that, if something happens, I have confidence in JD.
As much as I respect RFKj, JD is DJT’s life insurance policy.
Vance is unquestionably to DJT’s right.
Thank goodness Democrats suck at everything.
They have a name. Zuck tried to scrub the guy’s FB account, but too late, people have already archived the whole thing and they’re posting it on X.
The guy’s X account is down too. To be honest, I can’t blame Elon. Surely, pointing an AK at DJT is a violation of posting guidelines. However, I note that Elon was pretty slow to suspend, to give ample time for someone to save it, and the account seems only suspended, not gone. It’s probably preserved.
In better news, Ron DeSantis has said that FL is going to conduct its own investigation of the incident. Looks like they learned from PA, and they will not just give the whole thing over to the goons at the FBI for a scrubbing.
BOMBSHELL: ABC Whistleblower Testifies Kamala Harris Campaign Dictated Debate Terms & Received Questions Beforehand
by Jamie White
September 15th, 2024 2:16 PM
A whistleblower at ABC has sworn under penalty of perjury that the Kamala Harris campaign colluded with ABC News to craft the debate to her liking and even received questions ahead of time.
The whistleblower, a 10-year veteran of the outlet, testified in a 6-page affidavit released Sunday that ABC News and other major news organizations “no longer adhere to impartiality” and warned that the debate would demonstrate more anti-Trump bias.
“I have noted specific instances related to the debate between Donald Trump and Kamala Harris that raise concerns about procedural fairness,” the whistleblower wrote on Sept. 9, the day before the debate.
According to the whistleblower, the Harris campaign received many “particular accommodations” from ABC News, including a smaller podium for Harris and fact-checks reserved only for Trump.
“The Harris campaign received particular accommodations, including, but not limited to, the providing of a podium significantly smaller than that used by Donald Trump, and assurances regarding split-screen television views that would favorably impact Kamala Harris’s appearance relative to Donald Trump,” the whistleblower testified.
“It was agreed that Donald Trump would be subjected to fact-checking during the debate, while Kamala Harris would not face comparable scrutiny. This was widely known throughout the company that Donald Trump would be fact checked. In fact, various people were assigned to fact check observations it was perceived candidate Trump would make during the debate. In fact, Harris campaign required assurances that Donald Trump would be fact checked. This was done via multiple communications with the Harris campaign whereas the Trump campaign was not included in the negotiations.”
https://www.infowars.com/posts/bombshell-abc-whistleblower-testifies-that-kamala-harris-campaign-dictated-debate-terms-received-questions-beforehand
Black Insurrectionist–I FOLLOW BACK TRUE PATRIOTS
@DocNetyoutube
Here are the 6 pages of the affidavit for easier sharing. I made an error in the original posting. I duplicated page 5. I would also like to note that there are several pages after the verification page that were specifics about the job the whistleblower did and a transcript of the recordings he had made. The transcripts are even worse than the affidavit.
12:42 PM · Sep 15, 2024
https://x.com/DocNetyoutube/status/1835358499548602666
I’m skeptical.
What sells it for me is that the whistleblower mailed hard copies of this affidavit to Mike Johnson on September 9, the day before the debate. There isn’t much detail, but the info proved to be right.
Yes, well we’re thankful for your recovery.
Almost 50% of people are below average intelligence.
Waiting to hear from Mike Johnson.
Three Americans sentenced to death in Congo over failed coup
1 day ago
Three US citizens were among 37 defendants sentenced to death by a military court on Friday for their role in a failed coup in the Democratic Republic of Congo.
https://www.youtube.com/watch?v=onopEcBIgXc
1:17.
‘saw up to 18 inches of water in her home. ‘We’ve lived here for eight years and the first four or five were amazing. Unfortunately, we’ve flooded twice now in the last three years,’ Martin said. Martin said her home insurance has more than tripled over the last few years’
It’s not a good site for a shanty anymore Meghan. You guys can say well the city did this and the county did that and those gotdam developers! The odds are yer going to flood again in less than a decade.
‘As snowbirds prepare for their annual pilgrimages to Florida, local lawmakers are scrambling to address a crisis…Estimates by local real estate associations suggest the problem has driven down values in the statewide condo market by more than 13 per cent this year. It is a Gordian knot that has become particularly tight for Canadians who own condominium properties in Florida. For years Canadians have been the largest block of foreign owners of Florida property, with much of that investment in condos’
And K-dns like leverage a lot. So they hocked their igloos too.
‘Now, everyone is expected to pay the piper, but few can. The aggressive timetable and higher-than-expected costs related to bringing so many buildings up to snuff so quickly has exposed the flawed reality facing the new laws: There simply isn’t enough money among condominium unit owners to cover the past sins of the developers who built the buildings and the associations accountable for maintaining them’
Sometimes a view point from far away is more clear.
‘Austin is now leading the country in declining rents. But this time few other large U.S. cities are following. ‘A lot of builders … they look at the demographics and they look at the job growth and they look at projections and they say, ‘You know what, this is going to be a good place for me to build…This is what happened with Austin’
And the gals at Fannie Mae guaranteed a whooping big amount of those loans Kim. Sound lending!
‘Philadelphia landlord Philip Pulley is facing down a $60 million lawsuit filed by Fannie Mae. The government-controlled mortgage financier sued several real estate companies tied to Pulley in federal court, the Philadelphia Inquirer reported. Fannie Mae alleges the Pulley affiliates defaulted on seven mortgages between Philadelphia and Delaware County. The affiliates owe $59 million on the defaulted loans’
There you are again Kim, Hi!
‘In February, Harbor Custom announced it had ‘found no viable plan’ to continue and would sell four apartment properties in the area along with assets in three other states as part of its wind-down process…the value of Pacific Ridge in the Fern Hill area was well below what was owed on it…Harbor’s bankruptcy case involves properties in four states with total debt listed in its initial filing last year totaling $172.5 million with $224 million in assets’
These are the death throes for a business. I’ve been following this: almost brand new airboxes, 2 or 3 years old now. Failed immediately upon opening. If there was a buyer it would have emerged by now. Paid too much for the land.
‘It’s been maybe two to three years,’ he told me. And unlike streetlights across the city that have been stripped of copper wiring and other materials by thieves, Aguirre said, these just needed basic maintenance, but nobody was expecting a fix anytime soon.
It’s the Can’t Do State™.
‘I’ve worked with a lot of children, and I don’t think it’s OK for them to see this’
We’re probably going to have some real psychos with these kids.
It’s the Can’t Do State™.
As i mentioned the other day, more and more of my Bay Aryan colleagues have purchased generators for their homes, due to frequent black outs. Expect this to become a nationwide trend if Harris is installed.
‘At least if it’s going to be vacant, have a better fence,’ Wallace said. ‘This is not a warehouse on the outskirts of town. These are people’s houses’
It sux having bad neighbors you can’t do anything about Brian. But it’s still way cheaper than renting.
‘And if you miss one, just like the sun’s going to come up tomorrow, more often than not, there’ll be something else for you to buy’
I used to check the Geelong Advertiser every day. It was the source of much crater and hilarity. Alas it’s behind a paywall now and the only time articles like this come up is through news.com.au.
“it’s behind a paywall now”
https://archive.ph/
This is how I read (and share) New York Times and Washington Post articles, without “registering” or paying anything. It works on most alleged news websites, most of the time…
Doors — When The Music’s Over (live):
https://www.youtube.com/watch?v=25Cc16mWVMA
Eagles — In The City:
https://www.youtube.com/watch?v=J39LK_wDzKw
Jimi Hendrix — If 6 Was 9:
https://www.youtube.com/watch?v=cQCM2vHIZ3o&list=PLPV9JADQCKGI5P4p3dKjl9WF5TaQ0LtBt
City streets don’t have much pity
When you’re down, that’s where you’ll stay
Donald Trump. SUSPECT ARRESTED. Ryan Wesley Routh. Assassination Attempt. Florida.
JLR© INVESTIGATES!
1 hour ago
Donald Trump suspect arrested.
Ryan Wesley Routh.
Greensboro North Carolina.
https://www.youtube.com/watch?v=N8-Q6dyo0IY
5:41.
Palm Beach Sheriff, USSS, and FBI provides update on assassination attempt on former President Trump
FOX 4 Now
1 hour ago
https://www.youtube.com/watch?v=Q4Dvtaa5G_U
11 minutes.
Ex-FBI agent explains Trump gunman’s ‘weapon of mass destruction’ conviction | NewsNation
59 minutes ago
The suspect in the assassination attempt on former President Donald Trump at his Trump International Golf Club in West Palm Beach, Ryan Wesley Routh, was previously convicted in 2002 of possessing a weapon of mass destruction. Former FBI agent Jennifer Coffindaffer breaks down what that means on “NewsNation Prime.”
https://www.youtube.com/watch?v=nrETNZu-O54
3:31.
Former FBI agent Jennifer Coffindaffer
Based on her takes in the Karen Read case in Boston, I wouldn’t put much stock in anything she says.
Bradshaw and the rest of these clowns can’t protect Trump because “he’s not the sitting president…” Bradshaw only has a $902 million budget and I won’t even bother looking up the Secret Service budget. It’s not like they can afford a $500 drone or anything.
Gunman Was Close to Trump Because ‘He’s Not Sitting President’-Sheriff Says
Published Sep 15, 2024 at 6:08 PM EDT
Palm Beach County Sheriff Ric Bradshaw revealed details of the Sunday afternoon incident during a press conference, shedding light on how the suspect managed to get so close to the former president.
“The golf course is surrounded by shrubbery, so when somebody gets into the shrubbery, they’re pretty much out of sight,” Bradshaw explained. He added a crucial point about Trump’s current security status: “And at this level that he is at right now, he’s not the sitting president…”
https://www.newsweek.com/trump-gunman-not-sitting-president-palm-beach-1954226
The Palm Beach County Sheriff’s Department’s budget for the 2024 fiscal year is $902 million. The 2025 budget is proposed to be $952 million, but $84 million in spending on improvement and replacement projects has been deferred to the 2026 budget. This means that the 2025 budget will not include any money for new police cars, patrol boats, or other improvements. The 2025 budget percentage increase is kept under 10% and the spending plan is kept under $1 billion.
Greensboro North Carolina.
One of the unanwered question is how Routh knew when and where DJT would be playing golf that day, and was this an inside job. One pundit who lives in the Palm Beach area said that it’s not that hard to know when DJT is in the vicinity, since there are motorcades and SS all over the place.
Did Routh, who is based in NC, move the FL long enough to know this? I suppose he could have his kit ready-to-go in his Pathfinder, he would have had to be stalking the motorcades, guess roughly when and exactly where DJT would be putting, and set up very quickly. Difficult, but doable.
So far, I can’t rule out a self-styled lone-wolf attack. Or, there’s a mole somewhere in the security detail.
who is based in NC
What?!?! I’m hearing/seeing he’s from Hawaii!
Oh and btw, the legacy MSM is blaming DJT’s rhetoric for this second attempt. “They’re eating the dogs” is the new J6. It’s his own fault, you see. Never mind that the guy was focused on Ukraine. And surely he was planning this long before the cat memes.
It’s going to backfire on the MSM, of course. I predict next week’s polls will show a marked increase in both fundraising and polling.
But so far there’s been no new movement on Polymarket.
legacy MSM is blaming DJT’s rhetoric for this second attempt
Of course they are. It has absolutely nothing to do with them calling him a modern-day Hitler and a “threat to democracy.”
Tucker Carlson Blasts Useless Elites Who Fail in Life Yet Lecture Hardworking Americans
Tucker Carlson Network
1 hour ago
https://www.youtube.com/watch?v=tojO132DvLQ
11 minutes.
Say what? Trump needs to tone it down?
Curtis Houck
@CurtisHouck
WATCH: MSNBC’s Alex Witt argues *the Trump campaign* needs to turn down the rhetoric now that Donald Trump has been shot at for the second time in three months.
“Do you expect there to be calls from within the Trump campaign to [tone it down]?”
Elise Jordan replies she hopes Trump makes this “a unity-type” inflection point, but fears he won’t do it.
4:31 PM · Sep 15, 2024
·
https://x.com/CurtisHouck/status/1835416101611589931
Say what? Trump needs to tone it down?
You’re forgetting The Narrative: Trump’s divisive.
It’s an abusive dynamic.
We keep trying to kill you. You keep noticing. You need to stop that.