We Went From Next To No Listings To A Flood Of Listings
It’s Friday desk clearing time for this blogger. “‘After every flood, we lose a few neighbors’ said Trina Winter. Those losses mean changes for her community in Tampa’s Sunset Park neighborhood. ‘Everybody is scrambling, in fact, to try to get their homes sold, because there is going to be so much competition,’ Winter said. Home values remain diminished in parts of the metro area, the Times found. The average Sanibel home used to be valued at over $1.2 million, for example. But as of last month, it’s now about $304,000 lower. In St. Petersburg’s Shore Acres neighborhood, which has continuously been ravaged by flooding, short sales on storm-damaged homes are already popping up after Hurricane Helene. One home at 2135 Montana Ave. NE, which was purchased two years ago for $660,000, is now being listed for $399,000. ‘CASH OFFERS ONLY!’ reads the listing.”
“Ryan Harper and his wife decided to sell their Santa Clarita, Calif., mansion last year after the insurance premium on it nearly tripled. The Harpers listed the six-bedroom Spanish-style home, which had been labeled fire-prone by the state, at $1.25 million. Months went by with little interest. For the handful of potential buyers who did emerge, insurance costs would often come up as a concern. The couple dropped the price by $75,000, then took it off the market. ‘To sell a home in California right now seems almost impossible,’ Harper said. ‘The insurance market is crazy.'”
“Sandra Beckett and her husband sold their historic home in West Palm Beach, Fla., this summer, less than two years after they bought it, in part because of insurance costs. The Becketts could find only one insurance company that would work with them. This year, the premium on that policy was set to go up by hundreds of dollars to more than $8,000. ‘It was scary to be honest,’ she said. ‘I don’t think I will ever own another home in Florida.'”
“Kayla Ward was drinking coffee on her porch Friday afternoon when she noticed water from the nearby Nolichucky River rising fast. After nearly a year in the house in the Appalachian Mountains, Ward never thought to worry about flooding. But she and her husband had to race to escape after Helene swept through Jonesborough, Tennessee. Ward, like many other homeowners hit by last week’s storm, did not have flood insurance, and she said her insurance company denied her husband’s claim. It was a surprise to Ward, 61, who used to work as an insurance claims specialist for a full-service insurance agency in the neighboring town of Johnson City. ‘We’re finding out everybody in our area is the same way. Nobody’s being covered,’ she told USA TODAY. And ‘we lost everything. Everything.'”
“In dozens of counties in Georgia, North Carolina and South Carolina that were flooded by Helene, less than 1 percent of households have flood insurance through the federal program that sells almost all of the nation’s flood policies. ‘People never thought they would have a problem with flooding,’ said Jimmy Isaacs, fire chief of Boone, North Carolina, a mountainous town in Watauga County, where less than 2.5 percent of households are insured. ‘It’s going to be a difficult recovery.’ A similar dynamic emerged in 2017, Donald Hornstein, at the University of North Carolina at Chapel Hill said, after Hurricane Harvey caused massive flooding in the Houston area and resulted in about $125 billion in total damage. Whether or not a household had flood insurance determined whether they could ‘stay in their homes and keep their family’s largest financial asset, or not,’ he said. Many homeowners without flood insurance were ‘set back to square one financially,’ Hornstein added, a dynamic he expects will play out with uninsured households trying to recover from Helene.”
“The signs of exodus are everywhere along Little Caillou Road as it winds for miles past bait shops and sugar cane fields, following the curves of the bayou. Empty homes with remnant strips of blue roof tarp fluttering in the wind, ivy climbing the siding. Shuttered banks and storefronts. A razed school that’s now a vacant lot. Hurricane Ida devastated this stretch, but the bayou communities have bounced back before. Now, there’s another force hollowing them out. ‘It’s not going to be hurricanes that run people out of here,’ Dirk Guidry said. ‘It’s going to be the insurance rates.’ Guidry, 68, a former shrimper and Terrebonne Parish council member, owns Pizza Express, one of Chauvin’s few remaining businesses. What he sees now is nothing like he has ever experienced. It’s costing him almost $20,000 just to insure his home and business. For friends and neighbors, the insurance burden is overwhelming.”
“Anchored Tiny Homes, the fast-growing Fair Oaks family firm that once set sights on a national expansion, before fending off claims that it scammed its clients of millions of dollars, has filed for bankruptcy protection. The firm owes more than $12.8 million to more than 870 creditors, the Sept. 30 filing in Sacramento federal court shows. With the Chapter 7 filing, the home builder plans to liquidate assets to pay off the debts. At least two lawsuits have been filed in Sacramento Superior Court against the company along with complaints to the Contractors State License Board. ‘There are people in that group who have paid hundreds of thousands of dollars for absolutely nothing,’ Jan Truelock of Roseville, who recounted her troubles with Anchored Tiny Homes in a Bee interview earlier this year. ‘And they probably will never see that money.'”
“The assessed value of Center City office buildings fell by over $1 billion in recent years, the Office of Property Assessments (OPA) reported to City Council this week. That spells trouble for the City of Philadelphia’s tax revenue. The assessed value fell from $9.82 billion in tax year 2023 to $8.78 billion in tax year 2025, OPA stated, amid persistent office vacancies and recent transactions that have seen buildings selling for far below their previously assessed value. ‘Over the past couple of years, I’ve been to Denver, I’ve been to Oakland, and I would say that our downtown is faring much better than other cities I’ve seen,’ Councilmember Jamie Gauthier said. ‘Those cities felt very empty to me, even a few years out of the pandemic.'”
“The Toronto housing market was deluged with homes for sale in September as sellers decided to list their properties after months of no action. ‘We went from next to no listings to a flood of listings,’ said Joshua Jean-Baptiste, real estate broker with Sage Real Estate. ‘Every seller who had a house they wanted to sell was waiting for September and everyone had the same thought at the same time,’ he said. In Vancouver, the home price index was $1,179,700 last month, according to Greater Vancouver Realtors. That was 1.4 per cent lower than in August and 1.8 per cent below September, 2023. The realtors group said on its website that the recent reductions in borrowing costs are having a limited effect in spurring demand so far and that the drop in prices was a result of sales not keeping pace with the number of homes coming on the market.”
“When Heather Hayes began working at the Orangeville Food Bank in 2015, she says it supported around 300 people a month. Now, she says, the food bank is supporting nearly 1,400 people a month. It’s an issue provincewide, with Feed Ontario reporting last month that a million people living in Ontario turned to food banks over a 12-month period starting in the spring of 2023. In Toronto, Daily Bread food bank is sounding the alarm about what it’s calling ‘crisis-level’ food insecurity. Food insecurity is no longer an issue impacting only people who are low income, Hayes said. ‘Sixty families came in last month and they actually owned their own house — That’s a stat we would not have tracked before,’ she said.”
“Home prices across regional NSW are being slashed by as much as one-third of the price they were originally listed for. Affordability is at an all time low for both homebuyers and mortgage holders, yet many rural and coastal retreats are seeing owners drop prices in attempts to entice buyers. Leading the charge is a property at 660 Kerrs Creek Road, Kerrs Creek where the asking price has plummeted by 33.1 per cent. But Kerrs Creek isn’t the only place feeling the squeeze. In the quiet coastal town of Rosedale, a property at 21 Roseby Drive has seen its price slashed by 28.1 per cent. Once listed at $695,000, it’s now asking just $500,000, a discount of almost $200,000.”
“In Werris Creek a home at 1758 Werris Creek Road has seen its price tumble from $690,000 to $495,000, reflecting a 28.3 per cent discount, according to a SQM Research report on the state’s most discounted homes. Similarly, a well kept Williamtown cottage has dropped by 23.1 per cent, now listed at $300,000 compared to its initial $390,000 listing price in January. The discounts continue in Wootton, where the price for a home at 562 Newmans Rd has dropped by a quarter. The listing states ‘motivated sellers, priced to sell,’ and has dropped from $1.8 million to $1.35 million, a saving of $450,000.”
“Beijing faces a lot of economic challenges these days. So it is that no sooner had the government last week unveiled its biggest attempt in years to shore up flagging growth than new calls emerged for more, more, more. What economist and investors, many of them foreign, want now is fiscal stimulus—debt-fueled government spending to boost aggregate demand in the Keynesian mold—to accompany the credit stimulus Beijing has tried to implement of late. The Communist Party may even deliver. Not that it’ll mean much for the economy.”
“China’s problem is that although Beijing has been dismantling the country’s old property-driven economic model for four years, it has yet to devise a viable long-term replacement. The political controls on the economy that created this situation aren’t going away under Xi Jinping and will thwart the Keynesians’ longed-for virtuous circle. Any new money funneled into consumption will land in a business ecosystem facing the same financial-political inhibitions on productive investment as before. A paradox: If China were capable of benefiting from a new spending stimulus, the economy wouldn’t need one.”
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‘It’s not going to be hurricanes that run people out of here,’ Dirk Guidry said. ‘It’s going to be the insurance rates’
This is in Louisiana.
‘Home prices across regional NSW are being slashed by as much as one-third of the price they were originally listed for’
This is New South Wales in Australia.
‘The average Sanibel home used to be valued at over $1.2 million, for example. But as of last month, it’s now about $304,000 lower. In St. Petersburg’s Shore Acres neighborhood, which has continuously been ravaged by flooding, short sales on storm-damaged homes are already popping up after Hurricane Helene. One home at 2135 Montana Ave. NE, which was purchased two years ago for $660,000, is now being listed for $399,000. ‘CASH OFFERS ONLY!’ reads the listing’
Short sales, All Time High Larry?
Florida is finished
‘The couple dropped the price by $75,000, then took it off the market. ‘To sell a home in California right now seems almost impossible’
This article says you have to have insurance if you have a mortgage. Obviously that’s not true as we see with the legions of newly minted FBs.
Did the REIC not know that 99% of loanowners didn’t have flood insurance on the shack that is the collateral for their whopping big debt? They knew, they were so busy sticking money in their pockets that they didn’t care.
Realtors are liars.
Realtors are liars.
“…Ryan Harper and his wife decided to sell their Santa Clarita, Calif., mansion last year after the insurance premium on it nearly tripled….”
Another Friday, another out-of-control holding costs story. {yawn}
“…The couple dropped the price by $75,000, then took it off the market….”
Memo to the Harpers: What you really own is not a mansion, but a gigantic liability. You could drop your price to zero and still might not get any takers. What you didn’t realize is that the economics of holding costs [of large] properties in many areas is impossible for the majority of potential buyers.
I’m digging how the bogus jobs report this morning is having some unintended consequences…..or maybe they’re intended, what the heck do I know. But 10yr yield is jumping up. Looks like a setback for the rate daters.
You will own nothing
and next month the day AFTER the elections it will be reported we lost 250,000+ jobs because of the hurricane.
“a setback for the rate daters”
Debt Donkeys gonna donk.
“revenge a dish best served cold?”
“an employee may ‘retaliate’ against unfair treatment by an employer”
Digger driver partly destroys 5 homes worth £4m following a dispute over pay.
https://www.bitchute.com/video/Y6LFVwwNs6XY
5:18.
Which will be revised down right after the election.
Monster Upside Surprise: American Economy Added 254,000 Jobs in September
John Carney
4 Oct 2024
Employers in the United States added 254,000 workers to their payrolls in September, the Department of Labor said Friday, and the unemployment rate dipped to 4.1 percent.
Economists had been expecting 150,000 jobs and an unemployment rate of 4.2 percent. The number far exceeded even the most optimistic estimates. Some analysts had estimated as few as 70,000 workers would be added to payrolls.
Adding to the strength of the report, the estimate for July was revised up by 55,000 to 144,000 and the estimate for August was revised up by 17,000 to 159,000. These revisions together added 72,000 jobs.
‘Everybody is scrambling, in fact, to try to get their homes sold, because there is going to be so much competition,’ Winter said.
Get to sawin’ and slashin’ like you mean it, FL condo FBs.
One home at 2135 Montana Ave. NE, which was purchased two years ago for $660,000, is now being listed for $399,000. ‘CASH OFFERS ONLY!’ reads the listing.”
But…but…muh generational wealth!
‘To sell a home in California right now seems almost impossible,’ Harper said. ‘The insurance market is crazy.’”
As long as you cling to your delusional greedhead wish price, Ryan, your shack will sit unsold. Price in property taxes, insurance cost/risks, and commie malgovernance, and the Yellen Bux “value” of your shack will be decimated.
‘To sell a home in California right now seems almost impossible,’
Almost all homes will sell at a sufficiently low price.
Exactly. They’re wish price is what’s impossible.
Oops….”their”
Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.
https://www.reuters.com/business/finance/feds-paper-losses-top-200-bln-mark-2024-10-03/
Are the Fed’s massive paper losses somehow related to the stock market’s permanently high plateau?
‘There are people in that group who have paid hundreds of thousands of dollars for absolutely nothing,’ Jan Truelock of Roseville, who recounted her troubles with Anchored Tiny Homes in a Bee interview earlier this year. ‘And they probably will never see that money.’”
In a time of universal fraud, aided and abetted by regulators, enforcers, and policymakers, if you don’t hold it, you don’t own it.
And the fraud must be in overdrive. I tried to prepay for an upcoming hotel stay with a credit card. It was just $800, nothing ground shaking, and the payment was declined because the CC company suspected fraud. I had to contact them and tell that it was actually me using the card.
$800
That’s, like, four nights.
Yup
‘Every seller who had a house they wanted to sell was waiting for September and everyone had the same thought at the same time,’ he said.
Sounds like a Wile E. Coyote moment for Toronto FBs & speculator scum as FOMO turns to Fear of Getting Schlonged.
In Vancouver, the home price index was $1,179,700 last month, according to Greater Vancouver Realtors. That was 1.4 per cent lower than in August and 1.8 per cent below September, 2023.
I’m no economics major like AOC, but with shack prices shedding thousands of pesos each month, why on earth would I buy one now rather than waiting out the carnage?
American in Appalachia who lost everything due to Helene-related flooding are now learning that FEMA spent most of its budget facilitating. the resettlement of illegals. So now FEMA, which has zero credibility with anyone paying attention, feels a need to engage in “rumor control.” If Comrade Kamala is installed as our next “selected, not elected” president, I expect DHS will unveil the latest iteration of its abortive Orwellian Ministry of Truth.
https://www.thegatewaypundit.com/2024/10/fema-sets-up-rumor-control-battle-confusion-about/
People get what they deserve if they are willing to vote for these communists.
They want the dystopian society because they believe its ill effects won’t apply to them.
They want the dystopian society because they believe its ill effects won’t apply to them
Maybe but one guy I know says he doesn’t care and no matter how bad it gets he can always sell his house and live in a car by the river with the proceeds if need be.
I just don’t understand it because other people think they are above it and not going to be negatively affected. They add things like “My taxes will go down once Trumps cuts expire.” I try to explain to them that Trump’s cuts saved them a boatload of money but they think it only helped Billionaires. I ain’t a Billionaire and my taxes were definitely cut.
I try to explain to them that Trump’s cuts saved them a boatload of money but they think it only helped Billionaires.
I found a great website (taxplancalculator.com) at the time showing the realities of the Tax Cuts and Jobs Act of 2017 and forwarded it to my libtard friends.
“FEMA spent most of its budget facilitating. the resettlement of illegals”
America LAST, as always.
It’s going to cost even more to sweep the entire country to root out these verminous, thieving parasites.
There are several reports on X that FEMA is now confiscating private supplies brought in by private citizens, ostensibly because the supplies are not on the “preferred vendors list.” More reports that FAA is restricting airspace to block private helicopters from delivering more non-preferred supplies.
I hope somebody gets these incidents on video.
Private citizen assistance to stricken Appalachian communities doesn’t generate kickbacks for the Biden Crime Family or the DNC.
https://voxday.net/wp-content/uploads/2024/10/image-2.png
‘Sixty families came in last month and they actually owned their own house — That’s a stat we would not have tracked before,’ she said.”
Don’t confuse FBs with “homeowners.” You don’t own your shack until the last mortgage check clears.
This sounds like senior citizen widows who own their home free and clear but can’t afford rising carrying costs. The obvious solution should have been to downsize years ago. But if they locked into a reverse mortgage they’re pretty hosed. And I bet some can’t even afford a smaller home, like those little condos in Florida.
“…senior citizen widows…”
These old birds are viewed as chow by a whole slew of shady thieving scum many of whom set up shop in Florida.
Costco now selling platinum as millions of former sheeple are becoming red-pilled and converting their debauched Yellen Bux into physical precious metals in a vote of NO CONFIDENCE in the Fed & the Biden-Harris regime.
https://www.kitco.com/news/article/2024-10-03/costco-adds-platinum-bars-precious-metals-offering-after-skyrocketing-gold
I would say that Costco is sold out of PMs about 99% of the time
A reader sent these in:
I remember people telling me I was nuts for suggesting there was no housing shortage in Nashville- well before this number broke out higher.
Signs were there the entire time- you can’t manifest away the math of excess supply.
https://x.com/KennyCap_Phd/status/1841912844889071882
🙁Stunning stat shows how few Helene victims had flood insurance in Appalachia. Less than 1% of family homes in the areas most heavily impacted by Hurricane Helene have flood insurance
https://x.com/dailyjobcuts/status/1841903100770320451
A man helps another customer checkout in line.
https://x.com/SteveInmanUIC/status/1841914354931003754
The economy is so strong we had to take on $373B in new debt in 4 days.
https://x.com/NorthmanTrader/status/1841754479953072556
Btw, this means the US has added $4.2 trillion in debt in just the past 18 months since the “Fiscal Responsibility Act” was passed.
$12 trillion since Q1/2020.
$26 trillion since Q1/2008.
75% of all US debt has been added in just the past 16 years.
https://x.com/NorthmanTrader/status/1841900071555625354
Bought for $309K tried to sell a few days before the flood for $849K, now the home doesn’t exist.
https://x.com/I0II0II0II0I0II/status/1841926058389487626
Toronto….not so supply-constrained at the moment. Inventory back to 08 levels. Single-family also at decade highs
BUT, SFH building permits in Ontario remain at 40-yr lows. All things are cyclical. Demand will eventually normalize on other side of recession. That’s a concern
https://x.com/BenRabidoux/status/1841857998110482876
Feels like a consumer #recession
https://x.com/BankerWeimar/status/1841919161846653010
Weird how our government never runs out of money for illegals and foreign wars.
https://x.com/catturd2/status/1841959466620666152
So what happens to the houses that are still standing?
https://x.com/GayBearRes/status/1842028645273280965
It is real..
https://x.com/manager_wong/status/1841854206489002292
I don’t wanna sound conspiratorial here but this fact pattern is kinda suspicious…
Pre-Sep FOMC, a chorus of hired pens barking like rabid dogs up the Fed alley begging it to stem the tide of a certain great depression, a chairman who pulls a whole board to a 50 bp cut then a before last NFP pre-election glowing – on the heels of 900 K negative back revisions – and same pens chanting the glory of the best economy ever?
https://x.com/INArteCarloDoss/status/1842201351184322904
Also even if you had flood insurance, it is capped at 250k for the structure, and nobody gets more private flood on top of that unless they are rich….So a total loss for 99% of the people affected and a huge loss for those even with insurance.
Especially at post-pandemic housing prices…
“The economy is so strong we had to take on $373B in new debt in 4 days”
Paul Krugman muh best economy ever.
joy
/joi/
noun
noun: joy
a feeling of great pleasure and happiness.
“tears of joy”
h
Similar:
delight
great pleasure
joyfulness
jubilation
triumph
exultation
rejoicing
happiness
gladness
glee
exhilaration
ebullience
exuberance
elation
euphoria
bliss
ecstasy
transports of delight
rapture
radiance
enjoyment
gratification
felicity
cloud nine
seventh heaven
joie de vivre
delectation
joyousness
jouissance
ravishment
jocundity
pleasure
source of pleasure
treat
thrill
buzz
kick
h
Opposite:
misery
despair
trial
tribulation
a thing that causes joy.
plural noun: joys
“the joys of Manhattan”
verbliterary
verb: joy; 3rd person present: joys; past tense: joyed; past participle: joyed; gerund or present participle: joying
“our government never runs out of money for illegals and foreign wars”
Invite the world, invade the world, as always.
Today’s savvy home buyer = tomorrow’s bailout-worthy housing market victim
REAL-ESTATE
Single women are leading the way in homeownership, research shows | Home Front
Special to the Herald-Tribune
Budge Huskey
Real estate brokerage has, for many decades, been an industry in which women not only represented a majority of practitioners, but also the majority of top performers. One of the most rewarding aspects of my long tenure in this field has been witnessing the financial independence and empowerment of those with whom I’ve had the privilege of working based solely on talent and commitment, an opportunity often lacking in other industries. It’s therefore heartening to see a similar trend in home ownership.
Recent studies and articles have illuminated a trend that’s as encouraging as it is groundbreaking – more women are becoming homeowners, a clear indicator of their increasing financial autonomy and long-term security. I see it daily in our markets in the customers our team as well as other brokerage firms represent.
…
https://www.heraldtribune.com/story/business/real-estate/2024/05/05/pew-research-single-women-are-leading-the-way-in-homeownership/73171871007/
They aren’t single. You forgot about their cats
Just wait’ll the toilet clogs. They’re gonna need a man !!
I had a partially clogged toilet. I was able to fix it with 4 applications of Green Gobbler over 4 days. It wasn’t pretty but it did the job.
Usually I call in the experts. I hope you don’t expect me to jackhammer my foundation.
In foreclosures I had to deal with a lot of plugged toilets, many times without water except what I brought. I always carried around 10 gallons. What I did was poured in water, add the granulated stuff that breaks up septic tanks. It’s not toxic. Come back the next day with a 5 gallon bucket of water and it almost always flushed right away. I told that to a plumber helping me with a rental one time. He laughed and said ‘the old timers wouldn’t even have used a glove.’
I had to deal with a lot of plugged toilets
I raised four kids. Some things can be used to plug toilets that can’t be dissolved.
and how many got their “money” from divorce settlements??????
+1
U.S. won’t extend legal status for Venezuelan migrants who arrived under Biden program
The Biden administration will not be extending the legal status of tens of thousands of Venezuelan migrants who were allowed to fly to the U.S. under a sponsorship program designed to reduce illegal border crossings, according to U.S. officials and internal documents obtained by CBS News.
The administration first launched the program in October 2022 to discourage Venezuelans from traveling to the U.S.-Mexico border by offering them a legal way to enter the country if American-based individuals agreed to sponsor them. It was then expanded in January 2023 to include migrants from Cuba, Haiti and Nicaragua, whose citizens were also crossing the U.S. southern border in record numbers at the time.
Some advocates expected the Biden administration to extend the parole status of CHNV migrants, like it did for tens of thousands of Afghan evacuees and Ukrainian refugees who were also allowed into the U.S. under the parole authority.
But the Department of Homeland Security has decided against offering Venezuelans parole extensions, or what the government calls “re-parole,” two U.S. officials told CBS News. The officials requested anonymity to discuss the decision before its formal announcement.
Instead, the Venezuelan parolees, as the government calls them, will be given notices instructing them to apply for another immigration benefit or leave the country, the officials said.
It’s unclear how DHS will treat the cases of Cubans, Haitians and Nicaraguans, whose parole periods will not start to expire until early next year. Former President Donald Trump has indicated he wants to end the CHNV policy, along with other Biden administration immigration programs.
https://www.cbsnews.com/news/venezuelans-legal-status-chnv-program/
Build the wall, deport them ALL.
The future was once dazzling for IronNet. Founded by a former director of the National Security Agency and stacked with elite members of the U.S. intelligence establishment, IronNet promised it was going to revolutionize the way governments and corporations combat cyberattacks.
Its pitch — combining the prowess of ex-government hackers with cutting-edge software – was initially a hit. Shortly after going public in 2021, the company’s value shot past $3 billion. Yet, as blazing as IronNet started, it burned out.
Last September the never-profitable company announced it was shutting down and firing its employees after running out of money, providing yet another example of a tech firm that faltered after failing to deliver on overhyped promises.
The firm’s crash has left behind a trail of bitter investors and former employees who remain angry at the company and believe it misled them about its financial health.
IronNet’s rise and fall also raises questions about the judgment of its well-credentialed leaders, a who’s who of the national security establishment. National security experts, former employees and analysts told The Associated Press that the firm collapsed, in part, because it engaged in questionable business practices, produced subpar products and services, and entered into associations that could have left the firm vulnerable to meddling by the Kremlin.
“I’m honestly ashamed that I was ever an executive at that company,” said Mark Berly, a former IronNet vice president. He said the company’s top leaders cultivated a culture of deceit “just like Theranos,” the once highly touted blood-testing firm that became a symbol of corporate fraud.
https://www.msn.com/en-us/money/news/collapse-of-national-security-elites-cyber-firm-leaves-bitter-wake/ar-AA1rFNXh
Hindsight is 20/20, and even less when your rearview mirror is broken. But by the fifth recall this year, Elon Musk might be regretting pushing his EV that looks like an 8-year-old’s vision of a sci-fi future.
Tesla announced Thursday it would be recalling more than 27,000 Cybertrucks, according to a filing from the National Highway Traffic Safety Administration. Tesla did not immediately respond to requests for comment.
The meme-mobile is suffering from a delay that impacts the camera, as the system does not always complete its shutdown before being turned back on. In practice, this means that if a driver is backing up before the system reboots, the rearview camera might be behind by two seconds—thus breaking federal regulations. In some cases, the lag is up to eight seconds.
This isn’t the first time Cybertrucks have been proven to be a hazard. The vehicle wasted no time this year in breaking down, as the initial recall cropped up in January with a warning-light font that was too small and could have led to crashes. Then in April, Cybertrucks were plagued with a stuck pedal, which could cause the vehicle to accelerate. June came with two recalls for the truck—namely issues with the windshield wipers and trunk bed trims.
Some who have purchased said car have a bit of buyer’s remorse, though. Lamar, a 33-year-old Cybertruck owner, told Fortune he had to convince his family to put a deposit on the car since they “thought it looked too ugly.” That proved to not matter much, as the Cybertruck was often in the shop. After finding in-person service to be lacking, he found help only when he went to Musk’s Twitter and received a public response on his post.
“Every time we drive we wonder if it is going to break again,” Lamar said. “It’s always in your thoughts. You’re on edge, scared to even go a distance in it.”
https://www.msn.com/en-us/autos/news/tesla-s-cybertruck-is-falling-apart-but-is-still-leaving-the-shelves/ar-AA1rELGS
Cybertrucks: the 2024 version of a dunce cap.
I saw one with my own eyes for the first time the other day. It looked like a toy. The photos are more impressive.
I have finally seen a few at the local Tesla repair center, in the parking lot. It looks absurd.
We have a number of them around here, mostly wrapped.
James May, formerly of Top Gear, did a review of the CyberTruck. To his dismay he discovered that the steering wheel is not mechanically connected to the wheels, and that the vehicle is “steer by wire”.
What could possibly go wrong?
Well, Musk is a pretengineer.
And a subsidy truffle hound.
I’m not sure where this will nest because I don’t have a reply option to your response to me so I must improvise, if it lines up weird that is why.
While what you say may be proven to be true in time, my main point is that he actually delivers on most of his wild claims. He has, in fact, achieved some very impressive things and on a scale that few others have done. That is not fan fiction, it is reality. I’m not saying he doesn’t have issues but completely dismissing him as a fraud is an odd perspective.
P.S. I was under the impression that the entire twitterverse was in love with him until he put an X on their brand. I can’t keep track.
pretengineer
I think he goes far beyond pretending in building things.
I don’t own any Musk products and have no financial investments in his firms but he does appear to deliver what he says he will. He makes wild claims yet then sells record volumes of tangible items. In a world full of genuine hucksters, Musk not only delivers, he rarely bankrupts anyone. I wish I could achieve even a 1/10 of what he has. Still not buying one of his cars, tunnels, blow torches, or rockets tho.
Tesla is an unprosecuted RICO. His purchase of Twitter conveniently silenced those most critical of him and his businesses. These were people who understood science, finance, business and law. You’re clearly falling for the EV Jesus, Rocket Man, Savior of Free Speech narrative.
You’re clearly falling for
Actually not. However, he actually imagines things and then builds them. That is engineering, certificate from university or not. I have no use for EVs or rockets and wish I didn’t have to pay for them. I’ve said here over and over that the EV thing was a government subsidy money grab. I don’t mind your insults because I’m sure they are heartfelt.
Actually not.
Nesting problem. My comment was meant for IP Freely.
About 1 in 3 American drivers who financed their vehicle now owe more on their loans than their cars are worth, a rate that is continuing to grow as car prices increase and long-loan terms become more typical, a new survey report found.
The report from car-buying company CarEdge showed 31% of financing car owners are “underwater,” meaning they have negative equity on their car loans. But that number goes up to 39% when considering only vehicles purchased since 2022, showing recent car buyers face a higher risk.
These rates increase when a car owner has a longer loan term as well as for those who own electric vehicles, the report states. For example, CarEdge’s data showed those with 84-month loan terms are on average nearly $5,000 underwater compared to those with 36-month loans who have more than $12,300 in equity. And 46% of the EV owners it surveyed were found to currently be in negative equity, with luxury brands like Tesla and BMW putting more owners underwater than “budget” brands like Honda and Toyota, CarEdge said.
And with this negative equity comes a contradictory positive outlook for car owners who financed, with 61% of them overestimating how much their cars are worth, CarEdge found. The company’s report shows 17% of its survey respondents believed their vehicle was worth at least $5,000 more than its actual trade-in value.
This “disconnect,” CarEdge says, can “lead to unpleasant surprises” when a car owner tries to sell their car, often creating a new underwater cycle when the negative equity is rolled into their next car loan. This creates issues for not only the drivers but the auto industry, particularly for those in the EV or luxury space.
https://www.wptv.com/life/money/1-in-3-drivers-owe-more-on-their-car-loan-than-the-vehicle-is-worth-report-finds
This “disconnect,” CarEdge says, can “lead to unpleasant surprises” when a car owner tries to sell their car, often creating a new underwater cycle when the negative equity is rolled into their next car loan.
Do people not pay off their car loans anymore?
“Kayla Ward was drinking coffee on her porch Friday afternoon when she noticed water from the nearby Nolichucky River rising fast.”
It’s actually a bit unusual for someone’s house to have a clear view of the river because of trees on the bank. She must have been uphill a little bit. Those are some really high floodwaters.
The Nolichucky is affectionately known as ‘the river of death’ here. Maybe they didn’t get the memo? In Erwin you might notice that not may scenes of floating houses have been shown, that is because the community itself is up on the hill where it belongs. There is relatively little development in the flood plain except for a factory and a hospital. Who thought that was a good idea? Anyway, out away from town lots of folks have been building along the river of death not heeding lessons of the past.
In other news, TVA is now trying to tout that their system worked ‘just like it was supposed to’ while neglecting to discuss that they opened all 11 gates on the dam all of this flowed into and were praying. There was a lot of property underwater below the Douglas Dam through Knoxville due to record uncontrolled flows. If it had rained just a little more we would be discussing a much bigger story. I was monitoring their published data through the whole event and their predictions weren’t just a little off they were way off. This is why they make the big bucks, right?
The Wrong People Are in Charge of American Streets
Later this month, San Antonio is having a block party to celebrate the renovation of Lower Broadway. Long a sun-soaked, seven-lane racetrack, the street is emerging from four years of construction with wider sidewalks, bike lanes, ADA-accessible crosswalks, on-street parking, and street trees.
It wasn’t supposed to be this way. In 2017, voters in the state’s fourth-largest city overwhelmingly approved funding to redesign the whole street, including these two miles north of the interstate. City leaders pulled in federal money, and by 2020, they had $113 million ready to go.
Then the Texas Department of Transportation pulled rank, reneging on an agreement to hand over control to the city. Their reasoning? No vehicle lane could be removed. The city manager called it “a complete about-face.” The mayor said the decision was “illogical” and “absolutely unnecessary.” Six years of planning went out the window, and by last year, Broadway was “no longer our project,” the city’s public works engineer said. Other voter-approved changes to state-owned roads had also been sent back to the drawing board. The Texas GOP platform now includes a “Freedom to Travel” plank that opposes the “Vision Zero” plans (which aim to eliminate traffic deaths) as well as any “mandate” to “shrink auto capacity, or intentionally clog vehicle lanes to force deference to pedestrian, bike, and mass transit options.”
https://www.msn.com/en-us/travel/news/the-wrong-people-are-in-charge-of-american-streets/ar-AA1rFE0A
Their reasoning? No vehicle lane could be removed.
Good for them. I’m sure that at rush hour the traffic density is high. Remove a lane and now you have bumper to bumper traffic inching along.
In SF they are about to vote on closing HWY 1 along the beach and turning it into a park. Yes, that HWY 1! Their plan is to divert it to 19th st. I’m more and more convinced that everyone is insane. To be fair tho, it does appear that part of it may fall into the ocean soon. I’m sure it’ll be fine.
https://www.youtube.com/watch?v=E6YtFG3kvA8
Zimbabwe softens stance on local lithium processing after price collapse
Zimbabwe has softened its requirements for lithium miners to process the mineral locally, a government official said on Thursday, as the industry battles to survive a price slump over the past year.
Africa’s top lithium producer, Zimbabwe had last year given producers up to March 2024 to submit plans of how they would produce battery-grade lithium in the impoverished southern African country.
Prices of lithium, which is mainly used in battery technologies, have fallen more than 80% in the past year largely due to overproduction from China and a drop in demand for electric vehicles.
https://www.msn.com/en-us/money/markets/zimbabwe-softens-stance-on-local-lithium-processing-after-price-collapse/ar-AA1rDC5O
Energy giant Origin retreats from flagship green hydrogen project as hopes for fuel fade
One of Australia’s biggest energy companies has pulled out of plans to build the country’s biggest green hydrogen plant, saying the fuel is too expensive to produce.
In a blow to the federal government’s ambitions of developing a green hydrogen industry in Australia, Origin Energy on Thursday said it was walking away from a planned project near Newcastle in New South Wales.
The project, known as the Hunter Valley Hydrogen Hub, includes explosives giant Orica and was set to involve the production of 5,500 tonnes a year of hydrogen made using renewable energy.
But in a statement to the Australian Stock Exchange on Thursday morning, Origin boss Frank Calabria said the company was “exiting” the project because it could not get the maths to add up.
What’s more, Origin told investors it “intends to cease work on all hydrogen development opportunities”.
The announcement is a further setback for the fledging hydrogen industry and its backers in Canberra after billionaire Andrew Forrest’s Fortescue slashed jobs and cut investments in the technology.
Analysts were unsurprised by Origin’s decision. Dale Koenders, the head of energy and utilities research at investment bank Barrenjoey, said high costs remained the hydrogen industry’s biggest handbrake.
“At this point in time there is just not the customer demand for hydrogen, be it domestically or internationally to build scale to then drive down the costs,” he said.
https://www.abc.net.au/news/2024-10-03/energy-giant-origin-walks-away-from-green-hydrogen/104429206
saying the fuel is too expensive to produce
The watermelons always promise that the green energy will be next to free
it could not get the maths to add up
As with all such projects, the maths add up just fine when the government funding is pouring in. After that, not so much.
Parliament ‘ground to a halt’ over Conservative allegations of Liberal corruption
The government has been unable to put any of its own business before the House of Commons for a full week, and the Conservatives on Thursday said that’s the result of Liberal “corruption.”
Conservative House leader Andrew Scheer said the governing party would rather see the House bogged down in debate than produce documents related to misspent government dollars in a program his party has dubbed the “green slush fund.”
https://www.ctvnews.ca/politics/parliament-ground-to-a-halt-over-conservative-allegations-of-liberal-corruption-1.7061138
Homelessness and inadequate housing have challenged New Brunswick’s urban centres, but small towns have not been spared either. Perhaps one of the most tangible examples is in the southwestern town of St. Stephen.
Last December, after a homeless man was found dead in a park, the municipality declared a state of emergency to force the province to act. The call was promptly shut down by a cabinet minister, who called it “a game of politics.”
The province suggested a location for a temporary shelter on Happy Valley Road for the roughly 100 homeless people in town, only to be shut down by unhappy residents. A temporary overnight warming shelter was eventually created for the end of the winter but is now closed.
Liberal candidate Troy Lyon and Green candidate Mark Groleau agreed to interviews. Kathy Bockus, the Progressive Conservative candidate who held the seat in the last legislature, was not made available for an interview.
Lyons pointed to the Liberal promises of a rent cap, removal of provincial sales tax from power bills and new multi-unit housing and an overhaul of the property tax system as solutions that would work together to make housing more affordable and stable.
Ultimately, he’s learned that homelessness is personal for voters he’s met while campaigning. “I speak with the parents of people that are on the street in St. Stephen. They don’t know where they are. They don’t know if they’re alive.”
https://www.msn.com/en-ca/news/canada/st-stephen-has-been-a-flashpoint-on-the-homelessness-crisis-where-do-candidates-stand/ar-AA1rGDHl
What the parties are promising ahead of the British Columbia provincial election
Leader David Eby made perhaps the biggest promises in the fall campaign before it even began, promising that a re-elected NDP government would open involuntary-care facilities for those with overlapping addictions, mental illness, and brain injuries.
Eby also promised that the NDP would scrap B.C.’s long-standing carbon tax if the federal government dropped its requirement for the tax, and would instead shift the burden to “big polluters.”
One of B.C. Conservatives Leader John Rustad’s first announcements in the campaign was the “Rustad Rebate,” a plan to exempt $3,000 a month of rent or mortgage interest costs from income taxes, beginning with $1,500 monthly in the 2026 budget.
Rustad promised to eliminate existing provincial mandates on electric vehicles and heat pumps and would only support alternative energy sources such as solar and wind when it makes “economical” sense.
The Conservatives have made public safety a major battleground issue and tied it to B.C.’s drug-decriminalization policy, vowing to implement “zero-tolerance” for public drug use while increasing the police presence.
The Conservatives say they will end bans on plastic straws and cutlery and remove compulsory fees for plastic bags in order to “restore freedom of choice and focus on real solutions for our environment.”
https://www.msn.com/en-ca/news/canada/what-the-parties-are-promising-ahead-of-the-british-columbia-provincial-election/ar-AA1rF5Z8
Slate Office REIT managers, directors resign
Slate Office REIT’s managers have resigned from their executive and board roles, representing a victory for activist investor and company trustee George Armoyan.
Mr. Armoyan, who owns 20 per cent of Slate Office REIT, said the company has badly underperformed its peers over the past decade while the Welches’ company has collected $132-million in management fees.
“During its tenure as manager of the REIT, Slate Asset Management has overseen the destruction of over $700-million in unitholder value,” Mr. Armoyan said in a July e-mail to The Globe.
https://www.theglobeandmail.com/business/article-slate-office-reit-managers-directors-resign/
In a jingle aired endlessly on Zimbabwean state television, an all-star singing group seems ecstatic about the country’s latest currency, known as the ZiG. “Everywhere you go, ZiG ho, ZiG ho,” they croon. “New money for you, new money for me.”
The gold-backed currency, officially known as Zimbabwe Gold, is “turning darkness into dawn,” the musicians sing in the video. “Nobody can stop the ZiG.”
But just six months after its introduction, the new currency is on its deathbed. Zimbabwe’s authorities abruptly devalued the currency by 43 per cent in late September, and its black-market value has tumbled even further since then, making a mockery of the government’s pledges of stability.
The new money – the sixth in Zimbabwe in the past 15 years – was launched in April in a bid to revive the moribund economy by replacing a series of failed currencies. The banknotes feature reassuring-looking images of gold ingots, one of the country’s main exports. The government promised it would be a “solid and stable” currency, backed by gold and foreign currencies.
But the country’s independent journalists soon spotted the truth: Even Zimbabwe’s leaders preferred the U.S. dollar.
At rallies, President Emmerson Mnangagwa was seen reaching into his pocket and pulling out wads of U.S. cash, handing out US$100 bills to his supporters. One video showed him giving US$800 to an 80-year-old man who danced energetically at a memorial service. Zimbabweans, in online comments, ridiculed him for abandoning the ZiG.
When the ZiG was introduced, experts were skeptical. “ZiG failed before it was launched because it is not backed by sufficient reserves,” Zimbabwean economist Gift Mugano said in a social-media post a day after the announcement.
Street vendors and small shops insist on U.S. cash from their customers because they are obliged to pay for supplies – and even their home rent – in the American currency. “I can’t risk accepting the ZiG because at the end of the day I will be stranded with the useless money,” said Raymond Musariwa, a 56-year-old shoe repairer in Harare.
https://www.theglobeandmail.com/business/article-zimbabwes-sixth-attempt-at-a-new-currency-is-floundering-again/
I keep a 10 trillion dollar Zim note above my desk right next to one of my scamdemic stimmie checks. Yes, I’m a trillionaire. Don’t hate.
Democrats usually win these states. Why Trump’s visiting them anyway
Fewer than 50 days before the US election, with House seats and the future of his presidential agenda hanging in the balance, Republican Donald Trump held a rally in a state he’s likely to lose.
“When I told some people in Washington, yeah, I’m going up to New York, we’re doing a campaign speech, they said, ‘What do you mean New York?’ Nobody can win. Republicans can’t win,’” Trump regaled a crowd at the Nassau Veterans Memorial Coliseum on Long Island earlier this month.
The rally was only a short train ride from the liberal bastion of New York City, but the atmosphere was indistinguishable from his rallies in more conservative states. The arena’s parking lot was a Trumpian tailgate party; vendors sold merchandise with the slogan “I’m voting for the felon,” and a Trump impersonator posed for photos.
“I said, I can win New York, and we can win New York,” Trump declared.
Trump might not take New York in the Electoral College, but that night in Uniondale before thousands, he was correct – Republicans can win.
In New York, Republicans and Democrats are at war over a handful of congressional districts on Long Island, and in the Hudson Valley and central region as they fight to control the House of Representatives – in addition to the White House. Part of Trump’s mission in Democratic states like New York, which he is unlikely to win, is to fight for Republican candidates to win those districts.
A handful of moderate districts in partisan states could tip the balance of power in the House. Republicans, currently the House majority, are challenging Democratic representatives in blue-leaning regions in Washington state and Maine. Meanwhile Democrats are fighting to keep their centrist lawmakers in more conservative states like Alaska and Ohio.
Winning House seats in up-for grabs districts like Uniondale’s is vital for Trump and his Democratic opponent, Kamala Harris: House control helps determine whether the next president’s agenda faces supportive, same-party lawmakers – or an unyielding wall of partisan opposition.
While Trump might not win New York this November, the Republican Party has had surprising success in House contests there in recent years.
Republican Anthony D’Esposito, representative for the now-hotly contested 4th district where the rally was held, warmed up the crowd for Trump, receiving a hearty welcome. “Long Island is a battleground island!” he roared.
He flipped the district from Democratic control in 2022, even though President Joe Biden had dominated there two years prior. It’s now a district Democrats want back.
Hammering warnings about crime, immigration and inflation helped the Republican Party capture key New York suburban districts – and control of the House – in 2022. Trump and down-ballot Republicans are hoping to replicate this success nationwide.
Long Island voter, Celine Kaur, 48, feels strongly about migrants. “We have terrorists that could be coming over,” she said, echoing Mr Trump’s rhetoric. “It’s terrible. It’s absolutely terrible.”
Ms Kaur said her parents immigrated legally from Guyana in the 1980s, but that new migrants drain resources. “I can’t even get any kind of help, but they’re coming yesterday, and they’re getting so much help,” she said.
https://www.aol.com/democrats-usually-win-states-why-111139138.html
Die, speculator scum.
https://x.com/ManyBeenRinsed/status/1842276160375251037
‘short sales on storm-damaged homes are already popping up after Hurricane Helene. One home at 2135 Montana Ave. NE, which was purchased two years ago for $660,000, is now being listed for $399,000. ‘CASH OFFERS ONLY!’ reads the listing’
It appears this lender is willing to take an a$$pounding here, cuz they probably loaned more than 400k. They are driving the market down just days after the storm.
‘To sell a home in California right now seems almost impossible’
How the mighty have fallen Ryan.
Houses 19x median income aren’t cutting prices here.
Correction: Our neighbors lowered their price from $2.675M to $2.465M. The house has been empty since the end of June.
‘who used to work as an insurance claims specialist for a full-service insurance agency in the neighboring town of Johnson City. ‘We’re finding out everybody in our area is the same way. Nobody’s being covered,’ she told USA TODAY. And ‘we lost everything. Everything’
Jerry is sitting on a sh$tload of that paper Kayla. It would be terrible if something happened to it.
‘A similar dynamic emerged in 2017, Donald Hornstein, at the University of North Carolina at Chapel Hill said, after Hurricane Harvey caused massive flooding in the Houston area and resulted in about $125 billion in total damage. Whether or not a household had flood insurance determined whether they could ‘stay in their homes and keep their family’s largest financial asset, or not,’ he said. Many homeowners without flood insurance were ‘set back to square one financially,’ Hornstein added, a dynamic he expects will play out with uninsured households trying to recover from Helene’
It sounds like they should have seen it coming Don.
‘There are people in that group who have paid hundreds of thousands of dollars for absolutely nothing…And they probably will never see that money’
That story just gets funnier Jan and with the BK, yer schlonged for good most likely.
‘fell by over $1 billion in recent years…That spells trouble for the City of Philadelphia’s tax revenue…‘Over the past couple of years, I’ve been to Denver, I’ve been to Oakland, and I would say that our downtown is faring much better than other cities I’ve seen…Those cities felt very empty to me, even a few years out of the pandemic’
You shot yerself in the fook Jamie.
‘The Toronto housing market was deluged with homes for sale in September as sellers decided to list their properties after months of no action. ‘We went from next to no listings to a flood of listings’
It’s shortage, shortage, GLUT Joshua, that’s how it always goes.
‘The listing states ‘motivated sellers, priced to sell,’ and has dropped from $1.8 million to $1.35 million, a saving of $450,000’
Six months ago this news site was saying it’s to the moon Alice! everywhere in that giant sh$thole.
Why I Joined Trump
Robert F. Kennedy Jr.
42 minutes ago
The Democratic Party now stands for the values of Dick Cheney and that can’t be my party anymore.
https://www.youtube.com/watch?v=THK35-G8USA
2:21.
Heard this on the 70s satellite radio station today but you gots to be old to remember hearing this back in 1971 on AM radio like I do when I was 10.
Put Your Hand in the Hand
https://youtu.be/nh4Y9lT75Kw?si=qG_OA1cw13OXZdOm
you gots to be old
A decade ahead of you, but I still remember the lyrics!
Gregg Re
@gregg_re
Mayorkas 3 months ago: FEMA is “tremendously prepared” for hurricane season
Mayorkas today: FEMA is out of money and can’t make it through hurricane season. “We do not have the funds”
Look at this. 3 months apart:
9:11 PM · Oct 3, 2024
https://x.com/gregg_re/status/1842009544379007476
If It Feels Shady, It Probably Is (Peel Region Real Estate Market Update)
Team Sessa Real Estate
16 minutes ago MISSISSAUGA
In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending Sept 25, 2024. We also discuss a call we received from a buyer who was recently deceived about almost every aspect of their purchase, leaving them in a very tough spot.
https://www.youtube.com/watch?v=Empr2Il__Nk
19:25.
Report: Illegal Alien Accused of Killing Georgia Surgeon Malcolm Goodchild
John Binder
4 Oct 2024
An illegal alien, with a prior drunk driving conviction, is accused of killing 50-year-old Dr. Malcolm Goodchild — a prominent surgeon and father of three children — in Opelika, Alabama, in September.
Armin Rubido Gomez Lopez, a 41-year-old illegal alien, has been arrested by the Opelika Police Department this week and charged with felony reckless murder in connection to Goodchild’s death.
On September 7, Lopez was driving southbound on a northbound exit ramp when he struck Goodchild head-on. Police said Lopez was drunk when the accident occurred.
Goodchild was airlifted to a nearby hospital where he died from his injuries. Goodchild, his obituary states, was a husband, father of three children, and a “gifted and dedicated surgeon.”
“As a father, Malcolm was a source of immense pride and love for his children: Rebecca, Rachel, and Christopher,” his obituary reads. “Malcolm was also a cherished brother to Michael, Simonne, Marlon, Deslyn, and Michele. His relationships with his siblings were characterized by warmth, humor, and a deep sense of connection that will be remembered fondly.”
Lopez had been arrested and convicted of drunk driving in 2022. It is unclear why Immigration and Customs Enforcement (ICE) did not take him into custody following that conviction.
Lopez remains held without bail at the Lee County Detention Center. ICE agents have placed a detainer on him, requesting custody if he is released at any time.
43 COMMENTS
Magilla
2 hours ago
I have worked in a lot of countries and can’t think of one where a non-citizen can get a DUI arrest and not be deported, especially if you are there illegally
Captain Reynault
2 hours ago
Illegal Aliens with Criminal Records are a real and present DANGER to ALL American Citizens.
A surgeon killed by trash thanks to the Biden-Harris Administration.
Georgethehistorywonk Captain Reynault
2 hours ago
Will some Progressive person PLEASE explain what good comes from allowing people to enter and stay in this country in violation of our laws?
Sam I Am
an hour ago
Cause of Death.. Alejandro Mayorkas, Joe Bribem and the border Czar Kamala harris
https://www.breitbart.com/politics/2024/10/04/illegal-alien-accused-killing-alabama-surgeon-dr-malcolm-goodchild/
Gary Reasons: “The Hit”
john smith
10 years ago
New York Giants linebacker Gary Reasons delivers a big hit on Denver Broncos running back Bobby Humphrey in week 14 of the 1989 NFL Season.
https://www.youtube.com/watch?v=Jo-Q0KaCrCQ
2:25.
I remember seeing that twice, once when the game was played and the next morning on the National News.
Great find, great hit and if there ever was a better goal line stand I never saw it.
[Here are some charts of various bonds and notes futures:]
https://finviz.com/futures_charts.ashx?t=BONDS&p=d
[Here is a related article:]
Strong jobs report puts aggressive rate cuts by the Fed on ice.
https://www.axios.com/2024/10/04/jobs-data-fed-rate-cuts-dream
Good news on jobs means you can say goodbye for now to your dreams of continued aggressive rate cuts from the Federal Reserve.
State of play: The Fed may have adjusted rates by a supersized half percentage point in September, but strong employment data released Friday morning put on ice the possibility that it would do so again anytime soon.
Besides the strong job growth, positive revisions and lower jobless rate, wage gains were robust in September, which could spark worries among policymakers that high inflation is not as fully vanquished as it has seemed.
By the numbers: Average hourly earnings rose 0.4% in September and over the last three months have risen at a 4.3% annual rate, higher than is consistent with the Fed’s 2% inflation target. That number was below 3% in April.
That helps explain a furious sell-off in bonds this morning, as investors have repriced the outlook for Fed policy.
The policy-sensitive two-year Treasury yield is up 0.19 percentage point this morning to 3.9% as investors anticipate both a slower pace of rate cuts and a higher terminal rate than they did before the news.
The intrigue: The jobs numbers probably aren’t enough to entirely halt the Fed’s rate-cutting campaign, given that rates remain elevated relative to inflation. But they take off the table the idea that the Fed is behind the curve of a rapidly deteriorating labor market.
What’s next: The Fed’s next policy meeting concludes Nov. 7, and the central bank’s leaders will see a full round of September inflation data and the October jobs report before then.
As of this morning, futures markets priced in 99% odds of a quarter-point rate cut at that meeting, per the CME Fedwatch tool. Those odds were 47% a week ago.
Have things become so good in the Everything is Awesome economy that the prospect of a slowdown has become inconceivable to both Wall Street and Main Street?
But then there’s always that one guy with a contrarian perspective:
https://m.economictimes.com/news/international/us/biggest-market-bubble-in-history-is-about-to-burst-mark-spitznagel-predicts-a-looming-recession-where-even-fed-will-not-be-able-to-save-the-economy/articleshow/113919243.cms
Finance
Fed’s paper losses top the $200 bln mark
By Michael S. Derby
October 3, 2024 1:40 PM PDT
Updated a day ago
The Federal Reserve building in Washington
The Federal Reserve building stands in Washington April 3, 2012.
REUTERS/Joshua Roberts/File Photo
Summary
– Fed’s paper loss hits $201.2 billion on Wednesday
– Fed officials stress negative number doesn’t impact policy
– Fed still facing losses well into future
NEW YORK, Oct 3 (Reuters) – U.S. Federal Reserve losses crossed the $200 billion point this week, according to data released on Thursday by the central bank.
The Fed reported that as of Wednesday, the level of its so-called earnings remittance to the Treasury Department stood at negative $201.2 billion. The number represents a paper loss that central bank officials have noted does not impair their ability to conduct monetary policy.
The negative number is captured in an accounting measure the Fed calls a deferred asset. The Fed must cover this shortfall before it can begin returning excess earnings to the Treasury.
Fed losses flow from the high-interest rate monetary policy path it had been pursuing to bring down inflation.
The Fed pays banks and money funds to park cash at the central bank to keep short-term interest rates at the desired levels. The Fed tilted into loss two years ago and faced record red ink in 2023, as the money it has had to pay out to manage rates has outstripped the money it makes from the interest earned from bonds it holds.
…
https://www.reuters.com/business/finance/feds-paper-losses-top-200-bln-mark-2024-10-03/
Market Extra
Fed’s $1 trillion pile of paper losses are turning into actual losses — with more in sight
On the flip side, a soft landing could justify the Federal Reserve’s underwater balance sheet
By Joy Wiltermuth
Last Updated: June 13, 2024 at 5:48 a.m. ET
First Published: June 12, 2024 at 1:51 p.m. ET
The Federal Reserve’s own balance sheet is underwater — with no end in sight if it keeps interest rates higher for longer. Photo: MarketWatch photo illustration/iStockphoto
Referenced Symbols
TMUBMUSD10Y
3.962%
The Federal Reserve’s roughly $1 trillion pile of paper losses stemming from its underwater securities holdings have begun to turn into more than $100 billion in actual losses, with no relief in sight.
…
https://www.marketwatch.com/story/feds-1-trillion-pile-of-paper-losses-are-turning-into-actual-losses-with-more-in-sight-acf7ae79
Sum Fing Wong
https://fred.stlouisfed.org/series/RESPPLLOPNWW