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Prices Have Been Dropping As Sellers Are Forced To Compete With The Glut Of Other Listings

A report from the Herald Tribune in Florida. “Scores of Manasota Key homes and businesses were severely damaged after Hurricane Helene landed on Sept. 26. Then last Wednesday came Milton’s much higher storm surge. A yellow Adirondack chair flew through the air from a local business and landed hundreds of feet away, plopping in the front yard of Jim and Theresa Legnante’s ruined second home. The Legnantes, like many owners in the 16-apartment ground-level HOA community, were in the process of restoring their place after Hurricane Helene when Milton hit last Wednesday. Legnante, whose year-round home is in upstate New York, said he and his wife feel they have no choice but to start renovating anew. He added: ‘What choice do we have? I think many people would like to sell. But if we flood the market with all these depressed units, what are you going to get?'”

“Addie Granob, a south Florida native, said she and her husband Mikey bought on Manasota Key in 2020, knowing they needed a house on stilts. Where neighbors’ homes were ripped off their foundations, the Granebs’ home suffered only cosmetic damage, including lost siding, after Milton. ‘I hope all these neighbors learn not to build on ground level,’ Addie Granob said. ‘But most of them are from up north.'”

WFLA in Florida. “With hundreds being displaced after back-to-back hurricanes and many across the Tampa Bay area being denied aid from the Federal Emergency Management Agency (FEMA), folks are struggling with who to trust as they search for help. Kirk and Violeta Nowery were out of the country at the time Hurricane Helene hit. Kirk Nowery and his wife Violeta Nowery contacted their insurance agent, were put into the FEMA process and were declined with no explanation. Kirk Nowery said, ‘The entire house is a loss inside, the only thing we have left is the roof — which is damaged — and the exterior walls. How can you be denied when you have lost everything? This is not a game. It’s not like let’s re-apply again and get approved. No. This is not a game.'”

“Elieen Bedinghaus, a broker-associate in Tampa Bay has been contacted by clients for weeks who have lost everything and don’t know how to recover. She shared that her friend said there was a ‘real estate agent’ going house to house in Shore Acers, offering them money for their house, saying they could give them a contract right here, right now and get it all done. ‘Vultures is what they are,’ Bedinghaus said.”

Asheville Citizen Times in North Carolina. “Two days after the Buncombe County Courthouse’s post-storm re-opening on Oct. 14, dozens of protestors on Wednesday called for a 90-day eviction and foreclosure moratorium to protect residents already coping with damaged homes, disabled utilities and potential joblessness. Miranda Escalante of Asheville Food & Beverage United, which also helped organize Wednesday’s protest, stood among the protestors. ‘There’s so many people that their homes have just been absolutely devastated,’ Escalante said. ‘I mean, I have so many friends who can’t even live in their homes and are still paying mortgage, still paying rent.'”

WWLP Springfield. “Last year ended with the lowest volume of single-family home sales in 12 years and persistently high prices, both of which contribute mightily to the affordability and access problem that Massachusetts is now trying to address. Cassidy Norton, associate publisher at The Warren Group, said September showed ‘a slight cooling in sales.’ ‘Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand,’ Norton said. ‘At the same time, prices remain robust … However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.’ The condominium market cooled way down in September as high prices and high interest rates change the calculus for buyers. ‘The Massachusetts condo market saw a significant slowdown in September, with just 1,490 transactions—a 10.7 percent decrease compared to last year,’ Norton said. ‘This marks the fewest number of condo sales for the month since September 2011.'”

The Review Journal in Nevada. “The median price for a house in Las Vegas currently sits at $433,975, according to Redfin, and the average home price in Los Angeles, the city that makes up most of the migrants to the valley, is $1 million. The median Nevada household makes $76,364 while the median Californian household income is $91,905. Las Vegas finds itself in the middle of a housing crisis as home prices are close to setting a record high that was previously set in 2022. The valley’s housing market has seen a flood of new listings coming onto the market as it leads the country regarding that metric, however this has not translated into higher sales as prices remain elevated and homes are sitting without offers.”

Times of San Diego in California. “Single-family home sales dropped 14% in September compared to August, even as average home prices remained steady at around $1 million, it was announced Wednesday. While the median home price remained around $1 million, the price for attached properties declined 4% last month and was slightly less than in 2023 at $646,000. ‘The inventory of homes on the market continues on a positive trend, and we’re still bullish on the prospects of lower interest rates,’ SDAR President Spencer Lugash said. ‘Hopefully buyers will recognize that the tide is turning and that they should connect with a realtor who knows the neighborhood and has their eye on what’s available in this shifting market.'”

Silicon Valley in California. “Housing sales are being completed in a San Jose condominium complex that’s one of several properties mired in a massive Bay Area real estate fraud case, raising hopes for investors who lost money. The residential sales are being conducted in a 96-unit condo development known as Almaden Terraces, located in south San Jose at 1853 Almaden Road. As of Sept. 30, seven of the condos had been sold to owners at prices that averaged $768,000, according to this news organization’s analysis of documents filed with the Santa Clara County Recorder’s Office. The condo sales raise hopes — however faint — that those who were allegedly swindled in a vast fraud case might recover at least a fraction of what they lost when they invested in properties developed by Bay Area real estate executive Sanjeev Acharya and his company Silicon Sage Builders.”

“In late 2020, the Securities and Exchange Commission filed a complaint against Acharya and Silicon Sage that claimed they defrauded an estimated 250 people — many of South Asian ethnicity — who paid about $119 million to invest in projects that Acharya launched. One of the key challenges facing the receiver and the defrauded investors is that Acres Loan Origination provided an affiliate controlled by Acharya and Silicon Sage with a $41.9 million construction loan in 2018 to build the project. Prior court filings have indicated that at least some of the proceeds from condo sales would be used to repay at least a portion of that loan.”

Bloomberg on Illinois. “Billionaire Ken Griffin has found a buyer for one of his luxury properties in Chicago, after cutting the asking price to half of what he originally paid. The Citadel founder’s penthouse at No. 9 Walton went under contract for an undisclosed amount, according to Zillow. The 7,500-square-foot (670-square-meter) unit on the 38th floor, a residence that Griffin never lived in and was marketed as unfinished, was listed for $11 million in July. If the deal closes at or near that price, it would mark a loss for Griffin, who paid roughly $21 million for the property in 2017, according to Cook County records.”

“He previously sold properties in the Park Tower and Waldorf Astoria, each at losses exceeding $3 million. At No. 9 Walton, Griffin spent a total of nearly $59 million on the penthouse he’s now selling and three other units in the largest residential real estate transaction in Chicago’s history. He later tried to unload two of those units but they were pulled off the market after unsuccessful attempts to sell.”

The Globe and Mail in Canada. “In a Toronto condo market awash in inventory, it can be difficult to stand out, says broker Davelle Morrison of Bosley Real Estate. The sellers, meanwhile, are often investors who have decided to exit the market because a tenant has recently moved out. In some cases, buyers are testing the sellers with offers far below the asking price. In the affluent Beaches neighbourhood in Toronto’s east end, broker Rochelle DeClute of Union Realty says the prices of condos have been dropping as sellers are forced to compete with the glut of other listings. ‘We’re definitely reducing on condos,’ she says.”

“Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty, has not been keen on buying condo units in the preconstruction phase for many years, since the price-per-square foot began to surpass the price of a unit in the resale market. But many people were bullish on real estate and they were counting on capital appreciation. ‘Younger parents were buying in pre-construction,’ Mr. Bibby says. ‘They thought, ‘we’ll just hold it for their future.’ These days preconstruction sales have taken a deep dive. He adds that the city still has a lot of condo inventory to work through. ‘From an investment standpoint, I think this is not the time. I don’t think anyone thinks this is the bottom.'”

Blog TO in Canada. “An Ontario home sold at a massive loss this month shows just how much real estate prices tend to fluctuate throughout the province, especially in the face of interest rate cuts. According to its listing, the three-bedroom, four-bathroom home, located in a serene neighbourhood in Kitchener, boasts nearly 4,200 square feet of living space. The property was first sold for $1.62 million in January 2022. Two and a half years later, the home was re-listed for just shy of $1.35 million but failed to attract any buyers. The home was put back on the market for a second time in September 2024 for just under $1.2 million and eventually sold for $1.16 million — representing a loss of $460,000 when compared to its price just two years earlier.”

News.com.au in Australia. “Anthony Albanese has insisted he still knows what it’s like to live on struggle street despite plonking down $4.3 million for a clifftop mansion on the NSW Central Coast. But the Prime Minister has insisted he’s not planning for retirement. Taking advantage of falling property prices as a result of rising interest rates, Mr Albanese snapped up the architecturally designed house with uninterrupted ocean and Sydney skyline views in a private sale last month. The four bedroom house on nearly 800 sqm last sold in November of 2021 for $4.65m, which means the current owners sold at a loss.”

From ABC News. “Staring at a third recession in just two years, Kiwis are moving across the ditch to Australia in substantial numbers, seeking a sunnier economic climate. ‘The cost of living was just getting out of control,’ says Alex Cashmore, who moved to Melbourne this year. He and wife Taya bought a house in Auckland as prices peaked in 2021 and just before the official cash rate skyrocketed from 0.25 per cent to a peak of 5.5 per cent. ‘Double-shafted,’ he laughs, grimly. The interest rate on repayments is higher than the cash rate set by the Reserve Bank of New Zealand, so when their introductory offer expired, repayments went from ‘two point something’ on their mortgage to 7.15 per cent. ‘I’ve got friends who bought at the same time as me. They’ve sold their houses,’ he says.”

Associated Press. “A Vietnamese real estate tycoon was convicted Thursday of fraudulently obtaining property worth billions of dollars and sentenced to life in prison, in a case that has been a centerpiece of the government’s crackdown on corruption. Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to $12.5 billion — nearly 3% of the country’s gross domestic product — in a separate case and sentenced to death by lethal injection. The trials were broken into two parts due to the number of allegations against her, and Thursday’s verdict adds to Lan’s legal troubles as she awaits the appeal of her death sentence to be heard.”

“‘Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident,’ the VNexpress online newspaper quoted Lan, the chairwoman of property developer Van Thinh Phat, as telling the judges in her closing statement last week. ‘For the rest of my life, I will never forget that my actions have affected tens of thousands of families.'”

“Nguyen Hieu, a schoolteacher whose life savings of $36,000 is tied up in illegal bonds issued by Lan’s company, said the life sentence was fair. ‘She deserves the punishment,’ he said, adding that he hoped the death sentence from the first trial is commuted so that Lan has the opportunity to pay back her victims.”

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This Post Has 115 Comments

  1. ‘There’s so many people that their homes have just been absolutely devastated,’ Escalante said. ‘I mean, I have so many friends who can’t even live in their homes and are still paying mortgage, still paying rent’

    I’ve never paid rent on a shack I can’t live in Miranda. It sounds to me like the people who are fooked are loanowners.

    1. never paid rent on a shack you don’t live? you’ve never experienced the joy of a divorce court! (but don’t give up hope . . )

        1. It’s like my single friend always says, I’ve seen unhappy married and unhappy single. I’ll take unhappy single any day!

  2. ‘a schoolteacher whose life savings of $36,000 is tied up in illegal bonds issued by Lan’s company, said the life sentence was fair. ‘She deserves the punishment,’ he said, adding that he hoped the death sentence from the first trial is commuted so that Lan has the opportunity to pay back her victims’

    Bargaining <- Nguyen you are here.

  3. [Hence blogs …]

    Great News: Americans’ Trust In Mass Media Hits All-Time Low.

    https://www.zerohedge.com/political/great-news-americans-trust-mass-media-hits-all-time-low

    Good news is hard to come by in this late-stage American empire, but a new poll offers a ray of hope, finding that Americans’ trust and confidence in mass media is at an all-time low.

    Only 31% of Americans have a “great deal” or a “fair amount” of trust in mass media “when it comes to reporting the news fully, accurately and fairly,” according to Gallup poll conducted in early September. A greater number of Americans — 36% — say they have no trust at all.

    Going back to when Gallup first asked the question in 52 years ago, trust was highest in 1976, topping out at 72% — more than double current levels. Meanwhile, the percent expressing complete distrust has soared from single digits in ’76.

    [A chart appears here …]

    Time and time again, mass media has fully earned those low marks — from cultivating the lie that Saddam Hussein had weapons of mass destruction, promoting the Trump-Russia collusion hoax, echoing false narratives undergirding the unscientific, tyrannical and ultimately disastrous Covid regime, and covering up President Biden’s mental collapse, just to name a few. Social media has likely played a role, as it often provides Americans with information that contradicts mass media narratives — or provides information that mass media ignores altogether.

    Far fewer Republicans than Democrats have a great deal or fair amount of trust in media, by a 12% to 54% margin. However, even Democrats’ trust has fallen significantly, from 76% during the Trump presidency. Expect that number to keep falling as older Democrats die off. “Young Democrats trust the media far less than older Democrats do: 31% of Democrats aged 18 to 29 versus 74% of those aged 65 and older have a great deal or fair amount of confidence,” reports Gallup.

    [Another chart appears here …]

    By a thin margin, mass media is the least trusted of 10 major civic and political institutions evaluated in the Gallup survey, edging out the US Congress, which only 34% of Americans have a fair or high degree of trust and confidence. State and local governments had the best showing.

    Gallup grimly sums up the situation as a “crisis of confidence,” but we find rising distrust in untrustworthy institutions profoundly heartwarming.

    1. +1

      Not trusting is not enough, more importantly DO NOT GENERATE REVENUE for globalist media.

      No cable TeeVee.
      No streaming services.
      No movie theater tickets.
      Do not use apps (i.e. use Brave browser with ad block to use YouTube).

      Stop giving them money, even passively.

      Globalist media is, by default, Anti Christianity.

      They hate Jesus, and they hate Christians.

      So WHY are you giving them money?

      1. I don’t GIVE them money, they TAKE IT !

        I do my best to FIGHT THE POWER (fist raised).. . get my news from an old Trash-80 which takes 3hrs to load this page, powered by my teens on a large hamster wheel perpetually running towards a dangling iPhone whatever model, as I jaunt-off to the farmers co-op driving my Chitty Chitty Bang Bang in dashing Edwardian steampunk attire, with a jaunty “Hi Ho! Hi Ho !! ” to the neighbors (oh look, another “For Sale” sign going up) while dropping off my monthly payment for my Potter shack to Mr. Potter here in Pottersville, CA.

        “Where have you gone, Mr. Banker?
        our nation turns it’s lonely eyes to you
        woo woo woo”

    1. Ukrainian special forces operating deep behind enemy lines captured a Russian motorcycle courier conveying a pouch of secure (non-electronic) written orders from the Russian Army General Staff. However, the courier’s pouch contained only a single sheet of paper bearing the handwritten message “Realtors are liars.”

    2. Hahaha

      Regarding the NEWS.
      Klaus Schwab and his Cult, earlier this year, said words to effect that their greatest priority was misinformation and restoring trust.

      I didn’t know that a self serving special interest group of over 300 Mega Monopoly Corporation and people like Bill Gates were in charge of misinformation and restoring trust.

      What followed was European Countries arresting people for free speech, hate speech and opinion that was called misinformation.

      We recently had 2 previous Presidential candidates being Hilary and John Kerry called for taking free speech for reasons.

      There has been a major effort on the part of the self elected Powers that Be Cult to restore trust by censorship of misinformation and anything that disputes their Great Narratives.

      Subjects that are targets for misinformation are:
      -Dispute to Covid 19 vaccines being safe and effective, or even stopping transmission,and information they are causing death and injury globally.
      -Dispute to Doomsday Climate Change narrative.
      -Dispute to invasion of Borders in US and other Countries.
      -Dispute to escalating world Wars .
      -Dispute to political narratives that Trump is Hitler and his followers are enemies of State that want to destroy democracy.
      -Dispute to transfer of power by Treaty to UN/WHO, a unelected group of corrupt Con Artists wanting to dictate global policies.
      -Dispute to digital currency , surveillance, social credit scores, 15 minute Cities, zero carbon emissions by 2050, vaccine passports, withdraw of sustainable food supply and energy needs.
      -Dispute to gain of function bio weapon labs and counter measures.
      -Dispute to US and China partnering in bio weapon research .
      -Dispute to weapons of mass destruction
      -Dispute to facism partnerships between Monopolies and Governments.
      -Dispute to vaccine mandates.
      -Dispute to declaration of numerous alleged global Panademics , based on fraudulent PCR testing.
      -Dispute to transgender assult on minors and parents right to prevent change of sex of their minor age children.
      -Dispute to violation of Civil Rights laws , Constitutional protections, 14 amendment, etc .
      -Dispute to the unconstitutional pay off bribery of certain ethic groups based on color or gender using
      tax payer funds.
      – Dispute to weather modification, cloud seeding and other programs that we don’t know what they are doing.
      Basically anything that WE THE PEOPLE want to dispute or challenge misinformation by free speech.

      This insurrection by genocidal Entities against humanity, animals, plants, and earth ,would like to control all information in the interest of defrauding billions of people into complying to their Great Narratives, Great Reset, 4th Industrial revolution, power grab of enslaving the globe , you will own nothing eat bugs and be happy.

      This pre -planned power grab for control of all resources and consumption globally by these anti humanity and anti life Entities of mass destruction is upon us .

      So, if you only have about 30% trust in the news at this point , its a sign that the public knows they are being lied to and misinformation is a tool for mass brain washing for diabolical intent and warfare.
      So, trust has not been restored by the WEF, as their highest priority, because they are a bunch of deranged anti human control freaks fraudsters that have exposed their demonic power grab.

      It can only be classified as EVIL, and a threat to this earth and all inhabitants of earth.
      They are nuts, and that is reflected in their bought off News , bought off governments , bought off science and med system and bought off great Climate Change Narrative.

      –
      –
      –

  6. She shared that her friend said there was a “real estate agent” going house to house in Shore Acers, offering them money for their house, saying they could give them a contract right here, right now and get it all done.

    “Vultures is what they are,” Bedinghaus said. “When you have a loss, you are not supposed to make any major decisions because it’s a very emotional and traumatic time. Don’t make these decisions now, take your time, hear what they have to say and gather information, but don’t trust them.”

    Florida is finished

    1. I don’t see how that’s a vulture. People want out, and oh look here’s a guy offering a way out. Take the money walk away. Nobody is holding a gun to their head to take the deal.

      Seems like a win-win.

      It’s not like these places are going to be worth more after being rebuilt (or not). Someone else takes the risk and I get this albatross off my hands? Sounds like a deal.

      Also way to set new comps

  7. The Democrat-Bolsheviks are emulating the example of their CCP ideological mentors in trying to force consumers to buy EVs in the name of “green energy.” Anyone tempted to go this route should listen to the tales of woe from scammed Chinese EV buyers.

    Chinese EVs’ Shocking Truth: Lifespan Only Four-Five Years! Intentional

    https://www.youtube.com/watch?v=t-qbelIi7I4&t=332s

  12. Now that the Fed is reducing rates, are the rate daters finally getting rewarded for their financial savvy?

    1. Analysis
      We again admit we do not understand the bond market
      10/16/2024 12:45:04 GMT
      By Barbara Rockefeller
      We again admit we do not understand the bond market

      Outlook

      We again admit we do not understand the bond market. Why are yields higher? As discussed before, the implication is that the bond gang does not buy into the soft landing, or at least not yet. Fed funds bettors may see two rate cuts before year-end, but bonds do not. Or it’s an exodus from bonds back into stocks, or something.

      It’s making the housing market continue to be sticky. It would take accessible mortgage rates to loosen the frozen joints and get sellers to come out and buyers to go in. If US housing is a bubble to be burst remains to be seen, but the process is grindingly slow. Today Bloomberg reports “US mortgage rates rose sharply for a second straight week, reaching the highest level since early August while prompting steep declines in both home-purchase and refinance activity.
      …
      https://www.fxstreet.com/analysis/we-again-admit-we-do-not-understand-the-bond-market-202410161245

      1. “If US housing is a bubble to be burst remains to be seen, but the process is grindingly slow.”

        If past is prologue (1990-1997, 2007-2012, etc.), it will take at least another five years for the housing market correction to play out

        1. housing market correction to play out

          I still believe it wasn’t allowed to “play out” the last time.

          1. yeah that’s pretty obvious
            neither was the stock and bond market.

            Which is of course why
            a. nobody feels richer over the last 15 years despite making as much money (maybe)
            b. the bubble is like 10 times as large now.

          2. Well that’s true. Once the Fed turned the QE3 firehose full blast on housing, circa 2013, housing bubble reflation went into overdrive, paving the path to the present, with the younger generation largely priced out of homeownership and having a baby strike as a consequence, many low income people living in cars or on the street because they are priced out of ownership or rentership, and the housing market in a coma due to impossibly unaffordable prices.

            Nobody has given the architect of today’s housing market disaster, Ben Bernanke, any acknowledgement for his accomplishments.

    2. Mortgage rates up more than half a point since they cut. They’ll be dating that ho a while longer

  13. Harris interview so bad yesterday there have to be people who wish they could have nominated someone else….but nope they tried to pull a fast one and now they get to live with it. And a big fat loss in November

      1. Truly amazing they chose her when they dumped him. She already had huge negative support as VP. But it was her turn I guess. 🙁

  14. A reader sent these in:

    US MBA Mortgage Applications Oct 11: -17% (prev -5.1%)
    – 30Yr Mortgage Rate 11 Oct: 6.52% (prev 6.36%)

    https://x.com/LiveSquawk/status/1846506859970060577

    80% of boomer net worth is tied to the value of their primary residence. Meanwhile, we have:

    – A total collapse in mortgage applications (lowest since 1995)
    – Highest supply of housing inventory since 2015
    – Highest number of homes under construction in history

    https://x.com/JohnLeFevre/status/1846592556747878803

    Airbus to Shed 2,500 Jobs in Defense and Space Division, Around 7% of Its Defense and Space Workforce

    https://x.com/MacroEdgeRes/status/1846563819406930410

    Car owners are sinking deeper into debt:

    24.2% of trade-ins toward new vehicles had negative equity in Q3—up from 23.9% last quarter and 18.5% a year ago.

    And the avg. unpaid loan balance is $6,469 – an all-time high.

    Basically — most car buyers in 2021-2022 paid above MSRP for their cars due to supply shortages…

    But inventory has since recovered, and new car incentives are back –

    Pushing used car prices and trade-in values down.

    Bottom line: Car owners “underwater” on their loans are less likely to trade in. Without this vital source of used cars, dealers will have to get more creative with inventory acquisition.

    https://x.com/GuyDealership/status/1846562408997003484

    We live in a world where austerity became a dirty word

    https://x.com/INArteCarloDoss/status/1846460057862472063

    Japan premier Ishiba vows big spending, drifts away from fiscal restraint

    https://x.com/Reuters/status/1846516472937357544

    Florida Real Estate 🫧🫧 has popped

    Prices are down📉 -20% or more and supply is rising drastically

    https://x.com/GregCrennan/status/1846566607918944663

    It looks like third world but it’s Paris.

    https://x.com/RadioGenoa/status/1846437854265618874

    Late last year, share of gross income homebuyers needed to devote to mortgage payments (white) rose to 33%, highest since 1985 …down payment to monthly income ratio (orange) is still near upper end of historical range

    https://x.com/LizAnnSonders/status/1846508908929581308

    These numbers are staggering. Just no demand for loans. Or the banks won’t lend.

    Either way it’s ugly. Credit is tightening.

    China is having their 2008 moment.

    https://x.com/StealthQE4/status/1846298296513388598

    My family owns a flooring business and we have seen the same. Feels similar to 08-09

    https://x.com/Chadholleran1/status/1846574732994302405

    Yeah I worked for an Auto supplier in 09 and it does feel similar. I know automotive is down too. I almost wish we would hit the bottom cause it feel like we are just downward spiraling, and they say every downward spiral has a rock bottom eventually

    https://x.com/JoeScot_7/status/1846576657651437979

    A local business man paid for this Ad in our local newspaper openly mocking real estate investors in Canada.

    Well done!

    https://x.com/JonFlynnREstats/status/1846613478024282432

    I’m starting to see lots of price decreases, and stagnant inventory in the $1mil+ price range. Price reductions in the million dollar homes will eventually push down values of ALL other home values under that price range.

    https://x.com/HumblTumbl/status/1846614228448489834

    US consumers have almost never been so pessimistic about the future:

    Americans’ expectations about their financial situation over the next 5 years dropped to the lowest level in 11 years.

    Household expectations have fallen in a near straight line has inflation has persisted and unemployment has risen.

    At the same time, their current financial situation compared with a year ago fell to near the lowest level since 2011.

    Over the last 60 years, such depressed levels have only been seen in recessions.

    Consumers believe we are in a recession.

    https://x.com/KobeissiLetter/status/1846334792540799196

    There is no housing shortage.

    This duplex sold Mar 15, 2024. On Airbnb the same month @ $400/night for the house and $250/night for the studio.

    Owner KHOROSHI FAMILY owns 18 properties in San Diego.

    1819 Sunset Cliffs Blvd

    https://x.com/NotoriousAirbnb/status/1846606967332393320

    The “the economy is doing great” starter pack

    https://x.com/GreatestAlexand/status/1846665408834949529

    The national birth rate has hit a record low and is now at a critical level, with economic consequences for the future.

    https://x.com/abcnews/status/1846672576942071930

    Sad realtor 2 screenshots

    https://x.com/GayBearRes/status/1846705673762980224

    https://x.com/GayBearRes/status/1846705680247378213

    It’s not coming back. I’ve been pricing listings 10% under comps and making sure it’s the best priced home actively on the market in the surrounding area (far outside the neighborhood). I’ll let you know how it goes.

    https://x.com/aremuhknee/status/1846724053798977899

    2. And the avg. unpaid loan balance is $6,469 – an all-time high.

      Given that the average new car is about $48K. I find the number above to be a lot lower than expected.

    4. “It’s not coming back. I’ve been pricing listings 10% under comps and making sure it’s the best priced home actively on the market in the surrounding area (far outside the neighborhood). I’ll let you know how it goes.”

      Once the downturn picks up speed, which is where we almost are, it’s 10% cuts or don’t bother. You have to catch the knife, not chase it. And you need to be the first one at that 10% cut.

  15. China’s Wild Stock Market Swings Hurt a $21 Trillion Bull Case

    “Close securities account” as a phrase cropped up 56 million times on social media platform WeChat on Oct. 9, as the benchmark index posted its worst performance since 2020. Money soon shifted back into savings from stock trading accounts, according to a bank index. Retail investors took to social media to lament their losses, with one user on Xiaohongshu saying “the stock market is really not suitable for a novice like me.”

    Shelton Wang, a 32-year old technology sector worker in Beijing, was one of the many who succumbed to the euphoria, making “impulsive” transfers into his trading account after the initial surge. Having seen stock prices plunge after a one-week public holiday, he pulled back.

    “Everybody was talking about it — the policy outlook and the cheap Chinese valuation – and you saw it everywhere on social media,” he said. “The market’s plunge calmed me a bit and also erased my gains made before the holiday. On reflection, I have always been quite pessimistic about the economy and the government’s resolve to boost the market.”

    Lucy Chen, a 28-year old designer in Shanghai, is one of the amateur investors who bought stocks after seeing social media posts, following the advice of an influencer on Douyin, a popular website.

    “I wanted to get in on some of the profits that people around me were talking about,” she said. Instead, Chen has suffered losses since her first day of trading.

    “It’s much healthier that the frenzy was nipped in the bud – very few can profit from a crazy bull run,” said Wu Xuan, a fund manager at Borui Funds Management Co. in Beijing. “The core policy intention is to end the deflation cycle by boosting the wealth effect and sharing the prosperity in stocks. The only way the masses can profit is if the uptrend is gradual and lasting.”

    https://www.msn.com/en-us/money/markets/china-s-wild-stock-market-swings-hurt-a-21-trillion-bull-case/ar-AA1smFyS

    1. Americans’ expectations about their financial situation over the next 5 years dropped to the lowest level in 11 years.

      Household expectations have fallen in a near straight line has inflation has persisted and unemployment has risen.

      This isn’t being reported in the evening news. Instead, viewers are being urged to get the latest COVID booster ASAP.

      1. Yup, they have to perpetuate the imposture, and continue to declare their belief that it is safe and effective.
        Anyone with a brain cell now knows the truth, but the promoters have to pretend that they did not know about the adverse effects, even though the FOIA brought the truth to the table.
        They must be worried about having their heads mounted on the end of a stick.

  17. Layoffs In 2024: Mark Zuckerberg’s Meta Announces Fresh Round Of Job Cuts

    This announcement came after a period of decreasing user growth on Meta’s core social networking sites, growing competition, and continuous criticism for its treatment of user data protection. The corporation has also been criticism for making major expenditures in virtual and augmented reality technologies through its Reality Labs subsidiary.

    Among those affected by the layoffs is Jane Manchun Wong, reverse engineer and social media expert, who shared the news of her departure on Threads.

    She wrote, “I’m still trying to process this but I’m informed that my role at Meta has been impacted. Thank you to everyone, especially my Threads and Instagram teammates, for my wild journey at Meta. If anyone is interested in working together esp on software/security engineering, please reach out via my email, LinkedIn, etc noted on my personal website,”

    https://www.msn.com/en-in/money/news/layoffs-in-2024-mark-zuckerbergs-meta-announces-fresh-round-of-job-cuts/ar-AA1sqbX1

    1. Every time “woke” zealots get jettisoned by creepy Orwellian tech companies to fend for themselves in the #Biden-Harris economy, an angel gets its wings.

      1. to fend for themselves in the #Biden-Harris economy

        Working for a large corporation does help to isolate one from the real world, until the rug gets pulled out. That’s when the freshly dejobbed find out that there are no replacement $150K jobs out there.

        1. Most $150K tech jobs were only possible in a world awash with Yellen Bux “stimulus.” Now that the “unicorns” and “industry disruptors” are entering the Dead Pool, reality is setting in for the tech weenies who thought the party would go on forever. Those saddled with insane mortgages in tech meccas like SF and Silicon Valley are doubly schlonged.

          1. You don’t even have to be “tech” to get $150K in corporate America. I know people who make that much scratch and they’re just supply chain or marketing (not sales) people.

  18. EV buyers falling into negative equity in latest sign switch to greener cars is stalling

    Vertu Motors warned that EVs coming off financing agreements have been found to be worth less than the loans used to pay for them.

    The Government is facing a backlash over its EV quotas, which carmakers have said is driving supply levels way above demand.

    Vertu, one of the country’s biggest dealership chains, said weak demand for electric models has ‘led to significant discounting’. This is leaving buyers with higher debts than the value of their cars.

    Robert Forrester, chief executive of Vertu, said this ‘puts a brake on the new and used car market’.

    https://www.thisismoney.co.uk/money/markets/article-13967765/EV-buyers-falling-negative-equity-latest-sign-switch-greener-cars-stalling.html

  20. Defense contractor RTX agrees to pay more than $950 million to resolve bribery, fraud claims

    RTX Corporation, the defense contractor formerly known as Raytheon, agreed Wednesday to pay more than $950 million to resolve allegations that it defrauded the government and paid bribes to secure business with Qatar.

    The company entered into deferred prosecution agreements in separate cases in federal court in Brooklyn and Massachusetts, agreed to hire independent monitors to oversee compliance with anti-corruption and anti-fraud laws and must show good conduct for three years.

    The money the company owes includes penalties in the criminal cases, as well as civil fines, restitution and the return of profits it derived from inflated Defense Department billing and business derived from alleged bribes paid to a high-ranking Qatari military official from 2012 to 2016.

    The biggest chunk is a $428 million civil settlement for allegedly lying to the government about its labor and material costs to justify costlier no-bid contracts and drive the company’s profits higher, and for double-billing the government on a weapons maintenance contract.

    The total also includes nearly $400 million in criminal penalties in the Brooklyn case, involving the alleged bribes, and in the Massachusetts case, in which the company was accused of inflating its costs by $111 million for missile systems from 2011 to 2013 and the operation of a radar surveillance system in 2017.

    RTX also agreed to pay a $52.5 million civil penalty to resolve a parallel Securities and Exchange Commission investigation into the bribery allegations and must forfeit at least $66 million to satisfy both probes.

    At a hearing in Brooklyn federal court, RTX lawyers waived their right to an indictment and pleaded not guilty to charges that the company violated the anti-bribery provision of the Foreign Corruption Practices Act and the Arms Export Control Act. They did not object to any allegations in court documents filed with the agreement.

    RTX said in a statement that it is “taking responsibility for the misconduct that occurred” and is “committed to maintaining a world-class compliance program, following global laws, regulations and internal policies, while upholding integrity and serving our customers in an ethical matter.”

    https://www.msn.com/en-us/money/companies/defense-contractor-raytheon-agrees-to-pay-252m-penalty-to-resolve-qatar-bribery-charges/ar-AA1snUa4

  21. Telecom exec pleads guilty to stealing $100 million from fraud-plagued government program

    A federal program providing discounted phone and internet service to low-income Americans served as a $100 million pipeline to telecom executive Issa Asad’s pockets.

    Federal prosecutors say that for nearly a decade, Asad had pilfered that sum by submitting phony customer data to Lifeline, the fraud-plagued program run by the Federal Communications Commission.

    On Tuesday, the 51-year-old Asad pleaded guilty to fraud for using his Florida-based telecommunications company, Q Link Wireless Inc., to receive over $600 million in government subsidies through the program, of which around $100 million was for false claims, prosecutors said.

    Asad also pleaded guilty to stealing hundreds of thousands of dollars in COVID-19 relief aid, which he used to pay for the construction of a new home in Florida, prosecutors said.

    “Issa Asad and his company, Q Link Wireless, purposefully defrauded two critical federal programs helping individuals and businesses suffering financial hardship, unlawfully taking hundreds of millions of dollars for their own use and profit, while obstructing the United States’ ability to help people who, unlike the defendants, needed it,” said Markenzy Lapointe, the U.S. attorney for the Southern District of Florida.

    As part of his plea agreement, Asad was ordered to pay $109.6 million in restitution to the FCC and to forfeit $17.5 million of his own assets. Asad faces up to 15 years in prison when he is sentenced in January.

    https://www.msn.com/en-us/money/other/telecom-exec-pleads-guilty-to-stealing-100-million-from-fraud-plagued-government-program/ar-AA1sodvJ

  22. Kansas City woman pleads guilty in paycheck protection program loan fraud

    A Kansas City-area woman pleaded guilty to charges connected to loan fraud with the federal Payroll Protection Program intended to help small businesses during the COVID-19 pandemic.

    Venester Fayne, 57, pleaded guilty to one count of wire fraud and one count of money laundering.

    In May of 2020, Fayne applied to the program on behalf of the company that she controlled.

    She admitted that she submitted fraudulent federal income tax documents with false information about the company’s gross sales.

    In addition to the PPP loans, Fayne fraudulently obtained an Economic Injury Disaster Loan through the U.S. Small Business Administration for a total of $600,284.00

    Fayne spent most of the money on personal expenses like jewelry and other luxury items.

    https://www.kshb.com/news/crime/kansas-city-woman-pleads-guilty-in-paycheck-protection-program-loan-fraud

    1. Though I want to see all these fraudsters financially flayed to the bone, we all know who truly is at fault.

  23. ‘Modern-day Moses’ behind massive church scam accused of rebranding as a ‘life coach’ to run Ponzi scheme

    A “modern-day Moses” who spent seven years in a UK prison after scamming churchgoers out of more than $4 million has quietly re-emerged under a new name as a “life coach,” allegedly pushing a bogus get-rich-quick scam in the United States.

    Lindani Mangena was convicted in a London court in 2008 following a years-long swindle that conned at least 1,000 parishioners from Seventh Day Adventist congregations in London. Promising returns of up to 3,000 percent, Mangena’s victims lost it all while he spent big on luxury cars, pricey real estate, and jaunts to Dubai’s seven-star Burj Al Arab hotel. Mangena, who was then 24, showed no detectable remorse, a judge in his case wrote in denying his appeal.

    Today, Mangena is allegedly back in business — as “Daniel” Mangena — and running a Ponzi scheme that has duped a fresh set of unwitting victims, according to a lawsuit obtained by The Independent.

    In the suit, which was filed October 10 in New York State Supreme Court, New York City real estate brokers Paul Gavriani and Vince Falcone claim Mangena not only stole close to $1 million from them, but has also fleeced an “untold” number of others who were unaware of his crooked past.

    A review of New York court filings turns up a half-dozen claims of non-payment by various entities; in August, a federal judge in Manhattan found Mangena in default after failing to respond to claims by a New Jersey woman who accused Mangena of bilking her out of a six-figure sum “based on false promises,” after which he “gaslit” her into believing the losses were her own fault.

    “I don’t recall it being a crime to have money problems,” Mangena, now 40, told The Independent in an email on Tuesday, noting that he has not yet been formally served with a copy of the lawsuit.

    Mangena, who reportedly now lives either in the United Arab Emirates or Los Cabos, Mexico but would only cop to residing abroad, took exception to the notion he is running a Ponzi scheme. He claimed he planned on paying back the funds, which he described as a loan, “when I am financially able to do so,” and blamed Gavriani, Falcone, and others as being the “root cause of my current financial troubles.”

    “I could easily have filed for bankruptcy given my current state but elected to ignore the attacks and stick to my financial commitments,” Mangena said.

    He further accused Gavriani of being “one of a group of people who obsessively call me Lindani Mangena despite my name being Daniel.” However, Mangena is also listed in at least one other New York court case as Daniel Mangena, aka Lindani Mangena.

    Gavriani, 54, first linked up with Mangena in October 2020, after he chanced upon him being interviewed on a podcast, according to the lawsuit. Mangena, who is interviewed regularly on finance webcasts, claims to have helped “hundreds of people [generate] passive income — earning money from investments with minimal effort — by helping them invest in unsexy businesses,” the lawsuit goes on, with Mangena himself claiming the technique earned him between $30,000 and $50,000 monthly.

    With Gavriani’s finances in disarray, Mangena had a new plan to put money in his pocket: arbitraging textbooks by buying cheap and selling them for more on Amazon, the documents state. Mangena allegedly assured him that he personally would be running this store, so there was no chance of him getting ripped off.

    So, Gavriani paid a $15,000 setup fee, and a month later, Mangena began sending weekly checks ranging from $600 to $750, the suit says.

    Yet, Mangena never actually set up any store, and the so-called profits were either “his own funds or with the funds of others that Defendant Mangena had connived into ‘investing’ with him,” according to the lawsuit.

    “In other words,” it says, “Mangena was operating a Ponzi scheme, in which he had entangled Mr. Gavriani.”

    From there, Mangena convinced Gavriani to underwrite “bridge loans” for others in his group coaching class, doling out some $400,000 in return for $18,000 a month in interest payments, which came in as promised, the lawsuit states. In October 2022, Falcone inquired about possibly investing some of his own money with Mangena, and put up an initial payment of $100,000 to launch his own Amazon store.

    Everything was smooth sailing, until January 2023, when Gavriani suddenly received half his usual monthly payment. Mangena blamed it on “some kind of issue with the bank.” But their supposedly guaranteed payments continued to dwindle, if they came in at all, the suit contends.

    “Mangena berated Mr. Gavriani for having repeatedly contacted him about missing payments and because the call was supposedly dragging him away from hanging out with billionaire Richard Branson on Branson’s private island, a trip on which Defendant Mangena had spent ‘seven figures,’” the suit states.

    A week later, Mangena sent Gavriani the other half of his money, and continued to provide the full amount each month, the lawsuit goes on. But by late spring 2023, the payments stopped altogether, the lawsuit says, adding that Gavriani and Falcone subsequently learned of Mangena’s UK fraud conviction.

    When Gavriani tried to dissolve their co-ventures and cash out his funds, his lawsuit claims Mangena accused him of having “paranoid delusions,” threatened to sue, then disappeared.

    “Lies and more lies,” Mangena told The Independent, insisting he never claimed to have paid to pal around with Richard Branson.

    https://www.msn.com/en-au/news/other/modern-day-moses-behind-massive-church-scam-accused-of-rebranding-as-a-life-coach-to-run-ponzi-scheme/ar-AA1snG4q

    1. Lindani Mangena was convicted in a London court in 2008 following a years-long swindle that conned at least 1,000 parishioners from Seventh Day Adventist congregations in London.

      Don’t SDA’s believe that the end of the world is imminent? If so, why bother trying to get rich?

      There is a town nearby, Campion, which is known locally as an SDA stronghold. I periodically get flyers in the mail from them, inviting me to attend one of their “the end is near” seminars.

    2. Perhaps when he reinvents himself once again he will consider changing his name to Harry. Harry Mangena.

  24. Group of Liberal MPs plan to verbally ask Trudeau to step down next week

    Liberal MPs who have spent the last 10 days organizing to formally ask Prime Minister Justin Trudeau to step aside from the leadership of the Liberal party plan to plead their case directly to him at next Wednesday’s caucus.

    Multiple sources familiar with the plan told CTV News the overarching objective is to be direct with the prime minister and keep the discussions private. Some MPs will be designated in advance, based on their comfort level speaking on the issue, to reflect the group’s sentiment that Trudeau should step aside for the good of the party in the next federal election.

    MPs who spoke to CTV News on the condition of anonymity said they also plan to voice their frustration with the way in which the Prime Minister’s Office has handled the loss of two significant byelections in historically Liberal-safe ridings in Toronto and Montreal.

    Those MPs were convinced by the prime minister’s communications staff at a caucus retreat in Nanaimo, B.C .in early September that a substantive plan was underway to react to the losses and sentiment underpinning them, but that never happened.

    MPs in Atlantic Canada were particularly frustrated in their conversations with CTV News on the issue.

    Since Friday, CTV News has spoken with 35 Liberal MPs, five of whom confirmed they endorse the plan to formally ask the prime minister to step aside.

    The majority of those MPs said they are aware of the existence of such a letter but would not confirm signing it.

    On CTV News Channel’s Power Play Tuesday, Montreal Liberal MP Anthony Housefather did not deny the existence of a letter, nor that caucus wants the prime minister to step aside.

    When asked if he supports the prime minister, Housefather replied, “I support whoever is leader of my party at all times, but that doesn’t mean there shouldn’t be a robust caucus discussion about who the best person to lead us in the next election is.”

    Housefather insisted that discussion should happen within caucus, not in the media.

    https://www.ctvnews.ca/politics/group-of-liberal-mps-plan-to-verbally-ask-trudeau-to-step-down-next-week-1.7075764

    1. I suspect that Trudeau will hang on until the bitter end, when more than a few MPs in his coalition demand that he resign, or maybe even until there are enough parliament votes to remove him.

  25. Closing time for another California refinery

    Part of California’s problem with gas prices is it only has nine oil refineries to serve 31 million gas-slurping vehicles. Soon it’ll be eight.

    Phillips 66 this afternoon cited “long-term uncertainty” in announcing that it’s shutting down California’s seventh-largest refinery next year.

    The news comes just two days after Gov. Gavin Newsom signed a major new law, roundly opposed by the oil industry, that tries to get a handle on gas price spikes. It does so by giving the California Energy Commission new authority to require refiners to store more gas and make other preparations to guard against supply shortages.

    Phillips 66 told us the announcement wasn’t in response to Newsom’s signature. The California Fuels and Convenience Alliance, which opposed Newsom’s proposal, wasn’t shy about pointing the finger at the new law.

    “Unfortunately, the announcement today is not much of a surprise, as we continually warned the Legislature and Administration about how ABX2-1 would negatively impact supply,” Alessandra Magnasco, the organization’s governmental affairs and regulatory director, said in a statement. “This is exactly what happens when our leaders are more concerned with political theater than solving real problems.”

    https://www.politico.com/newsletters/california-climate/2024/10/16/closing-time-for-another-california-refinery-00184084

    1. Newsom wants them all closed, so he can force Californians into buying EVs, or at least those who can afford one. Everyone else can ride the bus.

      Capping gasoline prices will force other refineries to close as they become unprofitable.

      As I have said about everything they want to take away from us: they won’t outright ban it, but will introduce regulations that either make a product unfeasible to produce or too expensive for ordinary people to buy.

      1. i.e. (in California) the ‘low carbon’ fuel mandate which will add 65 to 90 cents per gallon per estimates.

        Mandate will be voted on just a few weeks after Nov 5th. What a coincidence!

  27. Don’t be ‘Gone Fishing’ for the Nov. 5 election

    So far, Ocracoke, while getting overwash from distant storms and king tides, has not had a hint of the most recent large hurricanes that have devastated the United States, particularly western North Carolina and Florida, in the last few weeks.

    But another high category storm may be brewing — not out in the ocean, but on the mainland.

    Many have a sense of dread regarding the Nov. 5 General Election and its aftermath.

    People are increasingly fearful of expressing political opinions in the so-called social media and personal attacks and intimidation have sadly become the new normal.

    How much of this is due to foreign social media influencers like Russia is being investigated, but there is no doubt that it is going on.

    Our adversaries want to divide us and that online “Joe from Iowa” may very well be Ivan from Moscow. Artificial intelligence (AI) has become so advanced that not only can it manipulate an image, but it can also manipulate our views.

    People getting their news from within their own perception bubble and through media variations of hate and fear is not promoting measured discourse.

    Something has happened to our society, and it is not good. Senator Mitt Romney (R-Utah) and the late John McCain (R-Arizona) and have spoken up to call out lies that circulate in the media. Yet they, in turn, received attacks for saying so.

    Why can’t national candidates discuss the inflation rate, the stock market, employment rates and affordable health care and housing instead of the culture wars nonsense they talk about?

    Ten years ago, if a survey asked if one supported a candidate who called for jailing political opponents and shutting down the free press, the response would have been overwhelmingly “Absolutely not.” Sadly, that would not be the case today.

    https://ocracokeobserver.com/2024/10/16/dont-be-gone-fishing-for-the-nov-5-election/

      1. ‘Ten years ago, if a survey asked if one supported a candidate who called for jailing political opponents and shutting down the free press, the response would have been overwhelmingly “Absolutely not.” Sadly, that would not be the case today’

        Just who is it that has been trying to put a political opponent in jail for over a year now? And which White House had a direct censorship arrangement with socialist media?

  29. Kamala Harris gives huge clue she knows her White House days are numbered

    In the past, received wisdom dictated that where Florida goes, the nation follows. After all, it’s a state at the confluence of many key demographics, including Hispanics, Blacks, and a significant elderly population.

    It almost always correctly predicts national trends – and while the former Democrat-backing state is now solidly Republican, there are indicators that this may still be true. As I have seen firsthand, Florida is unapologetically pro-Trump, with many election banners festooned across its southern half.

    And if the polls are accurate, the rest of the country seems poised to follow suit. In the space of a fortnight, team Trump has managed to reverse Kamala Harris’s lead in six of the seven key swing states. Michigan, Nevada, Arizona, Pennsylvania, North Carolina and Georgia have all swung slightly in the former President’s favour. And Wisconsin looks like it may turn that way, too. While the polls could be wrong, they are still nail-bitingly close.

    So, what changed? It certainly wasn’t the sudden increase in Donald Trump’s popularity. After all, he has been at the heart of American politics for over a decade now. There are no surprises with him. No, the real story here is the collapse of Kamala’s campaign, which is now in panic mode.

    Defenestrating Joe Biden in favour of his Vice President was always a gamble. And for a time, it seemed to be working. Kamala’s campaign quickly gained support, money, and much sycophantic media coverage, so much so that one could almost be forgiven for forgetting that her opponent experienced two assassination attempts since her nomination.

    Nonetheless, the cracks in Miss Harris are starting to show. And with it, an eerie sense that it may all soon be over.

    Her main problem is that the more Americans hear from her, the less they like her. Her word salads and incoherence haven’t gone unnoticed. And she has the misfortune of being unable to hide away like her predecessor for fear of saying the wrong thing. Every time she opens her mouth, her campaign slogan turns from ‘hope’ to ‘hopeless’.

    Just look at this extract from a recent interview she gave to a US news outlet about tackling the country’s housing crisis: “Some of the work is going to be through what we do in terms of giving benefits and assistance to state and local governments around transit dollars, and looking holistically at the connection between that and housing – and looking holistically at the incentives we in the federal government can create for local and state governments to actually engage in planning in [a] holistic manner that includes prioritizing affordable housing for working people.”

    Come again? Does this sound like the kind of candidate poised to lead the world’s most powerful country? Kamala’s ‘platitudes with an attitude’ routine is also grating and uninspired. She is also constrained by Biden’s legacy and her role as Vice President.

    Her talk of “turning the page” and “charting a new way forward” largely falls on deaf ears, not least because voters recognise from someone already in power for the last three and a half years.

    heavily with blue-collar, white males. Turning this into the ‘woman’ election wasn’t a wise move. In fact, legend has it that if you say abortion three times, Kamala Harris will appear.

    Black men, too, are unenthused by the VP, so much so that the Democrats wheeled out former president Barack Obama to scold them for not supporting a “sister”. Maybe they will finally decide whether Kamala is black or Indian because I’m still unsure.

    It’s clear that Harris’s ‘joy’ bubble has burst, and it’s easy to see why. Her campaign is confused, disjointed, and lacklustre. She has been unable to convincingly clarify her stance on many key issues, including fracking, illegal immigration, and the economy.

    And if her “Haitians for Kamala” banner, which I saw driving down the I95 to Miami, doesn’t reek of desperation, I don’t know what does.

    https://www.msn.com/en-gb/news/world/kamala-harris-gives-huge-clue-she-knows-her-white-house-days-are-numbered/ar-AA1snhuZ

    1. The Cabal jettisoned Biden when he became a liability. They’ll do the same for Kamala. There is no loyalty when it comes to disposing of tools who have outlived their usefulness.

    2. Her main problem is that the more Americans hear from her, the less they like her. Her word salads and incoherence haven’t gone unnoticed. And she has the misfortune of being unable to hide away like her predecessor

      They tried to keep her in the basement, but the private polls, the ones the public doesn’t get to see, showed her steadily falling behind. Perhaps her handlers figured they had nothing to lose by having her grant interviews. Looks like they were wrong.

      That said, we should not be complacent. There will no doubt be attempts, like last time, to stuff the ballot box during the wee hours of the morning. And if they fail to pull off another steal, there will be riots and lawfare. This time I hope the Supreme Court has the stones to say no.

      1. That said, we should not be complacent.
        early voting in NC started today. Four hour waits in some places. Drove by my site and said: I’ll try later.”

    3. ‘So, what changed? It certainly wasn’t the sudden increase in Donald Trump’s popularity’

      This political guy I was listening to said the major polls are slanted commie, but as the election gets near they have to cover their a$$ and let the numbers drift toward reality so they don’t get embarrassed by the result.

  30. Many many years ago I read this book called
    PEOPLE OF THE LIE, by Dr Scott Peck. Same guy who wrote the Book THE ROAD LESS TRAVELED.

    The basic premise of PEOPLE OF THE LIE, was that in his psychiatric practice, he actually encountered patients that were EVIL. He gave numerous examples in the book of patients that were evil and why.
    It was totally impossible to make any therapy progress with these individuals because their evil was the core of their being.
    One of the typical traits of these evils was that they were scapegoat artist, he said.
    I remember the chilling details of these patients Dr Peck gave when I read that book. It was like their will to be evil could not be broken, and it was insidious. Maybe you could say psychopaths fall in that category, but I don’t know.

    Anyway, they don’t like to use the word EVIL in Science because it has religious overtones.
    But , lately I have heard the word evil used in describing the enemy that has launched a war against humanity.
    These Entities only double down on their fraud and deceit , genocide, and power grab insanity to snuff out life by a sadistic desire to enslave the billions that inhabitant earth.
    And the pretense that they are saving humanity and earth from Panademics and doomsday Climate Change emergencies is insidious fraud .

    When you hear them talk, your gut reaction is creepy, insane, anti human/life, control freaks, thieves, sadistic, fraudsters, power mongers, destroyers, arrogant, and yes willfully demonic.

    Maybe this is a battle against willful evil by “The People of The Lie. ”
    Just saying.

    1. The basic premise of PEOPLE OF THE LIE, was that in his psychiatric practice, he actually encountered patients that were EVIL

      And he was surprised?

      1. Hi Colorado,

        It was more like how impossible it was to make any process with them , and how entrenched they were in a willful evil.
        They would try to con the psychiatrist and take great glee in manipulation, like it was sport.
        They might of been ordered by the court to have therapy.
        IT might of been a child living with psychopath parents , trying to escape the evil of evil caretakers.
        Some of the evil people presented themselves as socially acceptable pillars of society, and tried to portray someone they were associated with as the misfit.
        In the case where this kid was living with psychopath parents, who acted like pillars of society, the Doctor could only try to get him out of that household because the parents were EVIL.
        It was just a interesting book on willful evil that wasn’t very treatable.

        I only bring it up because of the Entities that have power that people are calling evil, and it’s a battle between good and evil talk these days.

        1. It was just a interesting book on willful evil that wasn’t very treatable.

          They want to “cure” evil people? Good luck with that. They can’t even help hoarders stop hoarding.

  31. Now this is hilarious:

    Meta fires employees for spending food allowances on personal items like acne pads and wine glasses

    Food allowances?

    employees at smaller offices without food services, the company provides meal vouchers — $20 for breakfast and $25 each for lunch and dinner — so they can have food delivered to the office while on the job

    So these people, who were likely already paid fat six figure salaries, were also getting meal vouchers, and they used them fraudulently. It does seem kind of petty to fire them for that. However Meta is getting rid of people, so being able to fire some for cause helps save on the severance $$$.

  32. Tren de Aragua Seizes 4 Apartment Buildings in San Antonio

    By James Morley III | Wednesday, 16 October 2024 06:45 PM EDT

    The violent Venezuelan gang Tren de Aragua has seized control of at least four apartment buildings in San Antonio, the Daily Mail reported.

    The gang first came into national prominence after reports surfaced of armed members taking over an apartment complex in Aurora, Colorado. Former President Donald Trump and his running mate, Sen. JD Vance, R-Ohio, have used the gang’s increased presence as evidence the U.S. needs new leadership to secure the border.

    The gang is known for drug smuggling, child prostitution, and human trafficking rings in South America. Many members have taken advantage of the porous U.S. southern border to boost their numbers and influence in America.

    https://www.newsmax.com/us/tren-de-aragua-san-antonio-gang/2024/10/16/id/1184341/

    1. This will be consigned to the MSM’s memory hole.

      Most leftists have no idea of what is happening, unless they find themselves at the wrong end of a cultural enrichment.

        1. Academia is truly f#cked. Sending your kids to college is a form of abuse. Much better if they learn a trade.

        2. “The instructor offers his sincerest apologies and deeply regrets the situation. His intent was to emphasize his advocacy for women’s rights and equality, and he recognizes he did a very poor job of doing so,” KU added.”

          He regrets getting called out for being a Marxist and calling for people who don’t agree with his world views to be shot.

          1. He regrets getting called out
            He regrets that someone videoed him as he says in the video remove that from the record so the Dean doesn’t see it or some thing similar. Gotta believe if he ain’t got tenure he is gone.

      2. unless they find themselves at the wrong end of a cultural enrichment.
        The leftist l know live in nice neighbor hoods far away from the “rif raff” or in Republican run areas where there is no love for illegal immigrants. How long it will stay the way it currently is remains to be seen

  34. ‘What choice do we have? I think many people would like to sell. But if we flood the market with all these depressed units, what are you going to get?’

    Yer right Jim. Don’t give it away!

    ‘the Granebs’ home suffered only cosmetic damage, including lost siding, after Milton. ‘I hope all these neighbors learn not to build on ground level…But most of them are from up north’

    As usual the answer has been known a long time Addie, but these damn yankees won’t listen.

    1. but these damn yankees won’t listen.
      That’s because we are smarter, (just ask us and we will tell to you) and know that a hurricane won’t/can’t possibly happen to us cause we are special.

  35. ‘The entire house is a loss inside, the only thing we have left is the roof — which is damaged — and the exterior walls. How can you be denied when you have lost everything? This is not a game. It’s not like let’s re-apply again and get approved. No. This is not a game’

    It was still way cheaper than renting Jim.

  36. ‘Hopefully buyers will recognize that the tide is turning and that they should connect with a realtor who knows the neighborhood and has their eye on what’s available in this shifting market’

    Get up off yer knees Spencer, it’s embarrassing.

  37. ‘Griffin has found a buyer for one of his luxury properties in Chicago, after cutting the asking price to half of what he originally paid…He previously sold properties in the Park Tower and Waldorf Astoria, each at losses exceeding $3 million…He later tried to unload two of those units but they were pulled off the market after unsuccessful attempts to sell’

    A mighty a$$ pounding Ken.

      1. What’s funny about it is every time this degenerate gambler bought an airbox it was hailed as a sign this was a great place to invest when it was the exact opposite.

      2. Makes one wonder how in the heck did this guy become a billionaire!

        He might be a “ticket taker”, a “made man”

  38. ‘Younger parents were buying in pre-construction,’ Mr. Bibby says. ‘They thought, ‘we’ll just hold it for their future.’ These days preconstruction sales have taken a deep dive. He adds that the city still has a lot of condo inventory to work through. ‘From an investment standpoint, I think this is not the time. I don’t think anyone thinks this is the bottom’

    Watching Toronto condo FBs twist in the wind is a personal favorite on HBB Chris.

  39. ‘The cost of living was just getting out of control’…He and wife Taya bought a house in Auckland as prices peaked in 2021 and just before the official cash rate skyrocketed from 0.25 per cent to a peak of 5.5 per cent. ‘Double-shafted,’ he laughs, grimly…‘I’ve got friends who bought at the same time as me. They’ve sold their houses’

    You and Taya may have gotten double shafted Alex, but you will be the winnahs! in the end. Don’t give it away!

    1. the official cash rate skyrocketed from 0.25 per cent to a peak of 5.5 per cent

      .25%? That was for all practical purposes ZIRP.

      I took a looksie online. In 2022, mortgage rates in Kiwiland were 0.75%. Fast forward to now and they are 5.25%. Ouch!

  40. No Shortage Of Bad Advice (York Region Real Estate Market Update)

    Team Sessa Real Estate

    9 minutes ago VAUGHAN

    In this episode, we look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and real estate market trends for the week ending Oct 2, 2024. We also discuss the unfortunate situations that can occur when someone gives advice that they believe is one-size-fits-all.

    https://www.youtube.com/watch?v=9DV0ditC2yg

    15 minutes.

    1. I don’t know, 20 years ago was October 2004 and approaching the peak of Housing Bubble 1 in my part of Region IV. Those who purchased a home back then and kept up with the mortgage payment or paid it off still fall way short of real estate genius.

      1. Candace has been working on this for a few weeks. She’s got her worldwide audience helping.

    1. Stocks
      What is the bond market trying to tell us
      S&P 500 pares gains as long-dated yields ratchet higher
      Adam Button
      17/10/2024 | 18:26 GMT
      US 10s
      It’s tough to gauge exactly what the bond market is saying but US 10-year yields have risen 9 bps today and are trading at 4.10% from a low of 3.60% a month ago.

      A portion of that — for sure — is pricing out a recession. A month ago, non-farm payrolls were deteriorating and there were signs of economic weakness creeping into the US like it has in most of the developed world.

      However the Fed delivered a 50 basis point cut and that got the market thinking there is a Powell put and since then, the recession trade has been unwinding.

      Is that all this is?

      You could make a good argument that it is, in large part because stocks have rallied as yields have fallen. That reflects a stock market that’s more upbeat about economic growth prospects and a soft landing than worried about slightly higher long-dated borrowing costs.

      I’m mostly on board with that thinking but I worry that if yields rise materially from here (above 4.25%?) then we may start to price in a re-acceleration of inflation, or at least worries about that. If we get a Congressional sweep from either party and the deficit spending to go with that, then I think it’s a real problem.

      I also worry that real China economic stimulus could also spark a rally in commodities that re-writes the inflation equation for next year.
      …
      https://www.forexlive.com/news/what-is-the-bond-market-trying-to-tell-us-20241017/

    2. Financial Times
      The Fed should beware declaring the war on inflation over prematurely
      Wobbles in the bond market suggest investors think the US central bank turned too dovish too soon
      Yields on benchmark 10-year US government bonds have picked up to over 4 per cent
      © Dreamstime
      Katie Martin October 15 2024

      It increasingly looks like Jay Powell rang the bell at the top of the bond market. In mid-September, the US Federal Reserve that he chairs delivered two things that, on paper, should be good news for bonds: a supersized interest rate cut and a strong hint of more cuts to come. But this market, which underpins every other asset class on the planet, has sagged from that day on.

      Yields on benchmark 10-year US government bonds have picked right back up to over 4 per cent — the flip side of sliding prices. About 40 per cent of the rally in 2024 has gone up in smoke, said Steven Major at HSBC, one of the big banks’ more keenly watched bond analysts.
      …

    3. Yahoo Finance
      Mortgage rates spike for third straight week while buyers grow cautious
      The average 30-year, fixed-rate mortgage jumped to 6.44%, according to Freddie Mac.
      Claire Boston·Senior Reporter
      Updated Thu, Oct 17, 2024, 10:34 AM PDT
      1 min read

      Mortgage rates rose for the third consecutive week, prompting fewer homebuyers and refinancers to move forward with transactions.

      The average 30-year fixed-rate mortgage rose to 6.44% in the week through Wednesday, hitting the highest level since August, according to Freddie Mac data. A week earlier, it was 6.32%.

      Average 15-year mortgages jumped to 5.63%, from 5.41% a week earlier.
      …
      https://finance.yahoo.com/news/mortgage-rates-spike-for-third-straight-week-while-buyers-grow-cautious-160130274.html

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