It Can Be Like Catching A Falling Knife
A report from KPNX in Arizona. “Halpern Residential Founder, Trevor Halpern, said in Phoenix, the local market is not experiencing the traditional presidential election real estate decline. Halpern said sellers need to price and prepare their homes correctly to attract buyers. And in the Phoenix market, there’s a little more supply than demand. ‘You as a buyer right now has some power now,’ Halpern said. ‘If we see mortgage interest rates continue to adjust downward, the rule of thumb is that for every 1% the mortgage rates come down, we see a million buyers across the country enter the marketplace. So you as a buyer right now has some really good negotiating power.'”
ABC Action News in Florida. “According to the rate hike request, Citizens is pushing for an average near-14% increase in 2025 for many of its 1.2 million policyholders. Margaret Bowles’s Dana Shores home flooded in Helene, and she has Citizens Property Insurance on a rental she owns in St. Pete. She’s hoping the state shows mercy after this hurricane season. For storm victims like Bowles, that’s the last thing they need. ‘Have some mercy, have some mercy on folks,’ she said. ‘Because even insurance doesn’t make you whole, we are finding that filing all these claims that it’s not going to make us whole either way. So we need a break.'”
The Real Deal on Illinois. “After more than two decades as a broker, Carrie McCormick, of @properties Christie’s International Real Estate, has developed the skill of the moment: pricing luxury downtown Chicago condos correctly even when that price is on a downward curve. If you’re a luxury condo owner trying to sell, the price might be lower than you expected. ‘I have to be honest with them and say, ‘Listen, this is where we’re at with the market. … If you, Mr. or Mrs. Seller, want to sell this home, this is what we need to do,’ she said. ‘When the market’s going up, everyone’s a winner. It’s easy to look good with your clients. They’re making money. Everyone’s happy,’ said Mike Golden, co-founder of @properties Christie’s International Real Estate. ‘But when the market is choppy … it can be like catching a falling knife.'”
The Real Deal on California. “Home buyers in San Francisco are sitting out the market this fall, waiting for lower interest rates, back-to-the office pressures and even election results to tell them when to move. But even with money to spend, buyers aren’t finding much out there, with sellers holding out for a market comeback or a bigger drop in interest rates that will let them move on without having to mourn the loss of their 3 percent rates or 2021 valuations. Compass agent Ruth Krishnan noted that in the market right now, buyers are stymied by the ‘paradox of choice’ that always comes around about this time: they may see something they like, but will always be wondering if something better is going to come along later. ‘I think that buyers’ agents have to get comfortable saying, ‘Hey, we’re going to attempt to negotiate this for you 100 percent of the time but in the event that we can’t, then you need to be ready to pay this,’ she said.”
The Providence Journal. “A Rhode Island mortgage broker has admitted to misappropriating $1.5 million in investors’ money in an elaborate Ponzi scheme and then spending the money for personal expenses and to pay other investors. Joseph Giuttari, owner of Hybrid Capital Group, THE FENS Co., and Realty Funding Advisors, among other entities, pleaded guilty Thursday to wire fraud and filing a false tax return for failing to report more than $500,000 in income, U.S. Attorney Zachary Cunha’s office announced. In addition, Giuttari, of Cranston, admitted to theft of government property for filing fraudulent applications for economic disaster loans during the COVID pandemic, netting him $160,000 that he spent for personal use and pay investors under the scheme.”
“He misappropriated funds from borrowers by inflating how much they owed to investors for loans and he used borrowers’ names without their knowledge or authorization to get money from investors. He also created fraudulent promissory notes and real estate security instruments using forged signatures of borrowers. Court documents show that the amount of loss between $3.5 million and $9.5 million. According to court records, he spent the money on personal expenses such as credit card payments, mortgage payments for his home, cash withdrawals, and payments for his own international investments. He admitted, too, to falsely stating in his 2019 income tax return that his income was $22,176 when it was actually at least $541,000.”
Bisnow on Texas. “Twelve multifamily properties backing loans of at least $10M are scheduled to appear at Tuesday’s Harris County foreclosure auction, up from just a handful last month, as the number of apartment complexes facing potential foreclosure steadily rises. Although less than half of the properties filed to appear will likely be auctioned on the day, the sheer number of filings is indicative of a wave of distress crashing over Houston’s multifamily market, said Terri Clifton, president of Better World Properties. While some lenders find it preferable to hand off a loan to another borrower behind the scenes, avoiding the costs associated with foreclosure, deferred maintenance and marketing the property for sale, that isn’t always feasible. ‘Sometimes that lender would love for one of these key players to take over and take the loan over,’ Clifton said. ‘But they’re doing their underwriting, and it’s not worth what they loaned them.'”
Wall Street Journal. “The biggest apartment construction boom in four decades flooded the market with new supply over the past two years. The vacancy rate, or the share of apartment units that are empty, stopped rising for the first time in three years last quarter, as demand for apartments rose to its highest levels since 2021, according to CoStar. Austin’s vacancy rate, if new buildings are included, is the highest in the country at over 15%, according to CoStar. Rent growth for new leases in the Texas capitol ranks last among major metros during the past year. Landlords of new luxury buildings are still offering big concessions, such as months of free rent, to fill up units. ‘Basically, the worst apartment market in the country right now is Austin,’ said Matt Rosenthal, managing partner of multifamily investor Eastham Capital.”
Mansion Global on Canada. “Eve Lewis has watched Toronto real estate explode over four decades from the front row. Today, Lewis herself is a builder. As CEO of Woodcliffe, Lewis specializes in residential high-rises that integrate heritage structures—local parlance for historically significant buildings. Lewis talked to Mansion Global about how heritage elements can affect condo prices, why Toronto’s ‘on-steroids’ condo market stalled, and why luxury is in the details. Eve Lewis: ‘It’s incredibly slow, but we’re coming off a 20-year high where almost every single year the market became more fueled with price and volume. It was so frothy―a market on steroids. There were as many as 30,000 new condo sales in a year. As of October, there were less than 4,000 sales. That’s a dramatic, drastic decrease.'”
“In some cities, agents say the luxury market is bulletproof because buyers are so well-resourced. Is that the case in Toronto? ‘The market for luxury homes is not bulletproof in Toronto. Certain neighborhoods are holding their own and selling well, like [east-side] Leslieville and Summerhill [just north of downtown]. If something’s priced right in good neighborhoods, it’s selling. But there are five or six houses on the market for more than C$20 million, and none of them are selling.'”
From Global News. “The Canada Mortgage and Housing Corp. (CMHC) said Monday that the mortgage delinquency rate — the proportion of Canadians who have missed payments on their mortgage for more than 90 days — continued to rise in the second quarter of 2024. Tania Bourassa-Ochoa, the Crown corp.’s deputy chief economist, says the CMHC expects the ‘sticky upwards trend’ in mortgage delinquencies will mean a return to those pre-pandemic levels by the end of this year or early 2025. ‘We have already been seeing this financial pressure mount up, generally speaking, amongst homeowners,’ she tells Global News. ‘Credit card and auto delinquencies can be leading indicators of mortgage delinquency rates, so these patterns suggest that mortgage delinquency will continue to increase into 2025,’ the report read.”
“Some 1.2 million Canadians have fixed-rate mortgages due for renewal in 2025, CMHC says. The vast majority of these households initiated or renewed their mortgages when the central bank policy rate was at or below one per cent, the report notes. Bourassa-Ochoa says the CMHC calculates the average homeowner renewing next year will see their monthly payments balloon by 30 per cent.”
Property Reporter. “Holiday home data shows a rise in holiday properties since before the pandemic and according to an expert holiday home insurer, some areas are turning into ghost towns, with homes left unoccupied and on the market for sale. With a downturn in bookings, council tax doubling in some areas, the furnished holiday lets tax relief being withdrawn and the expected rise in capital gains tax has led to a surge in holiday homes being put up for sale. The UK Government has unveiled increased taxes for second homes aimed at tackling the growing issue of the lack of affordable homes across the country. Places like Salcombe in Devon and Whitby in North Yorkshire are at risk of becoming ‘ghost towns’ outside of the tourist months.”
“Phil Schofield from Schofields Insurance commented: ‘The tax changes are already impacting the holiday property market, many towns and villages are slowly becoming ‘ghost towns’ as owners sell their holiday lets.’ He concluded: ‘The holiday letting industry should be supported to help ensure that tourist areas remain vibrant and thriving year-round. However, the recent tax changes, increased costs and a downturn in bookings have led to an oversupply of second homes being put up for sale in some areas.'”
Domain News in Australia. “Most Melbourne suburbs have recorded house price falls or only marginal increases over the past 12 months, amid high interest rates and a build-up of homes for sale. The biggest median house price fall was recorded in South Yarra, where prices fell 20.7 per cent over the year to September to a median of $1.8 million. It was followed by Riddells Creek, near Gisborne, down 17.3 per cent, and Armadale, down 15.8 per cent. Unit prices had the biggest falls in Chadstone (down 24.5 per cent to $540,000), Toorak (22.1 per cent to $915,000) and Sunshine (15.3 per cent to $470,000).”
“Recent home buyer and builder Dale Cheesman said the weak market had given his family of five a chance to upgrade to a larger home. He said moving from Carnegie into one of his goal suburbs of Malvern, Malvern East or Glen Iris was harder to justify when prices were more expensive. ‘I would have liked to have gotten more for the property I sold, but I had to realise that everyone needs to drop their expectations on what their property is worth, me especially,’ he said. ‘I felt like I got a pretty good deal with the purchase I made.'”
“Cheesman’s broker, Entourage director Damien Roylance, said an excess of listings had tipped the market in buyers’ favour, but only if they were willing to avoid the highly sought-after new and renovated homes. ‘People who are not scared of getting their hands dirty, they’re still getting good land size in a good part of town,’ Roylance said. ‘It’s definitely a buyers’ market at the moment and especially as we come into spring.'”
The New York Times. “Banks in China are foreclosing on a growing number of apartments after homeowners could not pay their mortgages, as the country’s housing crash threatens the financial system. The roster of homes seized and listed for auction leaped 43% last year, according to official data. Numerous Chinese banks have disclosed increases in mortgage defaults during the first half of this year. The downward spiral in apartment prices has since accelerated. The legal system is struggling to keep up with evictions. In some cities, like Qingdao, foreclosed apartments are being sold at auction before the occupants have moved out. The buyers must persuade them to leave, finance and foreclosure specialists said.”
“They face other losses related to the real estate meltdown, including on loans to local governments, property companies in default and buyers of unfinished apartments that developers never delivered. To make matters worse, corporate borrowers in China have long posted real estate holdings as collateral. Bank managers are finding that the collateral is worth much less than when the loans were extended. In a country with 90 million empty apartments after a decades-long construction boom, however, the evictions do not seem to be causing homelessness. Many foreclosures involve second homes, often occupied by friends and relatives of the owner, and seldom involve the primary residences of families.”
“Real estate prices have fallen almost 30% from their peak in 2021. One factor that might contain the foreclosure problem over the next several years is that many homeowners have prepaid part of their mortgages or made large down payments. Even after the big drop in apartment prices, many people still own apartments that are worth more than the remaining balances on their mortgages. One Qingdao homeowner, Lei Wang, said he regretted ever buying an apartment. Wang, a chemicals salesperson, said his apartment had lost a fifth of its value since he paid about $300,000 for it just four years ago.”
“‘I thought I bought the apartment at a reasonable price, but I didn’t expect the real estate market to decline so much,’ he said. ‘If I hadn’t bought an apartment and the housing prices were like this, I think it would have been better to rent.'”
‘But even with money to spend, buyers aren’t finding much out there, with sellers holding out for a market comeback or a bigger drop in interest rates that will let them move on without having to mourn the loss of their 3 percent rates or 2021 valuations’
All Time High Larry.
‘Krishnan noted that in the market right now, buyers are stymied by the ‘paradox of choice’ that always comes around about this time: they may see something they like, but will always be wondering if something better is going to come along later. ‘I think that buyers’ agents have to get comfortable saying, ‘Hey, we’re going to attempt to negotiate this for you 100 percent of the time but in the event that we can’t, then you need to be ready to pay this’
So after taking a yuuge a$$ pounding, you expect them to pay Ruth?
The most important day of your life.
“Our message to Kamala Harris is very simple,” Vance said. “The citizens of this country are not garbage for thinking you’re doing a bad job. The citizens of this country are not raciz for thinking you ought to close down that damn southern border. The citizens of this country are not garbage for wanting to be able to afford groceries and a nice place to live.”
Then he concluded, “But in two days, we are gonna take out the trash in Washington, D.C. And the trash’s name is Kamala Harris.”
Sounds about right.
And of course liberal X was out in full force with the “how dare he call her trash” posts. Interesting. Unlike DJT, JD knows* that he needs to temper his words and metaphors to prevent the press from fabricating more suckers and losers hoaxes. For JD to deliberately put words like that in his speech is telling. He must be very confident in those internal polls.
————-
*DJT knows but he doesn’t care. JD seems to care.
JD needs to temper his rhetoric. I have a visceral loathing of Comrade Kamala and her ilk, but restraint is a virtue and a necessity in times like these.
‘Have some mercy, have some mercy on folks,’ she said. ‘Because even insurance doesn’t make you whole, we are finding that filing all these claims that it’s not going to make us whole either way. So we need a break.’”
Put another way, I want other people’s money to pay for my “right” to leave near the ocean and to collect rent on my rental. Again, other people’s money will make everything great!
function_replace(leave, live);
s/leave/live
Buh-bye. Pack those boxes & GTFO.
“Dana Shores”
Google maps is such fun. Dana shores is a little canal community right on Tampa Bay. Every house has a boat slip in the back yard.
I’ve driven and walked through the beach towns and Chesapeake Bay towns. Almost every new-looking house is clearly up on stilts with the garage underneath. The Bay or ocean can flood 6-8 feet and the house could withstand it. Yet, these Florida little ranches are sitting on a slab right on the grass. No protections whatsoever. Even mobile homes in a trailer park a few feet off the ground.
The only mercy these folks should get is an insurance option to just pay off the mortgage. Ideally the insurance would decrease as someone pays down the mortgage. When the home is paid off, then you can raw-dog it.
‘Hey, we’re going to attempt to negotiate this for you 100 percent of the time but in the event that we can’t, then you need to be ready to pay this,’ she said.”
I would respectfully disagree. I would suggest that if one doesn’t get what they be ready to walk away.
They= They want
“Margaret Bowles’ Dana Shores home flooded in Helene, and she has Citizens Property Insurance on a rental she owns in St. Pete. She’s hoping the state shows mercy after this hurricane season. For storm victims like Bowles, that’s the last thing they need. ‘Have some mercy, have some mercy on folks,’ she said. ‘
so, I wonder if Margaret would extend the same “mercy” she begs from the taxpayer-funded program, to her renters, where she personally profits, if they faced a financial setback!?
doubtful: I’m sure it would be a “Nothing personal, it’s just business” type response . . . or something equally heartless.
“But when the market is choppy..”
Choppy?! Gotta dig the words they come up with.
Powell and Yellen are the market.
Prop K in San Fran will close a two mile stretch of the Great Hwy to use as a park.
It’s already closed on weekends to cars. They have a wide beach and walking path. But that ain’t enough for Pelosi supporters.
I hope it passes, and will enjoy watching the area fill up with sewage, needles, and tents,,,
“California. “Home buyers in San Francisco are sitting out the market this fall, waiting for lower interest rates,”
Uhhhhhm, everyone I talk to is holding out for lower prices, not rates. But I do enjoy how hard the media tries to make this all about rates, but never prices.
Realtors are insidious at bending reality to suit their needs.
The building division in our jurisdiction (which shall remain nameless for anonymity) is seeing the worst slow down in years. Permits have dropped off a cliff. We did 9 inspections yesterday. And that has nothing to do with seasonality. This time last year it was 50 to 80 inspections a day.
Interest rates matter when $145k shacks are trading north of $500k.
[Bond futures …]
https://finviz.com/futures_charts.ashx?t=BONDS&p=d
Sorry rate daters, no soup for you!
Excerpts of a long read:
“Who are the institutionalized? They are the true believers, the strivers, and the useful idiots who have taken over our institutions through cultural revolution. You might also call them the NPC (Non Player Character) PMC (Professional Managerial Class). In a sane world, they would be classified as insane and institutionalized in asylums. Instead, they have subverted our institutions: corporate media, big tech, academia, teachers’ unions, NGOs, and government bureaucracies. The largest institution of all is welfare. Almost half the U.S. population has some connection to the government money printer through direct handouts or indirect contracts.
The institutions have devolved into demoralized ideological fiefdoms – longhouses that operate above the law thanks to incestuous “public/private partnerships” run by crony commissars, who push inorganic narratives from the top down. They are part of a million-headed hydra that slithers around the rotating door axes of The Swamp, Wall Street, Silicon Valley, Hollywood, and the ivory towers. Without any irony or self awareness, they call themselves “The Resistance”.
What do the institutionalized believe in? Certainly not God or any real principles. Deep down, they only care about individual self-preservation within a conformist collective. That is why they quickly and loudly follow the latest luxury belief in The Current Thing, whether it’s COVID, climate, trans, Ukraine, Gaza, open borders, etc. “Trust the experts”, “follow the science”, and “everything-I-don’t-like -is-misinformation/-ist/-phobic” are flimsy shields against cognitive dissonance. At the slightest brush with reality, they collapse faster than a “Hate Has No Home Here” lawn sign from a light breeze.
The institutionalized love the regime, but hate the country outside of their urban bubbles. They share more in common with their foreign elite counterparts than their countrymen. As NS Lyons noted in The China Convergence, their attitudes and entitlement are similar to CCP Princelings. They have shackled themselves to golden handcuffs and gags. Since they hold bureaucratic laptop BS jobs with negative societal value, the only way they can distinguish themselves is through obedience to The Party and The Narrative. This is not a meritocracy; it is hierarchy of slaves playing a dicey game of chicken in which competitors latch on to an institution that has enough funds to overpay them. The grift can’t last forever, so each fights tooth and nail to keep it going.
The longer they remain institutionalized, the more their critical thinking and communication skills deteriorate into Kamala-style copy pasta word salad. They converse in a different language – Orwellian double speak and nonsensical buzzwords. The day to day existence is full of anxiety, insecurity, and lies. They cannot speak freely to anyone because it would endanger the entire delusion of all their professional and personal lives.
Imagine an endless, soulless doldrum of TPS reports, meetings, and meetings about meetings. Mindless chatter about rags no one reads anymore, movies no one watches anymore, and degrees no one respects anymore. Despite high salaries, the institutionalized are often living paycheck to paycheck because they “have to” settle precariously in one of a few expensive, crime-ridden cities. The AWFLs and their White Dudes for Harris eunuchs lead lifestyles that would be alien to their ancestors: consooming poor information diets, soggy takeout food laden with seed oils, and heavy doses of Trump Derangement Syndrome, birth control, therapy, and SSRIs make for a neurotic toxic brew that hollows out human instinct.”
https://yuribezmenov.substack.com/p/americas-counter-cultural-revolution-institutional-instinctual
So you as a buyer right now has some really good negotiating power.’”
I’ll have much more negotiating power when Housing Bubble 2.0 implodes for real.
‘Have some mercy, have some mercy on folks,’ she said. ‘Because even insurance doesn’t make you whole, we are finding that filing all these claims that it’s not going to make us whole either way.
My mercy does not extend to seeing my taxes go to make FBs whole on their shack-related losses. But my thoughts and prayers are with you.
‘But when the market is choppy … it can be like catching a falling knife.’”
Gosh, I sure hope no knife catchers get impaled.
“Home buyers in San Francisco are sitting out the market this fall, waiting for lower interest rates, back-to-the office pressures and even election results to tell them when to move.
You stick to yer guns, SF greedheads. Surely Comrade Kamala will usher in a new era of prosperity for all with her sound economic and fiscal policies.
“…the local market is not experiencing the traditional presidential election real estate decline.”
Is that a thing? I always have heard that real estate always goes up.
“He misappropriated funds from borrowers by inflating how much they owed to investors for loans and he used borrowers’ names without their knowledge or authorization to get money from investors. He also created fraudulent promissory notes and real estate security instruments using forged signatures of borrowers.
I don’t understand why such scofflaws would risk incurring the wrath of Fauxahontus for some paltry financial gain.
Although less than half of the properties filed to appear will likely be auctioned on the day, the sheer number of filings is indicative of a wave of distress crashing over Houston’s multifamily market, said Terri Clifton, president of Better World Properties.
Die, speculator scum and the lenders that enabled them.
Eve Lewis: ‘It’s incredibly slow, but we’re coming off a 20-year high where almost every single year the market became more fueled with price and volume.
No – central bankers turned housing into an unsustainable asset bubble with trillions in funny money “stimulus” and loose lending. Now the chickens are coming home to roost, and it’s going to get ugly.
There were as many as 30,000 new condo sales in a year. As of October, there were less than 4,000 sales. That’s a dramatic, drastic decrease.’”
You ain’t seen nothing yet.
You will eat ze bugs, and enjoy them.
11-02-2024
Here are 2 ways to convince people to eat unusual foods without getting the ‘ick’
Disgust and food neophobia—a fear of new foods—are often cited as obstacles to adopting new, more sustainable food choices.
Here are 2 ways to convince people to eat unusual foods without getting the ‘ick’
[Photo: Roger Brown/Pexels]
BY The Conversation
4 minute read
What will the diets of the future look like? The answer depends in part on what foods Westerners can be persuaded to eat.
…
https://www.fastcompany.com/91221289/unusual-foods-sustainable-strategies?utm_source=pocket-newtab-android
I wonder if the bug paste will make its initial appearance in food banks.
No matter how much you think you hate the globalist scum media, it isn’t nearly enough.
https://x.com/KellyLMcCarty/status/1852774565396807796
Hidden cameras have captured an emergency meeting at the DNC (Hitler parody).
https://x.com/TheHoleTweet/status/1853645610810786049
A reader sent these in:
The US economy lost -28,000 private jobs in October, the first net loss since December 2020.
Furthermore, the 3-month moving average has declined to 67,000, the lowest since the 2020 pandemic.
This is well below the average of 150,000 monthly private payroll additions seen in 2018-2019, prior to the pandemic.
The worst part?
Full-time private sector jobs have dropped by a whopping 1.5 MILLION year-over-year.
Such a drop in full-time private jobs has never been seen outside of recessions.
https://x.com/KobeissiLetter/status/1853114653032755348
t’s Good To See Dog Crate Condos Becoming A Commonly Used Term
Let’s be clear, there are alot of great Condos over 700 sqft even 600
But less than 500 sqft are mainly Dog Crates the Developers would never allow their own family members to live in
https://x.com/ronmortgageguy/status/1852713227907477878
This 121-meter-tall building in the city of Guiyang, China, has a tank installed at its base, where four 185-kilowatt pumps lift the water to the top of the fall and create an artificial waterfall.
https://x.com/Rainmaker1973/status/1853048228926591281
So $NVDA wants the US Supreme Court to immunize it from pesky investor litigation when the accounting fraud is revealed and the stock crashes 80%. The end game is near.
https://x.com/kashyap286/status/1853401210851566059
Return to office became return to lender… office delinquencies hit GFC high.
https://x.com/DonMiami3/status/1853453598417653970
As more of an Austrian – I’ve always believed that ‘mean reversion’ or ‘laws of nature’ are powerful forces that can correct the follies of failed human policy decision-making.
https://x.com/DonMiami3/status/1853482018991911259
Another significant round of Oracle layoffs appears to be in full swing, with Oracle Cloud Infrastructure ranking among the impacted divisions.
https://x.com/MacroEdgeRes/status/1853463907870064754
Berkshire’s $325 billion cash hoard is a huge number.
To give you some perspective of how big that is, it’s approaching the $500 Billion of mortgage-backed securities the @federalreserve
monetized in just 2 months in 2020, massively distorting housing.
https://x.com/RudyHavenstein/status/1853478307339375015
First-time home buyers’ share of home sales hits 43-year low (!)
https://x.com/aarthiswami/status/1853467143154614376
We’re in a housing crash, we just haven’t realized it yet!
This is Canada’s 2008
https://x.com/JonFlynnREstats/status/1853458521628537124
Apple has bought back $655 billion in stock over the past 10 years, which is greater than the market cap of 490 companies in the S&P 500.
https://x.com/charliebilello/status/1853103386679529582
Casino operator revenues seeing some softness – very seasonal data but a lower high in January would be a sign of consumer/employment trouble.
https://x.com/DonMiami3/status/1853504598121513087
This data is exhibit A at how misused stimulus money was in the 20-21 money printing era
https://x.com/DonMiami3/status/1853505157277024704
The BLS revised down nonfarm payrolls for August and September by 112K due to changes to its seasonal adjustment calculations.
In this light, it is interesting to ask what payrolls in October would have been if the BLS had used the same seasonal adjustment factors that it used in September and October of 2023.
The answer is that payrolls would have declined by 53K in October 2024, versus the reported gain of 12K.
This raises the risk of more downward revisions to payrolls in November.
https://x.com/PeterBerezinBCA/status/1853518526306242917
Over the last 40 years, childcare prices are up 873%, massively outpacing other major cost of living categories.
By comparison, housing, food, and transportation inflation has risen 350%, 332%, and 268%, respectively.
At the same time, nationwide CPI inflation has jumped by 315% over this period, less than half of childcare inflation.
As a result, the majority of the US regions have now annual daycare costs that require 15% of the median household income, with some nearing 25%.
https://x.com/KobeissiLetter/status/1853614203527209141
Our daycare costs more than our mortgage.
https://x.com/PursuingFreed0m/status/1853614542519185429
Davidson County leading the charge on Months Supply of Inventory! Over 5 months worth now.
https://x.com/AustinWhittRE/status/1853610456205639740
Since the market closed…
1) KPMG cuts audit staff 4%
2) Lattice Semiconductor to cut 14% of workforce
3) Paystudios to cut 30% of workforce
4) Navitas Semiconductor to pare headcount by 14%
Three large bankruptcies filed today per @business
https://x.com/DiMartinoBooth/status/1853563259246280773
You guys are literally importing illegal immigrants that are being given priority for housing across the U.S.
Every decision your party has made has not only raised housing costs, but surged the population making it even harder for Americans to find and afford housing
https://x.com/sav_says_/status/1853488042662912502
U.S. factory orders decline for second consecutive month in September, signaling business slowdown, per Reuters
https://x.com/unusual_whales/status/1853489606219727182
More homeowners just started pulling cash out of their properties. Here’s why.
https://x.com/DianaOlick/status/1853492387726946371
Homeboy just got hoomed
2 screenshots
https://x.com/GayBearRes/status/1853463399910273126
“Full-time private sector jobs have dropped by a whopping 1.5 MILLION year-over-year.
Such a drop in full-time private jobs has never been seen outside of recessions”
Paul Krugman muh best economy ever.
Justice for Peanut.
Our daycare costs more than our mortgage.
Perhaps a re-examination is in order of the family structure.
How about Dad work a job; Mom stays home and takes care of the children. It seems to be a better financial arrangement and is definitely better for raising children.
“You guys are literally importing illegal immigrants that are being given priority for housing across the U.S.
Every decision your party has made has not only raised housing costs, but surged the population making it even harder for Americans to find and afford housing”
You are being replaced.
A Tribeca-based art advisor has pleaded guilty in a case arising from allegations that she stole more than $6 million dollars from wealthy clients. Lisa Schiff (right), who lives in Tribeca and also operated an office there — as well as outposts in Los Angeles and London — opened her boutique advisory firm, Schiff Fine Art Advisory, in 2002. But her business began to unravel in May, 2023, when multiple clients filed lawsuits alleging they were never paid for valuable art works they had entrusted to her for sale, or that she never bought art pieces they had given her funds to purchase but had pocketed the money instead.
Federal prosecutors say that Ms. Schiff “breached the trust of her art advisory clients by lying to them and diverting millions of dollars her clients had entrusted to her. Instead of using client funds as promised, Schiff used the stolen money to fund a lavish lifestyle.”
In October, she pleaded guilty to a reduced charge of count of wire fraud (carrying a maximum sentence of 20 years in prison) and agreed to forfeit approximately $6.4 million.
Ms. Schiff’s lawyer, Randy Scott Zelin, says, “my client is a good person who did a bad thing. She has accepted responsibility for what she has done, she’s going to do the best that she can to make amends, and she looks forward to getting on with her life.”
“She has 140 percent remorse,” Mr. Zelin continues. “It’s like she got caught up in a riptide that takes you further and further out. You have every good intention with you when you set foot in the ocean, but sometimes you just end up in that current, and you just can’t find your way back.”
https://www.ebroadsheet.com/22301-2/
A courtroom of relief: FBI recovers funds for victims of scammed banker
Sobs of relief broke out in a federal courtroom in Kansas on Monday as dozens of people whose life savings had been embezzled by a bank CEO learned that federal law enforcement had recovered their money.
“I just can’t describe the weight lifted off of us,” said Bart Camilli, 70, who with his wife Cleo had just learned they’d recover close to $450,000 — money Bart began saving at 18 when he bought his first individual retirement account. “It’s life-changing.”
In August, former Kansas bank CEO Shan Hanes was sentenced to 24 years after stealing $47 million from customer accounts and wiring the money to cryptocurrency accounts run by scammers. Prosecutors said Hanes also stole $40,000 from his church, $10,000 from an investment club and $60,000 from his daughter’s college fund and lost $1.1 million of his own in the scheme. Deposits were “jettisoned into the ether,” said prosecutor Aaron Smith.
Hanes’ Heartland Tri-State Bank, drained of cash, was shut down by federal regulators and sold to another financial institution. Customers’ savings and checking accounts amounting to $47.1 million were insured by the Federal Deposit Insurance Corp., which paid off their losses.
But there were still 30 shareholders of the community-owned rural bank Hanes helped found — including his close family friends and neighbors — who thought they lost $8.3 million in investments: well-planned retirements were upended, funds for long-term eldercare gone, education funds and bequests for children and grandchildren zeroed out.
Prosecutors said Hanes, who was the CEO of Heartland Tri-State Bank in Elkhart, Kansas, lost the money in a scam referred to as “pig butchering,” or the way pigs are fattened before slaughter. In the scam, a third party gains a victims’ trust and, over time, convinces them to invest all of their money into cryptocurrency, which immediately disappears. U.S. and U.N. officials say these schemes are proliferating, with scammers largely in Southeast Asia increasingly taking advantage of Americans.
Hanes started buying what he thought was $5,000 in cryptocurrency in late 2022, communicating with someone who had reached out on WhatsApp, according to court records. A few months later he transferred over his church and investment club funds. Records show the scam accelerated in the summer of 2023, when Hanes wired $47.1 million out of customer accounts in 11 wire transfers over just eight weeks. Each transfer, he thought, was necessary to end the investment and cash out, court records said. He watched, on a fake website, as the money appeared to grow to more than $200 million.
“He was to take some of the money, and the rest of the money was supposed to go back to the bank,” his attorney John Stang explained. “Now it’s fiction, it didn’t exist. We all know that now … It failed big time.”
On Monday, prosecutors said the FDIC wanted to be paid back for the insurance claims it reimbursed to bank customers. But Judge Broomes said the economic circumstances of shareholders “who became insolvent because of a fraud scheme” justified paying them back first, before the FDIC recovers anything.
Hanes, 53, may be in his late 70s when he is released and is unlikely to be able to pay the FDIC the $47.1 million still owed.
In a court filing, Hanes and his attorney tried to explain what had happened.
“Mr. Hanes made some very bad choices after being caught up in an extremely well-run cryptocurrency scam,” they said. “He was the pig that was butchered.”
https://www.msn.com/en-us/money/news/a-courtroom-of-relief-feds-recover-funds-for-victims-of-scammed-banker/ar-AA1tvv2U
‘Gutless’ CEOs Jolted by Attacks From Trudeau’s Surging Rival
The crowd gathered on the 54th floor of TD Bank Tower, an imposing glass-and-steel edifice in Toronto’s financial district, was a who’s who of the Canadian business elite. There were CEOs and tech moguls and bankers who had paid as much as C$1,725 ($1,240) each for a chance to hear from Pierre Poilievre, the leader of the Conservative Party.
Poilievre isn’t your traditional Conservative leader or, for that matter, your typical Canadian. He’s brash and confrontational, even with his supporters in the C-suite. Weeks before this June fundraiser on Bay Street, he publicly ripped into CEOs in an opinion piece for failing to push back against the environmental policies of Prime Minister Justin Trudeau, the man he appears poised to defeat at the polls next year. “Gutless executives,” he’d written.
So when he asked the group for questions, it soon got tense.
Poilievre is courting working-class voters with an anti-elite message that sometimes paints a darker picture of the country. “Everything feels broken in Canada,” he says in television ads. Business groups don’t have the solutions – they only know how to hold “pointless luncheons and meetings,” Poilievre has written. He lambasted the CEO of Canada’s largest telecommunications company as “overpaid” and accused him of draining the firm’s resources “to pay his wealthy friends” high dividends.
It’s working: the Conservatives have held a double-digit lead in public opinion polling for well over a year, with an election due by October 2025. The party’s current advantage is so large – and Trudeau’s Liberal Party appears so weakened – that projections suggest the Tories have a shot at winning more than 200 of the 343 seats up for grabs in the House of Commons.
Such a majority would give Poilievre the ability to make sweeping changes to the direction of the world’s 10th largest economy, and he’s hinting that’s exactly what he wants to do. He has slammed some of Canada’s biggest companies, accusing them of being coddled by the state and too eager to pursue taxpayer subsidies.
One illustration was his recent spat with BCE Inc., also known as Bell, a large telecom provider that owns CTV, one of the country’s major television networks. When its flagship news program stitched together clips of Poilievre, presenting his remarks out of context, he accused the network of being biased against him. CTV apologized and fired two people involved in producing the story.
But then the Conservative leader kept going, attacking BCE CEO Mirko Bibic directly and mocking the company for having its credit rating downgraded. “This is the crony capitalism of Trudeau’s state-run economy,” Poilievre wrote in a social-media post on X. “Politicians protect big oligopolies against competition and those oligopolies use their media arms to give politicians glowing coverage.”
https://www.yahoo.com/news/gutless-canada-ceos-jolted-trudeau-110000887.html
‘Very worried’: Alberta NDP concerned about gender policy impact
NDP House Leader Christina Gray speaks with Alberta Primetime host Michael Higgins about the first week of the Alberta legislature’s fall sitting.
Michael Higgins: Let’s start on that trio of bills focusing largely on transgender youth. You’ve had a day now to review the legislation. What’s standing out for you from an opposition perspective?
Christina Gray: The bills that have been introduced are some of the most anti-trans legislation, anti-sex education legislation, that we’ve seen anywhere in the country and counter to what the premier has said, it’s removing choice and removing rights and punching down on vulnerable children.
A lot of misinformation has been introduced into the health conversation. They are talking about removing access to bottom surgery, something that does not happen anywhere in Canada. They are really going further than we’ve seen with anti-trans legislation than any other part of the country.
Our fundamental human rights are already protected by the Canadian Charter of Rights and Freedoms. They cannot be overridden by any provincial bill. The UCP continues to focus on anti-vaccine positions rather than addressing real needs, like parents seeking proper care for their children.
https://edmonton.ctvnews.ca/very-worried-alberta-ndp-concerned-about-gender-policy-impact-1.7097635
Why Trudeau and Harris face similar troubles with voters
As the US presidential campaign nears the finish line, Canada’s prime minister is facing the threat of a snap election being called at any moment.
Justin Trudeau is under intense pressure to step down as leader after nine years in power. His Liberals have been trailing the Conservative Party by a wide margin in the polls for months.
A large segment of voters in both countries are feeling a sense of malaise, telling pollsters they think their respective country is moving in the wrong direction.
Nik Nanos, the founder of polling firm Nanos Research, said politics on both sides of the border now shares “common hot button issues”, from the cost of living to immigration.
“What’s probably more important is the subtext that the system is broken.”
Darrell Bricker, CEO of Ipsos Global Public Affairs, told the BBC that the message of hope and change that swept Trudeau to victory in 2015 – and the Harris campaign’s early message of joy – aren’t resonating with people struggling to pay their bills.
“Incumbents are really getting punished these days. You saw it in the UK, you saw it in France. And it looks like there’s a potential for that to happen in the United States and in Canada,” he said.
https://www.msn.com/en-us/news/world/why-trudeau-and-harris-face-similar-troubles-with-voters/ar-AA1ttS63
“the Harris campaign’s early message of joy – aren’t resonating with people struggling to pay their bills”
Paul Krugman muh best economy ever.
Last week, New York Times columnist Michelle Goldberg compared waiting for the election returns to waiting for the results of a biopsy. It’s a fine metaphor, vivid in capturing the dread of this moment, but it’s inapt.
We’re not waiting for a diagnosis, we’re waiting for a prognosis. We know there’s a malignancy. What we don’t know is how bad it’ll get.
If Donald Trump wins, Americans will find out the hard way how abusive a term-limited authoritarian egged on by yes-men and emboldened by criminal impunity in wielding his core powers might be. We’ll also learn how far the salt-of-the-earth patriots of the American right—most of whom are supposedly voting for nothing more malicious than lower grocery prices and a stronger border—are willing to go to rationalize that abuse.
My suspicion in both cases is: Further than we think.
That’s the best I can do for a consoling thought on Election Day eve—we deserve what we get now. And I do mean “we.” I deserve it too.
I’ve worked in right-wing media for a long time. Even in the early days, people who read me would have told you I was nine parts RINO to one part populist. But that’s still one part too many.
I regret, and will always regret, that I didn’t recognize until very late what the conservative movement was becoming. I plead stupidity, not malice: Not until Trumpmania exploded in 2015 did it dawn on me that adherents of populist conservatism were happy to jettison the conservatism so long as the populist demagoguery got turned up to 10.
Whatever minuscule contribution I may have made toward us arriving at this moment, I’m sorry for it. All I can do to atone is make another minuscule contribution toward trying to lead us away and accept that, whatever Trump has planned, I’m part of the “we” that has it coming
https://www.yahoo.com/news/boiled-frogs-230021849.html
I’ve never heard anyone brag about being a Rino. Extraordinary if you think about it.
Deep State gonna deep.
This is the kind of person described in the Yuri Substack post above.
No matter how much he spouts off, this author’s TDS comes through loud and clear!
The U.S. economy looks strong. So why don’t voters feel good about it?
Many voters have been telling pollsters the economy is the most important issue to them this election cycle. While it looks strong on paper — stable and growing at a faster pace than was expected — a lot of American voters are still feeling a bit glum about it all, no matter how good the data seems to say they should feel.
During a recent interview, Democratic strategist Ameshia Cross said that a voter’s perspective on the economy “is determined by what they’re going through on a daily basis.”
“It’s not the Dow Jones industrial average,” she said. “People are looking at whether they have money to do the things they were able to do just a few years ago, and most would tell you they cannot.”
https://www.cbc.ca/news/world/economy-us-election-consumer-sentiment-1.7371186
“People are looking at whether they have money to do the things they were able to do just a few years ago, and most would tell you they cannot”
Paul Krugman muh … muh … maybe write another NYT piece about how Harris / Biden should downplay the economic miracle they’ve created.
Is New Jersey in play? Even CT or the big prize NY?
If NH and Virginia go for DJT, watch all the Eastern time zone “swing” states closely. This could all be over by 10pm Eastern.