The Outlook Is Horrendous, We’ve Paid A Fortune For This House
A report from Boston 25. “Low inventory, high interest rates, and discouraged buyers: These have not been banner times for Massachusetts real estate brokers. But to suddenly close up shop? That is almost unheard of. ‘This is the first time in my 25-plus years that I can remember a property firm closing down in Massachusetts,’ said Attorney Richard Vetstein, a principal of Vetstein Law Group in Framingham. Vetstein, a real estate attorney, was reacting to the sudden closure this weekend of SUCCESS Real Estate on the South Shore. That firm had been in business for 32 years and recently boasted billions in property sales over the last five years. ‘It’s a potential embezzlement situation,’ Vetstein said. ‘I’ve spoken with several people that have direct connections with ongoing operations at the firm.’ Embezzlement at a real estate company would likely involve funds placed in escrow by buyers and sometimes sellers. These can be deposits on a property or, in the case of sellers, funds to help a buyer pay closing costs and/or realtor commissions.”
Lansing City Pulse in Michigan. “Christian Nwobu, owner of 23 rental properties in Lansing with delinquent property tax balances, will need to come up with $102,499 by March 31 to avoid foreclosure. The number represents what he owes through the 2022 tax year. If it’s not paid by then, Ingham County will seize those properties and try to sell them to compensate for the lost tax revenue. Nwobu’s dues place him second on a list of the top 10 highest delinquent totals in the county this year. ‘They’re probably funding a full-time equivalent in my office to do foreclosure prevention. I’m happy to have the money, but it doesn’t make much sense to me as a business model,’ said Ingham County Treasurer Alan Fox. Nwobu and others play different pieces of the asset game, and I think some of them really do factor it into their business model. ‘Yes, it’s costing them something, but they may be waiting to be paid by somebody for a few months’ rent, or get another place rented out. The hope is that they’ll have a big payday and get caught up.'”
From Bisnow. “One of the country’s largest homebuilders has filed to spin off its land holdings into a new publicly traded company. Miami-based Lennar Corp. is spinning off $5B to $6B in developable and prospective homesites into a REIT called Millrose. In a letter to its stockholders that was included in the filing, Lennar said that while ‘traditional land banks’ need to raise new money from investors, Millrose will use a recycling structure for its acquisitions. ‘While traditional land banks generally cannot engage in additional Land Banking without raising new investor funds, leaving them vulnerable to market dynamics and investor preferences, Millrose’s recycled capital structure should provide home builders with consistent access to capital, even during periods of market downturn or continued periods of depressed market conditions,’ the company said. Lennar had discussed its intentions for the Millrose spinoff in its second-quarter filing with the SEC. ‘The goal of the spin-off is to generally complete our migration to an asset-light operating model by spinning off much of our land assets from our balance sheet,’ it said at the time.”
From Seven Days. “The discovery of dozens of bunk beds stuffed into crude, unfinished industrial spaces in Colchester raises questions about the prevalence of migrant laborers in Vermont’s construction sector — and also shines a spotlight on the growing company that housed them. Following anonymous tips, Vermont Construction Company has been fined twice in recent months by the state Division of Fire Safety for operating unsafe dormitory-style housing in commercial buildings at Fort Ethan Allen. On December 5, the Town of Colchester issued an emergency order to evacuate one of the spaces, located at the company’s Hegeman Avenue headquarters. Inside, 17 mattresses were arranged in several rooms and hallways, alongside exposed electrical wiring and space heaters. Inspectors did not find any smoke detectors or fire extinguishers; the residence had only one way in and out. Clues at the sites, said Cathyann LaRose, Colchester’s director of planning and zoning, indicate they were being used to shelter immigrant workers. Signs were posted in Spanish, and many of the residents’ belongings were kept in suitcases.”
“Ecuadorians with roofing expertise began traveling to Vermont from Massachusetts a couple of years ago, Migrant Justice spokesperson Will Lambek said. Since then, more have come to Vermont, including undocumented immigrants and asylum seekers. Recently, some Mexican farmworkers have begun leaving the dairies for construction work, where the hours and pay are better. Jim Billado runs a small roofing company out of Milton, carrying on a 101-year-old family business. Hiring immigrant subcontractors has become a matter of survival, he said, given the lack of local workers. Whenever he needs help on a big job, Billado hires a skilled family of Ecuadorians who live in New Hampshire. The subcontractors pay for their own lodging, Billado said, and have assured him they have legal authorization to work.”
“But Billado sharply criticized Vermont Construction and some other larger firms that appear to use immigrant subcontractors more frequently. They’re ‘cheating the system,’ he said. Billado called upon the State of Vermont to investigate. Billado’s company, meanwhile, is struggling to stay in business. He once employed 30 people. Today, he employs two. ‘Those guys aren’t running [their companies] by the books, and they’re getting away with it, and it’s killing me,’ Billado said. ‘They’re taking all my calls, they’re advertising all over the place, and they’re getting all the work.'”
From CalMatters. “When asked by pollsters, Californians repeatedly rate homelessness as one of their top concerns — and for good reason. This year’s federal count of Californians who lack housing neared 186,000, by far the most of any state and about 5,000 people higher than the previous year. Gavin Newsom began his governorship six years ago with many promises of decisive action on major issues, among them housing and homelessness. He pledged to appoint a homelessness czar to attack the crisis, and he and the Legislature allocated billions of dollars.”
“A 2023 report by the Legislative Analyst’s Office pegged direct spending by four state agencies since Newsom became governor at $20 billion, but didn’t include spending by other agencies or local governments. The state’s auditor, Grant Parks, cited $24 billion by nine state agencies in a report last spring that castigated Newsom’s Interagency Council on Homelessness for failing to fully track how billions of dollars were spent or determining which programs were effective. As the crisis continued, reporters questioned Newsom about having a czar who could cut through red tape and attack homelessness effectively. Newsom snapped back, ‘You want to know who’s the homeless czar? I’m the homeless czar in the state of California.'”
“While seemingly taking personal responsibility for combating homelessness — and despite the state auditor’s criticism of his administration — Newsom has more recently blamed local governments for failing to spend state homelessness grants effectively, often threatening to cut off their money if they didn’t make a serious dent in the crisis. Newsom’s governorship will end in two years, after which he will likely mount a campaign for president. It’s certain that California’s homelessness crisis will still be highly visible and a weapon for Newsom’s opponents.”
The New York Post. “A damning Department of Investigations report shows the heads of city-paid shelter ‘charities’ have been milking the system for years, using taxpayer cash to award themselves massive pay packages. The numbers are jaw-dropping: $916,000 for the CEO of Acacia Network Housing; more than $700,000 across multiple years for the head of Camba; $1 million for the CEO of CORE, Jack Brown — who in 2021 was also caught stacking the org’s payroll with buddies and set up for-profit vendors that also funneled him cash. (The city cut ties with CORE shortly after.) That’s a lot of profit for the heads of nonprofits.”
“Including execs’ double-dipping: The report showed that nonprofit shelter provider SEBCO Development Inc. used $11.6 million in taxpayer money to cover security services from a company owned by SEBCO, then senior executives at SEBCO cashed in on nearly $400,000 in salaries from the security company. And those are just the nonprofits that followed their agreements and actually reported executive salaries; at least 13 of 87 contracted shelter providers have not. Imagine the extravagance hiding in those records. It’s no surprise: The shelter system is a free-for-all for pocket-padding grifters at this point.”
From Insauga in Canada. “In the 1950s, about 95 per cent of new homes build were single-detached houses in Ontario, according to a new report from the Municipal Property Assessment Corporation. MPAC administers property assessments and determines the assessed value for all properties across Ontario. By 2020, condo development had surpassed single-detached houses, with approximately 41 per cent of new residential builds being condos and around 38 per cent being single-detached homes.At the same time, median condo size has decreased by 32 per cent, shrinking from 965 square feet in the 1970s to 658 square feet today.”
“In areas closer to the GTA, the condo market is driven by investors, David Amborski, professor at Toronto Metropolitan University’s School of Urban and Regional Planning, and professional urban planner, told INsauga.com. People will rent a one-bedroom apartment for roughly the same price whether it’s 500 or 600 square feet. ‘So they’re pitching the condos to the investor market,’ Amborski said. ‘The more units they can squeeze onto a site, the greater return.’ In the near future, Amborski predicts a move away from condo development. ‘There is a bit of a glut right now of condos on the market,’ he said.”
Chronicle Live in the UK. “A raging homeowner says he and his partner now regret moving into their £350k new build due to an ‘eyesore’ visible from their window. Walter Brown and Sharon Kelly purchased the modern home in December 2022, setting them back £358,000. However, they now wish they had spent their money elsewhere due to a ‘wasteland’ at the end of their cul-de-sac. The couple’s property forms part of the Ashberry Homes Church View development in Newcastle and Walter says an area known as the SUDs, is visible from their window and is littered with mattresses and rubble.”
“He described the area as a ‘landfill’ and has been raising the issue with developers since moving in, but feels ‘fobbed off’. Walter, 57, told ChronicleLive: ‘It’s like a landfill, it’s got mattresses buried in there, there’s rubble in there. We’ve emailed, we’ve been on the phone, we’ve chased it and we’re getting nowhere. ‘The outlook is horrendous, it really is. We’ve paid a fortune for this house.’ The lack of action has taken its toll on the couple, who say that the view from their home is horrendous. Walter continued: ‘The tears my partner’s had, we’ve looked forward to living in a new home for quite a few years.'”
Daily Mail Australia. “Higher interest rates and cost of living pressures are forcing mortgage holders earning half a million dollars to consider moving back in with their parents. Shore Financial CEO Theo Chambers said even young couples with combined household incomes of $400,000 to $500,000 were struggling to afford their $2million-plus mortgage in areas of Sydney particularly if they had kids in childcare. ‘There’s a lot of people moving back in with family so they can get rid of childcare fees, rent out their property, they’re not selling,’ Mr Chambers told the Sydney Morning Herald. ‘They can see in a few years, once their kids go to school, things will be easier. While their kids are still at daycare, it’s so expensive for them to still be working.'”
“He said high-income couples had bought when interest rates were at two per cent – a figure that now seems a distant memory – and would have thought ‘we can easily afford a $3million house in Bondi’. However, since they have had children and they do not qualify for childcare subsidies, they need to fork out $7,000 a month in fees. Without being able to refinance their mortgages they have cut out discretionary spending and holidays and cut back to only one car. Mr Chambers said people like this feel ‘stuck’ and that even though they had done all the ‘right things’ and ‘ticked every box’ they were still struggling.”
“Mortgage Choice Dee Why principal James Algar said she was dealing with high earners who had cleaned out their savings to keep their mortgage going. She said while most of these people were not in true financial dire straits or contemplating selling they are feeling the pinch. Demographer Simon Kuestenmacher said housing affordability was determined by the ratio of house prices to incomes. ‘Not even the rich can comfortably afford a home. It’s not the most tragic thing … [But] the situation for people in the middle is absolutely dire,’ he said.”
“According to a 2024 Demographia report, Sydney, Melbourne and Adelaide are among the 10 most unaffordable cities in the world, with Hong Kong topping the list. The median cost of a house has doubled in Australia in the space of only 13 years, from under $500,000 in 2011 to nearly $1million in 2024. An ANZ Corelogic Housing Affordability Report has showed that house prices in Sydney now cost 10 times the median salary. In July, research led by property experts Mustapha Bangura and Professor Chyi Lin Lee found the average full-time income was no longer good enough to enter the housing market anywhere in Sydney.”
‘Millrose’s recycled capital structure should provide home builders with consistent access to capital, even during periods of market downturn or continued periods of depressed market conditions,’ the company said. Lennar had discussed its intentions for the Millrose spinoff in its second-quarter filing with the SEC. ‘The goal of the spin-off is to generally complete our migration to an asset-light operating model by spinning off much of our land assets from our balance sheet’
All Time High Larry.
Lennar is leading the way in slashing prices in my hood. But I would never buy one. You’ll be replacing everything in 5 years.
‘He once employed 30 people. Today, he employs two. ‘Those guys aren’t running [their companies] by the books, and they’re getting away with it, and it’s killing me,’ Billado said. ‘They’re taking all my calls, they’re advertising all over the place, and they’re getting all the work’
This is worth reading in full. Judging from the photos these illegals are a bunch of drunks and slobs.
Check back later, I’ve got some interesting links to come.
BTW what this guy is describing is this: they pay no FICA tax. That’s 15% cheaper than a legal worker, and it’s criminal. Yer defrauding social security and medicare. And they pay no workers comp insurance, which legal workers employers have to pay. You can bet when their hungover a$$ cuts off a finger, they head to the emergency room at no cost! Oh but they’re doing jobs Americans won’t! because they are undercutting wages by a huge amount. Plus the kids and mamacitas at home are probably on the guberment tit as well.
And they probably do cr@p work.
[Pssssst … this is a long article.]
How the White Houe functioned with a diminished Biden in charge.
https://www.msn.com/en-us/news/politics/how-the-white-house-functioned-with-a-diminished-biden-in-charge/ar-AA1w9cBy?ocid=BingNewsVerp
During the 2020 presidential primary, Jill Biden campaigned so extensively across Iowa that she held events in more counties than her husband—a fact her press secretary at the time, Michael LaRosa, touted to a local reporter.
His superior in the Biden campaign quickly chided him. As the three rode in a minivan through the state’s cornfields, Anthony Bernal, then a deputy campaign manager and chief of staff to Jill Biden, pressed LaRosa to contact the reporter again and play down any comparison in campaign appearances between Joe Biden, then 77, and his wife, who is eight years his junior. Her energetic schedule only highlighted her husband’s more plodding pace, LaRosa recalls being told.
The message from Biden’s team was clear. “The more you talk her up, the more you make him look bad,” LaRosa said.
The small correction foreshadowed how Biden’s closest aides and advisers would manage the limitations of the oldest president in U.S. history during his four years in office.
To adapt the White House around the needs of a diminished leader, they told visitors to keep meetings focused. Interactions with senior Democratic lawmakers and some cabinet members—including powerful secretaries such as Defense’s Lloyd Austin and Treasury’s Janet Yellen—were infrequent or grew less frequent. Some legislative leaders had a hard time getting the president’s ear at key moments, including ahead of the U.S.’s disastrous pullout from Afghanistan.
Senior advisers were often put into roles that some administration officials and lawmakers thought Biden should occupy, with people such as National Security Adviser Jake Sullivan, senior counselor Steve Ricchetti and National Economic Council head Lael Brainard and her predecessor frequently in the position of being go-betweens for the president.
Press aides who compiled packages of news clips for Biden were told by senior staff to exclude negative stories about the president. The president wasn’t talking to his own pollsters as surveys showed him trailing in the 2024 race.
Presidents always have gatekeepers. But in Biden’s case, the walls around him were higher and the controls greater, according to Democratic lawmakers, donors and aides who worked for Biden and other administrations. There were limits over who Biden spoke with, limits on what they said to him and limits around the sources of information he consumed.
Throughout his presidency, a small group of aides stuck close to Biden to assist him, especially when traveling or speaking to the public. “They body him to such a high degree,” a person who witnessed it said, adding that the “hand holding” is unlike anything other recent presidents have had.
The White House operated this way even as the president and his aides pressed forward with his re-election bid—which unraveled spectacularly after his halting performance in a June debate with Donald Trump made his mental acuity an insurmountable issue. Vice President Kamala Harris replaced him on the Democratic ticket and was decisively defeated by Trump in a shortened campaign—leaving Democrats to debate whether their chances were undercut by Biden’s refusal to yield earlier.
This account of how the White House functioned with an aging leader at the top of its organizational chart is based on interviews with nearly 50 people, including those who participated in or had direct knowledge of the operations.
Many of those who criticized Biden’s insularity said his system nonetheless kept his agenda on track.
White House spokesman Andrew Bates said Biden “earned the most accomplished record of any modern commander in chief and rebuilt the middle class because of his attention to policy details that impact millions of lives.” Bates, who rejected the notion that Biden has declined, added that the president has often solicited opinions from outside experts, which has informed his policymaking.
He said it is the job of senior White House staff to have high-level meetings regularly and that they were executing Biden’s agenda at his direction.
He also said that staff alerted the president to “significant” negative news stories. Bernal, via the White House press office, declined to comment.
‘Good days and bad days’
The president’s slide has been hard to overlook. While preparing last year for his interview with Robert K. Hur, the special counsel who investigated Biden’s handling of classified documents, the president couldn’t recall lines that his team discussed with him. At events, aides often repeated instructions to him, such as where to enter or exit a stage, that would be obvious to the average person. Biden’s team tapped campaign co-chairman Jeffrey Katzenberg, a Hollywood mogul, to find a voice coach to improve the president’s fading warble.
Biden, now 82, has long operated with a tightknit inner circle of advisers. The protective culture inside the White House was intensified because Biden started his presidency at the height of the Covid pandemic. His staff took great care to prevent him from catching the virus by limiting in-person interactions with him. But the shell constructed for the pandemic was never fully taken down, and his advanced age hardened it.
The structure was also designed to prevent Biden, an undisciplined public speaker throughout his half-century political career, from making gaffes or missteps that could damage his image, create political headaches or upset the world order.
The system put Biden at an unusual remove from cabinet secretaries, the chairs of congressional committees and other high-ranking officials. It also insulated him from the scrutiny of the American public.
The strategies to protect Biden largely worked—until June 27, when Biden stood on an Atlanta debate stage with Trump, searching for words and unable to complete his thoughts on live television. Much of the Democratic establishment had accepted the White House line that Biden was able to take the fight to Trump, even in the face of direct evidence to the contrary.
Biden, staffed with advisers since he became a senator at age 30, came to the White House with a small team of fiercely loyal, long-serving aides who knew him and Washington so well that they could be particularly effective proxies. They didn’t tolerate criticism of Biden’s performance or broader dissent within the Democratic Party, especially when it came to the president’s decision to run for a second term.
Yet a sign that the bruising presidential schedule needed to be adjusted for Biden’s advanced age had arisen early on—in just the first few months of his term. Administration officials noticed that the president became tired if meetings went long and would make mistakes.
They issued a directive to some powerful lawmakers and allies seeking one-on-one time: The exchanges should be short and focused, according to people who received the message directly from White House aides.
Ideally, the meetings would start later in the day, since Biden has never been at his best first thing in the morning, some of the people said. His staff made these adjustments to limit potential missteps by Biden, the people said. The president, known for long and rambling sessions, at times pushed in the opposite direction, wanting or just taking more time.
The White House denied that his schedule has been altered due to his age.
If the president was having an off day, meetings could be scrapped altogether. On one such occasion, in the spring of 2021, a national security official explained to another aide why a meeting needed to be rescheduled. “He has good days and bad days, and today was a bad day so we’re going to address this tomorrow,” the former aide recalled the official saying.
While it isn’t uncommon for politicians to want more time with the president than they get, some Democrats felt Biden was unusually hard to reach.
That’s what Rep. Adam Smith of Washington found when he tried to share his concerns with the president ahead of the U.S. withdrawal from Afghanistan in 2021. Smith, a Democrat who then chaired the powerful House Armed Services Committee, was alarmed by what he viewed as overly optimistic comments from Biden as the administration assembled plans for the operation.
“I was begging them to set expectations low,” said Smith, who had worked extensively on the issue and harbored concerns about how the withdrawal might go. He sought to talk to Biden directly to share his insights about the region but couldn’t get on the phone with him, Smith said.
After the disastrous withdrawal, which left 13 U.S. service members and more than 170 Afghans dead, Smith made a critical comment to the Washington Post about the administration lacking a “clear-eyed view” of the U.S.-backed Ashraf Ghani government’s durability. It was among comments that triggered an angry phone call from Secretary of State Antony Blinken, who ended up getting an earful from the frustrated chairman. Shortly after, Smith got an apologetic call from Biden. It was the only phone call Biden made to Smith in his four years in office, Smith said.
“The Biden White House was more insulated than most,” Smith said. “I spoke with Barack Obama on a number of occasions when he was president and I wasn’t even chairman of the committee.”
Rep. Jim Himes of Connecticut, the top Democrat on the House Intelligence Committee, said his interactions with the White House in the past two years were primarily focused on the reauthorization of a vital section of the Foreign Intelligence Surveillance Act that authorizes broad national security surveillance powers. Biden’s senior advisers and other top administration officials worked with Himes on the issue, and he praised the collaboration.
But Biden wasn’t part of the conversation. “I really had no personal contact with this president. I had more personal contact with Obama, which is sort of strange because I was a lot more junior,” said Himes, who took office in 2009. Congress extended the surveillance authority for two years instead of the administration’s goal of five years.
Bates said that in every administration, some in Washington would prefer to spend more time with the president and that Biden put significant effort into promoting his legislative agenda.
One lawmaker who did get one-on-one time with Biden noticed that the president lacked stamina and heavily relied on his staff: Sen. Joe Manchin, the West Virginia Democrat-turned-independent who held up chunks of Biden’s legislative agenda during the first half of Biden’s term. Manchin said the job required a level of energy that he wasn’t sure Biden had been able to sustain.
“I just thought that maybe the president just lost that fight,” Manchin said in an interview. “The ability to continue to stay on, just grind it, grind it, grind it.”
Instead of Biden directing follow up, Manchin noticed that Biden’s staff played a much bigger role driving his agenda than he had experienced in other administrations. Manchin referred to them as the “eager beavers”—a group that included then-White House Chief of Staff Ron Klain. “They were going, ‘I’ll take care of that,’ ” Manchin said.
Klain, who was chief of staff for Biden’s first two years in office, said that “the agenda and pace” of the White House was at the “president’s direction and leadership.”
Dealing with advisers
Interactions between Biden and many of his cabinet members were relatively infrequent and often tightly scripted. At least one cabinet member stopped requesting calls with the president, because it was clear that such requests wouldn’t be welcome, a former senior cabinet aide said.
One top cabinet member met one-on-one with the president at most twice in the first year and rarely in small groups, another former senior cabinet aide said.
Multiple former senior cabinet aides described a top-down dynamic in which the White House would issue decisions and expect cabinet agencies to carry them out, rather than making cabinet secretaries active participants in the policymaking process. Some of them said it was hard for them to discern to what degree Biden was insulated because of his age versus his preference for a powerful inner circle.
Bates said Biden has daily conversations with members of his cabinet. Several cabinet secretaries contacted the Journal at the White House’s request to attest to the smooth operations between their agencies and the White House. They said Biden would call them individually on the phone when seeking information or to give direction.
“I spoke with him whenever we needed his guidance or his help,” said Denis McDonough, Biden’s Secretary of Veterans Affairs and former chief of staff to Obama. “A lot of times it was him reaching out to us.”
Most often, however, they dealt with the president’s advisers, not the president himself, some of them said.
“If I had an issue or I needed attention on something, I had multiple avenues to explore to raise the issue,” said Agriculture Secretary Tom Vilsack. “You don’t always have to raise the issue with the president.”
Vilsack, who also served as the agriculture secretary under Obama, said that presidents should primarily get involved when there’s a dispute between agencies.
Obama would often meet with smaller groups of cabinet members to hash out a policy debate, former administration officials said.
But that often wasn’t the experience under Biden’s administration. Instead, cabinet members most often met alone or with a member of the president’s senior staff, including Brainard, the economic adviser, or National Security Adviser Sullivan. The senior adviser would then bring the issue to the president and report back, former administration officials said.
Former administration officials said it often didn’t seem like Biden had his finger on the pulse.
Traditionally, presidents have more frequent interactions with certain cabinet secretaries—often Treasury, Defense and State—than others.
But Treasury Secretary Yellen had an arm’s length relationship with the president for much of the administration. She was part of the economics team that regularly briefed the president, but one-on-one discussions were more rare, and she typically dealt with the NEC or with the president’s advisers rather than Biden directly, according to people familiar with the interactions.
Some current and former administration officials said they would have expected a closer relationship between the two.
Bates, the White House spokesman, said Biden “deeply values Secretary Yellen’s expertise and counsel” and is “grateful for her service.” The Treasury Department declined to comment.
Defense Secretary Austin also saw his close relationship with Biden grow more distant over the course of the administration, with Austin’s regular access to Biden becoming increasingly rare in the past two years, people familiar with the relationship said.
During the first half of the administration, Austin was one of the cabinet members who would regularly attend Biden’s presidential daily briefing on a rotational basis each week. That briefing would be followed with a routine one-on-one in which Austin and Biden would meet personally behind closed doors.
Officials familiar with these meetings said they helped cabinet members to understand the commander in chief’s intentions directly, instead of being filtered through others, such as Sullivan, the national security adviser.
But in the past two years—a period when the wars in Ukraine and Gaza demanded the president’s attention—Austin’s invitation to the briefing came less frequently, to the point where the one-on-one meeting was seldom scheduled. When the one-on-one meetings did take place, they were more typically virtual meetings, not in-person. Still, Austin could always get an unscheduled meeting with the president if he needed it.
Bates disputed that there was any decline in regular contact or attendance to presidential daily briefings, adding that Austin “is a fixture in these briefings and they speak often.”
A Pentagon spokesman said Biden frequently called Austin on the phone for matters that varied from urgent to lower in priority.
Biden has a close relationship with Secretary of State Blinken, whom he has known for decades, former administration officials said.
Over four years, Biden held nine full cabinet meetings—three in 2021, two in 2022, three in 2023 and just one this year. In their first terms, Obama held 19 and Trump held 25, according to data compiled by former CBS News correspondent Mark Knoller.
Early in his vice presidency during the Obama administration, Biden sought to gather cabinet leaders once a week, saying in a speech that the synergy brought about by the regular meetings made the government more competent.
The White House said Biden meets with smaller groups of his agency heads and that the contemporary work environment means full cabinet meetings can be fewer and far between.
In the fall of 2023, Biden faced a major test when Hur, the special counsel, wanted to interview him. The president wanted to do it, and his top aides felt that his willingness to sit down with investigators set up a favorable contrast with Trump, who stonewalled the probe into why classified documents appeared at Mar-a-Lago, according to people familiar with the sessions.
The prep sessions took about three hours a day for about a week ahead of the interview, according to a person familiar with the preparation. During these sessions, Biden’s energy levels were up and down. He couldn’t recall lines that his team had previously discussed with him, the person said.
A White House official pushed back on the notion that Biden’s age showed in prep, saying that the concerns that arose during those sessions were related to Biden’s tendency to over-share.
The actual interview didn’t go well. Transcripts showed multiple blunders, including that Biden didn’t initially recall that in prep sessions he had been shown his own handwritten memo arguing against a surge of troops in Afghanistan.
The report—one of just a few lengthy interviews with Biden over the past four years—concluded with a recommendation that Biden not be prosecuted for having classified documents in his home because a jury was likely to view him as a “sympathetic, well-meaning elderly man with a poor memory.”
Insulated on campaign
Biden’s team also insulated him on the campaign trail. In the summer of 2023, one prominent Democratic donor put together a small event for Biden’s re-election bid. The donor was shocked when a campaign official told him that attendees shouldn’t expect to have a free ranging question-and-answer session with the president. Instead, the organizer was told to send in two or three questions ahead of time that Biden would answer.
At some events, the Biden campaign printed the pre-approved questions on notecards and then gave donors the cards to read the questions. Even with all these steps, Biden made flubs, which confounded the donors who knew that Biden had the questions ahead of time.
Some donors said they noticed how staff stepped in to mask other signs of decline. Throughout his presidency—and especially later in the term—Biden was assisted by a small group of aides who were laser focused on him in a far different way than when he was vice president, or how former presidents Bill Clinton or Obama were staffed during their presidencies, people who have witnessed their interactions said.
These aides, which include Annie Tomasini and Ashley Williams, were often with the president as he traveled and stayed within earshot or eye distance, the people said. They would often repeat basic instructions to him, such as where to enter or exit a stage.
The White House said that the work by staff to guide Biden through events is standard for high-level officials.
People who witnessed it felt differently. In the past, aides performing these duties were often on their phones, chatting with other people or fetching something from a car or a computer nearby, they said.
The president’s team of pollsters also had limited access to Biden, according to people familiar with the president’s polling. The key advisers have famously had the president’s ear in most past White Houses.
During the 2020 campaign, Biden had calls with John Anzalone, his pollster, during which the two had detailed conversations.
By the 2024 campaign, the pollsters weren’t talking to the president about their findings, and instead sent memos that went to top campaign staff.
Biden’s pollsters didn’t meet with him in person and saw little evidence that the president was personally getting the data that they were sending him, according to the people.
People close to the president said he relied on Mike Donilon, one of Biden’s core inner circle advisers. With a background in polling, Donilon could sift through the information and present it to the president.
Bates said that Biden stayed abreast of polling data.
But this summer, Democratic insiders became alarmed by the way Biden described his own polling, publicly characterizing the race as a tossup when polls released in the weeks after the disastrous June debate consistently showed Trump ahead. They worried he wasn’t getting an unvarnished look at his standing in the race.
Those fears intensified on July 11, when Biden’s top advisers met behind closed doors with Democratic senators, where the advisers laid out a road map for Biden’s victory. The message from the advisers was so disconnected from public polling—which showed Trump leading Biden nationally—that it left Democratic senators incredulous. It spurred Senate Majority Leader Chuck Schumer (D., N.Y.) to speak to Biden directly, according to people familiar with the matter, hoping to pierce what the senators saw as a wall erected by Donilon to shield Biden from bad information. Donilon didn’t respond to requests for comment.
On July 13, Biden held an uncomfortable call with a group of Democratic lawmakers called the New Democrat Coalition, aimed at reassuring them about his ability to stay in the race.
The president told participants that polling showed he was doing fine. He became angry when challenged, according to lawmakers on the call. At one point, Biden looked up and abruptly told the group he had to go to church. Some lawmakers on the call believed someone behind the camera was shutting it down.
Biden dropped out of the race eight days later.
Some lies were told.
[Another long article. This one is from Down Under …]
Blockbuster honesty: Expert modeler admits they can’t predict extreme events, El Nino, tipping points, rain or river flows.
The science is settled, except when they need more money
Australia’s leading climate modeler wants a big new Climate Agency, and to make the case he admits the current models really can’t predict if rivers will rise or fall, if Antarctica will get bigger or smaller, if sea levels will rise much, or if El Ninos or La Nina will be more common or if the floods of Lismore will occur more often.
To give us some idea of how bad the current models are, he’s recommending we shift from models with 100 kilometer blocks to high resolution models with 1 km cells. These new models will be at least 10,000 times bigger than current ones, and if they increase the vertical slices, they could easily be one hundred thousand or even a million times bigger.
And if they get this super model, they’ll need 10,000 to one million times the energy. But now that we’ve wrecked the grid, good luck running those monster data centers off sunlight and breezes.
Full credit to Tony Thomas for digging through pages of turgid text and webinars to uncover the truth.
Oh Boy it’s an eye-popping list.
In the past, Pitman has admitted climate change doesn’t necessarily cause more droughts. He’s also said he wouldn’t bet his superannuation (pension fund) on the climate models. This time Pitman admits the models are low resolution, have a lot of “critical gaps”, don’t resolve the oceans or clouds well, and that using the best CMIP6 models (the same ones the expert UN has beaten us over the head with) may risk “fundamentally wrong projections of future climate and its variability.”
Shouldn’t every Australian know this? I mean we’re spending half a trillion dollars to solve “climate change” but the models might be fundamentally wrong? Doesn’t that matter. The seas might not swamp us, the rivers might keep flowing. Antarctica might not melt?
Where was Andy Pitman when Australia was wrecking its grid, destroying jobs and our lifestyles? Where were any of our climate academics when leaders of our political parties were telling us that every drought, fire and storm was caused by climate change and would only get worse?
The Ivory Tower elitists sat silently by when the government forces bricklayers, farmers and children to solve a climate problem that might be just a modeling error?
And now they want more money — and I would say we desperately need models that work, but what’s the point, if we can’t trust the modelers to be absolutely, scrupulously honest with us?
Climate Science You Can Believe
Pitman even concedes that current climate models can’t predict whether natural disasters will become more or less common in the warming era. Remember his words when you next hear the ABC or Climate Council claiming that such-and-such storms and floods are “climate-fuelled”.
Using current CMIP models, or indeed the regional models that rely on them, therefore risks fundamentally wrong projections of future climate and its variability. — P17 of “The Decadal Plan“
Now they tell us? Modelers don’t know if we’ll get more wind droughts or cloudy days?
Right after we built 12,000 megawatts of weather dependent generators, we find out that the modelers have no idea whether we will get more long spells of cloudy windless days which cripple our grid. This new vulnerability is buried under the label “High impact weather events”. As if windless nights belong in the same category as storms and floods.
It’s hidden in one of the Five Key Questions of National Significance:
5. Where will changes in high impact weather events support and/or undermine net zero ambition and where can associated risks be managed effectively?
Like the rest of the document the language is obtuse, convoluted, and speaks with a forked tongue. They don’t want to come out and just say Australia badly needs models a million times bigger so we can predict the climate.
Tony Thomas sums it up:
He [Pitman et al] also admits that he and fellow climate alarmists have no idea:
when and where so-called “tipping points” might arise (wow, so honest!)
whether climate change will increase or decrease the Murray Darling water flows
whether an increase in CO2 will cause more or less rain for a given location
how climate change will impact cities and urban landscapes (Andy, stop upsetting the Melbourne and Sydney city councils’ climate crusaders)
how wind droughts and heavy clouding might undermine renewables and net-zero targeting (via week-long blackouts).
In a repudiation of the “settled science” notion the climate crowd has pushed for 25 years, Pitman now acknowledges that despite decades of study, the catastrophists still have no idea if Australia will see more El Nino, rather than La Nina, climate events, or even whether more vegetation will reduce or increase greenhouse emissions (so much for tree plantings offsetting emissions). “These are not easily solvable but offer profoundly different futures for Australia,” he admits (p13). Odd that we are to invest trillions in net zero when we have no idea what’s what.
We need models thousands of times better!
Pitman lays out many shortcomings of current “expert” climate models because he’d really like a much finer resolution models of just 1km2.
Ocean processes operate across many scales, and eddies in the Southern Ocean transfer considerable heat and nutrients14. These eddies are also crucial to the uptake, transport and storage of carbon15. Operating at scales of order 10 km, they are too fine to be resolved in ocean models used for climate projections. This means the role that oceans play in influencing climate are poorly resolved. – p17
As a result of their poor resolution, current climate models do not faithfully represent critical weather systems, and it is the amplification of extremes by weather system processes that cause the extreme events and consequential disasters we observe. For example, the Lismore (NSW) floods in 2022 were associated with multiple weather processes, initiated over the Southern Ocean and interacting with synoptic-scale processes and moist tropical air that led to a sequence of extreme weather events and catastrophic flooding. Global climate models cannot resolve these processes, and therefore cannot tell us if such events will become more common in the future. As the weather that produces extreme events is connected globally, downscaling using high-resolution regional climate models cannot overcome the limitations introduced in the global models, as downscaling relies on the global models for information at its boundaries.-p17
These transcripts come from Andy Pitmans speech in the launch webinar
The speech and documents make tough reading. You get the feeling they just didn’t want to tell us straight how bad the models are. I wanted to capture his exact words, for the record.
All those environmental sinks might becomes sources (so much for carbon farming, eh?) Shame about that business you set up…
7:30 [Andy Pitman] Some of these questions, you might think we have answers to….
For example, many people would recognize both terrestrial and marine as providing a critical ecosystem service, it takes up human emissions of CO2, and provides enormous support for Australians Net Zero ambitions … but there’s a little problem with this, we don’t actually know to what degree our terrestrial and marine systems will continue to support our Net Zero ambitions and positive environmental outcomes. They may turn into sources of CO2 and methane, in ways that really undermine our Net Zero ambitions.
We will definitely get more water or less water, more river, or less river, more plants, or less…
9:00 In addition Australia is demonstrably at risk of abrupt changes in weather and climate. Many of you would be familiar with tipping points… It matters a great deal if we could say things about when and where these things might be realized. At the moment we really can’t.
9:30 Water is obviously fundamental to the most arid inhabited continent on Earth. But we don’t actually know whether Climate Change will increase or decrease flows of water through systems like the Murray Darling. We don’t yet know whether changes in rainfall will be helped or hindered by the way ecosystems response under higher elevated CO2 concentration. Whether the higher water use efficiency of vegetation will help the flow of water through the Murray Darling or the vegetation will suppress the flow of water in the Murray Darling….
No we don’t know what will happen to the cities:
Urban Areas, it’ It might surprise a lot of you to know that the climate modeling systems we use internationally do not represent our urban landscapes.
From the PDF Launch document
Page 13: Plants, rain, El nino, who knows?
Some major challenges have been explored for decades — whether we will see a more El Nino or La Nina state in the future, or whether vegetation will help or hinder net zero ambition.
These are not easily solvable…
Page 17 We can’t predict extreme events, and they may not be getting worse, we don’t know:
The Lismore (NSW) Floods in 2022 were associated with multiple weather process, initiated over the Southern Ocean and interacting with synoptic scale processes and moist tropical air that led to a sequence of extreme weather events and catastrophic flooding. Global climate models cannot resolve these processes and therefore cannot tell us if such events will become more common in the future.
Further there is evidence the high-resolution coupled models simulate fundamentally different historical trends in tropical and Southern Ocean sea surface temperatures, reproducing recent observed changews which courses models cannot. They also exhibit greater low-frequency variability in midlatitude regions. Compare with Coupled Model Intercomparison Project (CMIP)-class models. Using current CMIP models, or indeed the regional models that rely on them, therefore risks fundamentally wrong projections of future climate and its variability.
Page 22: The current models are low resolution and can’t do sea ice, clouds, storms, ice sheets, plants, cities and farms.
Projections on timescales of decades to centuries at low spatial detail using Earth System models. The low spatial detail is balanced by large numbers of simulations. The lower computational cost means the more components can be included (e.g. Chemistry, fire, nutrients,) but some processes which may be extremely important are difficult to resolve (eh, sea ice, topographic forcing of clouds and storms, cloud processes, some ice sheet dynamics, vegetation demography, urban landscapes, agricultural areas).
Page 25 contains Antarctic surprises like how 70 billion tonnes of snowfall accumulated across East Antarctica contributing to a net gain of mass in Antarctica — which was a reversal in the mass loss trend over the preceding 20 years..
A future with more ARs [atmospheric rivers] leading to a larger accumulation of snow on the Antarctic continent would be experienced very differently in Australia to a future with fewer ARS. Specifically projections o
The modelers didn’t see that coming either.
[Here is a fun read in that what the first part of the article giveth the last part of the article taketh away. Here is the first part…]
US: World’s 1st commercial 400MW nuclear fusion plant to power 150,000 homes.
Commonwealth Fusion Systems (CFS), a fusion energy startup spun out of MIT, has announced that it will build the world’s first grid-scale commercial fusion power plant at the James River Industrial Park in Chesterfield County, Virginia.
The plant, known as ARC, is expected to be operational in the early 2030s, potentially revolutionizing the energy landscape.
[Now comes the last part …]
This groundbreaking project in Chesterfield County represents a major step toward a future powered by clean, sustainable fusion energy.
“Our customers’ growing needs for reliable, carbon-free power benefits from as diverse a menu of power generation options as possible, and in that spirit, we are delighted to assist CFS in their efforts,” concluded Edward H. Baine, President of Dominion Energy Virginia.
However, it is notable that, at present, all fusion research and developmental plans are on paper, and, according to experts, it might still take years for this clean and abundant energy source to become a reality.
[Here is a link to the article for those who want to read it …]
https://www.msn.com/en-us/money/other/us-world-s-1st-commercial-400mw-nuclear-fusion-plant-to-power-150-000-homes/ar-AA1w5pBo?ocid=msedgdhp&pc=U531&cvid=595f27ef70ce4993b6b94488629d55a8&ei=191
Are you planning to buy a home in one of the US cities where prices are predicted to CR8R?
Is the current housing bust even worse than the one during the Great Recession (2007-2012)?
Yahoo Finance
10 Cities Where Home Prices Are Expected To Drop the Most Over the Next Year
T. Woods
Wed, December 18, 2024 at 5:00 AM PST 3 min read
It’s no secret that the American housing market is in a deep slump, with The New York Times recently reporting that the country is locked in an unprecedented housing crisis that is the worst in decades. In fact, CNN has reported that only 2.5% of homes in the United States were sold from the previous homeowner to a new one in the first eight months of 2024, which adds up to the absolute lowest home turnover rate in the last 30 years.
There are some silver linings, though.
Combining resources and information from the U.S. Census, Sperling’s BestPlaces, the Bureau of Labor Statistics, AreaVibes, Zillow and Federal Reserve Economic Research, GOBankingRates has located 10 American cities where housing prices will drop the most in 2025. While the overall market may be in a slump with skyrocketing home prices and expensive cost of living, these 10 cities are projected to have dropping home value percentages and costs by August 2025.
So if the modern housing landscape and cratering market have left you despondent about your chances of owning a home, consider the houses in the following cities, all of which are expected to see lowering prices in the next eight months.
…
https://finance.yahoo.com/news/10-cities-where-home-prices-130036387.html
Sadly, nobody wants to relocate to any of these places.
“CNN has reported that only 2.5% of homes in the United States were sold from the previous homeowner to a new one in the first eight months of 2024, which adds up to the absolute lowest home turnover rate in the last 30 years.”
2024 – 30 = 1994. Wow! That goes all the way back to before the Housing Bubble started to inflate. I was still living in the first home my wife and I bought as newlyweds.
Is this the Big One?
5 Cities Where Homes Will Be Total Steals in Two Years
October 27, 2024
4 min Read
Written by Stacy Sare Cohen
…
https://www.gobankingrates.com/investing/real-estate/cities-where-homes-will-be-a-total-steal-in-two-years/
5 Housing Markets That Will Plummet in Value Before the End of 2025
November 2, 2024
5 min Read
Written by Angela Mae
Edited by Ashleigh Ray
…
https://www.gobankingrates.com/investing/real-estate/housing-markets-that-will-plummet-in-value-before-end-of-2025/
Yahoo Personal Finance
When will housing prices drop?
Yahoo Personal Finance · Getty Images
E. Napoletano · Contributor
Updated Wed, December 18, 2024 at 12:23 PM PST 5 min read
Data from Realtor.com shows that existing home sales may be cooling — the typical home for sale spent 62 days on the market in November 2024. That makes it the slowest November for home sales in five years, and it’s a far cry from the just-listed-to-pending trend seen during the housing market’s hot streak from 2021 to 2022.
So you might be wondering: If the housing market is cooling, when will housing prices drop so I can get my slice of the homeownership pie?
Experts say that 2025 will likely not be the year that housing prices start their descent to pre-pandemic levels. But if you’re determined to buy or sell, here’s what you need to know about today’s residential real estate market and your options for moving forward.
In this article:
Are house prices going down?
When will house prices go down?
Strategies for eager buyers
FAQs
…
https://finance.yahoo.com/personal-finance/mortgages/article/when-will-housing-prices-drop-161956745.html
Realtors are liars.
Offices Converted To Labs Might ‘Backtrack’ To Prior Use After Demand Shift
The life sciences market has lost so much steam that office buildings converted to meet the needs of a once-booming lab market may now be better off reverting back.
When the life sciences market was surging, tight vacancy rates in Cambridge and the Seaport forced companies to look into secondary and tertiary markets in the suburbs. Meanwhile, the office market was struggling and landlords seized the opportunity to convert office space into labs.
Now, with a slowdown in the lab sector, developers and investors are looking at their options for underperforming conversions, executives said at Bisnow’s Boston Biotech Summit, held Dec. 10 at The Westin Copley Place hotel.
Distress has already begun to emerge in the life sciences market in the suburbs. In November, the 109K SF Burlington BioCenter, an office-to-lab conversion, sold for a third of the $103M price tag it fetched in 2022, the Boston Business Journal reported.
https://www.bisnow.com/boston/news/life-sciences/office-space-converted-to-labs-might-backtrack-to-prior-use-after-demand-shift-127268
The Wall Street Journal
Real Estate
This Once Hot Real-Estate Type Is Now Being Offered as Office Space
Developers thought the pandemic era’s supercharged demand for life-science properties was sustainable, but they were wrong
By Peter Grant
Sept. 3, 2024 5:30 am ET
Owners in places such as San Diego are facing a glut of new life-sciences properties.
Photo: mike blake/Reuters
Biotech and pharmaceutical buildings became one of the hottest investments in commercial property at the start of the pandemic. Now, the glut of life-sciences properties has gotten so bad that some developers are exploring the unthinkable: marketing the space for office use.
…
https://www.wsj.com/real-estate/this-once-hot-real-estate-type-is-now-being-offered-as-office-space-3fde02d4
NPR Searching For Tenants After Vacating Top Floors Of Headquarters
National Public Radio has emptied out of the upper portion of the headquarters building it moved into just over a decade ago in D.C.’s NoMa neighborhood.
The public media provider has put roughly 107K SF of its headquarters at 1111 N. Capitol St. NE up for lease. It owns the 331K SF property, which was developed for it in 2013.
The company has already vacated the space as it works to lease it, according to JLL’s third-quarter office report. The space is listed as available for lease on LoopNet and in a Cushman & Wakefield marketing brochure.
The move comes after the media company laid off 10% of its staff — about 100 employees — in 2023, and cut four podcasts.
NPR is also attempting to sell its 25K SF Culver City office/studio, Bisnow first reported in October. Cushman & Wakefield is marketing that property as well.
NPR has lost money at an accelerating pace over the last two years. The company had a net loss of $13.3M last year and a net loss of $1.4M in 2022. In 2021, it had a positive net income of $16.9M, according to tax filings in ProPublica’s nonprofit database.
A portion of NPR’s funding comes from the federal government, but that money could be under threat under President-Elect Donald Trump’s administration.
Sen. John Kennedy, a Republican from Louisiana, introduced a bill to defund the $535M that goes to the Corporation for Public Broadcasting, which gives funding to NPR, PBS and local stations. The heads of Trump’s new Department of Government Efficiency, Elon Musk and Vivek Ramaswamy, have also called for cutting that funding.
D.C.’s office market had a 20% vacancy rate as of the end of September, according to JLL, and it had 181K SF of net occupancy loss in Q3.
https://www.bisnow.com/washington-dc/news/office/npr-vacates-puts-up-for-lease-top-3-floors-of-headquarters-127274
Companies That Spent Billions on M&A Are Now Selling for Peanuts
Companies that spent billions on poorly timed acquisitions in recent years are now offloading those assets at knockdown prices.
Alibaba Group Holding Ltd. announced Tuesday it’s going to sell Chinese department-store chain Intime to a local apparel group for $1 billion. The price is around 30% of the company’s valuation when Alibaba bought it during the heady days of 2017. The internet giant, which has largely abandoned its acquisitive ways amid government pressure, said it will book a $1.3 billion loss on the transaction.
The deal came a day after BlackBerry Ltd. said it would divest its Cylance endpoint security unit to software startup Arctic Wolf for $160 million plus a small amount of stock. That’s a far cry from the $1.4 billion BlackBerry paid when it agreed to buy the business in 2018. Under BlackBerry’s ownership, Cylance reported substantial losses and its revenue fell over 50%, according to Royal Bank of Canada analysts.
The moves show how companies that were major acquirers during the boom times may sober up and regret those purchases only a few years later. Just last month, Just Eat Takeaway.com NV agreed to sell US food delivery service Grubhub for $650 million, a roughly 90% discount to the price it paid to buy the business at the height of the Covid pandemic.
Overpayment was the inevitable byproduct of an era when competition for assets was fierce, according to Oliver Scharping, a portfolio manager at Berenberg.
“Years of zero interest rates and pandemic-fueled deal hysteria sent valuations soaring in hype sectors, often detached from fundamentals,” Scharping said. “Now, as the zeitgeist demands a sober look in the mirror, companies are trimming excess, dumping underperformers, and opting for brutal honesty over sunk-cost fantasy — even if it means a multibillion-dollar haircut.”
https://www.msn.com/en-ae/money/companies/companies-that-spent-billions-on-m-a-are-now-selling-for-peanuts/ar-AA1w8owM
Denver City Council committee considers changing rules that limit syringe access programs
As it’s currently written, there are three syringe access programs allowed in the city where people can go to swap needles or get pipes for drugs. The ordinance has a 1,000-foot distance restriction from schools and daycares.
“In 2023 we lost almost 600 lives to overdose as opposed to only 225 as early as 2019,” Council member Sarah Parady said.
Amanda Sawyer, a council member for District Five, shared how one syringe access program in her district gives her pause.
“I can tell you that the in-person needle exchange program is a terrible neighbor,” Sawyer said. “I see the value in what we’re trying to do. I’m wondering whether the sponsors would be willing to consider altering the ordinance to allow for removal of the cap as long as it is a medical provider, an actual medical provider, a hospital, an urgent care, you know, something like that.”
https://www.yahoo.com/news/denver-city-council-committee-considers-001328016.html
“In 2023 we lost almost 600 lives to overdose as opposed to only 225 as early as 2019,” Council member Sarah Parady said.
The road to hell is paved with good intentions.
The used cars that have lost the most money in 2024 have been revealed by the experts – and not all of them in the top 10 are electric.
Car Dealer asked trade valuations experts Cap HPI to come up with a list of cars that have lost the most money this year and the firm looked at data of three year old cars with 30,000 miles.
The top 10 has four electric cars, three hybrids and three internal combustion engined cars.
The biggest depreciating car – in terms of percentage lost – was the Jeep Compass Hybrid, shedding 27.2% of its value in the last 12 months, an equivalent drop in value of £5,925.
In second place was the Kia Stonic diesel – dropping 23.6% this year or £2,625 and in third was the Peugeot Rifter Electric which dropped 20.9%, or the equivalent of £4,121.
In fourth place is the electric Volvo C40 which dropped 20.2% or £5,900 and, in fifth was another electric car, the Vauxhall Vivaro Life Electric, that dropped 19.5% or £3,788.
The Ssangyong Korando Diesel dropped 19.3% or £3,150 during the year, putting it in sixth place, while the hybrid Vauxhall Astra dropped £3,450 or 19.2% to place it seventh.
In eighth was the Maserati Levante, which comes in petrol and diesel, and it dropped 18.5% and the largest monetary fall of £7,394.
The Nissan Leaf was ninth, dropping 18.3% or £2,271, and the Range Rover Velar in hybrid form rounded out the top 10 dropping 18% or £6,963.
https://cardealermagazine.co.uk/publish/revealed-the-used-cars-that-lost-the-most-money-in-2024/311119
5 Ways EVs Are Less Efficient Than Gas Cars
Electric vehicles are heavy. They can weigh up to 1,000 pounds more than an equivalent gas car. The BMW 430i Gran Coupe has a base curb weight of 3,792 lbs, while the BMW i4 eDrive40 weighs in at 4,713 lbs.
That amounts to 921 pounds of extra weight that needs to be hauled around at all times. The bulk of this is due to the battery pack, and, unlike a gas tank, the battery weighs the same whether the vehicle is fully charged or empty.
The downside to the extra mass is accelerated tire wear, and over time, the suspension components and dampers will also need more frequent replacement than in the gas equivalent.
Broadly speaking, EVs can be cheaper to refuel/recharge than a gas-powered vehicle. The savings vary depending on the charger location and charging speed. Slower chargers tend to have a lower cost per kilowatt, but you must sit patiently by the roadside for hours to save those few dollars.
Electric cars may have fewer moving parts, which would make you think that they should be cheaper to manufacture. However, the complex battery pack more than makes up for this when it comes to the purchase price.
But what about the lower running costs, you say? According to the EPA, if you drive an average of 15,000 miles per year, the i4 eDrive40 will save you $1,302 in fuel bills. You will need to drive for six and a half years before recouping the additional purchase price. If your annual average is closer to 10,000 miles, then you won’t reach parity for a decade.
Whereas most gas cars have well-established resale values, EVs tend to be a less secure bet on the second-hand market. Fleet buyers and rental companies that offload their EV models onto the used car market can create an oversupply of models that may not be viewed as savvy used buys. Most major manufacturers offer an 8-year/ 100,000-mile warranty on the high-voltage battery system, but what happens to older EVs? Battery replacement costs can be prohibitive, further dampening resale prices.
EV production methods are still in their infancy. Battery and electric motor technology is advancing rapidly, forcing manufacturers to constantly modify and enhance their offerings to stay competitive. This results in frequent product updates and a vast catalog of components that quickly become redundant or outdated. The end result for the consumer is that certain parts may be difficult or impossible to source on older EVs.
This can have a detrimental impact on running costs and will certainly be felt in the years to come as the global EV fleet ages and the demand for parts increases. Most gas-powered vehicles share components across platforms, and years of development and product optimization have helped lower parts costs. This is the path many EVs are also starting to take, but the transition phase will certainly hit existing EV owners in their wallets.
https://www.msn.com/en-us/autos/electric-cars/5-ways-evs-are-less-efficient-than-gas-cars/ar-AA1w5gtM
In parting shot, Mayor Breed names ex-Bloomberg staffer Stephen Sherrill District 2 supervisor
Short-timer mayor London Breed today, at long last, named her choice for the District 2 supervisor seat vacated by Assemblywoman Catherine Stefani: Stephen Sherrill. And, like most everyone in District 2, you’re probably asking “Who’s Stephen Sherrill?”
That’s a good question. But the more relevant question might be “Why Stephen Sherrill?”
But first, the former: Sherrill is a 38-year-old who has resided in District 2 since 2016 — though only in August 2023 did he change his registration from “no party preference” to Democratic. Oddly enough, on that same 2023 re-registration, his birthplace was changed from New York to California.
This was, presumably, an error. In San Francisco, political affiliation may at times seem immutable, but it’s malleable. A birthplace really is immutable.
Sherrill has, since 2022, worked in the Mayor’s Office of Innovation and, since April of this year, been its director. That office is funded by Bloomberg Philanthropies. Sherrill, a Michael Bloomberg protégé, previously worked in the Bloomberg mayoral administration. In between working for Bloomberg and Breed, Sherrill worked in private equity, marketing and e-commerce.
Bloomberg, a self-made billionaire and former New York City mayor, has put at least $28.9 million into San Francisco political causes. That includes $1.5 million he dropped into Breed’s ill-fated re-election campaign.
Breed, of course, endorsed Bloomberg for president in 2020 and attended his “Mayors for Mike” Harvard University program.
Come Jan. 8, she will find herself in need of gainful employment.
So, very briefly, that’s a bit of the who. But do these connections explain why Breed gave Sherrill this job? Certainly nobody with an ounce of sense, political or otherwise, would say anything like that on the record. And, absent hard evidence of a specific quid-pro-quo — in writing or uttered to a witness or into a tapped telephone line or wire, Rod Blagojevich-style — then nothing illegal transpired here.
But that doesn’t make it look great.
That the two apparent finalists for this position were Johnston and Sherrill does not, on its face, indicate an overriding level of respect or concern from the mayor for the voters of District 2 — who have already indicated how they feel about her.
And while, again, there is nothing yet provably wrong here, today’s appointment carries the whiff of transactionality. It will be more than a mere whiff if Breed assumes a future role under the aegis of Bloomberg. Vamos a ver.
https://missionlocal.org/2024/12/stephen-sherrill-named-d2-supervisor-mayor-breeds-parting-shot/
Sherrill has, since 2022, worked in the Mayor’s Office of Innovation
Is that where they figure out new and quicker ways to wreck the city?
Outrage as Labour London council promotes social housing to ‘migrants who can’t even speak English’ – before quietly taking down video
A Labour-led London council has sparked outrage after sharing a video advertising social housing “to migrants” in multiple foreign languages – before quietly taking it down.
Westminster City Council, in the heart of the capital, announced its new housing allocation scheme in English, Arabic, Bengali, Spanish, and French in a video on social media.
But its apparent promotion to non-English-speakers has left onlookers “flabbergasted” and asking questions over whether people who “can’t speak English in Westminster” should be given taxpayer-funded housing in the first place.
William Yarwood, media campaign manager at the TaxPayers’ Alliance, offered a similar sentiment.
He told GB News: “Taxpayers are tired of being squeezed to fund social housing for migrants.
“Thousands of hardworking young people are struggling to afford homes in London, often crammed into rooms no bigger than a shoebox, while migrants who can’t even speak English are being handed prime real estate.
“Social housing should be prioritised for British citizens, not economically inactive migrants.”
The video was then taken down – with Ashworth-Hayes suggesting this was due to the “social media backlash” – sparking fury from Reform UK’s Rupert Lowe.
He said: “Why has Westminster Council posted, then deleted, a video about social housing which was translated into a number of languages? If people can’t speak English in Westminster, they shouldn’t be given social housing. Nor should any translation be provided.”
https://www.msn.com/en-gb/news/uknews/outrage-as-labour-london-council-promotes-social-housing-to-migrants-who-can-t-even-speak-english-before-quietly-taking-down-video/ar-AA1w6u4R
Keep in mind that Sadiq Khan, who once said that terrorism was part of life in the big city, has been reelected to serve a third term as mayor of London.
Trump Wants To Deport Them. Chicago Is Scaling Back Help. Meet The Migrants Stuck In Limbo
The over 51,000 migrants who have arrived in Chicago since 2022 face a dwindling safety net and backlogs in work permit and immigration cases. Meanwhile, Donald Trump’s border czar said deportations will start “right here in Chicago.”
Maria and her two young children huddled together for warmth in front of a vacant Downtown storefront on a cold December afternoon.
The family, from Venezuela, has been staying at a shelter, but Maria said they camp out on Michigan Avenue to pass the time.
“They’re not helping us anymore,” said Maria, wrapped in a blanket, her bundled-up newborn on her lap while her 3-year-old played with her phone.
If their shelter closes, Maria doesn’t know where they’ll go, she said. She has no plan, no safety net.
More than two years after busloads of migrants began arriving in Chicago from the southern border, many of the new arrivals are broke, unhoused or facing eviction, prohibited from working legally and unable to return safely to their home countries — essentially stuck in limbo.
Yet local government officials have scaled back resources for recent arrivals by closing shelters and ending rental assistance, citing a decline in new arrivals and budget constraints.
The city’s emergency migrant shelter system, for example, will be merged with the homeless shelter system by year’s end. The migrant landing zone, a Near West Side site where officials first met and provided resources to recently dropped-off migrants, will also close Dec. 31.
Yet a high percentage of asylum seekers in Chicago are living doubled or tripled up, and they are patching together meager incomes from underground jobs to make rent, according to immigrant rights leaders and case managers working closely with migrant families.
“A lot of people who got rental assistance … their landlords are starting to harass them, [saying] they’re behind on rent, they’re taking them to court,” said Antonio Gutierrez, an organizer with Organized Communities Against Deportations. “We’re anticipating thousands of people who were placed in these programs, unless there’s an extension, they’re all going to be facing eviction.”
N. is one of the struggling renters.
After several months, N.’s rental assistance ran out, and now she owes her landlord about $4,000 in back rent — a sum she can’t afford because she doesn’t have a job and is still waiting for her federal work permit to be processed, she said. Without a permit, she can’t hold a job legally.
N. said she fears her family will be kicked out and forced to live on the street in the cold Chicago winter. Like other migrants interviewed for this story, N. asked not to be fully identified due to fear of legal trouble or deportation.
Immigrant rights groups are concerned others could face the same fate. They expect Mayor Brandon Johnson’s shelter plan — closing the city’s migrant shelters and merging them with existing homeless shelters — will lead to a surge of migrants sleeping on city streets.
“I’m desperate. I can’t sleep thinking of what could happen,” N. said. “We have to wait, but the people I owe can’t wait.”
On a recent afternoon, a trio of young men from Venezuela approached people walking near Millennium Park to see if they were interested in buying colorful eyelets for their boots, a craft known as “tartaleria” in Venezuela.
They get materials from a Downtown shop owner and travel around the city selling the metal embellishments, they said, using pliers to attach them to customers’ shoes on the spot. It’s their main source of income.
They said the money they make helps them pay rent for a shared room on Cicero Avenue, about an hour’s ride from Millennium Park.
But what they need most are stable jobs.
“We will do anything before hurting someone. We are willing to bow down and work on people’s shoes before stealing,” one of the three young men said. “We want a job, and to do better.”
Only a small fraction of new arrivals in Chicago had received work permits by the start of the year, according to CBS2. And the number hasn’t increased much since then, advocates said.
Out of desperation, thousands are waiting in long lines at food pantries across the city and at the Illinois Department of Human Services center in Humboldt Park — even though they don’t qualify for most government benefits.
A single mother from Ecuador said she hasn’t even applied for asylum because she’s daunted by the process. The mother, who declined to provide her name for safety reasons, is one of many who sell candy on Downtown streets as a matter of survival.
On a bitter cold November afternoon, she sat on Wabash Avenue under the “L” tracks with a plastic bin filled with chocolate bars and packs of gum.
She looked for signs that passersby want to buy $3 Mamba fruit chews or $2 chocolate bars. Her 2-year-old toddler, wrapped in a fleece blanket on her lap, didn’t stir when trains rumbled overhead.
“We have to fight,” she said. “What will we eat if I don’t work?”
https://blockclubchicago.org/2024/12/18/trump-wants-to-deport-them-chicago-is-scaling-back-help-meet-the-migrants-stuck-in-limbo/
‘We will do anything before hurting someone. We are willing to bow down and work on people’s shoes before stealing,” one of the three young men said’
Meaning they will ‘hurt people’ and steal if they feel like it
and unable to return safely to their home countries
I’m sure that can be arranged, via a comfy seat on an airliner.
I also like how the writer focuses on the woman with a newborn. Nevermind that 99% of the invaders are military aged men.
Ontario Premier Doug Ford has a message for Mexico as the threat of tariffs by incoming president Donald Trump hangs over both sides of the U.S. border.
“Mexico has to make a decision: you’re either with Beijing or you’re with Washington. I’ll tell you what Canadians are with. They’re with Washington,” Ford said in an interview on CNN Tuesday night.
Ford has previously accused Mexico of becoming a “backdoor” for Chinese imports, including cars and other products, after the United States-Mexico-Canada Agreement (formerly NAFTA) was signed.
“Cheap Chinese products going through Mexico. They’re slapping the ‘made in Mexico’ sticker on, shipping it up through the US and Canada, and costing American and Canadian jobs,” he said.
https://toronto.ctvnews.ca/you-re-either-with-beijing-or-you-re-with-washington-ford-says-to-mexico-in-cnn-interview-1.7149908
U.S. president-elect Donald Trump is taking aim at Canada once more, saying it would be “a great idea” to make it America’s “51st state.”
“No one can answer why we subsidize Canada to the tune of over $100,000,000 a year? Makes no sense!” Trump said in a post early Wednesday morning on Truth Social.
“Many Canadians want Canada to become the 51st State. They would save massively on taxes and military protection. I think it is a great idea. 51st State!!!”
Early Wednesday afternoon, former deputy prime minister and Quebec premier Jean Charest fired back at Trump’s post, calling it a “wake-up call.”
“Every Canadian, regardless of their opinion of the Prime Minister or political affiliation, should feel deeply offended by President Trump’s remarks,” Charest wrote in a post to X (formerly Twitter).
“For too long, we have been complacent in our relationships with the United States and the rest of the world. We need to unite and rise to this historic occasion to shape the future of Canada.”
In short, of the hundreds of billions in goods traded between the two countries each year, a majority typically comprises exports to the United States from Canada, and while that margin varies, it’s a complaint Trump has returned to throughout his career in politics.
“Fair trade is now to be called fool trade if it is not reciprocal,” Trump wrote in a 2018 post to X, amid the negotiation of the Canada-U.S.-Mexico Agreement (CUSMA). “According to a Canada release, they make almost 100 billion dollars in trade with U.S. (guess they were bragging and got caught!)”
Mexico, meanwhile, typically runs up an even larger surplus, with US$152 billion tallied in 2023 and nearly as much between January and October this year. Trump has claimed the U.S. “subsidy” for that country nears US$300 billion.
The president-elect’s 2024 platform pledges to “rebalance trade” under a second Trump administration, citing a total U.S. trade deficit of more than US$1 trillion in goods, and noting plans to institute tariffs, pass new legislation and “respond to unfair trading practices.”
https://www.ctvnews.ca/world/donald-trump-says-canada-becoming-51st-u-s-state-is-a-great-idea-jean-charest-calls-the-comment-a-wake-up-call-1.7149805
Justin Trudeau and the Liberals gather for a holly jolly family fight
On 30 Rock, there’s a moment in which Tina Fey’s character, Liz Lemon, says, “What a week, huh?” to Alec Baldwin’s Jack Donaghy in exhausted sympathy. He shoots back: “Lemon, it’s Wednesday.”
This week, the Ottawa bubble was Liz Lemon – except that it was only Tuesday by the time the Liberal Party of Canada and assorted hangers-on gathered for their Christmas party the day after Chrystia Freeland drove a sleigh over the Prime Minister’s face.
The evening started with an awkward cocktail mingle, like a wedding where they ran out of budget or interest at one specific point in the planning. It was all scrawny red and gold balloon bouquets, cheap-looking banquet chairs and way too much space. The dress code was flummoxing too, running the gamut from “I just left the office” to “I just came from the Oscars.”
Eventually, the 2,000-odd guests drifted into a hangar-sized room for dinner. Here, the holly jolly atmosphere conjured up by the Rogers Centre convention venue in the heart of downtown Ottawa was tragically, hilariously at odds with the moment.
A little after 7 p.m., one woman remarked the bar had been closed down. Another woman lamented she had found that out the hard way.
What was interesting is that this exchange didn’t carry the pent-up energy of, oh I don’t know, a government publicly disintegrating in real time. The women sounded like they wanted a drink, but not like they needed one.
And that was the vibe of the evening: neither here nor there. Not devastated, but not jubilant either. Not panicked, but not in denial. Everyone was just kind of – there, waiting to see.
Except for one person. One person was really there, and that person was Ms. Freeland, who appeared just inside the doors of the dining room a little after 7:30 p.m. wearing a Liberal-red dress and Liberal-red shoes. Or she was wearing an outfit the colour of revenge, because who can really say any more?
The freshly former finance minister left cabinet with a spectacularly public middle finger of a resignation letter seven hours before she was to deliver a major economic update she apparently hated, but which she had spent the previous month shilling to the country with varying levels of enthusiasm and efficacy. People find their heroes in all sorts of places, of course, but it also seems like Ms. Freeland’s exit is being hailed as a useful crowbar for people who have another resignation in mind.
Brenda Shanahan, the Liberal caucus chair, tried to warm up the crowd before introducing the “very, very special speaker” of the night in the form of Prime Minister Justin Trudeau. Her attempt at triumphal political banter was mildly heartbreaking, but hollering, “We are Liberals!” on this particular Tuesday surely ranks as one of the underrated political comedy moments of the year. Yes, you sure are Liberals, and have you gotten a load of yourselves lately?
The ovation that greeted Mr. Trudeau was sluggish and concentrated on the tables nearest the front, while the back of the room mostly went about its business. But once the Prime Minister had bounded onto the snowflake-flecked stage in his navy suit and red tie, many people even in the delinquent back rows held their phones aloft to capture their own bad photos of the moment.
“It has been an eventful couple of days. It hasn’t been easy, and that’s why I’m so happy to see you guys. You know, it’s hard not to feel happy when we’re like this – among Liberals, among family. Because that’s what we really are – a big family,” Mr. Trudeau said. Then he added, in that half-swallowed ironic voice he uses when he’s teeing up a good line, “Now, like most families, sometimes we have fights around the holidays.”
And that – eventful couple of days, family Christmas fights amirite? – was the entirety of his acknowledgment of the existential crisis in which his government, his party and his own leadership are currently mired.
For his dismount, Mr. Trudeau returned to a rhetorical idea he’s brandished again and again over the last rocky year or two: that Canadians know what Liberals stand for and are deeply aligned with them. This seems intended at once to paint the Conservatives as the aberration, and to call the electorate back to its natural home with the Liberal Party of Canada.
A greener economy, fairness for everyone, a woman’s right to choose – all the Liberal erogenous zones were there.
A while later the photo line began, which is a whole production they do at these events because so many people want a photo with the big boss. The queue would put a mall Santa to shame. People fixed their hair while they waited, then nervously smoothed their clothes just before stepping across the stage to greet the Prime Minister.
Over and over: a big smile as though he’d been waiting just for them, a clasped hand, maybe a few words with people he actually knew, then a quick pivot toward his photographer and he was onto the next.
Christmas music was still wafting over the crowd. The speakers were playing O Come Let Us Adore Him. For the moment at least, here in this room, a few hundred people still wanted to do just that.
https://www.theglobeandmail.com/politics/opinion/article-justin-trudeau-and-the-liberals-gather-for-a-holly-jolly-family-fight/
The Liberals have done good things for your personal finances, but their failures loom large
For every complaint about the economy, there is a counternarrative.
Three years of high inflation have made it hard for some people to afford groceries and housing costs, but inflation is now back under control and recent wage hikes came in at twice the inflation rate. Buying a home is expensive, but construction of new homes has been strong lately and mortgage rates are down from peak levels.
“Vibecession” is a word used to describe the sour feelings people have about their finances and the state of the economy, and so is “me-cession.” The idea behind these terms is that economic misery is in your head to some extent, or maybe your gut. The numbers say we’re not doing too badly.
The disconnect between numbers and feelings has many causes, one of them being the federal government’s economic fumbling. The Liberals have done some good things for the country’s personal finances – more than you may remember. But the events of this week highlight their twofold failure in confronting what households are up against. There’s a lack of empathy, and a lack of leadership.
Both failings were on display this week, when former finance minister Chrystia Freeland resigned from cabinet just ahead of a scheduled release of the government’s annual fall economic update. Ms. Freeland said in her resignation letter that she was at odds with the Prime Minister over the economy and criticized the use of “costly political gimmicks.”
Ms. Freeland was correct about those gimmicks, specifically the two-month GST holiday that began last week and $250 payments for working people. With federal budget deficits running higher than projections and much uncertainty ahead for 2025, we can’t afford these measures. As an aside, the $250 cheques were not highlighted in the update and now seem to be in limbo.
While she was a truth-teller this week, Ms. Freeland has also exemplified the government’s odd detachment from the struggles in many households. Two years ago, she addressed the financial stress many feel by mentioning her family’s cost-cutting move to cancel the Disney channel. She later walked back that comment by referring to herself as a “very privileged person.”
https://www.theglobeandmail.com/investing/personal-finance/article-the-liberals-have-done-good-things-for-your-personal-finances-but/
Georgia Appeals Court Disqualifies Fani Willis From Trump Election Case
A Georgia appeals court has disqualified Fulton County District Attorney Fani Willis from her election-related criminal case against President-elect Donald Trump, although the indictment still stands.
Trump and his codefendants were charged in 2023 by Willis’s office for what they alleged was a scheme to illegally overturn the results of the 2020 election in Georgia. They pleaded not guilty.
However, Willis’s case hit a snag in early 2024 after it was revealed that she engaged in a romantic relationship with the case’s then-special prosecutor, Nathan Wade. A Fulton County judge in March ruled that Willis could remain as prosecutor if Wade resigned, which he later did.
Trump and multiple codefendants appealed the judge’s decision to the Georgia Court of Appeals, which rendered its decision on Willis Thursday morning.
“After carefully considering the trial court’s findings in its order, we conclude that it erred by failing to disqualify DA Willis and her office,” the Georgia Court of Appeals’s majority wrote in its decision.
The court added that a “remedy crafted by the trial court to prevent an ongoing appearance of impropriety did nothing to address the appearance of impropriety that existed at times when DA Willis was exercising her broad pretrial discretion about who to prosecute and what charges to bring.”
https://www.theepochtimes.com/us/georgia-appeals-court-disqualifies-fani-willis-from-trump-election-case-5779181