Moments Of Crisis And Euphoria
It’s Friday desk clearing time for this blogger. “Home sales are down in California for the for the sixth consecutive month, suggesting an impending slowdown even as prices are setting new records. Chris Thornberg, founding partner of Beacon Economics told the Los Angeles Times only an unlikely recession could reverse the trend. ‘Candidly, the only thing that could upset the apple cart in California is if we build a whole bunch of housing and that’s as likely as an alien attack,’ he told the newspaper.”
“Do enough wealthy people want to live in Downtown Los Angeles to fill 7,000 units? Investors are growing increasingly skeptical. Roughly 3,000 luxury apartment units are under construction in Downtown Los Angeles in 2017, and 4,000 more are slated to be built next year. Concerns that demand won’t meet this influx of supply are on the rise — along with Downtown’s residential vacancy rate, despite landlords’ attempts to ramp up concessions, according to CoStar Group.”
“At 11 percent, DTLA has the highest vacancy rate in Los Angeles County — nearly twice as high as Hollywood, which has the second highest rate, at 5.8 percent. ‘The projects that are delivering right now are doing it in an atmosphere in such an intense competition that it is going to be very difficult for landlords to push rent at all,’ CoStar’s Steve Basham told The Real Deal. ‘The pipeline is still pretty full in the next few years, and that short term pain will probably continue to be the case.’”
“The cost of building the world’s skinniest skyscraper has ballooned so enormously that the 111 W. 57th St. project is facing imminent foreclosure while it’s less than one-quarter complete. The 82-story skyscraper has risen fewer than 20 stories and is $50 million over budget — ‘apparently attributable in part to egregious oversights like neglecting to budget for construction cranes,’ according to a new lawsuit by a major investor.”
“Real estate investment corporation AmBase is suing the project sponsors Kevin Maloney and Michael Stern and lender Spruce Capital Partners to save its equity in the Steinway Tower overlooking Central Park. The owners– Maloney, Stern and AmBase– defaulted on a $25 million mezzanine loan payment to Spruce Capital Partners on June 30. ‘Over the past four years [AmBase] has invested over $70 million in the property. In two days, their investment may be wiped out,’ the Manhattan Supreme Court suit says.”
“Lower prices on condominiums and single-family homes in South Florida have given the luxury real estate market a bit of a bump, according to ONE Sotheby’s International Realty. Overall, properties valued at $1 million in Miami-Dade and Broward counties are selling for up to 20% less than their original price points, according to the mid-year report. ‘As predicted, pricing dropped from 2016,’ according to the report. That ‘offered great buying opportunities in Miami’s resale condo market. Much of this could be attributed to the launch of several pre-construction projects and a readjustment of pricing.’”
“Is there anywhere to hide in Toronto’s falling housing market? Toronto’s C09 district, home to the city’s tony Rosedale neighborhood, was the worst performer. Average detached home prices dropped 21.6 per cent during the period from $4,249,438 to $3,331,250. ‘Now that things are returning to normal the numbers look pretty bad but if you look to 2015 levels we are still doing very well,’ said Christopher Alexander, a regional director with RE/MAX INTEGRA. ‘A lot of the areas that are cooling are because prices went up so much in the first quarter they became unaffordable. If you need to sell your house, and you bought three years ago in those neighbourhoods, you have still done pretty well.’”
“Beleaguered estate agents Foxtons and Countrywide have reported big falls in profits as they continue to be dogged by the sluggish property market. London-based Foxtons posted a 64pc fall in profits, while Countrywide, the UK’s biggest estate agent, recorded a 98pc collapse in pre-tax profits in the first half of the year. Alison Platt, Countrywides chief executive, admitted: ‘We’re not optimistic about the housing market in the next half and our mantra has been one of self help. We cannot sit here and say we will wait for market to come back because our view is it won’t in the next few years.’”
“The real estate sector in Ludhiana seems to be going through a bad phase, as a recent report released by the National Housing Bank suggests a fall in prices of residential units in the January-March 2017 quarter. ‘I was planning to buy land, but after demonetization, I had to park my money in a bank. Also, since business was not doing well, I had decided to postpone my plans,’ said Hardeep Singh, a trader in Civil Lines.”
“Aussie war heros have lost hundreds of thousands of dollars after being convinced by a smooth-talking ex-military man to invest in property that flopped. Up to 200 soldiers and officers — one losing up to $160,000 — were persuaded to pour their danger and deployment money into underperforming property developments, mainly in Darwin. Several current and former members of the Special Air Service Regiment have told the Herald Sun they are deep in the red over recommendations by Mr Ochremienko.”
“Federal MP Andrew Hastie — formerly of the SASR — said some of his Diggers had invested and now felt devastated. ‘He pitched himself as a ‘wealth creator’ and did the exact opposite,’ Mr Hastie told the Herald Sun.”
“Property values have plunged, properties have gone without tenants for lengthy periods and there have been delays of up to two years in receiving government subsidies that Mr Ochremienko said would make their investments cashflow positive. Many soldiers are struggling to meet their mortgage repayments but cannot sell because property values are so low.”
“About 22 percent of Sao Paulo’s 2.6 million square meters (28 million square feet) of top-quality office space was empty in May, according to Engebanc. That compares with the record 26 percent registered in September. Vacancy for industrial and logistics space was at 30 percent in the city’s suburbs in May, up slightly from the 29 percent in the first quarter. Rio de Janeiro, struggling with a bankrupt state and a still weak oil industry, has a record vacancy rate of 48 percent for office space, compared with 44 percent in September.”
“‘Buying in bulk is not a pleasant shopping experience. People do it for the sake of saving. My level of service, my diversity of offering — people will come back when unemployment and revenue are not such big concerns,’ Lopes CEO Marcio Barros said. ‘Today the population is in panic.’”
“‘We’ve been investing in Brazil for the last 100 years, in moments of crisis and in moments of euphoria,’ said Roberto Perroni, CEO of Brookfield’s Brazil unit. ‘We did make some investments in moments of euphoria, and those were not the ones that made us money.’”
‘Now that things are returning to normal the numbers look pretty bad but if you look to 2015 levels we are still doing very well…If you need to sell your house, and you bought three years ago in those neighbourhoods, you have still done pretty well.’
I should go out back and work on that time machine.
Turn those machines back on!!!!!!
Seems like this was part of the plan, that prices would rise so high for so long that even a 25% crash in 3 months would only roll back prices to last year’s version of crazy.
From a Bloomberg article re: London -
“It’s not hard to see a 10 percent price adjustment occurring next. This is not significant as it only takes values back to where they were a couple of years ago.”
This will probably be the standard line for the rest of the year. No need to panic - someone’s still making money. Just maybe not you.
“normal the numbers look pretty bad…”
So you have a short attention span. Probably best for you because if you had a broader view your head might explode.
‘Over the past four years [AmBase] has invested over $70 million in the property. In two days, their investment may be wiped out’
‘Chris Thornberg…told the Los Angeles Times only an unlikely recession could reverse the trend. ‘Candidly, the only thing that could upset the apple cart in California is if we build a whole bunch of housing and that’s as likely as an alien attack’
So, house prices can only go up? Call me crazy but I could have sworn hearing recessions are periodic business-cycle thingies.
Seriously, this is just an extension of the supply and demanders routine. See, we’re not building enough, so prices must grow to the sky. Let’s take a hypothetical town in the desert: city council says “no more houses will ever be built.” Boom, every shack goes over $2 million. Only building too much, (was that a UFO?) can stop it and Californians are like this city council. It worked in Tokyo!
I love your juxtaposition of the Thornberg quote with the DTLA article
There are critics of LA developers who have been pointing out what they say is a 12% vacancy rate in DTLA for a long time. And new plans are constantly being rolled out. Notice this isn’t in the LA Times.
The Times reports that there are 57,000 homeless in LA county this year and the numbers are growing rapidly. In a rational market there should be plenty of demand for new units, something seems a bit off lol.
Most of those homeless couldn’t afford any rental no matter the price, and most have substance abuse issues, but I’d bet a share of them were barely hanging on in the lowest priced units and once rents took off they were finished because the money just wasn’t there.
The commodification of housing is a sick thing to do to a society.
The commodification of housing is a sick thing to do to a society.
IMO it takes on the characteristics of slavery if you create conditions where there is nowhere for some people to even legally lay down at night unless they produce for the masters. Chains are unnecessary if you can do that to the whole world.
IMO it takes on the characteristics of slavery if you create conditions where there is nowhere for some people to even legally lay down at night ??
Our priorities in this country are all F@&$-up.
“Our priorities…”
I think the situation is much worse than a matter of priorities. Corruption reverses the moral compass.
“I think the situation is much worse than a matter of priorities. Corruption reverses the moral compass.”
It’s worse still. Corruption is considerably lesser moral problem in itself than where the road is leading us.
What will the commoditization of housing?
The next “bailout” could very well be socialized housing.
You think I am kidding? I am not kidding.
The next “bailout” could very well be socialized housing.
You think I am kidding? I am not kidding.
What better way to “foam the runway for the banks” AGAIN than by buying it all up at peak prices and making it section 8?
If the top priority is to be sure the banks never fail no matter what they do, eventually the Fed has to buy everything for more than the banks paid for it. What gets done with it after that is just politics.
Indeed.
It’s a great way to do it.
And it’s an even better way to finish off the middle class.
And to rapidly speed the culling of the upper-middle class. Gotta get rid of them, too.
We already have socialized housing. And no registered offenders, ex cons, bad rental history or credit risks need apply.
So there’s yet homeless population right there.
I saw a number of statistics recently on multi-family in Southern CA… a summary:
DTLA is adding 18% of the existing Multifamily base–they peg the number at about 3,500, not 3k…that’s a lot in DTLA. DTLA only has about 21k units today out of over a million in the whole of the LA market–is that perhaps because people don’t want to live there?
Personally, I’m not sure enough people want to live in DTLA to make these deals work.
In total, there are approximately 1,068,000 existing multifamily units in LA (including DTLA). The current vacancy rate throughout all the markets noted as “LA” is 3.7%.
There are about 18,000 units under construction (1.7%) in all LA markets, including DTLA.
In Orange County, there are approximately 235k units with a current vacancy rate of about 3.9%. There are about 7,900 under construction (3.4% of existing supply). Plenty being built in the OC…mainly in Irvine, Laguna Hills, and Anaheim.
In San Diego there exist approximately 292k multifamily units with an overall vacancy rate of approximately 3.8%. They are building about 4k in downtown SD, which is adding 20% to the downtown base, but only 5,800 in the county as a whole…adding about 2% to the overall base in the whole county (with most being downtown).
SD and LA are adding 0.7% and 1.4% supply to the overall NON-downtown base (respectively).
Man, a lot of capital must have fully bought into the “millennials want to live downtown” narrative.
Of course all of this does not include planned developments, just what is under construction currently.
Also,
The Census released their vacancy data yesterday…the rental vacancy rate went UP nationally … 7% to 7.3%…notable in that it was the first year over year increase (6.7% to 7.3%) on the page (going back to 2010), and the homeownership vacancy ticked down to 1.5%…the lowest on the page.
Is this an indicator of people moving from rentals to homes to own?
Or just the result of lots of apartments being added, and fewer SFHs?
Unlikely Recession, WTF? Outside of the social media bubble and the housing bubble, most of that marxist controlled state never exited the recession.
Read yesterday the worthless pols are looking to house homeless in the stadium vacated by the San Diego Chargers. That will be a disaster with 5000+ deranged alcoholics and drug addicts making a mess, and the taxpayers’ wallets being pried open to pay for the clean up.
That will be a disaster with 5000+ deranged alcoholics and drug addicts making a mess, and the taxpayers’ wallets being pried open to pay for the clean up ??
Maybe we should just exterminate them. No lethal injection. Just shoot them in the head several times with a pellet gun and let them bleed to death. Then dig a big hole in some remote location and thrown all in it and bury it. Put a marker up and call it “The Losers Hole”
No, what we should do is move them to Washington DC.
It’s a good thing I’m not President. My first act would be to show the citizenry what is really going on. For example, I’d also have all food stamp recipients wait in soup lines as they did so long ago. No EBT cards, no checks, no saving face. For anyone.
A return to the breadlines - and having the rest of the country witness the tens of millions standing in line - would be good for everyone to see.
We sweep our problems - and our lack of morals and ethics - under the rug perhaps better than any country in the world.
And we’re going to suffer horribly for it.
Maybe we should just exterminate them. ????????
We do that overseas, surprised we haven’t started yet here.
We are already doing that, but the results take a bit longer. Processed and GMO foods, HFCS, etc. . .
Socialized housing.
That will be a disaster with 5000+ deranged alcoholics and drug addicts making a mess, and the taxpayers’ wallets being pried open to pay for the clean up.
So they must be very clean and orderly and causing nobody any trouble wherever they are currently, scattered around the city.
I see the usual virtue signaling crowd is out - how many homeless you putting up in your mansion(s) or how much of your paycheck is going to take care of the poors, huh? Lol, as if you have anything but govt cheese or family money, hence the time to post your marxist drivel anytime a disturbance in the soros narrative appears. You tavistock flunkies are like vampires as dawn approaches.
WTH ? took a moment to recognize the violin . . thought it was some kind of funky new age beard trimmer!
Realtors are liars.
‘Up to 200 soldiers and officers — one losing up to $160,000 — were persuaded to pour their danger and deployment money into underperforming property developments, mainly in Darwin. Several current and former members of the Special Air Service Regiment have told the Herald Sun they are deep in the red over recommendations by Mr Ochremienko.’
‘Many soldiers are struggling to meet their mortgage repayments but cannot sell because property values are so low’
So they borrowed money too. Wait, I heard the power of leverage is what makes investing in real estate a rocket-go-now?
That gives a whole new meaning to the Darwin Award!
those poor Aussie veterans and their misplaced trust. wow, it just never, ever ends, does it? people want so badly to trust someone. anyone . . . with their faith in humanity. and end up getting burned financially so many times.
I’d personally look for the type who does NOT want me to invest with him as more trustworthy than the usual expensively-suited smooth-talking snake-oiled high-pressure sign NOW barker. seriously people. do some EFFING RESEARCH before you hand over large sums of dough.
(Jerry Mathers/Leave It To Beaver got his role because he told the casting interviewer he’d rather be out playing baseball, or scouts, pretty much anywhere else than in a boring office interview. classic. haha)
the internet is now available everywhere. there’s just no excuse anymore. ok, I can see if your older & hardly use computers but for christs sake just ASK someone. go to a library: those stubborn nosy busybodies LIVE for this stuff! do something more than just fork over funds because someone “SAYS” something.
affinity fraud should get extra penalty enhancements if caught but then again, a fool and his money . . .
I had a similar thought. There has to be a typical profile for financial hucksters, much like the police have profiles for perpetrators of certain crimes. But even if there isn’t a profile, a reliable rule of thumb is that if something seems too good to be true, it is too good to be true.
There has to be a typical profile for financial hucksters, much like the police have profiles for perpetrators of certain crimes.
I’m sure there is…but the problem is just like the profile for sociopathy, it would point fingers at the top as well as the bottom and we don’t need that sort of negativity.
The more laws and regulations we have, the more criminality we have.
Fewer laws and regulations encourages improved morals and ethics.
Most people are to dull to understand that.
“Fewer laws and regulations encourages improved morals and ethics.”
Regulations don’t hold us back… they hold us up.
“Regulations don’t hold us back… they hold us up.”
I like that. Succinct, simple to understand and convey. Numerous meanings can be inferred.
I hope you use that phrase again in the future, rms. It’s good.
“the type who does NOT want me to invest with him as more trustworthy”
Like Madoff?
“As a rule, his fund was closed to new investors, requiring special introductions”
http://www.newyorker.com/magazine/2009/03/23/madoff-and-his-models
Darwin award, ROFL!
And I’m not sure about investing with someone who doesnt want my money either - Madoff pulled that reverse psychology scam on people, telling them he didnt want their money and it just made them more trusting - to their ultimate detriment.
No, we’re living in the era I call “the death of trust”. Its all on you to make things happen.
No, we’re living in the era I call “the death of trust”. Its all on you to make things happen.
Sounds like the China model. Nobody trusts anybody but family and very long time associates.
wasn’t aware madoff worked that “reluctant investor” pitch.
jeez what a clever mind. and to think what lasting benefits he could have produced if he just applied all that brainpower for legit pursuits.
an altogether too common story, though. so much more wicked fun to be had by outsmarting everyone in risky financial endeavors than just keeping it boringly honest.
Ray Liotta summed it up well in Goodfellas when narrating why he wouldn’t/couldn’t work a 9-5 job like every other “schmuck”.
Ray Liotta summed it up well in Goodfellas when narrating why he wouldn’t/couldn’t work a 9-5 job like every other “schmuck”.
Most CEOs would agree.
I think back to this mag cover summing up the psychology of these bubbles EVERY.DARN.TIME. :
https://sidoxia.files.wordpress.com/2009/11/everyone-rich-1999.jpg
Remember…. If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.
Ain’t that the truth.
I was just ’splaining to a illenial how the education mafia is operating like used car salesmen - marking up the price of the education and then offering “grants” and loans to lure kids into paying what the mark up. A mutual friend was recounting how he got “grants” to help him with his 40-50K/year edumacation, not realizing that the real price of that diploma is far, far lower without the grants, loans and other nonsense.
His brother was even worse, didnt want to go to college but the mom insisted so he picked the most expensive college he could get into, then a semester before graduation dropped out. Yeah, you showed her! Note to younguns, do not “rebel” against someone by hurting yourself, thats just dumb. Living well is the best revenge.
Maybe there was a required class that he couldn’t pass.
Math is hard!
No “pent-up demand” for $500,000 starter homes happening here:
https://www.bloomberg.com/news/articles/2017-07-28/why-you-re-being-invited-to-fewer-weddings
The end result of paying a grossly inflated price for a rapidly depreciating asset like a house then doubling your losses by financing it.
“Couple caught in ‘financial spiral’ jump to their deaths”
https://www.google.com/amp/nypost.com/2017/07/28/couple-caught-in-financial-spiral-jump-to-their-deaths/amp/#ampshare=http://nypost.com/2017/07/28/couple-caught-in-financial-spiral-jump-to-their-deaths/
They commit suicide and leave their children for someone else to raise?
That is their answer to financial hardship?
How about declaring bankruptcy, moving out of uber expensive NYC and becoming a “live beneath your means” conservative?
becoming a “live beneath your means” conservative ??
You need to seek help 2-fruit…Everything with you is about the damm liberals…As if there has never been a decent one…
When is the last time you knew a fiscally responsible liberal?
Especially in government.
It is the definition of an oxymoron.
And no, I didn’t call you a moron.
knew a fiscally responsible liberal ??
Well, I do know that there have been many fiscally irresponsible republicans. As a example, how much did we spend in the bush wars ? I consider that fiscally irresponsible.
I think if you & I had a 1 hour question and answer session you would find out that many of my beliefs and positions would be aligned with yours.
Then why not state when you are in agreement with banana?
It’s quite sad when people are so strongly identified with a political persona/identity that they bow to its demands, even when they see the merit in some of the positions of the “opposition”.
How about declaring bankruptcy, moving out of uber expensive NYC
I think they answered that for you. It’s a fate worse than death.
There was student loan debt too.
Now they’re debt people.
The shoplifting is getting even worse at the you-pick farms. One farm charges outright admission, even to pick fruits and veggies yourself. Soon after, another farm began charging a small deposit and taking the amount off the final bill; this farm also has put up lots of fencing to prevent people from walking out undetected. Now, a third farm is threatening to open picking only on weekends. It’s almost as if once the first farm began cracking down, the roving shoplifters have moved on to other farms, who also felt free to crack down.
Pathetic. You would think people would leave these obviously low-profit small businesses alone. Nope.
You would think people would leave these obviously low-profit small businesses alone ??
Nope….Just had some tools stolen the other day….Nothing major but all combined cost me $800. to replace them all…The Chitty thing is they likely won’t get more than $20. or $30. bucks for all of it…
Same happened to my church recently.
Thieves broke into a locked shed and stole a bunch of crappy lawn tools. Maybe worth $20 at a garage sale.
The Free Sh*t Army believes everything should be free….
EVERYTHING.
And they vote.
And it racist if you call them out or do anything to protect your property
Shoplifters and other petty criminals probably vote at quite low rates.
Philadelphia has dozens of wards that has more people voting than are registered to vote.
I doubt it. Someone in suburbs would have complained. It’s also unclear what that strange assertion has to do with my point.
There’s an extremely feral vibe out there that appears to have escalated in the past month.
I call it trickle down predation.
I call it trickle down predation ??
It starts at the top…
I’m sure you’re trying to make some sort of point about Trump, but this started long before him. Going all the way back to Woody Wilson and the Fed, which was followed by war after war after war and an income tax to support it all.
Predation predates WIlson.
I told ya to quit stalking me, ya creep.
Hate, spite & anger breeds hate spite & anger.
That’s true. In both directions.
What’s the difference, oxide?
Why is it okay for the federal government to steal from small businesses, but not for individuals to do the same?
I mean that seriously.
When my partner and I owned a restaurant, my great aunt stopped by for lunch. Just as we finished eating, she casually reached over and dumped the table’s artificial sweeteners into her bag. I laughed. Toilet paper and glassware are popular items with the customers, too.
Even the decor was in danger. One of the waitresses let me know that a customer was removing a screw from a plaque on the wall every time he came in. Two out of six were still there when I replaced the empty holes with one way screws. So close…
Let me do some math….
21.6% loss x 10:1 leverage = FB
With little money in their downpayment..will they walk away?
Mr. Banker knows the answer…
*********
Average detached home prices dropped 21.6 per cent during the period from $4,249,438 to $3,331,250
I didn’t realize people were so well off in Toronto for the average detached house price to crest $4 million. You’d have to be pulling in well over a million per year for that. Are the streets paved in gold, too?
That’s not all of Toronto. It’s one section of the city, Rosedale, which has always been upper crust.
I remember driving through the Rosedale neighborhood of Toronto back in 1995 or so. As I recall it was pretty close to downtown, most of the houses were brick, the yards were a decent size, and there were plenty of deciduous trees. It looked like a wealthy neighborhood.
One thing that gets overlooked quite often about Toronto. It’s like the New York of Canada. It is the center of commerce and culture for English speaking Canada. Also, the current exchange rate is 1$US = !.24$CAN. So that $4million Canadian is more like $3.2 US.
I hate this bank.
Closed all my accounts after the last scandal.
And throw BUFFET in jail.
*********
Wells Fargo to refund $80M to 570,000 auto loan customers charged for insurance
USA Today ^ | July 28, 2017 | Mike Snider
Wells Fargo will give refunds to more than 570,000 auto loan customers who were also charged for auto insurance without their knowledge.
The bank said in August it will begin sending letters and refund checks to customers, most of whom already had insurance of their own, and some who had their cars repossessed, in part, because of the practice. Wells Fargo will make $80 million in payments — $64 million in cash and $16 million in account adjustments — the bank said Thursday.
A criminal enterprise disguised as a, well, I was gonna say bank, but what’s the difference anymore? As far as I’m concerned, all the big banks, investment companies, etc. are nothing but criminal enterprises, dealing in money laundering and trafficking of all sorts: human, weapons, drugs, you name it.
Think that’s hyperbole? It’s not. I’ve been following the George Webb videos. Now that Imran Awan has finally been nabbed, we may get somewhere. Along the way, Webb has uncovered some heinous stuff.
They call him a conspiracy theorist. Really? Conspiracy factist is more like it. He’s been doing the work the police, FBI, NSA, and mainstream media won’t do.
In eight years of obama, not one banker went to jail.
DJT in a landslide in 2020 with a few banker CEOs in a perp walk…
And the one bank that was sued (Abacus), to my understanding was sued AFTER they identified someone in their organization that was doing bad things, fired them, and reported it to the regulator.
In other words, they did the right thing…and for that, they were put on trial (and acquitted). And they still have a very low default rate on the loans that they wrote.
Talk about incompetence in prosecution…you have shops that were entirely built on fraud (Countrywide), and Mozillo walks around a giant, free, Oompa Loompa.
Stupid.
Megacorp, Inc. figured out long ago that they are immune from the laws small businesses must adhere to. The latest scam is autopay, where they help themselves to amounts above and beyond what the customer ever agreed to.
I’ve been using Credit Unions for a long time., although I still have a checking account at one of the big banks, mostly so I can use their ATMs and not get charged a fee.
redfin pop 40%
any one get this ?
If they’re not making money now,what will change?
“any one get this ?”
Not here. Don’t get it.
Then again, SNAP popped at IPO 44% on opening day from $17 to over $24.
Now they are trading at below $14…within a few months.
Give Redfin time…if I were going to bet on it (and I’m not), I would bet that the market will beat the crap out of them shortly.
Anyway, we’ve got to face it. Superman ain’t coming. Stop looking for justice to be done by our gov. That’s over. OVER.
Who’s gonna do it? Us. Regular citizens.
And Wikileaks
Seen the news yet? Priebus OUT, General Kelly IN as chief of staff.
In other news, lots of stained shorts spotted all over DC.
At this point, few people are surprised by Trump’s antics.
‘few people are surprised by Trump…’
You gotta admit he caught a bunch off guard back in November.
You gotta admit he caught a bunch off guard back in November.
I will never forget that election night as long as I live. The shock reverberating throughout the media was immense. They simply could not believe what was happening.
Anyone who thinks those at the top know and control everything should remember that day.
I will never forget that election night as long as I live.
That’s how I felt in 1994 when Congress turned over like an old iceberg. This time was interesting, but not as shocking to me. It was enjoyable seeing people freak out though.
Trump’s win: Top media meltdowns
https://www.youtube.com/watch?v=2oZpTzTL9cU
The Young Turks (TYT) covered the 2016 US Election and got themselves record live viewers to watch the most epic meltdown in YouTube media history. - From Smug To Insane in Under 8 Quality Minutes
https://www.youtube.com/watch?v=jpyKuzoFW40
2:24: It got quiet in here when we started reporting these real results.
5:40: The terror, the terror.
6:05: Talk about historically pathetic the Democratic party is.
7:15: Brought to you by the f******* morons at the Democratic party.
LMAO…. Classic LIEberal howling.
‘Wolf Blitzer is on suicide watch!’: Twitter mocks ‘desperate’ host for stunned reaction to Trump’s success while key CNN anchors Anderson Cooper and Jake Tapper go MISSING
Read more: http://www.dailymail.co.uk/news/article-3919238/Twitter-mocks-desperate-Wolf-Blitzer-stunned-reaction-Trump-s-success.html#ixzz4PXodhHY3
I couldn’t believe that Trump thought Priebus was anything other than a POS. Still can’t.
Trump’s biggest problem isn’t his mouth. It’s that he’s naïve. Less so now than before, yet still. He posited that he ‘d come into DC and address issues as you would a business. Nice idea, if you have a business-minded staff around you.
Washington DC is a city that voted 92 percent in favor of Hilary Clinton. The city is anathema to individual liberty. Therefore, anathema to business.
If it were otherwise, Washington would exhibit a very broad range of views, political and otherwise. It does not. It is heavily biased in thought and is spiritually divorced from the rest of the country. It is extremely wealthy, self-perpetuating and self-congratulatory. Answerable to no one except itself.
In short, it’s a fiefdom.
Businesses don’t thrive in such an environment. Nor do individuals.
Individual liberty and The Constitution might be better protected elsewhere. Such as in Kansas City. Or Nashville.
The city is anathema to individual liberty. Therefore, anathema to business.
This shows the thinking right there. All the rhetoric about freedom and liberty is really about advancing the interests of business and rich people at the expense of the majority of the population.
GOLD STAR day for Mighty Mike!
Yes, businesses cannot thrive without individual liberty.
Logic therefore dictates that government has a natural animosity toward both, as you yourself demonstrate.
That animosity is turned up several notches, as government realizes that it itself cannot thrive without “revenue” stolen from business.
And THAT, Mighty Mike, is why you hate business. In fact, you despise business. Why?
Because you realize you must steal from it in order to exist, in order to expand your reach over others.
You see, it’s hard to steal from that which you like. From whom you like. Reason dictates that you must demonize business first, to provide you with the needed excuse to steal from business.
That you figured all that out is impressive.
My apologies for doubting your mental acuity.
That’s just false. You have no evidence that I hate business. If you need to lie, you don’t have much of an argument.
You also missed the important point. The “pro-business”, “anti-government” rhetoric exists to serve the interests of the wealthy at the expense of the large majority of the population.
Trump’s biggest problem isn’t his mouth. It’s that he’s naïve.
It is kind of interesting watching him struggle and remembering that his experience is so different from most people’s. It would be strange to try to lead people as someone who has never really had to listen to anyone before.
Meltdown Mike,
Whining and complaining about self made rich guys keeps you in the poor house.
Do you really want to be poor all your life?
I’m not whining and complaining. I’m not talking solely about “self made” rich people. I’m not poor.
You have quite a talent for expressing a lot of nonsense in a small number of words.
‘I’m not whining and complaining’
I’ve deleted a few of your comments that suggest otherwise. A^*holy too.
“It is kind of interesting watching him struggle and remembering that his experience is so different from most people’s. It would be strange to try to lead people as someone who has never really had to listen to anyone before.”
That may be part of it, but that’s not what I think about when stating that Trump is naive.
Trump is not used to working with politicians, politicians who are deliberately non-productive, who deliberately act in ways detrimental to the general public. Who ignore the wishes of the electorate. Who have been elected to office under false pretenses.
Trump himself could get away with acting that way as a businessman, but not often. He is learning that politicians can get away with it pretty much whenever they want. With no comeuppance.
Trump largely views the political sphere as one of public service. He is experiencing first-hand that most politicians (insiders) do not share that view. Instead, they view the political sphere as a means of securing and protecting power.
Trump of course knew this intellectually. He knew all about “the swamp”. What he doesn’t know is how deal with it, how to drain it. He mistakenly believed that most politicians abide to an ethical code, that honor and dignity were of importance.
That’s where Trump is naïve. Trump has never had to learn that lesson. His money and prestige allowed him to avoid the need to learn, as the unethical cozied up to him on a regular basis.
Now, he is learning that his money and prestige is suddenly meaningless, that his money and prestige curried favor and awe by unethical politicians - more favor that he ever realized. I think that perhaps he is surprised by how much favor he attained and enjoyed, most of it unintentional on his part.
Trump needs to appeal directly the American people if he wants to get anything done. Skip the tweets, go onto YouTube instead. Unannounced town meetings with the general public, and through 1:1 channels rather than the MSM. Let the MSM say whatever it wants; most people ignore the MSM anyway.
Expose the problems, expose the swamp for what it really is, then make an appeal.
Show the people a pathway, so that the people themselves can add the needed pressure to break the politicians.
So maybe Superman IS coming after all.
BTW, Ben, do you still have that pick of Hillary’s posterior as she climbed those stairs in a pink suit? The one with the strange marking on it? With Kelly incoming as Chief of Staff, now would be an excellent time to post it.
There was a Reddit T_D thread about the Secret Service claiming Hillary had more than just a seizure at the 9/11/2016 memorial event in NYC before she collapsed, lost a shoe, and got chucked into a van like a side of beef.
LOLZ
Yep, saw that. She was clutching her behind.
Who’s gonna do it? Us. Regular citizens.
News flash, Palmy: 95% of these “regular citizens” have no problem bending over for the corrupt status quo, as they proved with their votes for Obama, McCain, Romney, and Crooked Hillary.
5% is a huge problem for the status quo.
Amen, Blue. It was really just a handful of colonists who won independence from the Brits. Yes, they raised an army. A real rag-tag bunch they were, too. Not to mention, General Washington had a very harsh way of dealing with deserters. The US became a nation as a result of a few very determined patriots.
Only 3% of the population fought in the American revolution
https://freedomintelligence.wordpress.com/2009/05/14/are-you-a-three-percenter/
Yes, most of the colonist population were just spectators. In some ways, not so different from many of us, too busy trying to scratch out a living and feed their families to get involved. The war was a hassle for many. Supply lines interrupted, the kings’ men travelling around looking for patriots to harass, farms and homes being burned out.
“Anyway, we’ve got to face it. Superman ain’t coming. Stop looking for justice to be done by our gov. That’s over. OVER.
Who’s gonna do it? Us. Regular citizens.”
**SIGH**
I have repeatedly stated that NeoCons=Progressives. Been saying so here since October 2011. They are the same people, dammit.
What did anyone here expect? That NeoCons supported the notion of individual liberty?
Congress is DOMINATED by progressives. NeoCons and otherwise. Many of them purport to be “republicans”. They are nothing of the sort.
NeoCons have been taking over the Republican Party for decades now, beginning the Bush the Elder’s election as VP in 1980.
Freddie Mac kills 1% down payment mortgages
https://www.housingwire.com/articles/40809-freddie-mac-kills-1-down-payment-mortgages
Mel Watts laughs and giggles….
“Borrowers must now use their own money for entire 3% down”
Never should have been allowed to begin with.
“Rio de Janeiro… has a record vacancy rate of 48 percent for office space”
While 23% of Rio citizens live in favelas.
What do you know, there’s a connection:
“Most of the current favelas really expanded in the 1970s, as a construction boom in the more affluent districts of Rio de Janeiro initiated a rural exodus of workers from poorer states in Brazil.”
https://en.m.wikipedia.org/wiki/Favela
Kinda similar to San Jose. I’m a little surprised that none of this empty office space gets turned into barracks/hostels with people paying $1500/room to live across the street from them. I assume at least favelas are cheap.
I have a vague memory of reading about some office complexes in the North Bay being redeveloped into Section 8 housing. So maybe its an idea whose time will come.
Empty space benefits the federal government, which thrives on mal-investment. Washington DC didn’t become the wealthiest metropolitan area in the country as a result of smart public and private investment. For it cannot.
Once the government determines that it will become even more wealthy and domineering by seizing the empty space and converting it into “subsidized space”, it simply will enact laws and regulations enabling it to do so.
Lolz. 1% or 3% is a distinction without a difference considering they’re subprime by definition.
“Freddie Mac kills 1% down payment mortgages”
http://www.housingwire.com/articles/40809-freddie-mac-kills-1-down-payment-mortgages
Storefront sign of a new fragrance and bath oil shop in South Denver I walked by on my way to happy hour at Brew on Broadway today:
http://www.picpaste.com/20170728_161248.jpg
South Denver used to be funky, eclectic, and affordable. Now it’s turning into West Los Angeles.
I hugged my neighbor Beth goodbye this morning. She’s moving in with a girlfriend from her church because she can’t afford the rent hike on her ground floor one bedroom apartment. All the old timers are leaving. South Denver is becoming so plastic and fake…
Colorado = The Next California.
Cue: In Colorado, and statements of how TABOR will prevent the transition from happening (it won’t).
How many shrinks are opening businesses in the Front Range anyway?
The founder’s parting comments are intriguing.
This Lincolnshire mortgage giant called it quits. Here’s why.
Comments Email Print
By Steve Daniels
July 27, 2017
Crain’s Chicago Business
A local mortgage firm that five years ago was the country’s 15th-largest home lender has closed its doors.
InterFirst Mortgage made 37-year-old Dmitry Godin, founder and CEO, extraordinarily wealthy as it sprouted from the wreckage of the housing bust and financial crisis.
At its peak in 2012, it originated $14.1 billion in home loans, according to trade publication Inside Mortgage Finance. The company employed about 500 people at one point, roughly half in its north suburban Lincolnshire headquarters.
…
He [Godin] didn’t rule out a return to the only business he’s ever known and really understands. But he said he’ll be OK if that doesn’t happen. The conditions for his return would have to be similar to before—a financial upheaval creating opportunity. And he doesn’t wish for that.
“There’s a proverb,” he said, “that the market can stay irrational a lot longer than you can stay solvent.”
http://www.chicagobusiness.com/article/20170727/NEWS01/170729884/this-lincolnshire-mortgage-giant-called-it-quits-heres-why
“Overall, properties valued at $1 million in Miami-Dade and Broward counties are selling for up to 20% less”
What goes up comes crashing down. It always does. It’s the way the world works.
Yellen the Felon better hope her oligarch patrons save a double-wide seat for her on one of their Gulfstreams when the Fed’s financial house of cards comes crashing down and the elites are forced to flee to some offshore hidey-hole to escape the pitchforks and torches.
http://nypost.com/2017/07/26/if-janet-yellen-is-acting-worried-you-should-be-too/
Rio de Janeiro, struggling with a bankrupt state and a still weak oil industry, has a record vacancy rate of 48 percent for office space, compared with 44 percent in September.”
48% vacancy, wow! Remember how someone claimed repeatedly that Rio was a legitimate boom, not a bubble economy?