What Were Assets Are Turning Into Liabilities
A report from KDKA on Pennsylvania. “High-end, luxury apartments in Pittsburgh, which typically command top dollar prices, are now going for a fraction of the cost. It’s been a building boom that’s changed the face of neighborhoods. Now, that boom is petering with oversupply – too many units for too few prospective tenants. ‘I think there’s a temporary glut of rental units. It’s definitely a renters market,’ said Todd Reidbord, of Walnut Capital.”
“It was bound to happen. Answering the demand for upscale living, developers built an astounding 4,590 luxury apartment units in the city in just the last five years. Now, vacancy rates are climbing while demand is dwindling. ‘Now, they go from building to building and play one against the other to see how they can come out ahead,’ said Reidbord.”
From Bisnow. “As a deluge of new apartments hits Philadelphia, the multifamily market has seen signs of softening — and the most expensive units have been hit the hardest. At the end of last year, apartments costing more than $3.50/SF were only 60% occupied, compared to 80% for apartments between $3 and $3.50/SF, and 90% for units between $2 and $3/SF. ‘I think [the multifamily market] is definitely slowing down,’ Korman Communities CEO Brad Korman said.”
“‘The problem about any noise with oversupply is that people are building generic buildings at high price points that aren’t differentiated,’ Post Brothers President Matt Pestronk said. ‘People are relying on what third-property property managers are saying and hearing that some are offering concessions, so they offer concessions and it becomes a self-fulfilling prophecy.’”
“But multifamily developers are confident that the right offering would still be positioned for success. Korman claims the softening is unwarranted due to Philly still having substantially fewer apartments per capita than comparable cities like Washington, D.C.”
From the Washington Post. “If it seems as if a new apartment is under construction every month in the Washington area, you’re almost right. Analysts at Apartments.com, owned by CoStar, say the city is among the top three markets in the country for apartment construction, right behind New York City and Dallas-Fort Worth. Approximately 60,000 new apartment units are under construction in New York City, while 38,000 are being built in Dallas-Fort Worth, according to Julian Spiker, a market analyst with CoStar Group in Washington.”
“The D.C. area has 29,000 units under construction on top of the 13,000 units added to the housing stock over the past year. Some suburban areas have an oversupply of apartments. For example, Omeed Naderi, a market analyst with CoStar Group points to Reston, Va., where landlords are offering incentives such as four months of free rent to attract renters.”
The Times-Picayune in Louisiana. “There’s the two-bedroom condo with ‘beautiful floors’ renting for $2,000 a month. Next door, there’s the ‘perfect in-town home or gated getaway’ selling for $400,000. And just a few doors down, there’s a ‘one of a kind French Quarter apartment’ renting for $1,950 a month. And that’s just on one side of the 1000 block of St. Peter Street in the French Quarter. Across the street, a ‘luxury two-bedroom’ apartment is renting for $1,950, and there’s a ‘fantastic rehab opportunity’ for sale for $649,000.”
“It seems nearly every block in the French Quarter has a ‘for sale’ or a ‘for rent’ sign hanging out front, and some of them, like the 1000 block of St. Peter St., have multiple listings. Nearly one year after New Orleans city officials began enforcing a ban on short-term rentals in the French Quarter, the inventory of available real estate is at the highest levels that real estate agent Robert Ripley has seen since the months after Hurricane Katrina.”
“John Ferrara, a longtime French Quarter landlord and a former resident, said it’s as challenging to find long-term renters as ever. ‘People who had condos and second homes in the Quarter, they used them periodically and then they rented them out the rest of the time. Now they can’t do that,’ Ferrara said. ‘You can’t rent — I have vacancies for over a year now. What were assets are turning into liabilities now,’ Ferrara said. ‘My present rentals, it takes four months to pay just the property taxes. I’m blessed — I don’t owe any money on them. But these poor people paying notes on these properties that depended on the money from short-term rentals can’t depend on them anymore. It’s horrible.’”
From WDRB in Kentucky. “A New Jersey developer plans to build a 10-story student housing building off S. 4th Street near the University of Louisville. There have been at least six other privately financed student housing complexes built on or near U of L’s Belknap campus in the last decade. The developers are Brian Rosen and Jared Hutter of Aptitude Development LLC. Hutter said the rash of student housing development reflects how U of L — once thought of as a commuter school — is catching up to other colleges in campus living space. ‘The glut of student housing that was built, it because there was nothing around there,’ he said.”
From the Charlotte Observer in North Carolina. “Uptown Charlotte’s rental housing market looks like a paradox: It’s got the highest number of vacancies, but it’s also where developers are building the most new apartments. That contradiction means that developers will be building more high-priced, luxury buildings inside the Interstate 277 loop even as they offer discounts and breaks on the rent to lure tenants to units that are already there. But developers say they’re not concerned – yet.”
“Figures released this week by Charlotte-based Real Data show the apartment vacancy rate uptown is 21.8 percent. That’s the highest in the city by a wide margin, and more than three times the Charlotte market’s average. More than 1,100 uptown apartments are vacant. And developers are planning more. Just last week, Dominion Realty Partners said it would build 215 luxury apartments in a high-rise shared with bank offices. The number of uptown apartments has more than doubled since 2015. But with almost 1,700 new apartments on the drawing board, developers are set to increase the size of uptown’s market by more than one-third.”
“‘I wouldn’t say there’s a red flag,’ said Charles Dalton, principal at Real Data. He said the high vacancy rate is due to several new apartment buildings with hundreds of units all opening in a few months. ‘That vacancy is all in the new communities.’”
“Kelly Dunbar, manager of developer Childress Klein’s multifamily division, said just under 60 percent of the 394 apartments are pre-leased and the building is about half occupied. He said the rent giveaways are eroding apartment owners’ income, at least in the short-term. ‘With the two months free rent, nobody likes that,’ he said.”
From Mansion Global on New York. “Oversupply of luxury rental apartments in Manhattan continued to put downward pressure on pricing last month. The average price of these so-called super-luxury rentals fell 22% from $20,108 to $15,659, while the segment’s median rent also declined 11% year-over-year to $12,925 per month. ‘This market is still oversaturated with new developments, mostly skewed toward the high-end market, coming onto the market,’ said Jonathan Miller, chief executive of Miller Samuel and author of the Douglas Elliman report.”
The Real Deal on New York. “Rental concessions may be keeping vacancy rates low in Manhattan, but they aren’t preventing prices from slipping, according to a new report. ‘Normally the idea of a concession is to protect face rents,’ said Jonathan Miller. ‘You’re still seeing face rents decline.’”
“Pricing is skewed by the high volume of new development, which also tends to be larger than existing product, Miller said. For instance, the average size for a new rental was 1,202 square feet in 2017, compared to 900 square feet in an existing rental. ‘There doesn’t seem to be a change looming in this market,’ Miller said. ‘In many ways, the rental market, as you skew higher, is still under cover of a wet blanket. There’s a weight on the market that is pulling prices down gradually.’”
Gosh, that’s some shortage out there huh?
‘the apartment vacancy rate uptown is 21.8 percent. That’s the highest in the city by a wide margin, and more than three times the Charlotte market’s average. More than 1,100 uptown apartments are vacant. And developers are planning more’
OK, so why? All these markets are becoming overwhelmed by airboxes, yet many thousands are on the way. Here’s a clue:
‘A local real estate firm sold an apartment complex for $36 million — more than double what it bought it for eight years ago. The Connor Group said today that its first sale of this year was Brookwood Valley, a 240-unit apartment community in Atlanta.’
‘The Miami Twp. real estate investment firm bought the property in 2010 for $17 million and sold it to AP Ocean Acquisitions LLC for $36 million earlier this month. The Connor Group says it has more than $2.2 billion in assets, including luxury apartments in Ohio but also metro areas across the U.S. like Austin, Nashville, Atlanta, and Chicago.’
“We’ve been forecasting a shift in the market for quite some time,” managing partner Larry Connor said in a statement. “Although we think it’s imminent, there are still great opportunities to sell. That was the case with Brookwood Valley.”
There’s your bubble. They don’t care about the rents or the long term health of the market. The plan is to sell to a greater fool for huge profits. Good thing Janet warned about a commercial property bubble a few years ago.
‘A local real estate firm sold an apartment complex for $36 million — more than double what it bought it for eight years ago. The Connor Group said today that its first sale of this year was Brookwood Valley, a 240-unit apartment community in Atlanta.’
The real question is WHY would somebody pay this much for this complex?
“The real question is WHY would somebody pay this much for this complex?”
Asking such a question in our totally dumbed-down society automatically gives you a shot at receiving my Dotted Line Special.
You get to go to the head of the line.
Sorry, I think that’s reserved for dolts who don’t ask questions, with the possible exception of “howmuchamonthitgonnacost?”
Pension funds consider REITs safe. It is crazy what is happening in downtown Seattle as well
“Pension funds” = Somebody Else’s Money that one get to extract some hefty fees for handling.
If the handling goes astray then there are two things to consider:
1. The handlers get to keep the fees they extracted and
2. It is Somebody Else’s Money.
‘The problem about any noise with oversupply is that people are building generic buildings at high price points that aren’t differentiated,’ Post Brothers President Matt Pestronk said. ‘People are relying on what third-property property managers are saying and hearing that some are offering concessions, so they offer concessions and it becomes a self-fulfilling prophecy.’
Have you tried stamping your little feet Matt?
Seal Beach, CA Housing Prices Crater 12% YOY
https://www.movoto.com/seal-beach-ca/market-trends/
Riverside, CA prices soar as housing markets fundamentals remain
https://www.movoto.com/riverside-ca/market-trends/
As last time, toward the end the inland SoCal markets rush to catch up the costal markets until before long the housing prices end up close. Then, the collapse begins and works its way from inland back to the coast.
In NorCal it’s the Central Valley and the Bay Area… same idea.
toward the end ”
And Condos catch up to single family homes
soon Lawrence yun will admit to an “only the high end” problem
LOL… so true.
“Answering the demand for upscale living,”
I think a case could be made that the “decision makers” are mentally ill and should be removed from their posts. On account of they are hearing voices in their heads demanding upscale living and acting on the demands of those voice.
“‘decision makers’… should be removed from their posts.
Reminds me of decision makers who decided to throw hundreds of millions of dollars at Elizabeth Holmes.
Here’s a snippet from an old article …
“It turns out that the daughter of famed venture capitalist Tim Draper was Holmes’ best friend. They were neighbors. And Draper’s VC firm DFJ was the first investor in Theranos, writing a check for $1 million, according to Draper.”
“With that kind of endorsement, no wonder Holmes was able to raise $750 million, get favorable legislation passed in Arizona, cut sweet deals with Safeway and Walgreen’s, and get a who’s who of Washington insiders on her board – without any peer review or objective third parties ever vetting her technology.”
A nation of dummies, at all levels.
http://stevetobak.com/2016/04/19/delusional-sociopath/
There was a tiny bit of sanity around…just a bit:
http://www.businessinsider.com/bill-maris-explains-why-gv-didnt-invest-in-theranos-2015-10
“”We looked at it a couple times, but there was so much hand-waving — like, Look over here!— that we couldn’t figure it out,” Maris tells Business Insider. “So, we just had someone from our life-science investment team go into Walgreens and take the test. And it wasn’t that difficult for anyone to determine that things may not be what they seem here.”
That employee found that when he went to get a test done, Theranos wanted more than just a drop of blood in one of its “nanotainers.” He denied a full venous blood draw, and ended up getting called back a week later because they wanted him to give more blood.
That wasn’t a good sign to Google Ventures,”
….
“”I haven’t been able to find a single reporter who has written about Theranos that has gone and had the test done,” he says.”
…..
Nothing like responsible journalism.
“responsible journalism”
If responsible journalism will get in the way of a good story then responsible journalism will just have to step aside.
Not a good story ??!? I disagree. Everybody loves to take down a cheater, especially in health care. Look at the press that Shkreli got, and he only extorted money; he didn’t even touch actual health. This beeyotch and her sham firm was actually harming people. Taking her down would be an amazing story; lots of advert eyeballs. Every journalist dreams of such a scoop.
Hey Donk
Not a good story ??!? I disagree. Everybody loves to take down a cheater, especially in health care. Look at the press that Shkreli got, and he only extorted money; he didn’t even touch actual health. This beeyotch and her sham firm was actually harming people. Taking her down would be an amazing story; lots of advert eyeballs. Every journalist dreams of such a scoop.
The “good story” was the fairy tale she spun about doing all these tests with a drop of blood. No journalist took even the slightest amount of time to look into this and see if it were true.
Look at the press that Shkreli got, and he only extorted money; he didn’t even touch actual health. This beeyotch and her sham firm was actually harming people. Taking her down would be an amazing story; lots of advert eyeballs. Every journalist dreams of such a scoop.
But he was an evil capitalist conservative and she was a nice liberal girl who was just trying to help people. Totally different narrative.
To juxtapose Shkreli as conservative and Holmes as liberal is a very simplistic and takes away from the damage done by both. Besides, Holmes’s was chummy with powerful business, government, and media officials on both sides of the aisle.
Look at all the people connected to Theranos and Elizabeth Holmes:
Betsy Devos (investor) = Trump’s Secretary of Education
Rupert Murdoch (investor) = Media mogul (Fox News, Wall Street Journal, Sky, 21st Century Fox)
Larry Ellison (investor) = Oracle founder
Tim Draper (investor) = Venture capital fund Draper Fisher Jurvetson
Henry Kissinger (board member) = former Secretary of State
George Schultz (board member) = former Secretary of State
James Mattis (board member) = Trump Secretary of Defense
Bill Frist (board member) = senator
Sam Nunn (board member) = senator
William Foege (board member) = former director for Centers for Disease Control
I read this morning that Mattis was earning $150k a year for being on Theranos’s board and that he was pushing for the military to use Theranos technology (which didn’t work).
Oh I agree reality is much more complex. I was saying it tongue in cheek to point out the real problem that the stories get treated differently due to the simplistic narrative.
Oh I agree reality is much more complex. I was saying it tongue in cheek to point out the real problem that the stories get treated differently due to the simplistic narrative.
You seem to have your own narrative when it comes to women.
You seem to have your own narrative when it comes to women.
Fine, you tell me why journalists treat her so much better than Shkreli.
And yet, Martin Shkreli gets 7 years, and he made his investors whole. Holmes gets a slap on the wrist and a $500,000 fine.
I think it really boils down to this:
They want that Wu Tang album released.
Everything else was a cover story
Theranos had to submit test results and documentation to the FDA, but it doesn’t have to be peer reviewed or verified by anyone outside of Theranos.
Now here is the thing: if the FDA determines that Theranos’ test results were falsified or areas of the tech were deliberately not tested, the FDA can show up, with handcuffs, and arrest Ms. Holmes other members of her staff. They could face substantial jail time.
I’ve worked for a medical device firm. We were told, very bluntly, to not look the other way if there was a problem, because we could end up in jail if we did.
I met a woman who worked at Theranos…she said that the big problem is that they approached things like a traditional tech company. You can’t “move fast and break things” when people’s health is on the line.
‘a traditional tech company…move fast and break things’
Sound kinda snake-oily.
Sound kinda snake-oily.
Directly from Zuckerberg’s mouth.
‘Directly from Zuckerberg’s mouth’
You probably think some servers and websites where people chat is tech. But when it comes to something like testing blood, silicon valley has to fake it.
It’s hard to exaggerate how dumb this all is. Remember when Amazon was a freaking joke last decade? Who would have thought money-losing companies would be “worth” billions again? Is it just a coincidence you have puddle watching networks losing billions and taxi companies paying 3 bucks an hour springing up after the biggest money creation event in history?
And the houses! I was in a waiting room yesterday and those property brother sissies were on TV. They conned some girls into paying almost half a million pesos for a run down, half of a duplex. Then blew almost 100k on redoing practically everything. Do you think that’s gonna stand? Because to me 500k is a sh$tload of money.
‘Directly from Zuckerberg’s mouth’
You probably think some servers and websites where people chat is tech. But when it comes to something like testing blood, silicon valley has to fake it.
It’s hard to exaggerate how dumb this all is.
I have begun to fear that when The Everything Bubble pops, there are going to be mass suicides or some other kind of hysterical violence. People have become so deluded about so many things, that I think there’s no going back mentally for them. Many have lived in delusion so long about so many fundamental things, they no longer have any concept of reality.
How will they respond when this all ends? Not just the RE bubble, but all the “tech” nonsense, and all the “important, rich people” who are nothing but frauds?
“People have become so deluded about so many things, that I think there’s no going back mentally for them.”
My customer base.
“Many have lived in delusion so long about so many fundamental things, they no longer have any concept of reality.”
Yep, that be them.
“How will they respond when this all ends?”
They will sign over to me rights to harvesting their body parts. I won’t even have to wait for them to die.
(The fine print on one of my Dotted Line Specials.)
You can’t “move fast and break things” when people’s health is on the line.
Apparently, we’re going to do that with self driving cars.
Interesting, with all the automation in airliners, which have sophisticated autopilots and can even land themselves now, still require not one, but two pilots for short haul flights, and even more for long hauls.
“People have become so deluded about so many things,”
Hence the reason for the violent reaction to the suggestion that one is a DebtDonkey. Donkeyism is near omnipresent.
I asked my computer this question:
“What would happen if there was an EMP burst on a plane?”
And she responded with this:
https://www.reddit.com/r/…/what_would_happen_if_there_was_an_emp_burst_on_a/
“May 19, 2016 - 4 posts - 3 authors
Obviously the engine is what provides the forward motion, but if the engines cut out, the plane can “glide,” which basically means using the plane’s momentum, and the forward motion provided by gravity. …. by the EMP. The computers on the plane would likely shut down, but flight would be uninterrupted.”
The computers would shut down but the pilots would have a shot at landing - if there were pilots.
But if there were no pilots …
BTW, any of you pukes ever heard of the Carrington Event? Look it up on Wikipedia if you want an interesting read.
Apparently, we’re going to do that with self driving cars.
Some yes, some no.
Tesla is certainly moving fast and crashing things with their “autopilot”. I would dub their effort “reckless”.
Google on the other hand has been working on their system for almost 10-years, with a pretty darn good safety record (so far). “Deliberate” seems to be the most applicable word with respect to Google’s effort.
Even if there were pilots, it’s unlikely they could land the plane in the event of an EMP. Navigation is moving to fly-by-wire rather than direct hydraulic connections.
Google and Facebook are monopolistic media companies (made possible because of the internet).
Just because Enron was a fraud doesn’t mean that all Texas based energy companies are frauds.
Just because Madoff was a fraud doesn’t mean that all NYC based money managers are ponzi schemes.
Just because Theranos was a fraud doesn’t mean that all Bay Area biotech is built on BS science.
I’m not sure what the kerfuffle is about regarding my comment. My comment was simply meant to be that according to an insider, Theranos was not being run by nerds in labcoats who worked hard to follow all the right protocols (like most biotech companies). It was being run by a blonde in a black turtleneck and her minions who didn’t even understand the protocols.
Biotech companies should be (and mainly are) run by people who look like they belong in a lab–like this guy:
https://www.calicolabs.com/arthur-levinson/
Navigation is moving to fly-by-wire rather than direct hydraulic connections.
On fly by wire jets their yokes (Boeing) or joysticks (Airbus) would go dead and the airplanes would crash.
BTW, if anyone thinks that Amazon is some cutting edge tech company, I would recommend they see one of their 1-2 hour delivery warehouses (if the can ever get the opportunity). I was able to walk through one and there is no magic.
It’s mainly made up of soccer moms delivering chips and sodas for tips in their own minivan.
https://www.inc.com/magazine/201804/bill-saporito/rinse-laundry-startup.html
Thought of you with this one Ben…lol.
If they ever discover the click-fraud, FB and Goog will give Theranos a run.
I thought everybody already knew about the click fraud and it was priced into what advertisers were willing to pay for ads already.
Could someone enlighten this computer-stupid HBB-er?
There are many ways to make people buying online ads think that millions of people are clicking on their ad when actually almost nobody is…at least intentionally.
Also there are lots of ways to display that ad millions of times (and charge the customer for displaying it) that will never actually result in any sales. But combine that with the fake clicks and it looks like a great way to advertise your product.
Those things are what I assume butters was talking about.
Soccer Moms? People still use that phrase?
Apparently, we’re going to do that with self driving cars.
Well, we are already moving fast and breaking things now with non self-driving cars. You should have seen our ED today. It was a nightmare. Remember, car accidents have killed more people than all wars combined since the civil war just since the year 2000. How many people have self-driving cars killed? As far as I know, the answer is none.
Here are some self-driving car stats:
Waymo has logged over two million miles on U.S. streets and has only had fault in one accident, making its cars by far the lowest at-fault rate of any driver class on the road— about 10 times lower than our safest demographic of human drivers (60–69 year-olds) and 40 times lower than new drivers, not to mention the obvious benefits gained from eliminating drunk drivers.
Obviously we’re not just going to open the floodgates and have a free-for-all when it comes to self-driving. Good points were made about 8 inches of snow. There are plenty of situations where self-driving is not ready for prime time. It will be incremental. Also, I think there is a good argument to be made that food and packages are more likely to be the first implementation of self-driving rather than people.
We’ve had technologies that could drastically reduce driving deaths for a very long time. You have to ask yourself why these things have not already been widely deployed.
We’ve had technologies that could drastically reduce driving deaths for a very long time. You have to ask yourself why these things have not already been widely deployed.
When it comes to seat belts and airbags, we have deployed those en mass. And those have saved lives and made driving much safer. Fatalities per 100 million miles has gone from 24 in 1921 to a low of 1.18 in 2016. But that still means that roughly 37,000 Americans died from automobiles.
But we’ve also driven much more as a result. And, now almost everyone has a computer in their pocket in the form of a smart phone, and speed limits have been increased, and the population is getting older. Put this altogether and you have more distracted driving, drunk driving, and you end up with more fatalities in the aggregate even if it is less on a per mile basis.
I personally think the way to reduce fatalities is to have dedicated self-driving lanes and roads where speed is dramatically capped, say at 30 or 35 miles per hour. In crowded urban areas, 20 miles per hour should be the cap on speed, since a pedestrian that is struck by a vehicle (from self driving or human driving) is 93% likely to survive.
My hunch is that if people can sleep, read, talk, browse the internet or social media, watch shoes, or otherwise distract themselves they will be okay at going at a slower speed to their destination if it means they can redirect that lost time into productivity and/or diversion.
We’ve had technologies that could drastically reduce driving deaths for a very long time. You have to ask yourself why these things have not already been widely deployed.
Cost?
The fundamental difference with self-driving cars, is that while self-driving cars will be quite expensive, you don’t need to buy the car. You just need to pay for its use for the times you need it–so, the cost is spread out over many more people than if everyone needed to pay for the higher costs, and then leave the car unused the vast majority of the time.
While high cost can be a barrier to adoption, it can also serve as a goo moat that bars new entrants. If the only viable business models that allow for self-driving vehicles are where large “mobility companies” run the show, then that will mean that incumbents and well-financed players will dominate in the space and will rush to get there first. While cost can be a barrier to everyone owning a car, the strong network effect allure of a winner-take-all (or a few winners) can be very appealing.
“Answering the demand for upscale living,”
I certainly don’t demand to pay $2,000 to $3,000 a month for an apartment. More like a case of Class A being the only the game in town now.
They invented this “rich renters demanding bocci ball courts” after the fact to justify paying stupid amounts for the land.
‘The glut of student housing that was built, it because there was nothing around there’
As good a reason as any I guess.
“Answering the demand for upscale living,”
There IS plenty of demand for upscale housing! Hence, it’s existence.
That there is little demand at the consumer level for such product has been rendered meaningless.
What should surprise everyone on this board is the extent that it doesn’t matter.
Socialized housing is on it’s way, folks. And I don’t mean Section 8.
What exactly do you think governments will do with all this unneeded housing anyway? Tear it down? Who is going to pay for the upkeep? All this unused housing sounds like a great excuse for governments to tax the crap out of productive people.
I wonder - which states have proportionally the FEWEST upscale housing units?
What exactly do you think governments will do with all this unneeded housing anyway? Tear it down? Who is going to pay for the upkeep? All this unused housing sounds like a great excuse for governments to tax the crap out of productive people.
If there is so much of it, then I expect it the high end to become the new “normal” housing. The question is who gets to live in it? If the market were to decide then prices would adjust until the nicest stuff got lived in at a price the tenants could afford and the low end would be abandoned.
But if the government decides that the wrong people will lose money under that plan then somehow the right people will get paid the right amount to make them whole and the other right people will live in it whether they can afford to or not. And everyone else will fight over the leftovers.
Prices fell 40% the last minor correction. The govt didn’t have much say about it but lets defer to Donk Craterton.
Don’t forget that Uncle Fed eventually intervened to fully reflate bubble-level prices.
Socialized housing is on it’s way, folks. And I don’t mean Section 8.
What exactly do you think governments will do with all this unneeded housing anyway? Tear it down? Who is going to pay for the upkeep? All this unused housing sounds like a great excuse for governments to tax the crap out of productive people.
Governments at every level are broke.
$11 an hour in California for most skilled trades.
Watch the video in the following link.
http://www.breitbart.com/big-government/2018/03/14/watch-whistleblower-says-illegal-aliens-have-taken-over-every-trade-in-ca-construction-driven-down-u-s-wages/
Illegals can never become a Journeyman or Master Electrician.
A comment from the article …
“I and thousands of others have been saying this for years. Even if you are partially awake, this is common knowledge.
“This is exactly what happened.
1. Illegals came to CA and undercut US workers.
1a. On bids, illegals were able to undercut Americans because they pack multiple families in a house, they do not pay taxes, they are not licenced, they are not certified, etc. Stole supplies.
2. American workers left CA since they could not find work due to greedy companies and private citizens hiring illegals.
3. Once Americans were out of CA illegals took on hiring positions and only hire other illegals.
4. Now that illegals have invaded our workplace and most Americans are gone, illegals jacked up their rates and charge more than what Americans would be charging if they had never left CA.”
I grew up surrounded by Scottish tradesman. They would never tolerate shoddy work. They wouldn’t work for a demeaning wage and they would advise any other workers that they too should never accept being paid a fraction of what they deserved. Mexican workers are cut from a different cloth.
I cannot count how many times, while enjoying the great outdoors, I’ve come across illegal landscape dump piles which don’t only contain biodegradable refuse, but are full of plastic tortilla wrappers, Jarritos bottles, etc. It leaves nothing to the imagination as to who’s responsible, and it’s really disappointing - and angering.
I don’t mind Mexican people at all, but absolutely hate the current system. They have flouted our laws, taken advantage of all American citizens, and greatly contributed to the decline of this once great company.
That being said, I am very disheartened by the fact that neither this administration, nor any before, has gone after the main perpetrators of these abuses - the employers who make it all possible, and the government agencies which give benefits to these illegals as if they’re US citizens. If you take all of that away, you don’t even need a wall, they’d be hightailing it back to Mexico faster than you could say “andale.”
Once Americans were out of CA illegals took on hiring positions and only hire other illegals.
This is not limited to immigrants of the Latin ancestry, and not to illegal immigrants. Immigrants of other cultures like to hire their own. These cultures do not think of this as cheating. It’s only cheating if you define “cheating” as measuring against merit, and merit as technical merit and/or job skill. If your culture defines merit as family ties, then hiring your unskilled family is not cheating. It is “providing” and that’s how it works.
Of course, when technical merit takes a back seat to family merit, the physical infrastructure — which doesn’t care about family but *does* care about technical skill — responds by literally cracking and falling down. Of course, it doesn’t get fixed, because that would be hiring techn merir, which may go against the family. They just say “well it’s crazy mon whataryagonnado.” And then go find some other technical-merit-based infrastructure to destroy.
To be fair everything does work better when all the workers speak the same language. It’s only natural to try to take advantage of that. It’s the main reason I can’t get work in China these days now that they’ve gotten all the instruction they need. They put up with the overpaid no-Mandarin laowai for as long as they needed to.
To be fair everything does work better when all the workers speak the same language
“Things” work better when they are designed & constructed better, IMNSHO. By the way, how might your Han co-workers treat a lao wai (老外) who speaks absolutely flawless Mandarin?
By the way, how might your Han co-workers treat a lao wai (老外) who speaks absolutely flawless Mandarin?
Better. You can still get work as an expat much easier that way. But of course you will always be an outsider if that becomes important.
This doesn’t explain all those honest folks from India,who all speak English.
“English”.
What’s the white van count?
I can relate to that, but, it is not the worker’s fault.
I became an appraiser in 1954 , and had to endure training in appraising, construction inspection, and farm appraising.
In 1958 I went to Santa Barbara as Senior Appraiser and we started to see problem in the construction field by the contractors.
Our form inspections took about an hour, and we made 5 inspections during the construction of the homes, and the last inspection of the completed home took about 2 hours , when we made the construction loans
New home loans took about one hour inspection, including crawling the crawl space, checking the attic , and all of plumbing and electric to make sure of code.
Found out that the building requirements in Socal were very strict, as was FHA, but still had to require corrections.
Returned to NoCal and found out that the standards were crap, and enforcement lack evident.
Not sure anything is as strict as it was then.
Saw a picture of the ped bridge down in florida and notice that a concrete beam had broken completely and no sign of any steel in the beam, it is was a beam and not a curbing on the walk way
Of course, at 95 I have learned that the government does not want overburden the contractor with these little inspections.
LOL
95. Good on ya, cobber. I should be so sharp when I get there. Live long and prosper.
Yah, that pedestrian bridge for FIU (Florida International University) was a really stupid accident. In addition to the shoddy material, it seems they decided to do a stress test on it WITHOUT shutting down the street. As a result, the vehicles passing underneath got crushed.
do u guys have any thoughts on larry kudlow?
Seems like more of a talker than a thinker, but that’s probably my impression because I’ve only seen him on TV and don’t know anyone who knows him. My guess is that he probably has spoken to a HUGE number of folks in the business community over the years–and in that regard has a wide perspective on the world.
My guess is that he’ll be fine…bringing a practical view of the relationship between business and policy.
God knows we have enough academics in positions of power–we don’t need another one.
Surreal. My guess is he lasts long enough to be the fall guy for the downturn.
Yup. And, if later there is a difference of opinion between he and Trump he will not back off. Trump enjoys honeymoon periods with his appointments.
IMO, Tillerson’s book will damage Trump and I see Tillerson running for office as well.
Is Tillerson writing a book? I didn’t see that.
Honestly, I don’t see Tillerson running for office…but I could be proven wrong.
Someone has to be the bearer of the news that the next recession is underway, but that the situation is all contained.
Larry “Cocaine” Kudlow is coming back to the White House, LOLZ.
he was fired from bear stearns for a 100k / month cocaine problem.
A bit of shtick just popped into my mind. Something about “Cocaine’s great! The first hit makes you feel like a new man. Problem is, that new man wants a hit, too.”
Was that from a Robin Williams routine?
The way I heard it was, “X makes a new man out of you. Then the first thing the new man wants is more X”
I found a reference to the joke about cocaine making you a new man from the January 1988 issue of New York magazine, in case anyone cares.
My (dim) memory stretches farther back in time than that and it (dimely) remembers the joke referencing the freebasing of cocaine.
Go here …
https://books.google.com/books?id=LeUCAAAAMBAJ&pg=PA33&lpg=PA33&dq=cocaine+makes+you+feel+like+a+new+man&source=bl&ots=qCLx5kcEWY&sig=RgeyKxKk2feYBxjWlyCrnbkmKjE&hl=en&sa=X&ved=2ahUKEwimy7Kkve_ZAhVHR6wKHaozA-U4FBDoATAEegQIABAB#v=onepage&q=cocaine%20makes%20you%20feel%20like%20a%20new%20man&f=false
I would have guessed Richard Pryor. He was deadly honest about that sort of thing.
Richard Pryor
That’s exactly what I was going to say. You can hear his voice saying those words.
Mr. Banker’s reference is from a PSA for the Partnership for a Drug-Free America, and it says “the joke goes..” so Pryor made the joke? Not Williams? Williams always sounded like he was coked to the gills. Bad stuff, that.
No disqualifier from the Trump cabinet there….
Chevy Chase, MD Housing Prices Crater 19% YOY As Proposed Federal Budget Cuts Wack DC Area
https://www.movoto.com/chevy-chase-md/market-trends/
On the topic of “trade wars” and “protectionism”:
China is designing its own Boeing 737/Airbus 320 type airliner. The jet is being tested and will probably enter service next year or in 2020.
Now here’s the thing: there’s nothing remarkable about the jet. Unlike Russia’s new MC-21, it doesn’t have any composites, and its fuel efficiency is sub par when compared to the 737Max or A320neo. And of course China doesn’t have much experience with jet airliners, other than with the ARJ21, an MD-80 knockoff, of which they have delivered just 4.
Nevertheless, Chinese airlines have placed 800 orders for the C919. How much you wanna bet they were told by their government to stop buying 737s and A320s?
Why is that kind of protectionism OK, but a couple of US tariffs on steel and aluminum are the end of the world?
People still can’t understand why DJT won.
50 years of globalism have destroyed Main Street.
Maybe it is time we tried something different.
“Why is that kind of protectionism OK, but a couple of US tariffs on steel and aluminum are the end of the world?”
Because China.
I don’t know who the heck thought doing business with China on a global scale was a good idea. Nothing like handing your enemy the weapon to kill you with.
“I don’t know who the heck thought doing business with China on a global scale was a good idea.”
Here’s the Chinese answer to your question (from their embassy) …
http://www.china-embassy.org/eng/xw/t675646.htm
Once again:
1. Dumb ‘em down.
2. Profit.
I just read that the C919 is encounter “issues” during the test phase and official delivery has been pushed out to 2021. I’m guessing they won’t be ready that year either.
Granted, since only Chinese airlines will be flying this clunker it’s doubtful we’ll see the C919 here in the US for a long time. But if they eventually do debut here, I will be certain to not only never fly on one but I will write to airlines who fly them telling them so.
Is it not true that any commercial airliner must pass stringent FAA specs for design, safety, maintenance, etc just to *land* in the USA?
I would think the specs/requirements for the EU are essentially a ditto of what the FAA requires.
True, but neither the FAA nor Eurocontrol tests the planes. The manufacturers do. Do you trust Comac to not lie in their reports, especially if their plane falls way behind schedule?
I really doubt United/Delta/Southwest/American will ever buy one, but I could see cheapo carriers like Spirit or Frontier buying them. None of them has ordered an MC-21 from the Russians.
If there is ever an accident with these Made-in-China planes, there is going to be an anti-China backlash like nothing we’ve ever seen. It’s one thing to buy a cheap T-shirt and get a hole in it, big deal. Or a dryer that breaks down — that’s just a little money. But this is a PLANE. It’s going to make the poison pet-food scandal look like a sneeze.
Same concept holds for Chinese cars.
The thing with Boeing and Airbus is that if the FAA or Eurocontrol order a model type to be grounded (say like the 787 when it had battery fire problems), Boeing and Airbus will order customers world wide to ground the type and most airlines will comply, as airlines are contractually bound with Airbus and Boeing to obey grounding orders.
Somehow, I doubt Chinese carriers will ground the C919 on Chinese domestic routes should the FAA or Eurocontrol order a grounding.
https://en.wikipedia.org/wiki/Comac_C919
For comparison, the MC-21
https://en.wikipedia.org/wiki/Irkut_MC-21
“Why is that kind of protectionism OK, but a couple of US tariffs on steel and aluminum are the end of the world?”
For the same reason that it’s ok for Mexico to throw Americans in jail who are there illegally, but it’s “raciss” if we do the same. It’s a double standard where special interests construct false narratives to benefit their bottom lines, and use dumbed down sheeple and complicit media chuckleheads to carry their water.
Exactly.
I love how they try to scare us with threats of “economic depression” if we have a “trade war”. Seems to me that things here have been depressed for a very long time, while I read countless stories about how our “trading partners” economies have growing by leaps and bounds and see photos of their gleaming skylines.
Seems to me that things here have been depressed for a very long time, while I read countless stories about how our “trading partners” economies have growing by leaps and bounds and see photos of their gleaming skylines.
Yeah, I keep waiting for middle America to figure out how much of the money that they used to have is sloshing around in China and India now. Maybe it’s good they don’t travel overseas much.
They were manipulated (IMO) to pay to create a middle class elsewhere. How can anyone be surprised at their frustration? It was inevitable and will probably get worse before it gets better.
Yeah, I keep waiting for middle America to figure out how much of the money that they used to have is sloshing around in China and India now. Maybe it’s good they don’t travel overseas much.
Not sure how much good that’s done them. How’s that campaign to stop public sh$tting going in India?
I actually think the money doesn’t “go” anywhere. It mostly gets reinvested here. Moneyed Chinese and Indians all want to live here.
India isn’t the best example. Think S Korea or Japan. And a lot of that money does stay those countries, some does come back, mostly in financing our debt, both private and public and some in real estate purchases.
India isn’t the best example.
IMO both China and India are good examples because our purchases (goods and services) created most of their new middle class.
Sounds nice but 1.3 billion poor Chinese are a bigger threat to China than any Chinese airplane.
Mountain View, CA Housing Prices Crater 13% YOY As Bay Area Tech Slump Accelerates
https://www.movoto.com/mountain-view-ca/market-trends/
10 billion Yellen bucks just found a place to die…
++++
Largest US Radio Company Files For Bankruptcy
ZeroHedge - 03/15/2018
On Thursday, iHeartMedia - the largest radio conglomerate in the US - finally succumbed to its enormous debt burden and filed for a long-anticipated Chapter 11 bankruptcy protection (iHeartMedia Inc., 18-31274, U.S. Bankruptcy Court, Southern District of Texas) after the company and a majority of its creditors reached an agreement for a prepack deal to eliminate tens of billions in debt while the company continues to operate.
After trying to negotiate a deal with creditors since last March, the company said in a statement that it had reached an agreement in principle with investors holding more than $10 billion of its debt, along with its private equity owners. The pact, intended to give the company a framework for a speedier reorganization, would cut iHeart’s debt by more than $10 billion, it said.
“The agreement … is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” Chief Executive Bob Pittman said.
the debt took down toys r us too. if these companies lose their ability to refinance debt and borrow more they are pretty much done. The credit spigot must have shut off for them.
“Chief Executive Bob Pittman said.”
Wasn’t Pittman the guy who turned MTV into a turd?
“Wasn’t Pittman the guy who turned MTV into a turd?”
Wow, this guy was into a lot of things.
From Wikipedia …
“Robert Warren “Bob” Pittman (born December 28, 1953), is an American businessman. Currently Chairman and CEO of iHeartMedia, Inc. (formerly Clear Channel), a global media and entertainment company, Pittman was the CEO of MTV Networks and the cofounder and programmer who led the team that created MTV.[1] Pittman joined Clear Channel in November 2010 as an investor and the company’s Chairman of Media and Entertainment Platforms, was named CEO of iHeartMedia (formerly known as Clear Channel Communications)[2] in 2011 and was named Chairman in 2013. Clear Channel became iHeartMedia, Inc. in September 2014. Pittman has also been the CEO of MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate and Time Warner Enterprises, and COO of America Online, Inc. and AOL Time Warner.
Pittman has also been a radio and TV programmer, marketer, investor and media entrepreneur who has had multiple careers in a number of consumer-focused industries. According to Sean Parker, Pittman is the only media mogul who’s genuinely an entrepreneur. In giving him its first ‘Media Visionary” award, advertising publication Adweek[3] referred to him as a “jack of all media” and former MTV executive Tom Freston referred to him as “the wonder boy of branding.”[citation needed]“
If he “created” MTV, that is, 1979-1980, then no, he didn’t turn MTV into a turd. MTV cooked along wonderfully for a solid 8-9 years before it started going bad. I know, I watched far too much of it during the good years.
I agree. The Real World in the 90s was a good idea but unfortunately it eventually destroyed the channel and led eventually to Pimp My House on every channel.
isn’t iHeart/ClearChannel the conglomerate that runs all those cookie cutter radio stations that all play the same music, have the same DJ’s and run all those obnoxious commercials that seem to get louder every year?
Does anyone still listen to broadcast radio?
I do. I listen to all sorts of AM and FM ststions when I’m driving. But iHeart radio did not impress me.
Just Spotify and Pandora for me when it comes to streaming. When I purchase music, Amazon or Apple. Audible for audio books.
I’m sure that most of that debt was used to buy existing radio stations. I’ve read that in smaller markets that virtually all radio stations are owned by iHeart/ClearChannel.
I guess what they didn’t count on was online music. I doubt many young people still listen to broadcast radio. From what I’ve heard, many subscribe to Spotify, though I doubt they make any money either.
I work for this company in a part-time capacity now and have worked on-and-off for them since the early 2000s.
It was funny because last night (3/14) I got a calendar alert just before 10pm PDT about a meeting at 9am (3/15) with no explanation. I had a hunch it had to do with bankruptcy. About 10 minutes later Reuters reported it and then finally at about 10:30pm good old Bob Pittman and his co-hort Rich Bressler (CFO) with a rah-rah message.
We were riding high in the early 90s-mid 2000s and iHeart (then Clear Channel) was buying up everything in sight. Then it started to all go awry in 2007. We sold off all of our stations in markets rated over 100 (smallest markets) and since then it’s been wave after wave of layoffs, cutbacks and financial manipulation. One of things we did was sell off all of our transmitting towers and land they sit on and lease them back.
Their strategy recently has been to try and play catchup with Spotify and Pandora with the iHeartRadio app they hawk all the time. In addition, tons of money has been spent on all sorts of music festivals and concerts with big name people.
None of this seems to have helped. We’ve been waiting for this bankruptcy for years.
We sold off all of our stations in markets rated over 100 (smallest markets)
I’m guessing all those stations were sold at a hefty loss.
since then it’s been wave after wave of layoffs, cutbacks and financial manipulation
I wonder just how many other firms are in the same boat. Borrow like crazy to grow, only to find out you aren’t making any money, and to make matters worse your industry has been disrupted.
A few years back I was interviewing a software engineer for a position and he was about my age and tried to ride one of the unicorns (I had never heard of it) back in the dot com era to riches. I asked him about it and one comment stood out: what we thought was a 500 million dollar market turned out to be a *5* million dollar market. I did the math quickly and figured they probably burned that much and more finding that little fact out.
I tell the illenials at work this bubble is their turn to get screwed. Little morality and disregard of the law means youre either predator or prey.
Vz did a bunch tower sell off lease back too
On the Tillerson firing, I was sort of sorry to see him let go, especially if he was responsible for cooling off NK. OTOH, one of the YouTube citizen pundits that I like to watch for analysis, really nailed it in terms of why Tillerson got the gate and was replaced by Pompeo. He thinks it is all about Hillary, and it kind of makes sense. The State Department was slow-rolling the release of Hillary’s State Department emails, which they have in their possession.
Pompeo hates Hillary with a passion and it was interesting to hear the playback of Pompeo grilling Hillary over Benghazi, questioning why she ignored all the warnings and requests for assistance from government personnel, and failed to respond, yet received 150 emails from Sidney Blumenthal, who had no government position, to which she responded.
In addition to the “moron” comment, Trump was not happy with the lack of clean-up at State and the slow-rolling. Pompeo is meant to be the antidote to that.
It’s harder to drain the swamp than he thought.
So in other words, poor Rex Tillerson didn’t really do anything materially wrong. He just didn’t hate Hillary enough. I hope Trump told this to Rex… sorry dude, it’s not you, it’s HER.
Tillerson and Trump had different takes on Russia.
Tillerson’s farewell speech was for the record. He could easily mount a political campaign and Wall Street would support him.
I’d guess the “moron” comment was enough. If I said that about my own boss in a highly public and embarrassing context, I wouldn’t be surprised if it had negative repurcussions.
Santa Barbara County, CA Housing Prices Crater 6% YOY As Southern California Housing Correction Expands
https://www.zillow.com/santa-barbara-county-ca/home-values/
*Select price from dropdown menu on first chart
“So here’s the rather dramatic skunk in the woodpile. In just 50 days, their “plug and play” model forecast for Q1 real GDP has dropped from a booming 5.4% to a rapidly deflating 1.9% rate.
That’s about the same thing as saying, “folks, we don’t have a clue!.
At the end of the day, you can’t find a worse chart for the stock market than that for the 14 months below. Yet enthrall to the alleged Goldilocks Economy, no one on Wall Street saw it coming. The consensus operating earnings forecast for 2008, in fact, was north of $110 per share on the S&P 500.
As it happened, operating earnings for the year ahead actually came out at $49 per share. A Goldilocks moment it most definitely wasn’t.”
http://davidstockmanscontracorner.com/goldilocks-r-i-p-part-1/
racis
https://www.urbandictionary.com/define.php?term=skunk%20in%20the%20wood%20pile
The article below is old news - mortgages were exempted from risk retention rules right when Dodd Frank was written. There is a minor new angle listed below. I post the article because it states the GSEs have already required a draw from the public Treasury again.
Loan originators no longer must have ‘skin in the game’
by Robert C. Pozen
Brookings Institution
Thursday, March 15, 2018
On February 9, the DC Federal Court of Appeals invalidated the application of these risk retention rules to managers of funds that raised capital from investors to buy collateralized loan obligations—leveraged loans made to companies below investment grade. The Court decided that the relevant statutory provision should not cover such fund managers because they did not “sell or transfer” loans to a securitization pool.
[...]
However, on February 14, Fannie reported losses of $6.5 billion, triggering a US Treasury capital infusion of $3.7 billion. When the next financial crisis occurs, the US government is likely to incur much bigger losses because originators of home mortgages can insure or sell them, and make a profit, without having any “skin in the game.”
https://www.brookings.edu/blog/up-front/2018/03/15/loan-originators-no-longer-must-have-skin-in-the-game/
Not to worry though - the central bank is the master of Reverse Robin Hood policies.
No “ring fencing” of consumer deposits, quite the opposite; no elimination of Too Big to Fail, quite the opposite. But while threatening consumer deposits, TBTF and bailing out Wall Street with public largesse prevents an immediate problem, I suspect it creates serious longer term ones.
“mortgages were exempted from risk retention rules right when Dodd Frank was written.”
I’m still puzzling over the auto loans. Those were *not* exempted from risk retention. There were major qualifications for selling auto loans, such as 2-year credit history and 10% down. And yet, auto loans are as loose as ever. Are these auto loan originators really holding 5% of each loan for an 84-month monster truck?
You are my pension
My lovely pension
You make me hap-pee
When skies are gray
You’ll never know, dear
How much I love you
Please don’t take
Muh Pen-$hun
Uh-way.
https://www.zerohedge.com/news/2018-03-15/mccabe-begs-doj-not-fire-him-pension-vests-report
You could as well have been singing about CALPERS.
The Pension Fund That Ate California
https://www.city-journal.org/html/pension-fund-ate-california-13528.html
There’s a lot of that going around, for different reasons.
If Sessions is going to act on this, supposedly he has to do it by tomorrow. That’s where the rubber meets the road as far as where Sessions stands with Trump.
There’s been a lot of internet rumor that Sessions and Trump have been playing a long game and a good cop, bad cop sort of act. I’m skeptical. Guess we’ll know tomorrow.
This is out of my line of expertise, but if McCabe was in the FBI for “decades,” then he is definitely entitled to some Fed pension, just not all of it. But I don’t know the procedure if you’re fired for misconduct. Also, McCabe might be under the old CSRS system.
He should only have ~35 days of vacation time to exhaust, so even without firing, he should have run out of vacation time by now. He could have racked up some time-off awards or credit hours, which would add another 6-7 days.
Perhaps “for decades” he has not been someone who should have been chosen and promoted, but rather fired.
Sounds like you know quite a bit about his personal career situation. Care to share?
Or are you just blowing smoke out of your nose?
Perhaps you missed the preparatory “perhaps”.
“Toronto Area Home Prices Drop More Than 12% In February As Sales Plunge”
https://www.thestar.com/business/real_estate/2018/03/06/toronto-area-home-prices-saw-year-over-year-drop-in-february-as-number-of-sales-plunged.html
Had an interesting conversation with my sis last night, who was a staunch Bernie supporter. She was raving about how she now gets an extra $400.00 a month in her paycheck because of the Trump tax cuts. Her words: “That’s a tangible, material benefit!” I won’t say she’s exactly in the tank for Trump now, but she’s a happy camper and for the first time she feels like a sitting President actually did something to make her life a little better.
And then she went on to discuss how new hires in the corporate world have been bamboozled by the whole “stock options” scam, since she has to deal with a lot of new hires at her company. The company doesn’t do stock options and the noobs complain about it. Until she points out that they actually get a “tangible, material benefit” in the form of 28 days of paid time off (PTO) that other companies in her field don’t offer.
Nancy says the tax cuts are “crumbs”.
https://youtu.be/QJYBRoqcHLQ
Oooops … actually she said the tax cut bonuses were crumbs.
Whatever the case, I love Nancy.
Maxine too.
😁
“Oooops … actually she said the tax cut bonuses were crumbs.”
If you can believe this, my sis’s conversation was inspired by her outrage over some (retired) acquaintance of hers who told her, in a very condescending tone, that she was getting “crumbs”, parroting Pelosi.
Had an interesting conversation with my sis last night, who was a staunch Bernie supporter. She was raving about how she now gets an extra $400.00 a month in her paycheck because of the Trump tax cuts.
She did well. In my case, it was more like $50.
My number is negative (no SALT deduction). I still see more pluses than minuses to the legislation.
I wish the MID restriction went even further. I wish the tax benefits weren’t so skewed to higher income earners. I wish it didn’t blow up the deficit. I wish there were more restrictions for deductions of interest against corporate tax burden. Nevertheless, I think there are many good things in the tax reform. It’s hard for me to say if the good outweighs the bad, but I think the changes that have been made will allow for even more changes down the road, so in some respect I think it is a stepping stone to something better. So I guess I am coming around.
Bitcoin under shadow of ‘death cross’ chart pattern
By Victor Reklaitis
Published: Mar 16, 2018 8:21 a.m. ET
But the bearish signal isn’t necessarily a great market-timing tool
https://www.marketwatch.com/story/bitcoin-under-shadow-of-death-cross-chart-pattern-2018-03-16
I tell my clients they should go all in on Bitcoin after they max out a HELOC, and as an incentive I include with the deal a statue of Scrooge McDuck that they can bury upside-down in their back yards.
Rancho Cordova, CA Housing Prices Crater 10% YOY As Opioid Related Crime Ravages Sacramento Area
https://www.zillow.com/rancho-cordova-ca/home-values/
*Select price from dropdown menu on first chart