An Oversupply Putting Downward Pressure On Values
A report from Bisnow on Colorado. “McWhinney CEO Chad McWhinney said he can see the Front Range becoming megapolitan — another word that encompasses a widespread urban region — stretching from New Mexico to Cheyenne, Wyoming, and he believes multifamily properties are a great investment, especially for a long-term owner. ‘Apartments are a great long-term real estate asset class to own. The key is to make sure that you have a lot of debt that is long term. The key in this business is to make sure we don’t have a lot of short-term debt at any given time when real estate markets change. A banker will give you an umbrella, and when it rains, they ask for it back,’ said McWhinney.”
The Palo Alto Daily Post in California. “Rents in Palo Alto are sky-high and continue to climb, but new numbers from ApartmentList show that rent hikes, at least, are starting to slow down. Sam Safadi, of downtown Palo Alto-based Cal Bay Property Management, said he had even encountered young adult renters who ‘assume rents go up every year forever’ because they’ve only ever seen the market expand. What those tenants were too young to see, Safadi told the Post, was the ‘post-dot-com rent apocalypse,’ including a 40% drop throughout Silicon Valley in 2002, followed by another ‘massive’ drop in 2009.”
“‘These things move,’ Safadi said. ‘We’ve definitely seen back-off over the last couple of years, since the crazy five-year run.’ Dave Roberson, a real estate attorney who manages 84 houses in Palo Alto as the principal of San Jose-based Silicon Valley Property Management, attributed the slowdown to residents leaving town and new units coming on the market. He noted that the El Camino Real corridor has also seen an uptick in apartment construction, which ‘drowns out demand a little bit.’”
“Jason Born, who mostly rents out single-family homes in San Mateo County at Belmont-based Born Property Management, attributed the slow-down to a new crop of units coming on the market because more homeowners are putting their houses up for rent. ‘Palo Alto clearly is the watermark,’ Born told the Post. ‘The last place the market’s going to be hit is Palo Alto. If you look at the market as a stone dropping in the pond, you have to see right where the waves go out to.’”
From Oregon Business. “The Portland apartment rental market may be tapping out. Portland rents declined by 2.2% in the past year, according to a new report from rental site Apartment List. The site attributed record numbers of new units for the price decrease. Ubiquitous ‘Now Leasing’ signs blare from dozens of new and under construction buildings, and many landlords are offering move-in specials.”
From KTVB in Idaho. “Southwest Idaho chapter of the National Association of Residential Property Managers released a report in May showing Ada and Canyon County vacancy rates are up a tad - from 3.3 percent at the end of 2017 to 3.6 percent currently. Realty Management Associates Property Manager Spencer Henderson says the supply of apartments is starting to swell. ‘The housing market here has changed in the last five years more than it’s changed in the last 20. The spike, the increase, how much is being bought up, how much is being built. And it’s a different group between single family and multi-family buildings. The number of multi-family buildings have just - it’s exceeded expectations. And they’re being built every single day,’ Henderson said.”
The Journal Sentinel in Wisconsin. “‘When you hit the downtown (Tosa) area, you see these big buildings collapsing in on you. Wow, kinda knocks your socks off,’ Sandra Minor, a resident for 35 years, said in frustration at a meeting at Wauwatosa City Hall. Minor said a community that prides itself as ‘the city of homes’ was turning into the city of apartments. After a night of comments like this, the community affairs committee on June 12 recommended the common council approve the 54-unit Harwood Apartment proposal in the village. That followed a meeting at which residents cited traffic congestion, lack of walkability and an oversaturation of apartments among their concerns about the proposal.”
“Alderman Michael Walsh agreed it was not the right location for the project, saying it will exacerbate a traffic pinch point that may have unintended consequences. Walsh said it is not just the people who live next to the proposed project who care, but all of Tosa. ‘People are judicious in terms of the development that has happened and they feel it has reached a tipping point,’ Walsh said.”
The Business Record on Iowa. “A national report carried some startling numbers about affordable housing: None exists in any state, city, county or metropolitan area in the country for workers earning minimum wage and needing a two-bedroom apartment. Say it ain’t so, Des Moines. Well, yes it is, said Eric Burmeister, executive director of the Polk County Housing Trust Fund. With apartment vacancies running 6.7 percent in Greater Des Moines and near 10 percent in downtown Des Moines, Burmeister said the glut of apartments is slowing rent escalation. If rents drop a tad, a few more people can afford to pay them. ‘Things are going the wrong direction from an affordable housing standpoint,’ Burmeister said.”
From Globest on Illinois. “Developers, investors and lenders have been worried that years of exuberant construction would eventually create a downtown apartment glut. And River North, the most established residential neighborhood in the downtown market, was considered especially vulnerable due to the many deliveries in new areas like South Loop and West Loop. Occupancy of some stabilized buildings in other core neighborhoods has dipped, Laura Ballou, senior associate—market analytics for KIG adds, but not in River North. Landlords have secured these leases without resorting to overly-generous concessions. The average rent concession offered in River North now stands at just 6.33%, considerably less than the 8.33% hit landlords take if they offer one month free.”
“The data show new buildings in the South Loop, West Loop and River West are offering greater concessions despite delivering only 19%, 9% and 7% of new units since 2017, respectively.”
From Miami Community Newspapers on Florida. “The Miami-Dade County Property Appraiser, Pedro J. Garcia, has released the 2018 June 1 Estimates of Taxable Values to the Taxing Authorities showing a continued growth in the real estate market. The countywide estimated taxable value for 2018 is $288.859 billion, a 6.0 percent increase from 2017. New construction continues to drive the real estate market in Miami-Dade County with more than $5 billion being added this year.”
“However, officials are beginning to see the effects of market corrections, primarily with condominiums and high value single family residential properties, such as in Key Biscayne and Sunny Isles Beach. In some cases, the new construction value helped offset overall value reductions of existing properties in Bal Harbour, Surfside and Aventura. ‘We continue to see the same market trends as last year, with an oversupply of condominiums putting downward pressure on condo values. However, a relative short supply of mid-range single family homes has increased property values, making it more difficult for working families to afford a new home,’ Garcia said.”
From Crain’s Cleveland Business in Ohio. “Akron’s oldest neighborhood is getting a new apartment complex. Local businessman Nick Pamboukis has purchased a former senior living facility in the heart of the Middlebury neighborhood, and said he’s working to turn it into high-end apartments. ‘I have a knack for working with distressed things,’ Pamboukis quipped. Pamboukis isn’t shooting for low-rent units either. He’s hoping to get about $975 a month for the building’s 54 one-bedroom apartments, about $1,200 a month for four two-bedroom units and something in between for six corner units.”
“Those are on the high end of rents in Middlebury, but he would not be the first developer to find demand for high-end rental units there. He’ll have other challenges, though. ‘About a quarter of the houses in this neighborhood are vacant,’ noted Zac Kohl, executive director of The Well, a community development organization.”
From RE Business Online. “There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. She believes that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. ‘The middle market is 320 percent larger than the market everybody is going after.’”
“While the product today clearly is architecturally better than it was 15 years ago and has the consumer in mind more so than ever before, it’s ‘over-amenitized, overbuilt and over-programmed,’ says Wylde.”
From All Over Albany on New York. “A sort-of follow-up to the recent post about all the apartments the Capital Region has been adding the last few years (with many more in the pipeline)… Capital Region rents have been on an upswing during the past half decade, but that increase appears to have flattened during the last year. That’s one of the bits from the new Capital Region multi-family market report published by Sunrise Management & Consulting.”
“Sunrise president Jesse Holland in a press release: ‘The data indicates that the market is getting saturated … Everyone wants to know if the time to build more apartments is over, or if the economy is going to take off.’”
Kind of a long post today. So much glut, oversupply, over-saturated, vacant news to cover. Where oh where are the shortage people?
In all the markets where the good paying jobs are.
Really? Cuz the major metros are leading the way down. Manhattan, Boston, Miami, Austin, Houston, Seattle, Bay Aryans, Los Angeles, Denver, Portland, Chicago. DC is a disaster for multi-family. And now shack buyers have remorse in NoVa.
The problem is that it will take 12-18 months to fully shake out.
As the higher end (and newer) developments start to offer 1 to 1.5 months free, more people will start to sign leases) (although slowly). This next cascades down to buildings closer to downtown and built in the last (10? years). Eventually, it will get to older stock … and that is when the trouble really hits.
Unfortunately, it will take some time
12 - 18 months is the blink of an eye in bubble time.
The “where’s the shortage” horse has been beaten to death, Ben.
Those cities are leading the way only in luxury that was too high to start with.
It’s like lowering the price of a Beemer from $80K to $60K. Mortals still can’t afford them. No shortage of Beemers, but try to find a 4-year old 50K mile used car for a reasonable price. Even HBB has lamented the shortage of affordable cars and housing.
Donk,
Houses are houses irrespective of the moniker that suits the fantasy. All 25 million of them.
And I’m going to keep beating it eat crow eater.
‘Even HBB has lamented the shortage of affordable cars and housing’
Here’s the thing about that: we’ll get this lux mess worked out. But you and many others may not have a job or a pension in the process.
But you and many others may not have a job or a pension in the process.
Being that Oxide works for .gov, I’d venture that her chances of being dejobbed are less than for most who post here.
Housing my friend.
Albany, OR Housing Prices Crater 12% YOY
https://www.movoto.com/albany-or/market-trends/
So much glut, oversupply, over-saturated, vacant news to cover. Where oh where are the shortage people?
Record high housing inventory, record low demand, falling prices.
Priceless!!!
Bellevue WA Housing Prices Crater 13% YOY As Tech Wreck Ravages Seattle Economy
https://www.movoto.com/bellevue-wa/market-trends/
You really are an idiot HA. There is no tech wreck and the housing market here is doing just fine. 45-year-old split levels are selling for a million dollars in my neighborhood.
Falling prices are what they are my good friend.
Bend(Century West), OR Housing Prices Crater 16% YOY As Defaults Balloon
https://www.zillow.com/century-west-bend-or/home-values/
*Select price from dropdown menu on first chart
Let’s see.. Where to start…
Margaret Wylde … She believes that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. ‘The middle market is 320 percent larger than the market everybody is going after.’”
Someone in the industry singing the tune I’ve been singing for months (years actually) about the rental / apartment market… ut oh. before we know it they’ll be using the “B” word… (naah)
http://www.star-telegram.com/news/business/growth/article212207909.html
Since 2010, 16,460 apartment units have been built in the Fort Worth area, according to RealPage, a real estate data company. But only 4 percent of these new units — a lowly 710 apartments — are now priced below the area’s average rent price of $1,093 per month.
Of course, a lot of the “luxury” in those newly built units is just a shoddily built, corner’s cut veneer.
https://www.kiro7.com/news/local/luxury-seattle-apartment-plagued-with-pipe-problems-tenants-displaced/770082836
C’mon, you guys are slackin bigly. Hat tip to Randy (((Newman)))
Shortage people got no reason
Shortage people got no reason
To live
They got little hands
And little eyes
And they walk around
Tellin’ great big lies <– This!
They got big (((noses)))
And tiny little teeth
They wear platform shoes
On their nasty little (cloven) feet
Well, I don’t want no shortage people
Don’t want no shortage people
Don’t want no shortage people
Round here
I’m giving the rest of youse the remainder of the song - dont disappoint me again!
‘She believes that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. ‘The middle market is 320 percent larger than the market everybody is going after.’
Translation: a bunch of Yellen bucks are going to money heaven and taking pensions with them.
‘Pamboukis isn’t shooting for low-rent units either. He’s hoping to get about $975 a month for the building’s 54 one-bedroom apartments, about $1,200 a month for four two-bedroom units …Those are on the high end of rents in Middlebury, but he would not be the first developer to find demand for high-end rental units there. He’ll have other challenges, though. ‘About a quarter of the houses in this neighborhood are vacant’
Nick the Greek is about to get a schlonging he’ll never forget.
DEVO (akron) making a come back
seriously Caucasian Falls is not far away
‘he would not be the first developer to find demand for high-end rental units there’
Uh huh. I’ve found demand for high-end beenie babies. Remember the poster who claimed he had 7 figures of crypto-booty? Man, he disappeared quick.
BTW taxpayer, did you see your neighbors have buyers remorse this weekend? Run for the hills!
“Remember the poster who claimed he had 7 figures of crypto-booty? Man, he disappeared quick.”
It was actually 8 figures - something along the lines of $10-$15 million. Of course, he was full of BS.
And poor alphonso, where did he and his sh!tcoins go?
Speaking of, the recent article posted about the fraud in crypto was sobering. Insiders are pumping up the price, presumably using Tether. As the price melts down, they’re doing these massive purchases to run it back up.
Just today there was a huge, nearly $400 price spike in the blink of an eye. Then the price continues to fall, setting lower lows. At nearly $7,000, it is still an outrageous bubble. Of course, $50 is too much for something worthless.
When it finally crumbles to nothing, who is going to publicly call out Marketwatch and the msm for adding a crypto daily ticker, etc? They are partially responsible for leading people into fraudulent scams.
“When it finally crumbles to nothing,”
The process that the housing market is going through right now.
Ooooooph
Bitcoin is going to revert to its intrinsic value: zero. The wails and lamentations of the fanboys will echo off an indifferent Cosmos.
The Punisher God of Hubris is going to schlong and schlong ’till he can schlong no more.
“Just today there was a huge, nearly $400 price spike in the blink of an eye. Then the price continues to fall, setting lower lows.”
Can’t shake ‘em out without first sucking ‘em in.
seriously Caucasian Falls is not far away
Not as Caucasian as it used to be.
https://finance.yahoo.com/news/reits-cope-rising-rates-133407865.html
Can’t help but think this is one of those stories plugging a poor investment. Its on Yahoo for one once a good site now not so good.
See how polite I am this am. yahoo is actually a Sh$t site full of very poorly timed advice.
Cheers I sold my Reits last year.
What’s their fascination with Unca Buffet? I quit going there because it tries to hijack my browser.
So did Sam Zell
‘Chad McWhinney said he can see the Front Range becoming megapolitan — another word that encompasses a widespread urban region — stretching from New Mexico to Cheyenne, Wyoming, and he believes multifamily properties are a great investment’
He goes on to say the apartments are going to get turned into condos (cuz they overbuilt I suppose), and to build them with separate metering.
’stretching from New Mexico to Cheyenne, Wyoming’
What are those bags that kids huff gas out of?
Traffic on the Front Range is terrible.
LOL@ “supercommuters” anchored to their mortgaged box of bricks and sticks.
We’ve seen this McWhinney before. Does he know how much empty land there is? This is The Onion kind of stuff.
Empty land is no good if you don’t have teleport. (however it’s better if you have telework)
Empty land might work with self-driving cars, since telework has lots its sheen.
McWhinney specializes in doing development while NEVER being the bag holder. He developed a business park (Centerra) that 10 years later is still 80% empty. He also developed a shopping mall that was never able to lease out all its spaces (The Promenades at Centerra) which defaulted on its mortgage (he had zero exposure as other chumps were caught holding the bag) and developed one of the car dealer malls which ten years later has just 5-6 tenants.
I’m sure he wants to develop thousands of apartments for other chumps. I’m sure he’s very aware of how much land is available. But he is really good at sweet talking suckers into writing checks.
I wonder how vulnerable “supercommuters” are to a spike in energy costs…
“Traffic on the Front Range is terrible.”
A second north-south interstate is needed. From New Mexico to Cheyenne.
Build it about 10 - 15 miles east of I-25.
Should have been built years ago.
I think originally that was the idea with C/E-470. But a much bigger ring would also be useful.
A great example of a megapolitan area is the stretch from West Palm Beach to Miami. I’m not sure any state or group of states really should aspire to that.
Miami to West Palm Beach, for those of you who are wondering, is about 70 miles north to south, and maybe 12 miles from the edge of the Everglades park on the west to the Atlantic shore on the east, with a population of about 4 to 5 million people.
Megapolis, indeed.
McWhinney CEO Chad McWhinney said he can see the Front Range becoming megapolitan — another word that encompasses a widespread urban region — stretching from New Mexico to Cheyenne, Wyoming
Pray tell where the water for this megapolis will come from?
Also, there is a LOT of empty land between Colorado Springs and the New Mexico border. Given enough time I could see it becoming a metro stretching from Fort Collins to Colorado Springs, and that is probably 20-40 years out, if it ever happens at all.
Pueblo is all gangs and meth and heroin.
Every supermetro needs its Compton
Meanwhile, the Front Range is experiencing a severe drought. If it turns to a multiyear dry spell - shockingly common for a high desert area, as it turns out - where is this fabled “megalopolitan” going to get its water from?
They keep building on the Wasatch front in Salt Lake County, and the air quality keeps getting worse as the mountains trap in the bad air during the inversion. Only electric cars will allow more building, otherwise lots of respiratory tract infections, asthma, heart attacks, and strokes coming. There’s a reason why life expectancy in the US is slated to fall for 3 years in a row, and it’s not just opioids, alcohol, and suicide.
If you think about it, electric cars export their air pollution to the area around the electric generating plant that supplies the electricity to run them.
http://insideenergy.org/2015/11/06/lost-in-transmission-how-much-electricity-disappears-between-a-power-plant-and-your-plug/
If you think about it, electric cars export their air pollution to the area around the electric generating plant that supplies the electricity to run them.
Electric cars are only as green as the electricity used to fuel them in, this is nothing new. But in densely urban areas, the dispersion of pollution (until fully renewable sources are found for all electricity generation) is an acceptable intermediate step. Consider: we allow some level of lead in drinking water at minute concentrations. What matters to human health is the concentration of toxins and pollutants, though there is no safe level of many pollutants. When you are pumping pollution from vehicles into crowded city centers, you are effectively gassing your population. Cleaning it up is the best solution, but outsourcing it over a larger area is the second best solution.
Also, this is why the Paris accord is necessary because coal fired plants from China make their way to our coasts, albeit at dispersed levels.
And the hotter it gets outside the shorter the distance from power plant to plug. Hence, the fugly natural gas power plants spread throughout Phoenix, AZ., whereas in cooler locals they can be located on the outskirts of the city.
This is where solar panels are perfect. Why there isn’t more widespread adoption in AZ is baffling to me.
It’s even worse than that in Denver. The metro area gets about a third of its water from aquifers. One they dry up, that source is gone, and it could happen in about 30 years.
Many areas of Eastern WA and OR are in the same boat. Drawing on underground reservoirs that took millions of years to fill up (as there is too little rain and no percolation down to these deep cavities inside rock).
Drinking water will be this century’s liquid gold at some point. If only one could figure out how to dehydrate it for more efficient storage! My grandparents had a can of dehydrated water (empty tin can with very nice label) when I was a kid.
‘We’ve definitely seen back-off over the last couple of years, since the crazy five-year run.’…attributed the slowdown to residents leaving town and new units coming on the market. He noted that the El Camino Real corridor has also seen an uptick in apartment construction, which ‘drowns out demand a little bit.’
But, shortage?
‘…attributed the slow-down to a new crop of units coming on the market because more homeowners are putting their houses up for rent. ‘Palo Alto clearly is the watermark,’ Born told the Post. ‘The last place the market’s going to be hit is Palo Alto. If you look at the market as a stone dropping in the pond, you have to see right where the waves go out to.’
Everybody in California thinks they live in the center of the universe. Speaking of that, here is the title for the Oregon piece:
http://www.oregonbusiness.com/article/real-estate/item/18379-photo-of-the-week-prices-drop-amid-glut-in-new-construction
‘Sunrise president Jesse Holland in a press release: ‘The data indicates that the market is getting saturated … Everyone wants to know if the time to build more apartments is over, or if the economy is going to take off.’
Insight like this is why you make the big bucks Jesse.
I knew a guy named Jesse Holland once. He went to jail for selling drugs out of his cop car. And tried to claim he was doing a secret undercover drug investigation that nobody but him knew about.
Jesse… Jesse… Can you tell the people the truth… that you the the time to build more is over? or does your paycheck depend on not acknowledging it?
Was at the convention center on Saturday. I saw a huge apartment building going up just two blocks away south of Colfax. I wonder just who is going to rent those hundred of apartments.
“What those tenants were too young to see, Safadi told the Post, was the ‘post-dot-com rent apocalypse,’ including a 40% drop throughout Silicon Valley in 2002, followed by another ‘massive’ drop in 2009.”
Interesting! We lived in the Bay Area back then and took a local paper. I’m 100% certain that no news story about a 40% drop in Silly Valley rents ever appeared in print.
How about this?
‘‘We’ve definitely seen back-off over the last couple of years, since the crazy five-year run.’’
So rents have been falling for 2 years? Other than the 15 “Rents have fallen for the first time since we ran off the Injuns!” revelations from the Mercury News, I haven’t seen Palo Alto Online say boo about it.
I lived in Palo Alto 2007-2012, there were no rent firesales. In fact, listings near me kept increasing… which is why we moved in 2012.
‘he had even encountered young adult renters who ‘assume rents go up every year forever’
If you don’t ask for a cut, you pay retail.
Exactly. In my part of Silicon Valley, I don’t remember rents dropping much after 2008, but after 2001, yup, 40% drop sounds about right — but I had to ask for it, of course the manager wouldn’t offer it, duh!
There are even posters here who think rents never go down — so it’s nice to see the truth in print or “not fake news” electrons.
Rents do go down.
I got a rent reduction in West Hollywood, CA in 2010. Market was so poor my roomie and I asked for and got a $200 a month reduction. That was about 10%.
Alameda, CA Rental Rates Crater 8% YOY As Bay Area Housing Correction Accelerates
https://www.zillow.com/alameda-ca/home-values/
…. and don’t forget to select price from dropdown menu on rental chart
Arlington, VA Housing Prices Crater 13% YOY As Housing Inventory Floods NoVA/DC Area As Housing Demand Plummets
https://www.movoto.com/arlington-va/market-trends/
Cryptocurrencies
‘Environmental disaster’: BIS warns on cryptocurrencies
Bank of central banks highlights huge electricity and processing requirements
ft.com
even i think this is a nutty idea spend $10,000 on machines that “mine” math problems and get a few dollars and do it 24/7 and hope you make a enough each month to pay for the electricity and the ‘mining” computer..
At least some people are using the heat generated to heat the house in winter…
ok World first TITAN V 8GPU rig! The most powerful cryptocurrency mining computer on the planet. Unit #1 now available.
https://www.etsy.com/listing/595797685/world-first-titan-v-8gpu-rig-the-most
I read a long article about cryptocurrencies and it sounded like the Bitcoin creator was playing a joke on people, with the number of coins offered as a reward halving every so often, and the amount of energy needed for “mining” increasing rapidly.
Bitcoin = 21st century tulip bulbs.
I don’t think it was a joke. I think he was trying to mimic a natural diminishing returns curve so that mining would slow to an eventual halt in a controlled way. But the odds of the whole thing succeeding were pretty low, I don’t know if a lot of thought was put into the energy demands of mining if somehow Bitcoin became spectacularly successful. Or maybe they thought that would help naturally slow it as well?
Bitcoin intrinsic value: zero.
End of story. A scam currency that has appreciated beyond all logical limits along with every other asset bubble blown by the Fed.
“A scam currency that has appreciated beyond all logical limits along with every other asset bubble blown by the Fed.”
Don’t blame the Fed for this; The Fed guys aren`t the guys who made so many of these people so incredibly stupid.
Didn’t the Bible say “the stupid will always be with us”? Now I can’t remember.
I think it says the poor will always be with us. However, it also says (Proverbs, I think) a fool and his money are soon parted. And it’s harder for a realtor to get into heaven than a camel to pass through the eye of a needle, or something like that.
Realtors are liars
“Jason Born, who mostly rents out single-family homes in San Mateo County at Belmont-based Born Property Management.”
Wait, this guy’s name is Jason Born? Well, the last name isn’t spelled “Bourne”, but still, that is one heck of a name. I would be a little intimidated about trashing any of the properties this guy manages if I were a tenant.
In Soviet Russia, rental trash you.
Haha… good call.
Since the SPLC says separating children from illegal immigrant parents is cruel, I was wondering…
Is it cruel to send murders to jail if it separates them from their children?
Manslaughter?
Armed Robbers?
Rapists?
Aggravated assault?
Sale or manufacturing of drugs?
Animal cruelty?
Arson?
Tax Evasion?
Possession of a controlled substance?
Surely there are thousands of kids who have at least one parent doing time for possession of a controlled substance. Where is the outrage for them?
Mass Incarceration: The Whole Pie
https://www.prisonpolicy.org/reports/pie.html
The SPLC first and foremost is a fundraising machine.
My wife donated to them. Once.
They’ve since spent many times her donation on near-weekly solicitations in the mail.
I just may have to send those scumbags a dollar then!
Tucker Carlson just got done taking apart some dude or lady named Rebecca Kaplan about Tokyo not having the same homeless problem she was on his show calling for more $ to combat the situation in Oakland and San Francisco.
Tucker pointed out that it was not money as she suggested but might have more to do with the Democrat war on families that led to single parent families.
“My wife donated to them. Once.”
With her earnings… or yours?
Hers. We do not have any co-mingled finances actually.
Easy answer. Keep them together and ship their asses right back across the border they illegally traversed.
You don’t have to go to prison to go to prison. The Economist did an expose on Sweden’s early results with this in its technology quarterly. The early findings are overwhelmingly positive. America should consider electronic monitoring as an alternative to jail. There is good data out there that the cost is a fraction of the price, prisoners aren’t “hardened”, and the outcome for society is far better, not to mention the children.
American Families Shouldn’t Be Separated, Either
Bloomberg
Tyler Cowen
June 18, 2018
“What if more parents, when convicted of crimes, were sentenced to house arrest for the benefit of their children?”
“One of the worst American policies today is the decision of President Donald Trump’s administration to separate many immigrant parents from their children after they illegally cross the U.S. border. Obviously, a case can be made for enforcing the border, but deliberate cruelty is never a good idea. Those children — innocent victims all of them — will likely be traumatized for life. I am uncomfortably reminded of the U.S.’s long history of separating parents and children from the days of slavery and during Native American removal and extermination.”
“If you agree with me on this, I’d like to push you one step further. It’s horrible to forcibly separate lawbreaking parents from their young children, but we do that to American citizens, too. According to one 2010 study, more than 1.1 million men and 120,000 women in U.S. jails and prisons have children under the age of 17. These separations can be traumatic, and they help perpetuate generational cycles of low achievement and criminal behavior.”
“I have a simple proposal: Let’s take one-tenth of those women and move them from prison to house arrest, combined with electronic monitoring. That would allow for proximity to their children. If the U.S. isn’t plagued by a subsequent wave of violent crime — and I don’t think it will be — let us try the same for yet another tenth. Let’s keep on doing this until it’s obviously not working. In some of these cases the court might rule that the mother — especially if she is prone to child abuse or substance abuse — will not have full custody rights to her children. Many other children, though, will benefit, and even visitation rights can help a child.”
Fitch says LV is most overvalued market in US
https://www.zerohedge.com/news/2018-06-17/fitch-warns-las-vegas-home-prices-most-overvalued-america
Woe iz me
in LV.
I’m a poet and I didn’t know it.
Trump just couldn’t resist taunting the fake news purveyors of the Washington Post, who after propagating the “globalism is our friend” and “Everything is awesome!” Narrative of their various oligarch masters, find economic serfdom on the incorporated neoliberal plantation isn’t all it’s cracked up to be.
Washington Post employees want to go on strike because Bezos isn’t paying them enough. I think a really long strike would be a great idea. Employees would get more money and we would get rid of Fake News for an extended period of time! Is @WaPo a registered lobbyist?
Are you ready for the Space Farce boondoggle? Defense contractors will make out like bandits!
https://sharylattkisson.com/2018/06/10/50-media-mistakes-in-the-trump-era-the-definitive-list/
Calling them “mistakes” is quite generous. “Vicious lies” would be more accurate.
By the way, notice how the whole Stormy Daniels thing has gone bye-bye after her sleazy lawyer and his shenanigans were outed?
Stormy’s Boobs
https://imgur.com/a/jMHkYvR
And what happened to ISIS? To Syria? To Libya?
Notice the near complete absence of news about any of those. Could it be that Trump has been largely successful there, too?
For if not, surely we would have heard all about it.
dang those uppity Caucasian folks are buying into the hood.
https://www.tennessean.com/story/news/local/2016/11/19/neighborhood-study-declares-edgehill-state-emergency/93991154/
The Shanghai Composite Index plunges below the 3,000 resistance line.
Oh dear….
https://www.marketwatch.com/investing/index/shcomp?countrycode=cn
5 Day -3.51%
1 Month -8.35%
3 Month -10.18%
YTD -10.93%
Correction territory (so far!)
Where is the next resistance line? 2,000??
It seems like stocks are on sale.
Stocks in Asia sink as Trump ups the stakes in China trade fight
By Jethro Mullen
June 18, 2018: 11:49 PM ET
Chinese stock markets fell sharply on Tuesday as the trade clash between Washington and Beijing intensified.
Hong Kong’s Hang Seng and the Shanghai Composite both fell more than 2% in morning trading. The main indexes in several other key regional economies, including Japan and South Korea, were also lower.
The declines came after a series of moves escalating the brewing trade war between the United States and China, the world’s two largest economies.
…
Oh dear…is the first domino starting to fall?
https://wolfstreet.com/2018/06/19/shanghai-plunges-3-1-below-3000-first-time-in-2-years-trump-threatens-escalate-trade-war-china-threatens-to-retaliate/
Turn your guns in, it’s for the children.
Open the borders, it’s for the children.
Make Chick-fil-A open on Sunday and force Christian Bakers to cater gay weddings which are against their religious beliefs, it’s for the, well it’s for somebody the SPLC thinks deserve it.
Humans are killing the planet and need to be hit with a fat carbon tax.
Black lives matter.
White Privilege needs to pay Reparations.
What am I missing?
Nuclear families from south of the border - welcome with open arms.
Nuclear families in the heartland - evil relics of the patriarchy that must be discouraged as a matter of policy
You’re missing the beginning of the push to normalize pedophilia. I wish I was kidding.
Has California done the right thing yet and buy octo-mom a house?
Well this is rich. The Keynesian fraudsters at the central banks and BIS are calling Bitcoin - not their own lunatic monetary policies and debasement of the currency - as a threat to the financial system.
http://www.businessinsider.com/crypto-responds-to-the-bank-of-international-settlements-bitcoin-report-2018-6
The financialization of doctors’ offices by Wall Street grifters going on a spending spree with their FedBux will surely improve the quality of health care and result in lower costs for the proles.
/sarc
https://www.marketwatch.com/story/responding-to-doctors-concerns-american-medical-association-will-investigate-role-of-private-equity-and-other-companies-2018-06-18
well it is housing related.
https://nypost.com/2018/06/18/hoarder-dies-after-cluttered-home-bursts-into-flames/
Meanwhile, the fools keep rushing in.
https://www.marketwatch.com/story/housing-starts-roar-to-an-11-year-high-in-may-2018-06-19
Prices in Londonistan just keep dropping, for some reason.
https://www.bloomberg.com/news/articles/2018-06-17/london-house-prices-continue-descent-as-buying-season-ends
Quote of the Day:
“The rich were getting richer, the poor were getting poorer, small farmers were being squeezed out, workingmen were working twelve hours a day for a bare living; profits were for the rich, the law was for the rich, the cops were for the rich.”
John Dos Passos, USA Trilogy: 1919
Jim Cramer wants the muppets to pile into an ETF of beaten-down bubble stocks.
“Bear Stearns is fine!”
https://www.cnbc.com/2018/06/18/cramer-floats-idea-for-gloomy-etf-with-most-downtrodden-stocks.html
https://www.cbsnews.com/news/home-price-insanity-2-6-million-for-900-square-feet/
EMERGING MARKETS-Emerging stocks plumb 8-month lows as trade war escalates
Claire Milhench
LONDON, June 19 (Reuters) - Emerging stocks tumbled to eight-month lows on Tuesday led by big losses on Asian bourses as the tit-for-tat trade war between the United States and China escalated, with currencies such as the rand and lira also feeling the heat.
The sharp risk-off move came after U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods after Beijing’s decision to raise tariffs on $50 billion of U.S. goods. The latter came in retaliation for U.S. tariffs announced last Friday.
“The main concern is that this would be negative for trade flows, and that would have spillover effects for U.S. and Chinese demand for goods from other countries as well, so there are concerns it will have negative repercussions for global growth,” said Koon Chow, a strategist at UBP.
…
Were you able to rid your portfolio of stocks before it was too late to escape?
Dow set for longest losing streak since March 2017 on latest volley of tariff threats
By Barbara Kollmeyer and Ryan Vlastelica
Published: June 19, 2018 9:12 a.m. ET
Dow threatens to turn negative for 2018
U.S. stock-index futures fell sharply on Tuesday, setting the Dow up for its longest streak of negative sessions in more than a year after President Donald Trump threatened to slap up to $400 billion more in tariffs on China goods, the latest escalation in a trade dispute that has been unsettling investors for months.
…
Since March? Wow. That’s like almoat 3 months. This man neds to be impeached ASAP.
For the xhildren.
Markets
Europe Stocks Slump to 2-Month Low as U.S.-China Spat Escalates
By Ksenia Galouchko
June 19, 2018, 12:08 AM PDT
Updated on June 19, 2018, 12:44 AM PDT
European stocks slid for a third straight session as investors fretted over growing trade tensions between the U.S. and China.
The Stoxx Europe 600 Index fell 1.2 percent, to the lowest level in almost two months, led lower by miners, tech and automakers, seen among the sectors most at risk of a trade war. Mining shares were particularly hit as steel and iron ore plunged 3.5 percent and 5 percent, respectively, while exporters-heavy DAX sank 1.6 percent. Debenhams Plc slumped as much as 20 percent to a record low after the British department-store owner cut its full-year profit forecast.
…
Money & Markets
Asian stocks are getting smoked as trade tensions ignite
David Scutt
Jun 19, 2018, 1:53 PM
YASUYOSHI CHIBA/AFP/Getty Images
Asian stocks are getting hammered, driven lower by escalating trade tensions between the United States and China.
As seen in the scoreboard below at at 1.45pm in Sydney, most major markets across the region are trading deep in the red in many instances.
…
BREAKING: Dow tumbles more than 350 points, wiping out gain for year, as Trump directs more tariffs at China
Economist who helped discover predictive powers of bond market says there’s no sign of recession right now
- Arturo Estrella, a former economist at the New York Federal Reserve, says the yield curve between the 10-year note and the 3-month T-bill is not flat enough to predict a recession next year.
- The economist co-authored several important research papers on the predictive powers of the yield curve.
Ron Insana | @rinsana
Published 21 Hours Ago
Updated 20 Hours Ago
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