The Folly Of Endless Speculation
A Saturday desk clearing post on nations outside the US. “Vancouver’s housing market showed continued signs of weakness in June, as affordability worries curb demand from buyers. Sales were down 14 per cent compared with May, the first monthly decline since January when tougher federal mortgage rules took effect, according to a report Wednesday by the Real Estate Board of Greater Vancouver. The number of transactions was 29 per cent below the 10-year average for the month of June. The number of properties for sale is the highest in three years, and is up 40 per cent from a year ago, the board said.”
“Phil Moore, REBGV president, said. ‘With reduced demand, detached homes are entering a buyers’ market. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years. Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.’”
“Homeowners in the U.K who leave their properties empty should pay 500% in local council taxes, the leader of the British Liberal Democrats proposed. Party leader Sir Vince Cable called for a combination of government-led schemes to boost construction to around 300,000 new homes per year and punitive measures on speculative home ownership. In February, the party released the findings of a housing market study, which found that there are more than 11,000 houses and flats in the U.K that have been empty for more than 10 years. Many of these empty homes, high-end apartments or luxury mansions in and around London belong to foreigners and wealthy Brits as second homes, pied-a-terres or capital gains investments.”
“‘When we have people homeless and even more people struggling with the high cost of housing, it is a scandal that so many homes are sitting empty,’ said Will Forster, mayor of Woking, a town on the southwestern edge of London, where there are about 700 empty homes.”
“Savills, the real estate consulting company, has conducted a study, examining a hundred of the most expensive apartments in the Russian capital city, and has found out that their prices are falling. the average price for a square meter in such apartments has dropped by 7% in the second quarter, down to $32,300. At the beginning of July, one square meter in the most expensive apartment in Moscow was estimated at $51,000, and that in the least expensive apartments of the segment in question cost $22,000, which is five thousand less than the March figure.”
“Greentown China, which nearly became a casualty of the mainland’s previous housing slowdown in 2014, has raised concern among investors this week after the Hangzhou-based developer issued a notice urging staff to urgently improve the company’s cashflow. The memo’s appearance amidst tightening credit conditions and a slowing property market is bringing back recollections of the developer’s 2014 crisis. For his part, Greentown Chairman Song Weiping blamed Greentown’s troubles on ’stupid’ government policy makers.”
“A think tank today advised the government against relaxing housing loan requirements, saying this is not the best way to ensure that low- and middle-income earners are able to own houses. The Institute for Democracy and Economic Affairs (IDEAS) said such a move might even backfire on the economy. Senior fellow Carmelo Ferlito said while it was good that the housing ministry and BNM were working together to tackle housing problems due to a higher number of unsold properties in the property market, ‘relaxed’ housing loans ‘may not be a move in the right direction.’”
“‘Tackling this problem from the demand side by promoting credit policy is not viable and may worsen the problem. Every sector in the economy will experience business cycles and the property market in Malaysia right now is at the stage of contraction. While the market is contracting, encouraging households to borrow more will not solve the problem in the property market; rather it will prolong the property bubble.’”
“The housing market is cooling with average asking prices and the number of new listings on Realestate.co.nz taking a tumble in June. The average asking price of all properties from throughout the country that were newly listed on the property website last month was $645,133, compared to $658,170 in May and $661,129 in April. The national average asking price is now down 4.2% compared to its February peak of $673,659. Average asking prices in June were down compared to May in most parts of the country. In Auckland the average asking price declined for the fourth consecutive month to $912,071 and has now lost more than $82,000 (-8.3%) since it peaked at $994,873 in February.”
“Home hunters have a window of opportunity to nab a bargain in some of Brisbane’s best suburbs before an influx of interstate migrants swallow up stock and push prices up, experts say. New figures reveal the number of properties listed for sale in some parts of the city have climbed by more than 40 per cent in the past year — putting pressure on sellers to set more realistic price expectations. Vendors in some parts of the city have dropped their asking prices for units by five to 15 per cent and 10 to 20 per cent for houses in the past 12 months, according to SQM Research.”
“Some suburbs have seen significant drops in asking prices in the past 12 months though, with prices for units in Virginia and Keperra falling 19 and 18 per cent respectively, while asking prices for houses in Chandler, 14km southwest of the CBD, are down 14 per cent.”
“Good news for Sydney-home buyers as a new study reveals housing prices have dropped by 7.4 per cent. The median house price in Sydney is now $815,000 thanks to a 22 per cent slump in housing demand, according to new findings by realestate.com. Housing experts are also predicting that prices will only continue to plummet in the coming months, 9 News reports.”
“Meanwhile in the inner city suburb of Newtown, housing prices have dropped in recent months by more than seven per cent. It comes after a derelict terrace in Newtown with caution signs, cracked walls and broken floorboards recently sold for $1.05 million on Saturday. Yet the real estate agent told 9 News that the same property would’ve easily gone under the hammer for $1.11 million just one month ago.”
“Properties are languishing on the market for an average of more than 500 days in some suburbs of Sydney amid an increasingly sluggish housing market. ‘I think just mainly lending conditions,’ said Blacktown real estate agent Andrew Chrysanthou. ‘People just can’t seem to get the funds to put offers in.’”
“Sydney property prices are forecast to keep falling for the rest of the year thanks to a steep drop in demand. Buyer’s agent Peter Kelaher said the discrepancy between east and west was due to overbuilding in western areas such as The Hills and Parramatta, which gave home seekers more housing options. Buyers could seize on the changed market by making ‘ridiculous offers,’ he added.”
“‘There has never been a better time to make a low ball offer. We’re finding many will boomerang right back and get accepted,’ Mr Kelaher said. ‘If you’re buying a $1.1 million house in The Hills, for example, expect to get it for about $100,000 less than a year ago … even $180,000 less.’”
“We all know somebody who has made a mini fortune by investing in a flat or residential plot at the right time. Despite the usual ups and downs, there exists a deep-rooted sense among Indian investors that residential property is a sure-fire investment which delivers excellent returns. Yet, unless you’ve been living under a rock, it’s evident that residential real estate has been down in the dumps. We hear numerous stories of investors in distress with their money stuck in delayed projects. There are also stories of many brokers, in fact the entire realty ecosystem, struggling to cope with this slowdown.”
“The reason low returns are expected from real estate is that there has been an irrational increase in property prices in the past. Moreover, even after prices have remained largely stagnant for few years now, in many locations property is overpriced. Many investors who bought property 3-4 years ago are finding it difficult to get a buyer even after reducing the price lower than the purchase value. Clearly, greed, over-ambition and financial indiscipline of developers are the main reasons investors are shying away from realty.”
“According to 360realtors.com, a real estate portal, there are about 340,000 residential units running behind schedule of construction in Mumbai. The situation is similar in many other cities. There are many homeowners and investors who are stuck in real estate projects, with their finances in a mess. They are paying rents and paying off their loans, but possession is a distant dream.”
“Despite having paid Rs70 lakh for his three-bedroom apartment in 2010, there is no assurance that 32-year Itender Singh and around 500 other homebuyers in the project would get their houses any time soon. It is estimated that across Gurugram, flats of over 1 lakh buyers are delayed, by three to five years. ‘I have lost hope of getting the apartment despite pursuing the matter with authorities, police and in the court. There is no solution as the developer admittedly has no money,’ said Singh.”
“‘I paid Rs 35 lakh in 2013-14 to buy an apartment in a project launched by Adel in Sector 103 but no work has taken place. The company forced us to pay money and several people paid with their retirement benefits and savings, money for their daughter’s wedding and to educate their kids. I don’t think I will be alive to see the delivery of my flat,’ said 70-year-old Vedpal Bakshi.”
“‘What about the units that were to be delivered in 2018? The entire industry has been caught in a web of its own making. Buyers have been duped, investors stuck and there is no escape route,’ said Sanjay Sharma, a real estate consultant.”
“Another major folly during boom years was that real estate projects were marketed as financial products with the promise of endless speculation and quarter on quarter growth, say experts. ‘There is no liquidity in the market; new projects are not selling and there is no exit option for buyers and investors,’ said Pankaj Tomar, a property dealer.”
Are NEW Chinese buildings really FALLING DOWN?
ADVChina
Published on Jul 2, 2018
https://www.youtube.com/watch?v=XopSDJq6w8E
You gotta see this!
These guys made the October 2016 ghost city video I’ve posted a few times. It’s only getting worse!
‘Greentown Chairman Song Weiping blamed Greentown’s troubles on ’stupid’ government policy makers’
Interesting Song, I’ve been saying they are stupid for many years.
Ghost cities built like cr@p with little engineering or thought to quality to capture all those free and amazing Yellen bucks….
What could go wrong?
And who do you think is going to win the China-USA Trade War?
China can’t even feed themselves…
A culture steeped in dishonesty cannot become a civilizational leader. Most of the tech they have is stolen. Most of the products they create are toxic. The chinese “kingdom” is built on sand. Unclear how far back this goes as I havent studied Chinese history all that much.
“A culture steeped in dishonesty cannot become a civilizational leader. Most of the tech they have is stolen. Most of the products they create are toxic. The Chinese “kingdom” is built on sand. Unclear how far back this goes as I haven’t studied Chinese history all that much.”
Exactly right. It’s amazing the extent to which otherwise reasonably smart Americans are snowed by all things China.
I am not impressed with China. Not at all.
“I am not impressed with China.”
These “yella fellas” are world class manufacturers. They can build anything of any quality that the customer specifies. Ditto for the QAQC. You get what you pay for.
“They can build anything of any quality that the customer specifies.”
Really? Prove it.
“Really? Prove it.”
Seriously?
Seriously?
Maybe a bit harsh in the delivery, but I think it’s a fair challenge.
I ask out of true curiosity — what’s a solid example of something of solid quality that’s manufactured in China these days? So often it’s where formerly solid brands/products go to die (ie Craftsman).
Yes. Seriously.
If you make a statement like that, rms, you must be prepared to back it up.
I’m not “all-in” on China. China this, China that. As I said, I am not impressed.
“I ask out of true curiosity — what’s a solid example of something of solid quality that’s manufactured in China these days?”
I was thinking about non-volatile memory… the densities achieved are amazing. Or take a look a gas-turbine engines, which have incredible metallurgy and thermodynamic engineering. Look at their timeline too as they have gone from tenant farming to industrial might in 50-yrs. I’m not saying that they’re better than German or U.S. engineering, but they have come a long way.
“German engineering” is no less than a myth and a successful marketing gimmick at best.
Or take a pair of scissors. A very nice pair can be had from Germany or Japan, but the buying public won’t pay for quality, so the Chinese make low-priced schitt and our stores stock-up.
The customer is ultimately calling the shots.
Thanks for the response, rms. I certainly see your point regarding electronics components, though the appliances/items they often live in aren’t made to last…
but the buying public won’t pay for quality
This is the big issue I think — so many people make the short-term decision to buy the cheapest thing out there, vs paying for something quality that will last a long time. As a result, it’s been a race to the bottom, and Walmart has won vs smaller stores which often carry(or used to carry!) higher-quality, American/locally made goods you can rely on.
Now it’s incredibly difficult to find something like that, even if you’re willing to pay for it!
Imagine a country somewhere in the economic middle… they don’t have the educated population and venture capital to produce the cutting edge new products, and they can’t compete against China for low-wages and shear volume for low-priced goods. What’s to become of them if they lack natural resources?
Sometimes.
The difference between a Chevy and a Mercedes is nil. With the exception of price. So why pay triple?
FWIW, I’d buy a Honda or Toyota rather than a Chevy or Mercedes.
Obviously it’s only a matter of time before the Chinese ghost towers flatten out to ground level.
They have a photo of one that did! It looked brand new.
This era will be researched by future generations of macroeconomics students as a case study in what goes wrong when electronic money printing presses run amok.
Thanks for the pointer. This was another video from the same guys. This amazing
https://www.youtube.com/watch?v=BcyYyyaPz84
“The entire economy in China is based off real estate.”
It seems amazing that they would be making exactly the same mistake as the Masters of the U.S. Economy are making at exactly the same time!
If the entire Chinese economy was based on real estate, it would be running a large trade deficit not a large trade surplus. The problem is a massive savings glut that is trying to find a place to invest, too much money chancing too few viable deals means poor decisions. Of course, if China did not make it so difficult to take money out of the country, the money would be invested outside of China both for a better return and because the country could be come more like North Korea at the whim of a handful of people. If that happens, the rich may be shot. A powerful incentive to invest outside the country even in real estate deals that might lose money.
China is a threat to the United States both economically and increasing militarily. I have been saying it on this board for years. Trump and his advisors seems to understand it. People who are worrying about the trade war have their head of their azz. We need to stop them, the cost now is minimal with no trade war it might mean the physical destruction of our country.
“The problem is a massive savings glut that is trying to find a place to invest, too much money chancing too few viable deals means poor decisions.”
Yes, and that’s all one really needs to know.
Keynesian (i.e “leftist”) economics spells disaster. It’s baked in the cake. You cannot print your way to prosperity. You cannot regulate your way to prosperity.
Your typical leftist numbskull is incapable of understanding otherwise.
And your typical leftist elitist technocrat living on the coasts lacks the moral and ethical compass to not take advantage of the situation.
After all, it is they who support Keynesian theory the most vociferously.
You can borrow yourself to prosperity for a time. Biggest credit bubble in history.
“Couples are getting divorced on paper but still living together so they can buy more property.”
Not that surprising, given the backdrop of a historic property mania on a global scale…
Video narrator dude:
“People are making a lot of money with Chinese property investment… there’s nothing wrong with that.”
I beg to differ. The waste of resources to construct entire cities which are empty and predestined to fall down in the near future without having served any useful purpose, merely to enable fly-by-night flippers to make a quick renminbi, is appalling. It’s hard to imagine China not paying a heavy future price for constructing these Potemkin cities on a massive scale. The cost of either living with or cleaning up the wreckage will be immense. Many inhabitants in these death traps are destined to die when they collapse. This is a textbook case in the problems with command-and-control Communistic economic governance.
China is a communist society.
That the quality of construction is poor shouldn’t be surprising to anyone on this board.
All the Bernanke and Yellen bucks did is ensure that there’d be a lot of it.
FYI, I’m flying to Texas for a week later today. Posts and moderation will be slower.
‘The Belt and Road Bubble Is Starting to Burst’
‘China’s hasty international investments are beginning to drag down its own economy.’
‘In a sense, the Sicomines resources-for-infrastructure agreement in the Democratic Republic of the Congo has been just another underperforming deal in a country with no shortage of them. But it is also more than that — namely, a window into the flaws at the heart of Chinese international economic policy, which is already costing its economy dearly.’
‘At the turn of the century, the Chinese government started implementing its “Go Out” policy, which sought to incentivize domestic firms to look for business overseas. Chinese firms would invest and seek contracts abroad, which would make them more competitive globally while alleviating some of the pressures of a domestic market that was starting to saturate. At the same time, the move would allow Chinese firms to secure new markets for their exports. The policy was supported by cheap and easy credit from China’s policy banks.’
‘Chinese firms responded to these incentives. Fueled by easy credit and the impetus to go out, many of them have been taking increasingly risky projects. Unsurprisingly, many of these projects have underperformed massively. And the impacts for Chinese banks, and through them the Chinese economy, are now becoming visible.’
‘Consider Congo’s Sicomines agreement. In 2007, the Congolese government signed an enormous resource-for-infrastructure deal originally valued at $9 billion with a consortium of Chinese companies. According to the fleshed-out version of the agreement, signed in 2008, more than 10 million metric tons of copper and some 600,000 metric tons of cobalt were ceded to the newly minted Sicomines, of which the major Chinese state-owned enterprises China Railway Engineering Corp. (CREC) and Sinohydro had majority ownership. In exchange, Sicomines would build $6 billion (later adjusted to $3 billion) worth of infrastructure and invest $3 billion in the mine itself. China’s Export-Import Bank agreed to finance the whole thing, with the guarantee that the mine’s output would serve to repay its loans down the line.’
‘The Chinese consortium misjudged the market it was entering. As can be expected from any venture in one of the world’s least stable countries, also infamous for its infrastructure deficit, massive delays plagued the development of the mine. For example, after failing to secure electricity from the Congolese grid at the agreed-upon price, Sicomines had to import electricity from Zambia. It is now in the process of building a hydroelectric plant, without which the mine cannot produce at full capacity. Sicomines also got unlucky. In 2013, news broke out that the total estimated copper reserves in its concession had been adjusted down to 6.8 million metric tons — a 35 percent drop. Mirroring this drop, the consortium readjusted its copper production targets down by 37.5 percent. To make things worse, in the years following the signature of the deal, the price of minerals took a hit. Copper now costs under $7,000 per metric ton, down from about $9,000 when the deal was finalized in April 2008. As things stood in late 2016, Sicomines may result in a substantial net loss for the Chinese consortium.’
‘The Sicomines case is not unusual. China’s mammoth firms frequently make massive losses on foreign investment ventures.’
Kinda reminds me of a huge commercial project I worked on many years ago.
This was the “joke” going around the engineering office:
Us: “We delivered the product on time and per spec”
Customer: “It doesn’t work”
Us: “Oh, you wanted it to work - that will be extra”
FYI - the customer were idiots and arrogant (at least their engineers) so karma works sometimes…
Burke, VA Housing Prices Crater 9% YOY As Housing Correction Ravages Fairfax County, VA
https://www.movoto.com/burke-va/market-trends/
Here’s the News 9 report in video:
https://twitter.com/9NewsSyd/status/1015519137777324032
AU$ 1 million for a dilapidated, condemned home?! By the time they fix it up, prices will have fallen further, and there’s no way they’ll make any money selling it.
No different than here in the US.
Realtor crimes abound.
New Zealand comments are the best on the planet. From the link above:
‘House in West Auckland we’ve sold 18 months ago has gone down 18% in value ever since. (estimates according to trademe and when selling spot on)’
‘TTP …….I have noted and read your comments ….spoken like a true RE agent BTW. You talk as if the Auckland market is “totally immune” from any influence of any kind - whether local, national or international ? So in your “learned” view are there any factors one should be aware of, when buying said real estate in the more “leafy” parts of Auckland or are prices are on an upward trajectory, indefinitely and forever ? I just hope for your sake, that your streams of income are not all in the above market and you have other income streams outside Auckland property …….and your debt levels are low and equity is high.’
‘Anyone in negative equity yet?’
‘What are you talking about Jock… Repeat after me,
Always go up, always go up,
We’re diffrunt, we’re diffrunt.
Debt is your frund, debt is your frund
Re-cycle your equity, re-cycle your equity.
Always go up, always go up.’
‘Specuvestors starting to dump the fringe and get whatever gain they can before it erodes any further. Any stats manipulation probably muted with the final rush of overseas money in their perfered zones. Volume definetly in decline and not a suprise and speculators would perfer a hold vs sale for less that it was 18 months ago as long and the lending rates and tax washing is maintained. One is changing, will rates go up or stay down. Lots of noise about it going up but no sign of that, with most recent change a decline.’
‘How is ”asking price”even a catergory in any survey.
I could ask 1 million for my 500k house and i’m quite prepared to drop asking price by 8%.’
‘There’s a real reason for these mostly nationwide falls and it’s just the beginning. Permanent departures up 10.4%. In the month to May 5818 permanent departures alone (Interest.co.nz). I see a repeat of 2001 shortly after Labour got in last time. This turned into a mass exodus in the following years. Everyone dumping their houses, businesses and other assets and taking their net worth with them. Get ready people, this is just the beginning. There’s a looooong way to slide. We’re in for a NZ the way the voters wanted it. Socialist, Labour, NZ First (whatever they stand for now) Green extremists. What the heck were you thinking of.’
‘The magical money trees are called Westpac, BNZ, ANZ et al. They will lend against pretty much any old dog box without actually checking to see if the dog box they are lending against is actually a dog box.. Often it’s a chicken coup and the hens are now coming home to roost!’
‘The Auckland housing market topped out long before labour took office and the boom was based mainly on myths and fantasy in the form of a speculator fueled ponzi and mythical Chinese money. Canada, UK & Australia are all starting to crash, we wont be far behind and if we push interest rates down further our dollar will further devalue meaning large inflation for imported products. You see where this is going, a recession is almost inevitable even before the global debt crisis explodes.’
The Kiwi’s had me @: “diffrunt & recycle yer equitie$!”
Tourism (7.5% of workers) is the biggest source of income from outside. The other industries are
The biggest industries in New Zealand include the Agricultural and horticulture sector, mining, and fishing industries.
This was extremely exacerbated by the influx of Chinese/HK and other real estate money.
When this goes bad - they will have to dig out of a huge hole
Random thoughts.
Chinese stock market down 25% since the “trade war” which has barely begun
Yield curve almost inverted
QE unwind picking up steam - worldwide
Rising interest rates in America
DJT new tax laws limiting local property taxes and state income taxes really kick off in this year
DJT lowering the deduction for the MID to $750,000
So far - not a single bailout of any bank
obamacare almost dead
Fifth “conservative” justice for the SCOTUS
Emerging markets imploding
Food stamp use down to decade lows
Illegal alien flow way, way down
EU about to implode due to immigration and fiscal issues
My guess - nothing looks good for ALL the bubbles out there - but especially the housing bubble
“So far - not a single bailout of any bank.”
It’s early.
I have always said - a few perp walks of some bank executives would guarantee a win for DJT’s second term
Friday Harbor, WA Housing Prices Crater 11% YOY On Plunging Housing Demand
https://www.movoto.com/friday-harbor-wa/market-trends/
” a few perp$ walk$ of some bank executive$”
Pardon$ are already $igned, just need a date.
Trump lender, other convicted bank$ get reprieve$ from fed$
BERNARD CONDON | AP BUSINESS
NEW YORK — Five bank$, including a big lender to President Donald Trump, have received temporary reprieves from the administration to run businesses that they otherwise would have had to shut down after criminal convictions.
The Labor Department granted Deutsche Bank a waiver from punishment allowing it to continue to manage pension funds and individual retirement accounts for another three years, according to an announcement in the Federal Registry soon after the decision last month. Four other banks convicted in criminal cases were also granted waivers.
Deutsche Bank has been a big lender to Trump over the years, and the president still has loans with the bank that were originally worth $300 million.
Don’t expect 2banana to acknowledge your point. It doesn’t fit his propaganda schtick.
Because it is a silly democrat talking point that has nothing to do about nothing.
From the very same article:
“The Trump administration waivers are a continuation of previous government policy. The Obama administration had granted the banks temporary waivers under a so-called deferred prosecution agreement with them after their 2015 convictions for manipulating a key interest rate used for loans worldwide.”
“The Labor Department said Wednesday that Deutsche Bank got no special deal, and noted that the Obama administration had originally proposed a more valuable waiver lasting five years, instead of the three ultimately granted.”
‘With reduced demand, detached homes are entering a buyers’ market. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years. Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.’
Not a word about building too much. Hmmm…
‘Tackling this problem from the demand side by promoting credit policy is not viable and may worsen the problem. Every sector in the economy will experience business cycles and the property market in Malaysia right now is at the stage of contraction. While the market is contracting, encouraging households to borrow more will not solve the problem in the property market; rather it will prolong the property bubble.’
Bingo!
‘Buyers could seize on the changed market by making ‘ridiculous offers,’ he added. ‘There has never been a better time to make a low ball offer. We’re finding many will boomerang right back and get accepted,’ Mr Kelaher said. ‘If you’re buying a $1.1 million house in The Hills, for example, expect to get it for about $100,000 less than a year ago … even $180,000 less.’
No thanks Peter. I’m holding out for one of those $30,000/sq meter Russian dealies.
Ummmm…10% below an insane asking price is NOT a low ball offer.
In fact, that used to be normal negotiating in a NORMAL and sane market.
Low ball starts at 50% below asking price.
Why I REFUSE to buy Property in China
https://www.youtube.com/watch?v=_lAoTBVTTO8
1. Poor Quality
2. Poor Maintenance
3. Greedy grab for as much property as a person can buy (massive debt)
4. Government stimulus to keep the bubble going…forever
“Concrete box in the sky that you don’t own anyways…only 70 year leases”
“All of my Chinese friends are have their money riding in the property bubble”
You’d do better parking your money in Bitcoin. At least your Bitcoin HODLings won’t collapse and kill the occupants.
Woked…
Just walk away…
++++
Obama Voter Turned Gun-Lover, Black Woman Reveals What Really Drove Her To Vote Trump
http://www.westernjournal.com | July 6, 2018
Their messaging has been clear: At best, Republicans don’t care about black people, and at worst, are made up largely of racists. Unless you want to betray your race, you must vote Democrat.
So, you can imagine Democrats’ dismay at the growing movement of black Americans who are — as some have put it — leaving the Democratic plantation after waking up to the fact that the Democratic Party is bad news for African-Americans.
“I’m Antonia Okafor and I am a former two-time Obama voter and Democrat,” she said. “How does that happen? Basically common sense.”
“That ah-ha moment for me was not too long ago. After the Obama travesty that were the 8 years, 2008 to 2016, I realized that the economy, for one, still sucks. Not like what NPR told me for all this time that we’re in a good state when it comes to the economy. And then also that for the first time in history my generation was going to do worse than my parents’ generation, the generation that came to America to make sure that their kids had a different, better life.”
“That wasn’t going to happen because of the policies that came along with this charismatic man that we so naively put into office. That I so naively put into office,” she continued.
“After the Obama travesty that were the 8 years, 2008 to 2016, I realized that the economy, for one, still sucks.”
After seven years of Republican leadership in the White House, the Great Recession commenced in December 2007. W’s chief economic advisor tried to hide that the onset of a recession occurred on W’s watch, but the cover-up failed. Most of Obama’s time in office was spent trying to dig the economy out of the hole W left it in.
Hopefully things will go better with Trump. However, the prospect of a recession on Trump’s watch is high, both because the business expansion is long in the tooth, and because every Republican president dating back to Teddy Roosevelt has had a recession during their time in office.
Eight years of obama and even 7.5 years into it - obama and the democrats were still blaming Bush. EVERY DAY. For why things could not get better.
Think abou it - obama in the White House. Super majority of democrats in the House. Filibuster proof democrat Senate.
And all we got was obamacare and blaming Bush for all the woes and why nothing could be fixed.
Two years into Trump’s term - and he is getting things done. Success after success.
What did obama leave Trump anyways? A load of debt and a country in turmoil.
A massive housing bubble.
And not one banker in jail.
Yep, their pu55y hats cut off circulation to their meager brains. They still blame Reagan for all manner of things, as if he rendered things irreparable. Fact is marxists with 3rd world IQs cant build or maintain/fix civilization so they must refrain from even trying, instead casting blame on their opponents in order to obtain or maintain their power. Still waiting for them to point to a single case disproving that reality, but I’m not holding my breath.
I said in the aftermath of bubble 1.0 you can bank on a bubble 2.0 in the near future - all the vultures that made out like bandits are going to go back to that well everytime until they cant. Now with the Peoples’ Warrior in charge, their plans have been foiled. Dont think Trump wont lock those SoBs up? Try him. I’m about to write another proposal to the white house to knee cap high frequency trading in order to return the stock market to some semblance of value and I wouldnt at all be surprised if it gets adopted.
Do me a favor - also ask for a return to the gold standard. Doing so would solve a great deal and in short order. Specuvestors would lose their shirts - something that I am very much in favor of as they are destroying this country’s standard of living, and doing so willingly and with much relish.
Enough is enough. Time to draw the line in the sand.
Until Trump wins the trade war the Chinese will just move from one place to another essentially with their trade surplus money, one Canadian city makes it difficult they just move to another like a flock of locusts, I am sure if LA and San Francisco make it difficult they would just move to San Diego and La Jolla, with 1/3 of the millionaires wanting to leave China there is an endless supply which is being replenished by the trade surplus:
https://business.financialpost.com/real-estate/mortgages/chinese-inquired-about-us1-45b-worth-of-canadian-properties-last-year-juwai
This could help…
******
China Threatened By “Vicious Circle Of Panic Selling” From Marketwide Margin Call
Small caps aside, the marketwide numbers are staggering: about $1 trillion worth of stocks listed in China’s two main markets, Shanghai or Shenzhen, are being pledged as collateral for loans, according to data from the China Securities Depository and ChinaClear. More ominously, this trends has exploded in the past three years, and according to Bank of America, some 23% of all market positions were leveraged in some way by the end of last year in China, double from the start of 2015.
https://www.zerohedge.com/news/2018-07-07/china-threatened-vicious-circle-panic-selling-marketwide-margin-call#comment-11968226
It is a good start but it makes the Chinese even more eager to invest what is left in real estate outside the country. In a country that discourages belief in God, the only thing left is a wealthy life but any means necessary and as quickly as possible.
I don’t see why the US can’t pass strong measures to clamp down on foreign fly-by-night real estate flipping. We could protect America’s bedrooms for American families if we exercised our collective political will.
Maybe because TPTB want Chinese dollars to flow back into the US? It’s basically why everyone else turned a blind eye to the practice.
https://business.financialpost.com/real-estate/neglected-child-no-more-montreal-is-next-hot-housing-market
Man, that is too bad. I love Montreal, it’s my favorite Canadian city by far. Lived there for several years. I don’t want it to go the way of Toronto or Vancouver.
https://wattsupwiththat.com/2018/07/07/whatever-happened-to-agenda-21-and-climate-change-policy/
Frisco, TX Housing Prices Crater 7% YOY As Oil Bust Ravages Oil States
https://www.movoto.com/frisco-tx/market-trends/
So WTI at $73.80 is a bust, so what is it going to be during the boom?
“This Year’s Selloff in Chinese Markets Isn’t Like 2015. It Looks Worse”
https://www.wsj.com/articles/this-years-selloff-in-chinese-markets-isnt-like-2015-it-looks-worse-1530869403
Sweet! Maybe they will have to dump their US real estate HODLings to cover their margin calls.
Wand waving Portland Antifa boy gets Glass Jawed
https://www.youtube.com/watch?v=7Tdd8zKyWyo
I like to put it at 0:01 and run it to 0:06 a few times in a row.
White People
https://www.youtube.com/watch?v=mrjStSqu_w4
FORMER DEMOCRATIC CONGRESSIONAL CANDIDATE STANDS BY CLAIM SHE’S GIVEN UP ON WHITE PEOPLE
12:44 PM 07/07/2018
Thomas Phippen | Reporter
Rao tweeted a link to an April New York Times column asking the question “Should I Give Up on White People?.” Rao commented, “Short and long answer: YES.”
Rao, the daughter of Indian immigrants, challenged long-time Democratic Rep. Diana DeGette in the Denver congressional district, but only received 31 percent of the vote.
If white people dislike being lumped in with white supremacists, that is because of their “white fragility,” Rao added.
http://dailycaller.com/2018/07/07/saira-rao-white-people-colorado/
“Sander Cohen’s father, Neil Cohen, told News4 Friday that he does not support anti-immigrant sentiments, but wishes that Garza Palacios had been deported for those crimes before Dec. 8, 2017, the date of the deadly crash.”
Perfect example of hook, line and sinker swallowing of the SPLC Open Borders Propaganda pumped out daily by the MSM.
Negligent Driving Case That Killed 2 Ends With $280 Fine
By Associated Press and NBC Washington staff
Published at 10:23 PM EDT on Jul 7, 2018
A Maryland man who fatally struck an FBI agent and a fire marshal on the side of a highway has been convicted of negligent driving and paid a $280 fine.
The Washington Post reports 28-year-old Roberto Garza Palacios served no jail time for his role in the December crash that killed Deputy Chief State Fire Marshal Sander Cohen and FBI Special Agent Carlos Wolff.
Wolff and Cohen were standing on the side of the road on I-270 in Montgomery County when they were struck by a Honda Accord driven by Garza Palacios. Wolff had crashed after reaching for his cellphone, and Cohen had stopped to help.
Garza Palacios, a native of Guatemala, still faces possible deportation. Immigration authorities arrested him after the accident and charged him with overstaying a visa.
Man Charged in Crash That Killed FBI Agent, Fire Marshal
The Post reports Garza Palacios had been convicted previously on traffic and criminal charges.
“In a 2015 case, he pleaded guilty to driving while impaired. Around that time, he also served about four months in jail after being arrested for smashing windows on about 16 cars and lighting a sofa on fire near a construction site,” the Post report read. (That’s what he got caught doing)
“The truth is that there are people who shouldn’t be here,” Neil Cohen said.
Cohen said he’s angry Garza Palacios won’t serve any time in jail for the crash.
“Because the person who caused the accident really didn’t get punished, it doesn’t feel like there’s closure,” he said.
https://www.nbcwashington.com/news/local/Negligent-Driving-Case-That-Killed-2-Ends-With-280-Fine-487572241.html