Everyone Is Really Good At Speculating
A weekend topic on reporting the housing bubble starting with WKBW in New York. “Across Western New York, buyers are struggling to find the homes of their dreams. Inventory is low and prices are jacking up. It’s not uncommon for a house to reach over 10 offers and John Heffron, realtor at Gurney Becker & Bourne said Buffalo has been undervalued for a long time and this market is here to stay. ‘I don’t see a gallon of milk going back to 79 cents, so I don’t see a house going back to what it was worth 10 years ago,’ Heffron said. ‘I don’t even call it a bubble, I don’t even think it’s a bubble.’ Heffron later joked that people are literally signing contracts on the hoods of cars.”
From Fox 2 Detroit in Michigan. “Realtor Paul Wolfert is used to showing off the latest homes popping up for sale. It’s hard to keep up. ‘It’s wild. Appraisers are saying they have never seen anything like it,’ he says. The housing market is hopping. People are willing to do anything to get the house of their dreams. ‘Highly, highly approved buyers, they have the extra money and they say, ‘I don’t care. The inventory is so low out there right now, I don’t care. Whatever I have to do, if the house is ($200,000) and if I have to pay $30,000 cash above what I’m already doing I will do it,’ he adds.”
“But what to make of a strong market like this — will the bubble burst anytime soon? Wolfert and Tim Smith, senior mortgage lender with Chemical Bank say no. ‘These are being purchased by people who can afford to do that. They’re putting $20K, $30K, $50K — some are cash. We have $400,000 houses that are selling for cash,’ Wolfert says.”
From KETV in Nebraska. “The Omaha housing market in a word? ‘Insane,’ Melissa Yardley says. She and husband Kevin moved to Omaha from Cedar Rapids. As Kevin worked his job at a local credit union, Melissa — remotely — took on a full-time job of her own. ‘I was looking at listings nonstop, almost 24/7,’ she said. Real estate agents now have a saying for clients who aren’t quick to act in this market. ‘If you have to sleep on it, you won’t sleep in it,’ said Jenna Jacupke, who’s sold homes for about nine years.”
“Buyers are employing a new tool in negotiations: escalation clauses. Essentially, it’s contractual language that raises what you’re willing to pay for a house to fight off competitors. ‘We had never used an escalation clause,’ Kevin explained, ‘and we’ve bought five homes.’ The Yardleys used an escalation clause on a house and lost it. Days later, they spotted a new home that just went on the market. They made an offer in hours.”
“‘Because we had just gone through the experience of losing the other house the second day it was on the market,’ Kevin said.”
From The Daily Item in Pennsylvania. “With fewer homes on the market, more prospective buyers are competing for fewer houses, Valley Realtors say. People determined to find the home of their dreams are offering more than the asking price on houses they love, offering to pay for home inspections, even writing letters to the seller to get the edge over other bidders. Todd Umbenhauer, Pennsylvania Association of Realtors president, said it’s the same story for the most part across the country. Low inventory creates a sellers market, which leads to higher home prices and more offers on a home. ‘When five people want to buy a house, it means four people are disappointed,’ Umbenhauer said.”
“Barbara Hamilton, Central Susquehanna Valley Board of Realtors association executive, couldn’t say for sure why there are so fewer listings. ‘Everyone is really good at speculating,’ Hamilton said.”
The Press of Atlantic City in New Jersey. “The Atlantic County housing market is beginning to rebound, according to ATTOM Data Solution. The amount of available, salable, well-maintained housing has been drying up for the past year, said Carlo Losco, owner of Balsley Losco Realty in Northfield. ‘So what are we going to have? We are going to have basically a food fight. We already have bidding wars. It’s going to intensify,’ Losco said.”
“During the past 10 years, for the most part, new homes stopped being built because the banks were not lending, Losco said. Last year, Atlantic County was still a national leader in foreclosure, average prices were down 8 percent month-over-month and 2 percent year-over-year in June, according to the South Jersey Shore Regional Multiple Listing Service. If some of the bank-owned properties can come on the market faster, hopefully, home sale prices will stabilize, Losco said. ‘If it doesn’t, then, the ready-made houses will continue to reap the benefits. They are going to sell fast and furious,’ Losco said.”
From US News & World Report on Illinois. “In 2011, Chicago officials created the Micro Market Recovery Program (MMRP) to jump start individual blocks that had a high rate of vacant buildings due to foreclosures. MMRP sought to transform those abandoned, dilapidated buildings into affordable homes for renters or first-time homebuyers. Chicago had already spent about $169.2 million from the Housing and Urban Development’s Neighborhood Stabilization Program (NSP) for areas hit hardest by foreclosures.”
“Besides Chicago, NSP has distributed roughly $6.8 billion nationwide over the last 10 years to cities hit hardest by foreclosures, says Brian Sullivan, HUD spokesman in Washington, D.C. ‘It’s hard to say if the foreclosure crisis is over,’ Sullivan says. ‘They say all housing is local and the foreclosure crisis ended sooner in some areas rather than others. But who says it’s really over?’”
From Fox 4 Kansas City in Missouri. “If you are looking to buy a home but are afraid you might not be able to afford it, a Kansas City Congressman wants to offer you a financial boost. Rep. Emanuel Cleaver, a Democrat in Missouri’s Fifth District, and Kansas City Mayor Sly James will announce the return of a popular homebuying program Monday. It’s called NeighborhoodLIFT, and it’s financed by Wells Fargo. The bank is providing $5.7 million in down payment assistance to boost home ownership in Kansas City. If you live in Jackson, Cass or Clay County and qualify for this program, you can receive up to $15,000 from Wells Fargo to be used on your down payment.”
“Jackson County officials say there are more than 15,000 vacant homes in the Kansas City area. According to the Census Bureau, 53.7 percent of Kansas Citians own a home. The average monthly mortgage payment is $1305 while the average rent payment is $826 a month. It’s cheaper to rent. By offering $15,000 grants, city officials hope it will encourage more people to take the risk and buy a house.”
‘Atlantic County was still a national leader in foreclosure, average prices were down 8 percent month-over-month and 2 percent year-over-year in June, according to the South Jersey Shore Regional Multiple Listing Service. If some of the bank-owned properties can come on the market faster, hopefully, home sale prices will stabilize, Losco said.’
Ahem…
‘So what are we going to have? We are going to have basically a food fight. We already have bidding wars. It’s going to intensify’
Possibly the worst foreclosure market in the country. Prices down another 8%. And we are supposed to believe there are “food fights”? Oh but if the banks would sell their foreclosed shacks it would “stabilize!”
“bidding wars”
The bidding war narrative was a complete fabrication. Just like “we’re running out of houses and land” and “housing is an ‘investment’” narratives. They published false sales data for years on end… see for yourself.
“National Association Of Realtors Caught Lying About Home Sales”
https://homesrealestateforsale.com/national-association-of-realtors-caught-lying-about-home-sales/
You use what works.
‘We had never used an escalation clause,’ Kevin explained, ‘and we’ve bought five homes.’
Five?
I couldn’t tell whether he meant five sequentially owned, or five simultaneously. Either way, it seems extreme, if we are talking about a mom and pop real estate investing scheme.
I saw both versions of this behavior in my family during the pre-2007 price explosion. My SIL and her husband owned maybe four different homes sequentially over a decade period leading up to mortgage default, divorce, family break-up, and drastic loss of household wealth and quality of life. My own sister and her ex-husband owned three shacks for a family of three to live in. Before the divorce, they were living in two of the places and renting the third.
I suppose it goes without saying that people generally didn’t throw away their money and financial security on real estate this way in the pre-1996 period (i.e. the onset of the protracted mania).
My good friend from high school which I visited a few months ago now owns 10 houses. His wife is a stay-at-home mom with 5 kids and he has a very modest income as he is self-employed. The gamble has been working for them lately as they are “cashflowing”, but I worry they are one downturn away from having their entire living situation upended.
Degenerate Gamblers never disclose their losses.
I tend to doubt that one-sided bets will succeed indefinitely. But so far, many decades of U.S. government-subsidized real estate wealth gains have proven me wrong.
“But so far, many decades of U.S. government-subsidized real estate wealth gains have proven me wrong”
But $o far, many decade$ of U.$. government-$ub$idized real e$tate wealth gain$ have proven me wrong
Monie$ for nothing & the hou$e$ for free$ … Dire $traight$
My good friend from high school which I visited a few months ago now owns 10 houses.
Holy over leveraged, Batman. 10 houses? The work alone in keeping them ship shape has to be exhausting.
‘We had never used an escalation clause,’ Kevin explained, ‘and we’ve bought five homes.’
Oooooph…
Omaha, NE Housing Prices Crater 15% YOY As Market Tanks
https://www.zillow.com/omaha-ne-68144/home-values/
Don’t forget to hit the dropdown box for price on first chart
‘It’s wild. Appraisers are saying they have never seen anything like it…Highly, highly approved buyers, they have the extra money and they say, ‘I don’t care. The inventory is so low out there right now, I don’t care. Whatever I have to do, if the house is ($200,000) and if I have to pay $30,000 cash above what I’m already doing I will do it’
In Detroit. Nothing to see here. Just how real is this? We can’t know. The media won’t follow up. It’s like Chinese buyers. Remember years ago when reports said they and Germans etc, were piling into Detroit sight unseen (and losing their a$$)?
This article is obviously about the suburbs of Detroit. There are very few houses in the City of Detroit that would sell for that amount. Mostly 1920’s era mansions now surrounded by failing neighborhoods. And yes, I have been seeing many Chinese people in my area for the last few years. You can tell the native Chinese because they all wear sandals with socks. I have no doubt that there are large numbers of Chinese moving to Detroit to hide their money. Detroit’s suburbs are bigger and more prosperous than most, and they dwarf the relatively small areas that can be classified as ghetto, but not as photogenic as the poverty porn that the media likes so much. If an article doesn’t specify whether it’s about the city or the suburbs, it’s probably not worth reading.
“You can tell the native Chinese because they all wear sandals with socks.”
How about pajamas in public places?
Actually these sound like true safe-house colonists, the kind who will bring their family to overstay their visas. Isn’t this how Rome fell?
So is it possible that what’s left of chinese investors are on the low end and thus targeting buying in the lower markets like Detroit? I have heard speculation that foreign investors are the main cause of the US housing insanity. Seems to me foreign investors are at the end of the line and scrapping the bone for what’s left (Detroit). Real estate media tends to cover areas with gains and not the areas that are stabilizing or dropping. Is there any actual credible resources that show the different geographical markets? So far I’m not impressed with ATTOM or NAR given the inaccurate data they have provided to continue pumping up the hype of an upward market.
The houses in my area are the generic $400k McMansions and overpriced luxury condos, so I don’t know what bone scraps you’re talking about. I think even the Chinese have figured out that the houses in California aren’t worth the losses when the next bubble pops. Only Californians are that stupid.
Well I would be glad to know there done investing here and hopefully see some correction / reduction in the California housing market. My apologies for referring to Detroit purchases as “scrapping the bone” I guess I should have thought that remark through instead of making a rude comment. We have tons of ghetto areas here that would be scraping a rotten rat bone. Guess they know better than to buy those though…
‘Heffron later joked that people are literally signing contracts on the hoods of cars’
Check.
‘The Omaha housing market in a word? ‘Insane’ Melissa Yardley says. ‘I was looking at listings nonstop, almost 24/7’ she said.’
‘Real estate agents now have a saying for clients who aren’t quick to act in this market. ‘If you have to sleep on it, you won’t sleep in it’
Jeebus knows there’s a shortage of land in Nebraska.
‘Real estate agents now have a saying…’
Urgency and scarcity: the oldest snake oil tactics in the book.
It’s landlocked!
And crop prices are booming
But…Buffett!
The idea of bidding wars in places like Omaha makes me shake my head. It’s not like the place is huge and living in a suburb would mean an onerous commute to work downtown.
Which makes the idea of building ultra luxe apartments in a “vibrant” downtown area even more insane.
Tarpon Springs, FL Housing Prices Crater 7% YOY As Mortgage Default Rate Accelerates
https://www.zillow.com/tarpon-springs-fl/home-values/
*Select price from dropdown menu on first chart
“‘When five people want to buy a house, it means four people are disappointed,’ Umbenhauer said.”
Disappointed = Conditioned
When five people want to buy a house, it means four people are conditioned - conditioned to emotionally jump onto and pay up on the next offer no matter what their common sense has to say about the matter.
Bloggers, repeating my question from yesterday:
Where would you go to get a hip replaced, if not in the US?
Yesterday one blogger compared the the US healthcare system to countries like Canada, Mexico, India and France. Do you agree that they are comparable?
Housing
Santa Rosa, CA Housing Prices Crater 5% YOY As Sonoma County Housing Market Tanks
https://www.zillow.com/santa-rosa-ca/home-values/
sorry dude, but you don’t always talk about housing.
Housing
Great Barrington, MA Housing Prices Crater 27% YOY
https://www.movoto.com/great-barrington-ma/market-trends/
Raffles hospital in Singapore
Or
Czech republic
“Where would you go to get a hip replaced, if not in the US?”
I might call a lawyer who has done some extensive research on the subject and see what they might have to say.
http://www.strykerimplantrecall.com/about-us/stryker-lawsuits/
https://www.reuters.com/article/us-johnson-johnson-verdict/johnson-johnson-hit-with-247-million-verdict-in-hip-implant-trial-idUSKBN1DG2MB
https://www.drugwatch.com/hip-replacement/lawsuits/
Do foreign surgeons use implants from other providers?
It is also my understanding that in most other countries you can’t sue for malpractice like in the US.
Check out their web sites
The big issue with joints is the rehab.they may use manufacturers u request
“It is also my understanding that in most other countries you can’t sue for malpractice like in the US.”
I would check on that before I had it done for sure. I would also do a lot of research on who was doing the replacement and what they were using.
I know someone who had a bad hip replacement and had to have it redone.
Do a lot of research.
From the Johnson & Johnson link above
FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake
Delivering a third straight win to patients, the jury found that the metal-on-metal hip implants were defectively designed and that the companies failed to warn consumers about the risks.
Six New York residents implanted with the devices said they experienced tissue death, bone erosion and other injuries they blamed on design flaws.
I would go to Canada or France, but not Mexico or India. I might look at going to Belgium, Singapore, or Germany before Mexico or India. Each of the 4 countries you mentioned have vastly different health care systems. My father got good care in Brazil for a pulmonary embolism, as good as the US, but my bias is to stick to the wealthier OECD countries for medical tourism.
Each of the 4 countries you mentioned have vastly different health care systems
If I am not mistaken, all 4 have fully socialized health care, meaning you don’t need private insurance. That said, I’m sure that some are better than the others, but from what I’ve heard in the UK, you might have to wait years before the NHS schedules you for a replacement.
Visitors aren’t entitled to free healthcare in those countries (if that was what you were suggesting).
Tahoe City, CA Housing Prices Crater 6% YOY As Housing Demand Plummets To 21 Year Low
https://www.movoto.com/tahoe-city-ca/market-trends/
‘a Kansas City Congressman wants to offer you a financial boost’
Run for the hills.
‘The bank is providing $5.7 million in down payment assistance to boost home ownership in Kansas City. If you live in Jackson, Cass or Clay County and qualify for this program, you can receive up to $15,000 from Wells Fargo to be used on your down payment.’
To give back to them, BTW.
‘Jackson County officials say there are more than 15,000 vacant homes in the Kansas City area…The average monthly mortgage payment is $1305 while the average rent payment is $826 a month. It’s cheaper to rent’
Where do I sign up? If the average monthly payment is set, does that mean the price is set?
And is 15,000 a lot?
“The average monthly mortgage payment is $1305 while the average rent payment is $826 a month. It’s cheaper to rent’”
Now stack on losses to taxes, insurance and depreciation at $3/sqft/yr on top of the mortgage payment and you’re triple the rental rate and deeper underwater….. just like anywhere else in the country.
‘a Kansas City Congressman wants to offer you a financial boost’
Me too. 😁
‘The bank is providing $5.7 million in down payment assistance to boost home ownership in Kansas City. If you live in Jackson, Cass or Clay County and qualify for this program, you can receive up to $15,000 from Wells Fargo to be used on your down payment.’
“To give back to them, BTW.”
😁
‘Besides Chicago, NSP has distributed roughly $6.8 billion nationwide over the last 10 years to cities hit hardest by foreclosures, says Brian Sullivan, HUD spokesman in Washington, D.C. ‘It’s hard to say if the foreclosure crisis is over,’ Sullivan says. ‘They say all housing is local and the foreclosure crisis ended sooner in some areas rather than others. But who says it’s really over?’
I dunno Brian. Maybe if you guys would stop foaming the runway for the banks we could get to a real bottom.
Things will get interesting when Mel Watt gets replaced next year as Federal Housing Finance Agency Director, eliminating the last vestige of the Obama-Geithner-Bernanke-Watt oversight of the federally guaranteed mortgage finance / bailout regime. Nobody seems much interested in talking about how the programs set in motion by this group explains why young families can’t afford a place to live in, start a career, and raise their children.
Mnuchin rebukes Fannie and Freddie, aims for reform next year
by Joseph Lawler | July 12, 2018 01:36 PM
Treasury Secretary Steven Mnuchin told Congress Thursday that he now aims to reform the bailed-out government-sponsored enterprises next Congress, and delivered a message to the companies’ government caretaker to stop allowing them to expand their missions.
“We need GSE reform,” Mnuchin said during testimony before the House Financial Services Committee Thursday. “This is something that I am determined, in the next Congress, should be a major focus of ours — hopefully on a bipartisan basis. But we can’t just leave these things sitting the way they are as they have been.”
Mnuchin, a former banker involved in housing finance, came into office pledging to end the government’s conservatorship of Fannie and Freddie, ongoing since 2008.
But Congress barely got going on reform. Mnuchin said Thursday that he would consider administrative options if Congress does not act next session.
…
Best news I’ve heard all year. Sounds like Mnuchin will make sure there is no bailout next go round.
There’s a time consistency problem here.
I bet if anyone had asked Big Hank Paulson about whether he favored bailouts before Fall 2007, the answer would have been a resounding “no.” But as Ben Bernanke used to fondly point out, there are no atheists in foxholes. By the time Lehman Brothers’ collapse had spawned the financial markets equivalent of a tornadic storm, Big Hank was a true believer, down on his knees fervently praying for St. Pelosi to grant him a bailout.
Desperate times breed desperation measures.
The seeds of another financial collapse have already been planted and taken root, but have yet to come to fruition.
It’s hard to believe that it has already been a decade since the fall 2008 bailouts… especially given that the Fed has only just begun unwinding extraordinary accommodation.
Don’t forget that this deal struck in Congress turned out to be a mere smoke screen and a small fraction of the far larger international bailout package ($4 trillion?) which the Fed ultimately implemented.
A desperate plea - then race for a deal before ’sucker goes down’
• Treasury secretary begged Democratic leader on one knee
• President’s summit derailed by Republicans
• McCain accused of milking crisis for political gain
• Obama led White House debate on rescue plan
Suzanne Goldenberg in Washington
Fri 26 Sep 2008 19.01 EDT
First published on Fri 26 Sep 2008 19.01 EDT
This article is over 9 years old
Wall Street demonstrators
It was, according to accounts filtering out of the White House, an extraordinary scene. Hank Paulson, the US treasury secretary and a man with a personal fortune estimated at $700m (£380m), had got down on one knee before the most powerful woman in Congress, Nancy Pelosi, and begged her to save his plan to rescue Wall Street.
Please don’t blow up this deal, Paulson pleaded. Pelosi tried to keep it light. “It’s not me blowing this up. It’s the Republicans,” she told him. Paulson sighed. “I know,” he said.
…
I bet if anyone had asked Big Hank Paulson about whether he favored bailouts before Fall 2007, the answer would have been a resounding “no.”
When your principles go out the window in a crisis, they weren’t really your principles.
All these purported capitalist / free market advocates demanded protection from market forces when it came time for the creative destruction phase of free market capitalism.
“State owned companies.” How many financial companies became de facto state owned or, could not survive without explicit state support?
“All these purported capitalist / free market advocates demanded protection from market forces when it came time for the creative destruction phase of free market capitalism.”
Free-market capitalism for the proles, socialism for the moneyed class…
They have found it more convenient to privatize their profits, and socialize any losses.
Dumb question of the day: Does Mel Watt realize that his policies are baking the need for future bailouts into the cake, or does he know not what he does?
Riches in real estate” show on ch3 n ch6
Guess what happens next
Wow Omaha is hot because of Buffett living there
Crop prices brutal
https://m.nasdaq.com/markets/corn.aspx
Here’s a five-year chart of assorted grains and oilseeds …
https://finviz.com/futures_charts.ashx?t=GRAINS&p=m1
Whoof I guess farmland prices have a ways to go
“I don’t see a gallon of milk going back to 79 cents”
The irony of this statement is that milk prices have cratered in the past few years due to a glut in production. A lot of that excess production has been funneled to cheese, and so there is now a massive cheese glut. Without this excess product being diverted to cheese, milk very well may have gone down to $.79. Last week all gallons of milk were 3 for $5, so that’s $1.66 per gallon.
Killing Off American Cows to Keep Milk Prices High
“Although American demand for dairy has risen steadily for almost 40 years, some farmers tried to limit the supply of milk by killing off their own cows.”
“No, you read that correctly. This mysterious state of affairs was revealed in a nationwide class-action lawsuit against dairy cooperatives, groups of farmers who pool their supplies but, as a whole, serve as middlemen between the farmers and dairy processors. In this case, lawyers from one of the premier U.S. plaintiffs’ firms alleged on behalf of American consumers that the cooperatives paid farmers to prematurely turn hundreds of thousands of cows into burgers in a sprawling scheme to prop up dairy prices. ”
https://www.bloomberg.com/news/articles/2016-09-08/cow-killing-and-price-fixing-in-your-supermarket-dairy-aisle
Yet milk and cheese are as pricey as ever. Even crummy “American cheese food” is pricey.
I will admit, I am seeing lower beef prices, though stores are playing games with that. When not on sale, beef is as pricey as ever, but I’ve been seeing a lot of sales this summer with T-bones and Ribeyes going for $5/lb when on sale, and the sales are frequent. When one of those sales comes around I load up and freeze.
Last week all gallons of milk were 3 for $5, so that’s $1.66 per gallon.
I have not seen such prices in my neck of the woods. When it’s on sale it might be like 2.29 and when not on sale 2.99 or higher.
In our Walmart, standard price is $2/gallon. The 3 for $5 was a sale that happened to be as some Associated Food store that was close to where my parents live. I believe it was a promotional price, but $2/gallon has been standard for about a year where I live.
I was at King Soopers (Kroger) today. It was $1.99 and they had huge signs on the dairy case, like they were giving it away.
Housing
North Dallas, TX Housing Prices Crater 6% YOY As Wholesale Exit From Housing Accelerates
https://www.zillow.com/north-dallas-dallas-tx/home-values/
*Select price from dropdown menu on first chart
I don’t think prices in Ventura co. CA have ever been higher ? Borrowed money I guess ?
I agree.. Prices in Ventura county CA have never been higher. Hoping for the bubble to pop or start to deflate in 2019
Realtors are liars.
“Across Western New York, buyers are struggling to find the homes of their dreams. Inventory is low and prices are jacking up.”
You’ve got to be kidding. This is a place with high taxes, and after decades of decline, a very old inventory. You can get a beautiful place built in the good old days, but you’d better plan on putting a lot of money in to rebuild it, and had better hope that you don’t need to move for that next job.
The entire region is being floated by money sucked out of NYC. The leading employers are schools and health care. The population to provide the demand for both, but particularly the former as the population ages, is going down.
What’s good about this region? You can get a beautiful place built in the good old days, and other assets from the past, and it’s a lovely natural environment if you don’t mind winter. But if it gets overpriced? That kills its chance for recovery.
Sounds just like Seattle area.
Western NYS = Insane housing prices + even more insane taxes + no jobs outside of government + brutal winters
Eh - what could go wrong?
Big gov luvs to try to control milk
Scores of fed workers involved
Might as well outlaw babies breastfeeding too.
I thought baby formula was soy-based, with enough estrogen to turn boy babies into pussies. See Paul Joseph Watson’s original youtube video on Soyboys.
Upstate ny tax re rates 2-3%
Plus all the rest
It is truly amazing how government policy can mess up areas with actual competitive advantages, NY has abundant water and fertile land and many other advantages which once made it the empire state. Here is an example of a country with cheap coal and NG but government policy has created high and moving much higher electricity prices, no wonder Chinese investors seem to be looking for other locations:
https://stopthesethings.com/2018/07/14/competition-watchdog-slams-subsidised-wind-solar-demands-government-investment-in-reliable-affordable-coal-fired-power/
Dan, the tagline for the site you are referencing begins with “We’re not here to debate the wind industry, we’re here to destroy it.” Given that intro, I’m sure that everything in that article you cited is impartial, dispassionate, and evenhanded.
I am sure it is not, but it does not mean inaccurate. The surging costs of electricity in Australia have been documented for years this explains why. The main Bias in the mainstream media is not what they report although that gets fairly inaccurate but what they fail to cover. If it does not fit the agenda it is not covered. Unless you read stories like this you can cannot figure out why developing nations are building so many coal plants because the MSM would have you believe that wind and solar is cheaper. But in the real world free of subsidies, a grid built around coal is still much cheaper. That will change a lot once we have a cheap way to store intermittent sources, but for now it is like having to pay for two cars because only one car has headlights for night.
Aside from supporting money laundering and espionage activities, what use is Bitcoin?
Technology
Bitcoin Was Russian Hackers’ Currency of Choice, U.S. Says
By Lily Katz
July 13, 2018, 11:01 AM PDT
- Digital coin allegedly used for payments during election
- 12 intelligence officers indicted by U.S. special counsel
https://www.bloomberg.com/news/articles/2018-07-13/bitcoin-was-russian-hackers-currency-of-choice-u-s-says
I’m not debt yet!
How To Tell If Bitcoin Is Actually Dead
Jul. 15, 2018 4:48 PM ET
About: Bitcoin USD (BTC-USD), Includes: COIN, GBTC
Hans Hauge
Cryptocurrencies, Bitcoin, Blockchain, tech
It is a mistake to declare Bitcoin dead based solely on its price.
There are four good ways to tell if Bitcoin is dead, let’s discuss each.
A death spiral and a log scale pricing correction are two very different things, know the difference!
The Bitcoin Obituaries
You see it almost every day now, and it’s nothing new. Bitcoin is dead, again. Well, I have a question for you. How can something that is already dead, die?
https://seekingalpha.com/article/4187354-tell-bitcoin-actually-dead
Frisco, TX Housing Prices Crater 7% YOY As Homeowners Sink Deeper Underwater
https://www.movoto.com/frisco-tx/market-trends/
“‘I don’t see a gallon of milk going back to 79 cents”
I do. It’s 99 cents in Walmart this weekend. 2 years ago? $3.89.
Not out here. It always seems to be at least $2.
the fed will stop the bond market from collapsing by printing as much money as needed. They have went all in on this debt driven orgy.
debt=money
Frisco, TX Housing Prices Crater 7% YOY As Dallas Area Housing Bust Acclerates
https://www.movoto.com/frisco-tx/market-trends/
This video should contain a laugh track …
“How I ran up over 100K in Student Loan Debt, and How to Avoid the Same Mistakes!”
https://youtu.be/W0Oed3XJ9TQ
Classic “howmuchamonther” behavior there.
So I guess art majors shouldn’t be allowed to sign for loans or mortgages? Since they can’t grasp the math, or even think of and ask the important questions (such as about the refin schemes).
This is a brilliant gasoline price reduction strategy!
Markets
To Bring Down Gasoline Prices, Start a (Trade) War
Donald Trump has a way to reduce our oil consumption.
By Julian Lee
July 15, 2018, 12:00 AM PDT
Frustrated with OPEC’s inability to help him, U.S. President Donald Trump may have inadvertently found a way of bringing down gasoline prices: Step up the trade war to cut oil consumption.
…
People are stupid …
“Theranos, Elizabeth Holmes, and the Cult of Silicon Valley”
https://youtu.be/ta1DqI4xDRw
The Financial Times
Chinese economy
China GDP slips to 6.7% in the second quarter
Lower growth follows deleveraging campaign and looming impact of trade war
2 hours ago
Up, up and away with inflation?
US Treasury rates rise after consumer prices post biggest annual gain in 6 years
- The government said consumer prices inched up 0.1 percent in June, pushing the annualized increase to 2.9 percent, the biggest gain since February 2012.
- The Treasury Department auctioned $14 billion in 30-year bonds at a high yield of 2.958 percent. The bid-to-cover ratio, an indicator of demand, was 2.34.
Thomas Franck | Sam Meredith
Published 4:55 AM ET Thu, 12 July 2018
Updated 1:11 PM ET Thu, 12 July 2018
CNBC.com
U.S. government debt yields rose Thursday after the Department of Labor reported that consumer prices posted their largest annualized gain in more than six years.
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When the 30-year interest rate accepted is less than last year’s inflation rate, something is seriously wrong. But we all knew that.
Burke, VA Housing Prices Crater 11% YOY As Federal Workforce Reductions Ravage DC Area
https://www.movoto.com/burke-va/market-trends/
nope- 22151 inventory down to 20 from par of 50
turnover 47 days
trumpf signed 1.3 trillion budget w 80 billion bump in defense
how much are re taxes going up in your hood?
2x appreciation here
and yes it matters for renters too
Got TABOR?
since debt= money how would u calculate monetary inflation?
Was AlbuquerqueDan’s reappearance here an accidental crash signal for crude?
https://www.cnbc.com/2018/07/16/oil-falls-as-mnuchin-says-oil-buyers-may-get-iran-sanctions-waivers.html
I see more Trump success just like he lit a fire under NATO. Something Obama never did. Early voting is around three months away. Trump does not want high gasoline prices, the MSM was filled with stories on why that was impossible due to his Iran policy. Prior to that the MSM was saying he could not reduce Iran’s exports but when evidence starting coming in about his success they forgot about that prediction. So here we are Iran’s exports are being throttled and Saudi Arabia is preventing pain at the pump. MAGA. After the election, prices will rise.
After the election, prices will rise.
I sure hope you’re right. I want gas at $4/gallon or higher.
Crude Oil Crashes Through $70 Floor On Record High Supply
https://www.cnbc.com/quotes/?symbol=%40CL.1
Bitcoin must be valuable if whales are buying!
https://www.cnbc.com/2018/07/16/bitcoin-jumps-after-report-says-blackrock-exploring-cryptocurrencies.html
It is the best way to get money out of China. China has been cracking down but does not seem to have sealed the dam