A Supply Flood Giving Greater Choice And Leverage
A report from CNBC. ” In its recent survey of nationwide rent conditions, data from apartment rental site Zumper said that the most expensive markets in the nation saw either flat prices or outright declines—demonstrating evidence of a potential top. ‘Among the top ten most expensive rental markets, only one city, Seattle, saw median rent prices for one bedrooms rise this past month, up just a modest 0.5 percent,’ Zumper wrote. ‘Several of these rental markets saw falling prices, including in New York and Boston, while both D.C. and Chicago saw even sharper declines of over three percent.’”
“The data showed more worrisome declines at the micro level of certain cities. The Big Apple’s average rent remained relatively flat around $3000 per month for a one bedroom apartment, but showed the sharpest drop of any top 10 U.S. rental market, Zumper added. One bedroom prices are down by more than 7 percent since last year, while two bedrooms have swooned by nearly 8 percent. In the perpetually hot San Francisco area, rents have now fallen for five consecutive months, Zumper data showed. ‘Overall, one bedroom rents in San Francisco end the year down nearly 5 percent from where they were twelve months ago,’ Zumper’s study said.”
“In the borough of Brooklyn signs of a retrenchment appeared more pronounced. Douglas Elliman data revealed that prices there have for the third time in four months, even amid a construction boom that is reshaping the neighborhood’s skyline. Although Brooklyn’s average one bedroom rental prices remained stable around $3000 per month, the luxury rental market has plunged by 9.1 percent year over year, Douglas Elliman noted.”
From Bisnow on New York. “NYC had the sharpest year-over-year drop in rent prices in the entire US, a recent Zumper National Rent Report found. Over the course of 2016, one-bedroom prices have fallen by 7.4% and two-bedroom prices are down 8% year-over-year. Even in the last month, two-bedroom rents declined 1.4% to $3,400. The reason for these drops, the report asserts, is simple supply/demand dynamics, with a supply flood giving renters greater choice and leverage.”
“TOWN Residential leasing managing director Dan Marrello says supply/demand is one of several factors. While rents have been steadily climbing over the last six years, for example, wages haven’t, leading to an affordability pushback. While Dan’s confident the upcoming supply will be absorbed, landlords will need to offer incentives like free rent to entice tenants. This has already been seen in Brooklyn, where hundreds of rental units are forcing some landlords to offer as much as four rent-free months.”
The Banker and Tradesman in Massachusetts. “Mortgage rates are ticking up and have been for several weeks. Debate rages about what effect this will have on the housing market. Increased rates will also have an effect on the commercial market. When rates rise, so do cap rates – and collateral values decrease, along with LTVs. Boston also ranked as one of the few metro areas in the county that is seeing a decrease in rental rates. In its most recent report for the month of November, Yardi, an investment and property management software development firm, reports that nationally multifamily rents fell 0.2 percent on a trailing three-month basis; in Boston, that figure was down 0.6 percent.”
“The six metros that fell furthest in their rankings ‘were at the high end of rent growth earlier in the year; the flip to the bottom reflects the facts that rents were due to revert to the mean and/or that the markets are feeling the pinch of new supply.’”
“Perhaps Boston is seeing a market correction – or, as impossible as it may seem given the endless harping on our lack of housing supply, perhaps we are indeed seeing the beginning of the end of the luxury apartment boom. It is important to note that our lack of supply does cross all socioeconomic lines – but it is more pronounced at the lower end. Also important: there are plenty more luxury buildings currently under construction and in the permitting stages.”
From Time Out Chicago in Illinois. “Rents for one- and two-bedroom apartments are down more than 3.5 percent this month, but Chicago is still among the most costly U.S. cities to rent, according to Zumper’s December National Rent Report. The company ranked Chicago the ninth most expensive rental market in the last month of 2016, despite the cost of one-bedroom rental units falling 3.7 percent and two-bedroom rents down 4.7 percent from November. ‘The looming winter months may be leading to a slowdown of rental prices in the ‘Windy City,’ according to the report.”
“Still, lower rents are part of a larger trend. Chicago’s year-over-year prices show even greater declines, with one- and two-bedroom rents down 8.1 percent and 5 percent, respectively.”
KUOW on Texas. “These days, you can find luxury rentals in virtually every part of the city, but let’s focus on downtown Austin, where luxury apartments have popped up on just about every corner. Robin Davis is the owner of Austin Investor Interests LLC, a private research firm that tracks the Central Texas apartment market. She looked at the area within a 3-mile radius of the 2nd Street district near Austin City Hall. Davis found that during the last half of 2013, the occupancy rate for the area’s high-end rentals fell sharply, from just under 92 percent to about 84 percent. She attributes that drop to an influx of new units.”
“This year, the market’s occupancy rose about 2 percent over the last quarter, but it still hasn’t caught up to those 2013 levels, and more than 3,400 new units are currently under construction. As the market works to stabilize, Davis said we’re seeing more and more luxury properties offering concessions to attract tenants – even apartments in the most coveted parts of town are offering several weeks of free rent.”
“‘I don’t think we’ve seen concessions this high in four to five years,’ she said. ‘The core downtown area had the highest level of concessions over this last quarter, and I expect that to remain on the rise as new units continue to stabilize.’”
The Aspen Daily News in Colorado. “Ryan Sweeney originally signed a 16-month lease to open Ryno’s Pies and Pints in a building on the corner of Cooper Avenue and Galena Street that was facing the wrecking ball. The planned redevelopment is still coming but has been delayed, and in the meantime, Sweeney has had four years in business. When the building eventually meets its fate, that’s probably the end for his business, Sweeney said last week.”
“The ascendant commercial scene, as Sweeney sees it, is driven by out-of-town corporations that lack understanding of Aspen’s seasonality. Whenever one of these new tenants signs an above market-lease, it makes affordable rent less likely for the next tenant to enter negotiations with a landlord, he said. ‘My restaurant is my sole source of income. If I have a bad month, I’m eating cereal and hot dogs,’ Sweeney said. ‘It’s tough for me to compete against people who don’t really need the money.’”
“Jerry Murdock, who has funded legal research into the formula retail ban resulting in a proposed ordinance making the rounds in city hall, believes the policy is necessary to combat an emerging commercial market in Aspen that he worries is killing the ability for locals to thrive in their own town. A venture capitalist who has backed tech disruptors including Twitter, Snapchat and Uber, Murdock draws a distinction between ’short-term greed versus long-term greed.’”
“‘If [landlords] are experienced, they know what a bubble looks like,’ Murdock said. ‘They understand that having tenants pop in and out is not a good long term strategy.’”
“He also draws a distinction between landlords that buy buildings with their own money versus landlords that buy buildings with other people’s money. The latter, which has become increasingly common in Aspen, is driven by a motivation to sign up high-paying tenants, and then sell the fully leased property for a higher price, he said.”
“‘Short-term bubble rents make a lot of sense if you’re just going to flip the building,’ Murdock said. ‘If you want to build and flip, that’s a different set of ethics than someone who wants to build to own and operate.’”
‘She looked at the area within a 3-mile radius of the 2nd Street district near Austin City Hall. Davis found that during the last half of 2013, the occupancy rate for the area’s high-end rentals fell sharply, from just under 92 percent to about 84 percent. She attributes that drop to an influx of new units.’
‘This year, the market’s occupancy rose about 2 percent over the last quarter, but it still hasn’t caught up to those 2013 levels, and more than 3,400 new units are currently under construction. ..even apartments in the most coveted parts of town are offering several weeks of free rent.’
‘I don’t think we’ve seen concessions this high in four to five years,’ she said. ‘The core downtown area had the highest level of concessions over this last quarter’
So three years ago the vacancy rate fell to 84%, it’s up to 86% and they are bringing 3,400 more units in?
‘Are you part of the younger, upwardly mobile section of Denver? Then there’s a chance that rents are falling for you! Zumper, whose data skews towards younger and wealthier folk, reports that Denver has fallen three spaces in its breakdown of rents in the top 100 metros.’
‘Plus, Zumper found that actual rents have fallen as well. Compared to last year, rents have fallen 7.6 percent for one-bedroom apartments and 7 percent for two-bedroom apartments.’
These rent trackers don’t include concessions and freebies which can double or triple the rent declines.
Denver has really bad traffic and air pollution problems.
And don’t even think of moving here with the intention of zipping up I-70 to ski on a powder weekend day, because you’ll be spending at least three hours in the car each way.
It was that way when I lived there 30 years ago.
At least we could zip up I-70 quickly. Now even that’s gone.
You say rent falls before prices
A bros before hos scenario
‘The six metros that fell furthest in their rankings ‘were at the high end of rent growth earlier in the year; the flip to the bottom reflects the facts that rents were due to revert to the mean and/or that the markets are feeling the pinch of new supply.’
Translation: there is no shortage of housing anywhere on the planet and there never has been.
There has been no shortage of housing. However, there has been a massive unprecedented glut of funny-money subprime lending dressed up in the guise of affordable housing initiatives.
Dry cleaner effect:
‘It’s tough for me to compete against people who don’t really need the money.’
‘A venture capitalist who has backed tech disruptors including Twitter, Snapchat and Uber, Murdock draws a distinction between ’short-term greed versus long-term greed.’
‘If [landlords] are experienced, they know what a bubble looks like,’ Murdock said’
Here’s some money losing propositions:
‘Twitter, Snapchat and Uber’
Here’s some money losing propositions:
Perhaps long-term, they are—but I’m sure the VCs that backed them did just fine. Does that make him an expert in the “short-term greed” that he called out?
It’s tough for me to compete with people who are willing to use subprime loans to buy houses they can’t afford, even though they most likely will eventually default on their mortgages.
And of course, what both he and the restauranteur want is more regulation. But this doesn’t work, and there are always unintended consequences.
I lived in an area of New England that had this exact ban. No retail chains are allowed to open stores where I lived. After this law went into effect (decades ago) the region only became more and more expensive and harder and harder to open and run successful businesses in. Less affordable housing, too! Most of the young people flee as soon as they are college age and never return. It’s like a giant old folks’ home.
Many of the businesses that are there and have the appearance of being successful have a hidden little secret. I have friends who are bankers in the area who tell me that the owners of these restaurants and retail stores mostly are children of wealthy parents. Every month when the money falls short for the business to pay the bills, a call goes out to the parents, who then deposit more money in the bank accounts so the businesses don’t go under.
The problem is funny money coming from central banks the world over. The answer is to stop them from creating more money. The problems of fiat money and central banking cannot be solved by regulations (except for ones abolishing fiat money and central banking.)
How did we arrive in this precarious state? A nation and a globe awash in funny munny.
You forgot a big one: the Euro. Looks like Italy voted for the middle finger today.
the end of the euro should be plain enough for anyone to see now..
renzi pledged he would leave on a ‘no’ vote also..
These rotting institutions are falling like dominos. Bring it on!
the rejection of globalism.
Off-topic: It’s curious the media is suddenly becoming so concerned about fake news after the election after months of reporting a 99% chance of HRC winning the election.
The Washington Post is the worst major newspaper in the country.
The ((media)) needs to cover up the ugly reality on the ground, like this video of tolerant liberals harassing a person because of his shirt.
https://www.youtube.com/watch?v=W8TkjccKe_E
Stuff like this is only going to feed support of Trump’s policies. Bigly!
Wow, Sam Hyde again!? He can’t keep getting away with it!
Speaking of fake news, I read one the other day that pegged my BS meter: it was all about how if Hillary had won, GS’s influence would have been limited by Elizabeth Warren, but with Trump having won, GS would be firmly in control. What a load of horse pucky! Goldman had Hillary bought off, well and good.
There is no shortage of fake news, most of it presented to us by the MSM.
Hillary Clinton’s “Corrupt Establishment” Is Now Advising Donald Trump
Zaid Jilani
December 2 2016, 12:19 p.m.
“The establishment,” Donald Trump famously said during his closing argument for the presidency, “has trillions of dollars at stake in this election.”
He described “a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities.”
He asked the country to be “brave enough to vote out this corrupt establishment.”
Now, less than four weeks after riding that line to victory, he formally invited the establishment into his administration.
On Friday, Trump announced the creation of a “Strategic and Policy Forum” that will serve to advise him on domestic economic matters. The list of advisers is a who’s-who of corporate elites.
He’s not the only one making a major turnaround; many of them had previously and enthusiastically supported his Democratic opponent.
The chairman of the forum is Stephen Schwarzman, the CEO of the Blackstone Group, a private equity and investment banking giant. Blackstone blasted out the release highlighting the creation of the forum this morning on its own website, saying that it is “composed of some of America’s most highly respected and successful business leaders,” who “will be called upon to meet with the President frequently to share their specific experience and knowledge as the President implements his plan to bring back jobs and Make America Great Again.”
Although Schwarzman is a Republican, his company — like so much of Wall Street — spent much of the campaign getting close to Hillary Clinton. Blackstone’s Chief Operating Officer Hamilton “Tony” James hosted a fundraiser for Clinton in December 2015 that featured, among others, Democratic-aligned billionaire Warren Buffet. More than a dozen executives at the firm gave tens of thousands of dollars to Clinton’s campaign. The firm held an invitation-only, swanky reception at the Democratic National Convention in Philadelphia.
https://theintercept.com/2016/12/02/hillary-clintons-corrupt-establishment-is-now-advising-donald-trump/
The colors of the rainbow so pretty in the sky
Are also on the faces of people going by
I see friends shaking hands saying how do you do
They’re really saying I love you
NYC is going to tank when the trillions of obama bailouts to the banks (now wall street houses) comes to an end.
Eat our own losses?
No bonuses unless we make money?
Gold Bless DJT.
Why wouldn’t Trump and his oligarch cabinet members out friends on Wall Street in a time of need? You are living in a fantasy world, and I can’t wait for the opportunity to help you snap out of it when the next round of bailouts arrive.
“help out friends”
I like “out” better, lol.
That too.
Donald Trump has already completed his two greatest accomplishments, and he’s not even in office yet: no more Bushes, and no more Clintons.
And their oligarch puppet-masters and Clinton Foundation donors out tens of millions of dollars. BWHAHAHAHAAA!
PB - you are going to pee yourself when you see bankers in perp walks.
And remember - NOT ONE went to jail under obama.
I will believe that when I see it. ( But probably won’t pee myself unless the timing is several decades out…)
Hahahahahahahahahahahahahahaha
Housing bubble go pop in NYC…
—–
Fearing Loss of U.S. Money Under Trump, New York Begins Urgent Review
NYT’s | 12/2/16 | WILLIAM NEUMAN
Officials are conducting an urgent review of the billions of dollars that New York City receives each year from the federal government to identify the streams of money that may be most at risk once President-elect Donald J. Trump takes office.
Mr. Trump, a Republican, has threatened to punish cities that defy his efforts to deport undocumented immigrants, and there is also concern that the Republican-controlled Congress may seek to slash longstanding aid programs.
“There’s urgency because the threat seems greater than it’s been,” said Tony Shorris, the first deputy mayor, referring to the effort to identify which programs may be most at risk. “There’s also uncertainty because the lack of clarity is much greater than it’s been.”
Another major city experiencing price discovery? NY, SF, Toronto, London, Bejing, LA, Dallas, Miami, Seattle.
Others?
DENVER
And boulder too.
Louiseville, CO Housing Prices Crater 6% YoY
http://www.zillow.com/louisville-co/home-values/
c.r.a.t.e.r.
Yellen the Felon can’t hold off the financial reckoning day forever. It will be interesting to see what Trump does when our financial house of cards built on trillions in Fed funny money implodes under the weight of its own fraud and artifice.
“Mortgage rates are ticking up and have been for several weeks. Debate rages about what effect this will have on the housing market ??
For the majority of home owners in the country they probably don’t care…They are sitting on the lowest long term financing in history…
What effect does a 1% increase in rates have on 20 Trillion dollars of debt ?
by Whom & How will that extra interest be serviced ? Isn’t that roughly a 30% increase in debt service ? Maybe BK is the answer…The president elect seems to have a good handle on that maneuver…
The problem is the majority of homeowners overpaid by double or triple irrespective of lending rate. A trap was set and now they’re screwed. Nobody can afford those kinds of losses.
They will default en masse once the next downturn hits, leading to the next round of housing bailouts.
Lather, rinse, repeat…
Do you really believe they will continue paying down a huge debt when they see the price of housing crashing all around them?
Jingle mail is coming en masse.
“Real Estate
Rent prices show signs of calming down, with NYC, San Francisco and DC sliding
Javier E. David | @TeflonGeek
22 Hours Ago”
When will this rent decrease tsunami finally inundate San Diego? I can’t wait!
From the NY article:
While Dan’s confident the upcoming supply will be absorbed, landlords will need to offer incentives like free rent to entice tenants. This has already been seen in Brooklyn, where hundreds of rental units are forcing some landlords to offer as much as four rent-free months.”
Four rent-free months, and this thing is barely starting. The effective rent on a place like this is only 66% of the list price.
Coming like a freight train.
God bless DJT…
God bless Texas. We couldn’t have done it without Texas.
1. is there any cities w rents increasing
2. Where’s the big help c effect ?
No stories of rifs or fed agency consolidations
Two things dt could actually do
Heloc effect
“No stories of rifs or fed agency consolidations”
I just saw something about an immediate hiring freeze to prevent Obama’s appointee(s) from “burrowing-in” at which point they will be difficult to remove.
Realors have pics w summer foliage
6% of laziness
Italy raises da meddle fanger and says Vaffanculo, EU!
http://www.zerohedge.com/news/2016-12-04/renzi-loses-italy-referendum-wide-margin-euro-slides
It’s all happenin’! Brexit, Trump, Vaffanculo! The only one who cucked out was Austria today. Green Party won. I hear they want Jill Stein to come join them.
Another election hacked by Russians. Jesus…western democracies need safe space.
I was in Vienna this summer. It was my least favorite stop on the trip. Expensive, boring, charmless, stuck up and unfriendly. I’ll take Budapest over it any day. I even liked Munich more (but not much)
’stuck up and unfriendly’
What, you do not speak Austrian and expected them to know English?
Clearly, you haven’t seen Amadeus.
The movie with that guy from Animal House? No, I think it looked as appealing as Strictly Ballroom.
“What, you do not speak Austrian”
Actually, they speak German. My wife speaks German and spoke with them in German. And her conclusion was that they were stuck up and unfriendly.
FWIW, English is quite common on Europe, it’s their common language. I had the pleasure of observe the following nationalities communicate with each other in English:
Hungarians and pretty much everyone else.
Spaniards and Germans.
Slovaks and Germans.
Czechs and French
etc.
https://www.youtube.com/watch?v=oZdiXvDU4P0
The idiot Austrian voters might have a change of heart once Merkel’s Marauders start capering in neighboring countries.
Dominoes, take your places….
http://www.zerohedge.com/news/2016-12-04/all-eyes-monte-paschi-whose-bailout-now-doubt-and-italian-bank-sector-contagion
Euro Slips With Asian Stocks While Bonds Rise as Italy Votes No
by Emma O’Brien and Chikako Mogi
December 4, 2016 — 3:49 PM EST
December 4, 2016 — 10:07 PM EST
Renzi to resign as referendum defeated; Kiwi down as Key quits
Yuan falls offshore on Trump tweets; oil drops on U.S. output
The euro retreated with stocks, while bonds rose, amid concern the failure of Italy’s referendum on constitutional reform will destabilize the country and embolden nationalist movements. The yuan weakened offshore after Donald Trump took on the Chinese government via social media.
The common currency touched its weakest point in 20 months as Prime Minister Matteo Renzi said he’ll quit after opponents of his proposal to rein in the senate’s power won Sunday’s vote by about 60 percent to 40 percent. Asian shares and U.K. stock index futures fell, while government debt tracked a rebound in Treasuries from Friday, when mixed U.S. jobs data weighed on equities. Oil declined on signs producers outside of OPEC will boost output.
The defeat of Renzi’s reforms, aimed at simplifying the legislative process in a nation that’s seen 63 governments since the end of World War II, follows Britain’s shock vote to exit the European Union and Donald Trump’s unexpected victory. The U.S. president-elect rejected criticism of his decision to take a phone call from Taiwan’s president and reiterated concerns over China’s currency and trade policies to his 16.6 million Twitter followers.
…
4th turning crisis
I guess we are in the middle of it
Austrian voters will need more cultural enrichment before they come around.
http://www.dailymail.co.uk/news/article-3998508/After-Brexit-Trump-political-earthquake-Austrians-polls-amid-fears-elect-Europe-s-far-right-leader-World-War-2.html
Colorado cities rank low for diabetes in new Gallup-Healthways report:
“Boulder is the No. 1 metro for having the lowest instances of people with diabetes, according to Gallup-Healthways’ 2016 report that looks at diabetes in U.S. states and communities. Just 4.9 percent of residents there have diabetes, and 16.4 percent are rated as obese.
The report analyzed 190 metro areas for instances of diabetes between Jan. 2 and Dec. 30 of 2015. It looked at the relationship between diabetes and obesity, comparing states and communities based on both their rates of diabetes, as well as their rates of obesity.
There are two types of diabetes — Type 1 and Type 2. People with Type 1 diabetes are insulin-dependent, meaning their pancreas produces little or no inlsuin, while Type 2 diabetes is a metabolic disorder characterized by high blood sugar, insulin resistance and lack of insulin.
“The relationship between diabetes and obesity is important for population health stakeholders and healthcare professionals supporting diabetes prevention and management initiatives within their communities,” the report notes.”
http://www.bizjournals.com/denver/news/2016/12/01/colorado-cities-rank-low-for-diabetes-in-new.html
“Twelve Colorado chambers of commerce, trade groups and business organizations are teaming up in a new coalition to push for reform of U.S. immigration policy.
Among the coalition’s members are the Denver Metro Chamber of Commerce, the South Denver Metro Chamber of Commerce, the Associated Builders and Contractors/Rocky Mountain, Colorado Restaurant Association and the Colorado Hotel and Lodging Association.
Kelly Brough, president and CEO of Metro Denver Chamber of Commerce, said that in the fall of 2012, the chamber’s board of directors voted unanimously to adopt a resolution supporting the Colorado Compact, an effort to convene and promote a bipartisan conversation on immigration, and endorsed significant immigration reform.
“Immigrants play a critical role in our economy,” she said. “They built the country we know today. And they will continue to be an important part of our future.”
http://www.bizjournals.com/denver/news/2016/12/02/colorado-chambers-business-groups-form-coalition.html
They must be afraid of losing all their cheap labor.
The liberal educated can’t and won’t lower themselves to laborer employment despite the lack of a stem degree. Progressive.
“The liberal educated can’t and won’t lower themselves to laborer employment”
Unless it’s at Starbucks. There’s a sort of class system in the fast food/coffee business. It’s OK to work at Starbucks, but not Mickey D’s or, god forbid, pouring a great cuppa coffee into one of those thick mugs at a diner owned by a Greek-American family.
Maybe you’ve never had a job that involved making burgers and fries. It’s greasy, messy experience
You’re taking this literally, which is a problem. Please learn to recognize nuance, sarcasm, poetic license and similar things. If you can’t, refrain from commenting because “Better to remain silent and be thought a fool than to speak out and remove all doubt.”
please dont miss the next housing boom! Stay thirsty my friends.
Anyone who says retail is on the brink of catastrophe is clearly peddling fiction (and is probably a Russian propagandist to boot if you ask the Wapo).
http://www.msn.com/en-us/money/companies/sears-is-on-the-brink-of-catastrophe-as-stores-closures-loom-and-top-execs-flee-the-company/ar-AAl68O8?li=BBnb7Kz
The globalists will never allow their bankster masters to suffer the consequences of their own greed and recklessness. However, unlike in previous years, electorates in Italy and the US are no longer bending over for the Oligopoly status quo.
http://wolfstreet.com/2016/12/03/italy-referendum-moment-of-truth-for-bank-bailout/
Oh dear…Suzanne’s research must’ve somehow missed this.
http://wolfstreet.com/2016/12/02/vancouver-house-price-bubble-collapses-sales-crash-for-sale-signs/
We should deport our precious snowflakes and SJWs to Venezuela so they can get a first-hand taste of the socialist utopia they’d like to impose on the rest of us.
http://www.shtfplan.com/headline-news/economy-shattered-currency-collapsing-venezuelans-wait-in-6-atm-lines-for-enough-to-buy-rice_12022016
Got popcorn?
http://www.telegraph.co.uk/business/2016/12/04/italian-referendum-markets-renzi-braced-no-vote/
Is now a good time to buy the dip?
How Italy’s referendum could spark a ‘systemic crisis’ in the eurozone
By Sara Sjolin
Published: Dec 4, 2016 5:42 p.m. ET
Italian banking sector set for new crisis, analysts warn
Bloomberg News
Matteo Renzi, Italy’s prime minister
Remember how the Italian banking crisis threatened to bring down the eurozone financial system over the summer?
Fast forward four months and we’re at it again. This time it’s not the Italian lenders that are the main concern, but rather how they and the wider European political system will be impacted if Italians vote “no” in Sunday’s referendum.
While the ballot is on proposed constitutional reforms, it is generally being seen in the country as a vote of confidence in Prime Minister Matteo Renzi, with the risk that a victory for “no” will lead to his resignation and the dissolution of Italy’s government.
Another concern is that a large protest vote could give the populist and anti-EU Five Star movement enough momentum to put Italy on a path to leave the eurozone.
…
hillry’s hit single.
https://youtu.be/ekcrnZPJNW4
Damn it feels good to be a Clinton.
https://www.youtube.com/watch?v=P0TOdtcvHNs
Buh-buh mortgage interest deduction tax giveaway to the rich… I have to admit I like Trump’s policy proposals more by the day. I never did understand why poor renters should have to subsidize wealthy homeowners.
Mortgage interest deduction may be on Trump’s chopping block
by Ryan Smith | Dec 02, 2016
The mortgage interest deduction, which allows borrowers to deduct the interest paid on home loans from their income taxes, has been around for more than a century — and it’s so popular that most lawmakers don’t dare touch it. But the incoming Trump administration may have no such qualms, according to a CNBC report.
“We’ll cap the mortgage interest, but we’ll allow some deductibility,” Steve Mnuchin, Trump’s Treasury secretary pick, told CNBC.
…
Low debt = the cool thing to do
God bless DJT
“We’ll cap the mortgage interest, but we’ll allow some deductibility”
It sounds like he may have forgotten about the institution knows as the Congress.
The Republican Congress will stand up against the new Republican President’s move to end Democrat-sponsored lending programs that favor Democrat voting blocks?
Interesting theory!
The mortgage interest deduction favors Democrat voters? That may be true, but it’s probably not easy to find out how people who benefit from that deduction vote.
Think about the Republicans who vote to eliminate the estate tax. Many of them come from the poorest states in the country, where there may be only a handful of estates subject to the tax in any given year.
and I laugh and I laugh and I laugh.
‘NOT MY PRESIDENT’
Published on Nov 10, 2016
https://www.youtube.com/watch?v=Hm7acLhUtUM
Dang, now that right there is just ugly.
Very special snowfalkes…
Their tears are delicious.
Another German do-gooder gets culturally enriched.
http://www.breitbart.com/london/2016/12/04/recently-arrived-migrant-arrested-after-rape-and-murder-of-eu-officials-teen-daughter/
The populist-nationalist victories against the globalist oligarchs and their bankster cohorts keep piling up.
http://www.dailymail.co.uk/news/article-3999764/Now-Italxit-Europe-battered-anti-establishment-revolt-polls-predict-landslide-defeat-Italian-PM-Mateo-Renzi-referendum-campaign-gift-power-populists-committed-taking-country-euro.html
This is what hyperinflation caused by central banks printing away government debts and liabilities looks like.
http://hosted.ap.org/dynamic/stories/L/LT_VENEZUELA_CURRENCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-12-04-10-06-58
“Anti-establishment voters” rack up another victory. Maybe if the Establishment wasn’t an adjunct and enabler of the .1% concentrating all wealth and power into its own hands, it would be more popular.
http://www.marketwatch.com/story/another-victory-for-the-anti-establishment-and-other-analyst-takes-on-italys-vote-2016-12-05?link=MW_latest_news
Borrowed money and mortgages are about to get more expensive.
http://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx&mod=MW_story_quote
So much for idiot “investors” accepting negative yields on their money.
http://www.marketwatch.com/investing/bond/tmbmkde-10y?countrycode=bx&mod=MW_story_quote
The Italian banking sector isn’t liking yesterday’s “No” vote.
http://www.marketwatch.com/investing/index/it8300?countrycode=xx&mod=MW_story_quote
The sheeple are waking up, not a minute too soon.
http://www.marketwatch.com/story/ciao-euro-global-markets-gird-for-the-next-wave-of-global-populism-2016-12-05?link=MW_latest_news
The black swans are still out there, someplace.
http://www.internationalman.com/articles/a-flock-of-black-swans
Is Italy about to have its Lehman moment?
http://www.marketwatch.com/investing/stock/BMPS?countrycode=IT
u r addicted to fiat. U have nothing else.
The central banks are making a Herculean effort to keep their Ponzi markets levitated until Obama leaves office.
http://www.marketwatch.com/story/italian-stocks-slump-after-voters-reject-renzi-in-referendum-2016-12-05?link=MW_latest_news
FIAT IS THE WEALTH!
Does anyone know where Kid Rock buys his T-Shirts?
Kid Rock’s T-Shirt Says it All About the Red State / Blue State Divide
Language alert.
12.2.2016
http://www.truthrevolt.org/news/kid-rocks-t-shirt-says-it-all-about-red-state-blue-state-divide
Great find, phony. That’s even better than Butthurtistan.
Kid Rock did an interesting rendition of Led Zeppelin’s “Ramble On” at Kenndy Center Honors. Jimmy Page is intrigued from the get-go. Robert Plant isn’t sure he likes it at first, but gave kudos at the end. Michelle Obama looks like she smells something bad.
https://www.youtube.com/watch?v=08-94b94wMg
He stole that from Saturday Night Live after the 2004 election.
Mighty
I’ve got a new song for your playlist.
Donald Trump - American Badass (Kid Rock)
https://www.youtube.com/watch?v=kb-P7JNhW_Y
Good for Yves. You go, girl!
http://www.zerohedge.com/news/2016-12-05/fake-news-site-threatens-washington-post-defamation-suit-demands-retraction
WE are in a bull market folks.
WE are in a bull market folks.”
Which I expect to end very soon ..