From the Guardian:
Millions are facing soaring mortgage rates. How did we leave them so vulnerable?
There is a cross-party consensus that Britain as a property-owning democracy should promote home ownership. To that end, 7.5 million people hold a record £1.7tn of mortgage debt. Yet that debt is more exposed to short-term movements in interest rates than in any other advanced country – placing millions of households in danger of extreme privation when, as now, interest rates suddenly rise. It is a lack of duty of care bordering on criminal neglect.
By next December, cumulatively 4.4 million households will have been forced to refix their mortgages at steeply higher rates since Russian tanks rolled into Ukraine last February and interest rates started climbing. Then, two-year fixed-rate mortgages were available at under 3%: today they cost close to 6%. The Resolution Foundation thinktank, assuming that the two-year fix will remain above 6% until next year, estimates that mortgage holders’ annual payments will jump by £15.8bn as their two-year fixes come to an end. Given that so few households have more than £2,000 of savings, the Institute for Fiscal Studies forecasts 2.9 million mortgage holders exhausting their savings completely.
Public trust in the Bank of England and its handling of inflation and interest rate policy has unsurprisingly plummeted to new lows. Last week, its hapless governor, Andrew Bailey, accepted in giving evidence to the House of Lords that mistakes had been made. But his focus was not on institutional reform or innovation that might change the dynamics of the mortgage market, but rather the Bank’s economic model, which had obviously given wrong forecasts. The Bank, he promised, would launch an internal review.
A review? Britain is experiencing the sharpest, fastest rise in interest rates since the 1980s, with more expected – and that after 13 years of rates at 0.5% or below.
True, other economies are facing interest rate increases. But what is unique about Britain is the degree to which borrowers are left to face so much interest rate risk alone. We need more than a review. We need a top-to-bottom investigation into the structure of British finance and how it could be made to work more fairly. And the institutions of economic policymaking need a makeover too.
first ….
Are You Ready For Today’s Juneteenth Federal Holiday
Happy Juneteenth to all !
I’m working.
Personally, I support the concept of a black holiday. I just think the name Juneteenth is terrible. Call it something more appropriate though. Like Skrimp Day. Or even Juneteef.
$105,000 down, $3,600 per month, this gem is yours:
https://www.trulia.com/p/nj/paramus/187-brookfield-ave-paramus-nj-07652–2006709378
I’d only buy it if there’s a sufficient number of appropriate flags flying throughout the neighborhood. Take a ride and report back to us.
Is that roof sagging? If it’s been extensively renovated why no interior pics?
Hold my beer says:
June 19, 2023 at 9:12 am
It is a teardown, house is already leaning. Remember it is in Bergen County.Prices are INSANE!
Last week, Bloomberg reported that Starwood Real Estate Income Trust plans to shop more than 2,000 single-family rentals. Starwood—which declined Fortune‘s interview request—hasn’t publicly explained its motive for pulling back from the residential housing market, where its REIT owns over 3,200 single-family homes. That said, it’s clear that the decision to shop these 2,000 homes comes as Starwood faces an uptick in redemption requests and endures pain in the commercial real estate sector.
At first glance, one might assume Wall Street types would pull back from the commercial real estate space—where office values are sinking fast—and instead pile into the residential housing market—where national home values are rising again after passing through a mild home price correction last fall.
However, institutional firms are also timid on the residential front. According to an analysis conducted by John Burns Research and Consulting, institutional investors—those owning over 1,000 homes—bought 90% fewer homes in January and February than they did in the first two months of 2022.
Why are institutional investors pulling back so fast from the U.S. housing market?
It boils down to the fact that the financial return on each additional home added just isn’t that great right now after factoring in interest rates, house prices, and rents. Not to mention, some big investors like Yieldstreet think that national house prices, despite jumping a bit this spring, are poised for another step down.
I’d only buy it if there’s a sufficient number of appropriate flags flying throughout the neighborhood. Take a ride and report back to us.
Yes Joyce, I will report back with my findings!
Uh, Pumpkin, Baron Funds were the ones I was referencing back when you had your perpetual hard-on for the Fraudulent Demented Grandma as the be-all and end-all of growth investing. By name, I believe.
There are managers who do things correctly, and post consistent repeatable risk adjusted gains.
Unlike Grandma, who just bleats ‘disruptive’ to every query like some frog ribbit-ing as she throws anything against the wall with little strategy or risk management driven by her cast of ‘storyteller’ alleged analysts.
Guess you finally found a decent Twitter feed.
I hate the name Baron Funds. If you remember the Robber Barons, you would too.
Lefty,
Nice, glad you approve. I love the current holdings.
Strong May housing starts 1.63m v 1.39m forecast, multifamily permits up nearly 6%.
Pumpkin, for LT pick the manager, not the underlying.
You want underlying DIY.
On managers, it is long term (> decade) demonstrable and repeatable performance. In other words the exact opposite of CW who has done nothing but set wheelbarrows full of billions of her investors dollars on fire. Unlike these other managers.
Looks like we’ve almost hit a fib retracement level on the nasdaq with these last two weeks.
https://stockcharts.com/c-sc/sc?s=%24NDX&p=W&st=1999-06-06&en=2003-01-01&id=p87771148735&a=1427975999&r=23
No, wait, sorry, that’s a chart from 2000. Here’s the current one:
https://stockcharts.com/c-sc/sc?s=%24NDX&p=W&yr=3&mn=8&dy=0&id=p26015416560&a=1427974202&r=256
Interesting conversation about housing and interest rates over the weekend.
The argument was to buy real estate now regardless of interest rate and price because eventually the interest rate will come down, you then refinance and the property’s worth increases because of demand.
The person making the argument was till now successful 2000’s immigrant that has played the “in debt up to the eyeballs catching falling knives” trick very well.
My argument that – you only know low interest rates because of the Greenspan/Bernanke puts which was possible by low inflation kept in check by Chinese cheap products and oversupply of labor created by Clinton’s immigration policies, which is not repeatable – fell on deaf ears.
Without a doubt to stop this nonsense interest have to go way higher and mortgages have to be around 10%.
This argument is almost as cringe as the “rates coming down next quarter!” chants by the crackheads a few quarters ago. It’s just noise on the social medias.
What I find interesting is that there are classes of mortgages out there, including those taken out by veterans, which are assignable. I imagine this will eventually filter out to the mouth breathers and realtors (not exclusive) and those assets will get quite the bump.
On some of the more serious real estate sub reddits, I’ve come across quiet a bit of folks who can’t wait to get out from their 2-3% rates. Clearly, a small sample size but the general consensus is that life happens, my home is where I live, and if it does not work for me, I’m out as soon as I can afford the next one. Yes, you’ll have immigrants who will ride the rates out, but the more affluent debtors will not be staying put due to rates.
The argument was to buy real estate now regardless of interest rate and price because eventually the interest rate will come down, you then refinance and the property’s worth increases because of demand.
Ralph Kramden thought no-cal pizza and wall paper that glows in the dark were sure fire hits. When will interest rates come down? Did anyone in the circle of discussion specify? And if interest rates come down, will demand still be there if an influx of houses come on the market? Was that discussed?
If inflation continues at this pace, it’ll all sort itself out, except on the paycheck.
Fast: The chatter was Fed will start cutting in 3rd or 4th quarter of this year.
In other news, I was browsing in a rather liberal enclave on Father’s Day after brunch. The town had two charging stations for electric cars. Both were out of order.
I also see that e-bikes are creating havoc in NYC. A little boy is in critical condition after being run over on a pedestrian path and Chinatown had a fire at an e-bike store resulting in the deaths of a four people.
This morning I go to turn on the valves for the sprinkler system and got sprayed with water. My double valve backflow preventer is cracked. Wonder how much this will cost to fix. Looks like the part is around $200.
Fast Eddie says:
June 20, 2023 at 9:45 am
In other news, I was browsing in a rather liberal enclave on Father’s Day after brunch. The town had two charging stations for electric cars. Both were out of order.
Watched videos on this. Guy purchases a Rivian and tries to get it home. Bizarre charging network for anything non-Tesla.
And thanks to electric cars, expect the govt to tax you on your mileage. 5 pounds of crap in a ten pound bag ALWAYS spills out.
Like anything else, for one to get a discount, someone else pays more.
Hold my beer says:
June 20, 2023 at 10:07 am
This morning I go to turn on the valves for the sprinkler system and got sprayed with water. My double valve backflow preventer is cracked. Wonder how much this will cost to fix. Looks like the part is around $200.
That price is highway robbery. Have Lib find you one.
TenPercentInterest,
High rates needed to break inflation and housing but election next year and more rapid rate increases cause bank stress ie mark to market so inflation could get to point where it cannot be controlled. Side note, guy at deli counter at grocery said he has never seen so many seniors ordering by the slice. More people struggling everyday to buy essentials. Perhaps things get interesting H2.
I also see that e-bikes are creating havoc in NYC. A little boy is in critical condition after being run over on a pedestrian path and Chinatown had a fire at an e-bike store resulting in the deaths of a four people.
E bikes don’t create havoc, Dopey Americans driving them do.
The Eeejit-Narcissist combo is very common in America.
It’s about time Bowl and Basket at Shoprite start baking and selling some Humble Pie.
“Side note, guy at deli counter at grocery said he has never seen so many seniors ordering by the slice.”
Can’t wait to see the old goats robbing the Deli counter at Shop Rite.
Go down aisle 9, grab a knife from the cheap cookware department, and go get yourself some cold cuts.
And someone please post it on TikTok or RedditPublicFreakout. It’s the best free entertainment out there. Please label it with something like blah blah blah Capitalism.
Dual backflow preventer is probably $50 if you can figure out what to type in in Alibaba to find it. Of course, you won’t get it for a month.
Side note, guy at deli counter at grocery said he has never seen so many seniors ordering by the slice.
It’s transitory. Besides, President Newsome will see that the rich pay for the suffering of the poor.
Coming soon to a deli near you. Capitalism and it’s enforcers just upholding the law:
The video shows a 73-year-old woman, clutching wildflowers and her wallet, being thrown to the ground and handcuffed in Loveland, Colo., last year by police officers who suspected her of shoplifting items worth $13.88 from a Walmart.
When Officer Jalali arrived, she and Officer Hopp used “excessive force in seizing Ms. Garner, handcuffing her unduly aggressively, breaking her arm and dislocating her shoulder, hog-tying her, and then forcing her to remain handcuffed and restrained for an excessively lengthy period of time,” the lawsuit alleges.
Sergeant Metzler, who responded to oversee the arrest, deactivated his body camera, did not create a report and authorized the deprivation of her medical care, the lawsuit alleges.
After her arrest, she was taken to jail, where she was not given medical help until hours later, the lawsuit says.
In the newly released footage, an hourlong video uploaded to YouTube by the law firm representing Ms. Garner, three Loveland police officers laugh while they watch footage of Ms. Garner’s arrest.
“Hear the pop?” one officer says.
“What did you pop?” asks another.
“I think it was her shoulder,” the first officer responds.
“Can you stop it now?” one officer says as they watch the body camera footage of the arrest. “I hate it.”
“I love it,” another officer says, with a laugh. “This is great.”
Before watching the footage, one officer asks another if he had read Ms. Garner her Miranda rights. The officer says he had not.
“I can’t believe I threw a 73-year-old on the ground,” one officer says.
Told ya. He’s the best!!
Libturd says:
June 20, 2023 at 10:43 am
Dual backflow preventer is probably $50 if you can figure out what to type in in Alibaba to find it. Of course, you won’t get it for a month.
A plethora of housing data:
https://www.redfin.com/state/New-Jersey/housing-market#overview
Fast Eddie says:
June 20, 2023 at 11:20 am
A plethora of housing data:
https://www.redfin.com/state/New-Jersey/housing-market#overview
It’s amazing how Americans will pay so much for house in NJ where the government is so restrictive on your rights, is so corrupt, and will extort the last corpuscle of blood from your body.
Give NJ enough time, they will find a way to calculate how much oxygen you consume every month and tax you for it.
Legally.
Did I say $50? I meant, $15.
https://www.alibaba.com/product-detail/Check-Valve-Price-China-Yuhuan-Shunshui_1600317859225.html
And that’s the first one I found.
Ours looks more like this.
https://www.lowes.com/pd/Zurn-34-350FT/5001749809
Hey Fab,
Wondering how hunt is going? If you have time, could we compare notes on what you are seeing? I could send grim my email.
“KKR agreed to purchase as much as 40 billion ($44 billion) of buy-now-pay-later loan receivables from PayPal. Jennifer Surane reports on “Bloomberg Markets: European Close.”
Are these buy now pay later loans variable rate?
Kids trigger 500K margin calls and simply delete their Robinhood apps. Not sure of the loan quality here, but I guess you want to buy more crap so you pay.
Imagine being a 1%er and worrying about price. What a f/ing horrible disease.
“One-Percenters Keep Shopping at the Dollar Store
Wealthy consumers scour discount-chain aisles for bargains”
https://www.wsj.com/articles/dollar-store-shoppers-wealthier-6e08ce1f?mod=wknd_pos1
Pumps,
There are different types of hoarders. Some hoard cats. Some hoard newspapers. Some hoard every nickel.
Seen many cheapskates in my life-that had the money to pay someone- come in with broken legs, their fingers in a paper towel, head injuries with blood thinners, electrocuted- all that could have afforded a professional but because their grubby little fingers just couldn’t, no matter how hard they tried, did not have the energy to reach into their wallets, yet now those same fingers arrive detached and bloody begging for the day they could deftly lift out a 50 dollar bill to pay someone to do something they didn’t want to pay for.
I understand those that can’t afford, but for those cheapskates, well……
Ending a weeks-long dispute, Gov. Phil Murphy and top lawmakers have tentatively agreed on a revised proposal to give new property tax relief to New Jersey seniors
Boomer needs more relief.
Their house value increased by 40 percent.
They get Medicare and Social Security, paid for by 20 somethings that are paying into a fund that only Boomer is going to get.
Ok, so the price of Prune Juice is up 15 %, gotta give credit where credit is due, but really?
Phoenix,
Professionals never get injured?
Probably not at the same rate.
You’ll be proud of me, it seems like I’m spending about $30k per year on yard/landscaping every year between two houses.
But doing your own lawnwork saves probably $2,500/yr, not chump change. It’s like an extra dinner out per week.
I quit mowing my own lawn after a promotion about 12 years ago left me with more income, coupled with the fact that at my new house, I had nearly an acre of grass, much of which was hilly and had some rocks too. After a couple weeks of trying to mow it, having the mower almost flip on a hillside, and spitting rocks at my legs, I gave up and have had a landscaper go ever since. I gave away my Honda mower to someone here.
No One,
Sure professionals get hurt. But they are at work.
But if you have 5 million dollars, you can afford to have someone trim your trees or clean your gutters.
Mowing your lawn (normal one) is okay for anyone. But climbing a 20 ft ladder while on blood thinners when you can afford to have someone fix something for you is just asking for trouble.
Regardless of what you political believe Hunter Biden got the sweetheart deal of the century. No felony prosecution for 26 U.S.C. § 7201… aka Tax evasion. There are more than a few lawyers and former prosecutors on twitter saying that never happens, the federal guidelines prohibit it.
Also pretrial-diversion on a gun charge? Federal pretrial-diversion guidelines are for non-violent misdemeanors. He got it for a gun crime felony.
I know a guy who was not offered any of that for tax evasion or mail fraud. He ended up serving time.
Look they could have done the right thing and prosecuted and let a jury decide, his dad could have given him a pardon to keep him out of jail. What happened here was not justice, they had a case for sure and should have pursued it.
Juice,
We don’t prosecute the “connected.”
America promotes the illusion of justice and freedom.
It’s really a playground for rich criminals. The rest of us are just suckers that salute the flag and recite that drivel.
The only reason they even did a plea was because they started releasing the laptop info. Now they can be like “look, we took care of it”
“No felony prosecution for 26 U.S.C. § 7201… aka Tax evasion. There are more than a few lawyers and former prosecutors on twitter saying that never happens, the federal guidelines prohibit it.”
Well it’s happened at least once before- last year, to Roger Stone. Except Stone didn’t even plead guilty to a misdemenor, he just agreed to pay the 2.1 million he owed.
As for the gun charge, a federal judge in Oklahoma recently ruled that drug use couldn’t be used to deny someone their second ammendment rights. Maybe the prosecutors just didn’t want to go down that wormhole with Hunter.
In any event, the deal still has to be approved by a judge.
Boomer getting angry- and how you handle him.
https://youtu.be/MP79CQ_yCoM?t=34
Bystander,
You can reach me at fabiusmaximusnj@gmail.com. Not doing much at the moment. Taking a few weeks to sort out paperwork and lot of life stuff. Give me a shout and we can meet up for a coffee.
I had a middle school and a high school graduation last week and I drove non stop last night and today to and from Vermont to drop a kid off at camp. Add in Family in the from the old country, I haven’t stopped since I was let go.
What I have done is set up a company and have the 401K roll over into a traditional 401K with a i401K add on. That will allow full flexibility on investing and tax advantages on any work I can put through the Mark. I ended up on a high tier with Vanguard, so fees will be cheap.
I’ll start the big push next month. I’m in a good place and not in a rush at the moment and I’m enjoying the downtime. I’m waiting until July 1st when the new financial year rolls in at my old firm to see if there is contract work to pick up. I have a few old bosses looking for me. One is in a firm that is looking to expand into the US that looks promising. I’ll take the time at the moment to start banging out certifications. Confluent give me a load of $$$ Credit for Kafka resources. That will be a quick one to certify in.
Fab! The only time I get meaningful time off is between jobs. Enjoy.
)C1- “Well it’s happened at least once before-”
I see you get your talking points from the uniformed.
With Stone there was no criminal prosecution and no pending grand jury indictment that was only a civil case. They had Hunter dead to rights on tax evasion, FELONY. He is getting a slap on the wrist. BTW the prosecutor already said they were going for a conviction with probation as a sentence. Why misdemeanor now? Who made a phone call?
As far as the gun crime it’s apparently unheard of as pretrial intervention as I mentioned never happens. Just ask the former prosecutors who are speaking out on twitter.
https://twitter.com/ReeveSwainston/status/1671312941503889408
As far as the gun charge the stats don’t lie. ” unlawful possession of a firearm”
Here is the data..on page 18.
https://tinyurl.com/3a4fxp7s
See table 6 for how very common the unlawful p*oss*ession of a f*ire*arm charge is. About 5000 per year for possession only, with no other offense. Combined with other offenses it’s 10,000 cases.
Again why did he get pre-trial intervention? The conviction rates here in chart 7 are above 90%, yet they let him walk. Who made a phone call to the Attorney General of Delaware? His ADA who has to present this to a judge for approval should resign in protest.
In a December interview with the campus newspaper, Harvard College Dean Rakesh Khurana was given the chance to offer a word of advice to seniors.
“Don’t gratuitously drop the H-bomb,” Khurana said.
The H-bomb, for those unaware of lingo from the most famous Ivy League school, is the thermonuclear act of saying aloud that one attends or attended Harvard. The process of explaining to someone not from Harvard that you went to Harvard is complicated, students at Harvard will tell you, repeatedly.
For years Ivy Leaguers have been conspicuously obtuse about where they went to school. But the H-bomb conversation is at an all-time high.
https://www.wsj.com/articles/harvard-students-graduates-the-h-bomb-ivy-league-646d8655?mod=hp_featst_pos5
“They had Hunter dead to rights on tax evasion, FELONY.”
According to the indictment, Hunter was charged with “failure to pay taxes”, which is a misdemeanor.
“Failure to pay” can to upped to a felony offense IF the person also engages in evasion or obstruction. Hunter reportedly eventually did pay his taxes, and cooperated with authorities, so it didn’t rise to a felony offense.
https://www.forbes.com/sites/kellyphillipserb/2023/06/20/hunter-biden-failed-to-pay-taxes-heres-why-hes-likely-not-going-to-jail/?sh=4ce525a8b5b4
How too much money gets you into trouble, then you get bailed out by the public:
A flotilla of international rescue ships are steaming towards the Titanic rescue site to try to locate the missing submersible with five people trapped inside with just 20 hours of oxygen left.
Boats from France, Canada and the US Navy are racing towards the site carrying the only specialist equipment in the world capable of making the 12,500ft dive to try to find the missing vessel.
Cops killed a guy over a “possible” fake 20 dollar bill.
I don’t care what they charged him with, white collar crime is a real crime.
He should have done prison time. The gun charge notwithstanding.
I’d like to put him in the same cell with Trump, and a bag of metal kitchen forks.
OC1 says:
June 21, 2023 at 1:03 pm
“They had Hunter dead to rights on tax evasion, FELONY.”
According to the indictment, Hunter was charged with “failure to pay taxes”, which is a misdemeanor.
“Failure to pay” can to upped to a felony offense IF the person also engages in evasion or obstruction. Hunter reportedly eventually did pay his taxes, and cooperated with authorities, so it didn’t rise to a felony offense.
https://www.forbes.com/sites/kellyphillipserb/2023/06/20/hunter-biden-failed-to-pay-taxes-heres-why-hes-likely-not-going-to-jail/?sh=4ce525a8b5b4
Smith’s plan to lift people out of poverty didn’t involve the abolition of private property or redistribution by the state. Neither did he advocate a libertarian utopia—he believed governments played an important role. Nevertheless, in 1755, two decades before “The Wealth of Nations” appeared, he warned in a lecture: “Man is generally considered by statesmen and projectors as the materials of a sort of political mechanics. Projectors disturb nature in the course of her operations in human affairs; and it requires no more than to let her alone, and give her fair play in the pursuit of her ends, that she may establish her own designs. . . . All governments which thwart this natural course, which force things into another channel, or which endeavour to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical.” Prophetic words.
Smith showed the world how to overcome poverty. He didn’t leave much to his nephew, but his great legacy is showing the world that only economic growth can lift people out of poverty, and that the most important condition for that is economic freedom.
https://www.wsj.com/articles/adam-smiths-solution-to-poverty-economic-growth-300-years-wages-8274f904?mod=hp_opin_pos_2#cxrecs_s
“Again why did he get pre-trial intervention? The conviction rates here in chart 7 are above 90%, yet they let him walk. Who made a phone call to the Attorney General of Delaware?”
The AG of Delaware doesn’t prosecute federal crimes; the US Attorney for that jurisdiction does.
The US Attorney who agreed to the plea deal is a Trump appointee. Oftentimes, US Attorneys are replaced when a new administration takes office. But in this case the Trump appointee was left in place so he could finish the investigation that he started.
He is about as independant as a US Attorney can be.
As for the pre-trial intervention, Hunter doesn’t have a criminal record, didn’t use the gun to commit a crime, only had the gun for 2 weeks (his girlfriend threw it away when she found it), and he was an admitted drug addict at the time.
Not at all unusual for people in that situation to get an intervention or probation.
And if he violates the terms of his pre-trial intervention (goes back to using drugs), he can still be charged for the gun possession.
BTW, re the illegality of drug users owning guns, marijuana is still considered an illegal drug under federal law, so any gun owner who regularly smokes pot is commiting the same crime Hunter was charged with.
But I don’t think the feds will be going after Elon Musk, Joe Rogan, or any of the millions of other pot-smoking gun owners anytime soon.
Also funny that people who think that every American should be allowed to own any gun and carry it anywhere at any time are screaming about Hunters lenient plea deal on the gun charge.
Twice today – instead of getting contact for jobs on LI, I got AI BS artists trying to get into my company to sell solutions. Brandon better stop this stuff quick. The hubris is out of control.
OC1- you are refusing to admit he got special treatment on the gun charge. Federal guidelines are misdemeanors only for pre-trial intervention not felonies of unlawful possession of a firearm. There are loads of lawyers speaking out on this. He used his white privilege combined with Biden privilege here. NOBODY ELSE got that deal, nobody, it was special treatment.
It does not matter who appointed the US Attorney or how long he had the gun, just ask any of the five thousand other people who are prosecuted every year for the exact same crime, unlawful possession of a firearm. I hope the judge tosses the deal.
As much as you, and the lawyers you mention, scream loudly from the top of a mountain, nothing is going to happen.
“With liberty, and justice, for all.”
Bull shite words. It’s who you know, what leverage you have on someone, how much money you have.
Salute that flag all you want. But it is based on a lie. Justice is something you buy in America. And plenty who fought and died for it are homeless and living on the streets.
No one gives a flying fucc. Or they wouldn’t be there. America runs on money.
“Federal guidelines are misdemeanors only for pre-trial intervention not felonies of unlawful possession of a firearm. There are loads of lawyers speaking out on this.”
I think we should send more billionaires to rescue the trapped ones. They are the smartest on the planet, so most likely to be successful in rescuing their own.
Who knows better how to save a billionaire than another billionaire.
Rescue? There are maybe 4 submersibles on the entire plant that can go that deep. None have any kind of ability to rescue or even attach a tow line, all are low power too and move very slow. Unless that submersible can drop ballast they are done.
The seven surfacing mechanisms on board Titan are manually operated.
They include:
Three “enormous,” “beat-up” lead construction pipes called “triple weights” – manual release
Two “roll weights” (shifting people inside from side to side rolls them off)
Several ballast bags of lead shot – manual release
Self-dissolving bonds on the ballast bags (after 16 hours underwater, we are past that)
Thrusters to propel the sub upward
Detachable sub legs – manual release
An airbag to inflate – electric or manual control
None of this seems to have been deployed, they would have risen to the surface in only three hours if they were.
Juice Box says:
June 21, 2023 at 10:28 am
“As far as the gun charge the stats don’t lie…Here is the data.”
Great job with the stats, facts and overall ‘bulletproof’ argument. Having said that, you do realize that you’re wasting your time debating a stooge like OC, right? And ‘stooge’ is precisely the correct term for people like him who literally do nothing but excuse, defend, rationalize and condone the abysmal performance and behavior of the Dems.
As for this latest disgrace, the hypocrisy is really the least of the issues associated with it — though having been ‘schlonged’ by their leader, the silence of the Dem ‘equity’ constituency is a bit interesting. The big take away is how corrosive to our institutions, and to the rule of law, the Dems have become. They’ve always been hypocritical virtue-signalers, but at least somewhat benign. But the modern Dem party is truly malignant, and the damage that they’re now causing by such blatant disregard for the legal process, and the overt politicization of law enforcement institutions, can’t be overstated. Welcome to US of Venezuela!
Juice-
“you are refusing to admit he got special treatment on the gun charge. Federal guidelines are misdemeanors only for pre-trial intervention not felonies of unlawful possession of a firearm.”
Are you sure about this?
From what I have read, it is pretty rare for first time offenders of this type of gun charge to do prison time. In fact, they are almost never even prosecuted, unless they have a prior criminal history, or used the gun in a crime.
I don’t know who your “loads of lawyers” are, but the lawyers I’ve seen on this think Hunter’s deal is on the harsh side.
https://www.forbes.com/sites/saradorn/2023/06/20/did-hunter-biden-get-off-easy-republicans-thinks-so-heres-what-legal-experts-say/?sh=3285edf0794b
“He used his white privilege combined with Biden privilege here.”
Or maybe rather “rich peoples privilage”? A good (expensive) lawyer can do wonders.
“I hope the judge tosses the deal.”
Maybe they will. I am fine with that.
The deal that Hunter got from the federal prosecutors wasn’t even skating on tax evasion. We all knew we’d be put away fire tax evasion and failing to register as a foreign lobbyist for doing what he did. You have to new connected to walk on that.
The best deal he got yesterday though was to disown his child. He reduced his child support payments by 75%and his child isn’t allowed to use his last name. He turned his back on her for cheap.
Real stand up people the Bidens. Great choice to run the country into the ground as we became third world. A human fly catcher and a drug addict running the show.
Ironic, isn’t it? The Biden’s violated the top two items on the talking points list: Gun control and the rich paying their fair share.
The ironic part about the tax evasion is that it’s possible he wanted to pay the taxes but couldn’t because he and the big guy broke a bunch of bribery and foreign lobbying laws in the process of obtaining the money they laundered. To reduce what they did to failure to pay taxes is a sad joke. Even for a banana republic.
The IRS came calling on me for a $2000 cash deposit. Did they not notice him raking in millions?
Good one, Ed. Hard to argue that one.
I thought Ray Dalio has new deep sea submarines as part of OceanX. Where are his Principles on this?
Lmao…
“So now the asset managers who thought #Bitcoin was cooked are jockeying to secure a position before the ETFs go live.
But 70%+ of the supply is already in the hands of psychos who didn’t even flinch when FTX blew up.
Look at me in my laser eyes. The bidding begins at $1000K.”
1 month chart on ETH has me thinking this is a pure bull market.
Cup and handle hard…even with DNA. Both are saying we are in a bull market. Who knows.
Such a different market from 40 years ago. Just totally different. The amount of information and misinformation out there is overwhelming.
Looks like Biden is about to give sensitive info to India now. America gives it first to China, now India.
Demented dork selling our children’s futures. What is wrong with old people?
A series of major announcements are expected Thursday, including a major deal to manufacture General Electric fighter-jet engines in India
“It’s coveted sensitive technology — something India’s been asking for, for almost two decades,”