From Redfin:
There Were Fewer Homes for Sale in May Than Any Other Month on Record
The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million on a seasonally adjusted basis in May. That’s the lowest level in Redfin’s records, which date back to 2012, and the first annual decline since April 2022.
By comparison, there were 2.2 million homes for sale in May 2019—before the pandemic rocked the U.S. housing market—meaning housing supply was 38.6% below pre-pandemic levels this May.
America’s housing stock is dwindling because there are very few people selling homes. New listings of homes for sale declined 25.2% year over year in May to the third lowest level on record on a seasonally adjusted basis, as homeowners were handcuffed by high mortgage rates.
Nearly every homeowner with a mortgage has an interest rate below 6%, meaning many are opting to stay put because selling and buying a new home would mean taking on a higher monthly mortgage payment. The average 30-year-fixed mortgage rate in May was 6.43%, up from 5.23% a year earlier and a record low of 2.65% in 2021.
Housing supply had already been lacking for years due to a steep dropoff in homebuilding following the 2008 financial crisis. The shortage intensified in 2020 and 2021 because rock-bottom mortgage rates prompted scores of people to buy homes.
Looks like Kaufman and Lawler are going to be back in the ring again.
Getting our roof replaced today. Over 15 guys and lots of banging. Definitely a few good mom jokes to be made from this.
Housing supply had already been lacking for years due to a steep dropoff in homebuilding following the 2008 financial crisis.
Not here. I’m not sure if they’re rentals or condo sales but everywhere I turn in prestigious Bergen County, they’re bulldozing land and stuffing as many stackables as humanly possible on top of each other. They can’t build them fast enough. Besides, we need more concrete and asphalt for the rain runoff because you know, tax dollars matter.
Live work spaces are the future, but stop misunderstanding the name.
$3,500 a month apartment over a cupcake shop.
It’s not the same person who lives and works.
Soon enough, people will miss what we once had….separate work/and life environment. Who in their right mind wants to combine work and life into one? Where you never ever get away from work. F that. That’s life/work balance? WTF?! I like leaving work and going HOME! I don’t want one bleeding into the other.
More than $2.6 billion has been spent dumping sand onto the Jersey Shore. Was it worth it?
https://www.nj.com/news/2023/06/the-disappearing-beach.html
Truly I would prefer a daily two hour jam on the Merritt going 20 m from Greenwich to Fairfield. That is a usual Weds, no accident, no rain too. Clueless as usual.
Sorta like Amsterdam where some of the priciest mixed use real estate is above the brothers, yes?
Pumps, I went to fly a kite and kick a soccer ball around with my kid in Edgewater at 1:30PM yesterday. I caught up on work after story time.
Anything can take on a nefarious character if you spin it right.
errr… brothels
Bystander,
I am simply saying I would not want to live at work. No idea why so many think this is optimum, but to each and their own.
Commute? Not being a dick, but why doesn’t anyone ever suck it up on the house when they complain about a commute? Give up the bigger house and move closer to work. Can’t have it all. Traffic could be cut down a lot if people didn’t choose to live in Sparta NJ and commute to nyc. Then they complain about the commute? Wtf? Acknowledge you chose to commute because you want more house and yard.
Yes, you can spin it just like this too. How about you are at your kid’s soccer game at 1:30 and have to leave because you wfh and your boss needs some bs now….or your kid’s birthday is happening and your boss texts you that he needs this report asap. Good luck!
Boomer Remover says:
June 22, 2023 at 9:01 am
Sorta like Amsterdam where some of the priciest mixed use real estate is above the brothers, yes?
Pumps, I went to fly a kite and kick a soccer ball around with my kid in Edgewater at 1:30PM yesterday. I caught up on work after story time.
Anything can take on a nefarious character if you spin it right.
Simply put dhingus – work is all over the gd place. Companies keep shifting their workforce from one area to another. I get banks with 3 day hybrid in JC, Brooklyn, Newark, Whippany, LI, Stamford, NYC- midtown, NYC downtown. If live in Bergen NJ, do you want Stamford or Brooklyn? Hell no. If if CT, do you want Newark or JC? Hell no. My neighbor does two times a week in JC from CT. I know it is killing him with 3 young kids.
Grim,
I had no idea what you meant in first post. Lol. Carrottop can be ref? Make it a freak fest
Get ready for a Zuck vs Musk cage fight
Whether it moves from banter to the octagon remains to be seen.
Who in their right mind wants to combine work and life into one?
You mean like the entire history of human civilization?
If you believed they put a man on the moon
Man on the moon
If you believed there’s nothing up his sleeve
Then nothing is cool
2 trailer park girls go round the outside, round the outside.
Marjorie Taylor Greene and Lauren Boebert got into a heated exchange on the House floor Wednesday
Greene called Boebert a ‘little b***h’, according to sources
Live work spaces are becoming more common. Ground floor retail, restaurants, doctors/dentist offices, the upper floors are apartments or condos.
Its also pretty common in Asia for 4 or 5 story row house the ground floor is a family business like a restaurant or retail or repair shop and the upper floors are where the family lives. They just walk down the interior stairs and right into the business.
Phoenix
I saw Twice last night. Was a fun show, about 3 hours long. Your bias has a powerful voice. I think she’s the best singer in the group, but the owner of the label wanted them to have a softer image so Nayeon who has a higher and softer voice is the main singer and Jihyo is second singer.
And everyplace asked for a tip. Getting merch and snacks that tip button came up. I clicked other and then $0.00 would appear.
Billionaire cage matches are what you get when these guys are pumping testosterone like candy. For sure Bezos’ drug regime has got his nutsack looking like a pair of peas in a teabag.
Lol…
grim says:
June 22, 2023 at 9:43 am
Who in their right mind wants to combine work and life into one?
You mean like the entire history of human civilization?
At the end of the day, maybe it’s just me. I don’t mind leaving my house to go to work. Sucks for the people that hate it and cry about it. They should stay home…they love it. I think it’s unhealthy both physically and mentally, but good luck with it. You want to sit at home all day, go for it. To each and their own…
HMB,
3 hrs. Damn. I’m not a big concert person but I hope the energy of the show will keep me interested.
Kid last night tells me she needs a concert bag. I’m like WTF is a concert bag?
Turns out if you go to concerts you need a clear bag to put things in. Oh well.
One of my bosses has Aerosmith tickets I might get for NY, it’s a long shot as she might not be able to go. I’d like to go as I know that music well, my time period. My kid notices IVE will be playing at the same place, I got the look from her.
There goes a big chunk of my bonus money this year. Thankfully Lib got me into Primus bank to make some decent interest.
Pumps
How long is your commute? If its under 40 minutes try driving to the school, then go home and back to school before you start work and see how you like driving an hour or more each day everyday. And since companies can lay you off at any time or move their office it makes no financial sense to move closer, especially if you have kids in school.
Phoenix
Yes. Only small clear bags or clutch like bags are allowed. We saw a few women get turned away by security for having big purses. And every place was credit or debit only.
Tshirts start at $50 at concerts.
Twice is very entertaining. Not much down time. Each one of them does a solo performance so while 4 or 5 of them are getting ready the rest are hanging out on stage chatting.
Does your daughter like Aespa? They are touring the US in August and September.
In order for me to move closer to work, it would cost me probably $500k between a more expensive home and extra interest on the current rate I would get with respect to the current rate I have. I’ll continue to drive so I can retire.
Lawyers are a cancer. They don’t produce anything and just suck the economy dry. Making everything more expensive with each bs lawsuit. How many laws and red tape created from lawyers chasing other people’s money.
“Over the past few years, as the Manhattan real-estate broker Lisa Lippman took her well-heeled clients through $7 million-plus apartments with Central Park views and amenities including squash courts and lap pools, she noticed a change: It was no longer bankers making a lot of the offers. It was lawyers.
“It used to be you’d say someone is an investment banker, and that was a big deal. Now it’s like meh,” Lippman, a former lawyer, said. “If I had to pick my favorite buyers, it would be big-time lawyers.”
While bankers used to make multiples of what lawyers did, the lawyers have been zooming ahead, thanks to stagnant banker pay for all but the very top performers and changing dynamics at law firms. The trend took hold well before the recent slowdown in deal making dented banker pay.”
https://www.wsj.com/articles/on-wall-street-lawyers-make-more-than-bankers-now-ae8070a7?mod=hp_lead_pos1
Commuting can be fun. Especially if you are a Rt80 commuter.
It’s a high speed, slow speed dumpster fire. Almost every day you will see a car on it’s roof. Granny in the left lane, racers zig zagging.
Gives a new meaning to defensive driving.
Want to make America great again…get rid of all the lawyers that drive the cost up on everything. Oh, someone buys a hot coffee from mcds or dunkin and spills it on themselves….who gets stuck paying for the bs lawsuit? Us. Now insurance goes up. And like dominoes…it just goes down the line directly to your pocket.
Way too many bs lawsuits in this country. There is a need for lawyers, but not this bs. Becoming filthy rich off of the manipulation of the law…
Tshirts start at $50 at concerts.
It’s absolutely everything. I actually chuckle at the cost of anything and everything. If someone could explain how people are surviving financially and sleeping peacefully at night, I’d like to read it.
Urologists tell me it’s cops who beg for testosterone more than any other group.
One story, cop tells him, blah blah blah the bottle keeps running out of gel.
Doc tells him, nope, bottle has metered pumps. Each one delivers an exact dose.
Someone is lying.
Pumps,
My kid wants to be a lawyer. I’d be afraid of her.
I told her to jump that shark and become a Judge. Even better.
I don’t like lawyers. So now I will help her follow her dreams-at least I know she will always be able to protect herself in snarky America.
I wish I would have done it.
Does your daughter like Aespa? They are touring the US in August and September.
Idk. I will ask her when she wakes up. She is a night owl.
Regarding Grim’s original post –
Besides the higher mortgage rates, I wonder what other factors are contributing to the low levels of home resales.
How much migration already happened in the past 2 years inspired by the opportunity for remote work? Perhaps those that could, have already done so?
That seems like something surveys would help inform. Are there still more people waiting, and where do they want to go?
There’s the typical transitions that happen at life stages around here: Younger couples move from the city to suburban areas to send their kids to better neighborhood schools. Older coupled often downsize/relocate after their kids graduate from high school. People retire and leave the NJ/NY area entirely seeking lower cost of living and a better retirement lifestyle. Was any of this disrupted/delayed/accelerated in recent years?
BTW, I’m not sure these lifecycle transitions are as prevalent away from bigger cities with bigger incomes.
Is remote work causing more people than in the past to occupy more than one house? (Staying in one house/apt that’s closer to work, but also staying at another home further away for remote work).
As for myself, remote work opportunities accelerated my purchase of a home in a high-end lifestyle town in FL by probably 12 years. If I bought it for retirement I would have already sold my house in NJ. But I’m not retired, spend some time in the head office in NJ during the summer, work remotely from FL in the winter. Has remote work led to higher total demand for homes, because other people like me are occupying multiple homes? Or am I over-extrapolating from my own circumstances?
Phoenix
Aespa is going to be in Brooklyn on September 5th. Tickets are through livenation
I honestly don’t understand how these people are doing it. I am well off, and the price makes me do a double take. I thought fast food was supposed to be cheap. Went to wendy’s and used the buy 1 premium burger and get the second for a dollar. Ordered that along with a spicy ckn sandwich and large fries. $19. How is the bottom 50% of the population doing it?
I guess the bottom 50% of the population was doing really well the past 2 years. Huge raises on low wage workers. But….that’s all catching up to them now as they are paying almost double the cost on housing and food. Something has to break…
Fast Eddie says:
June 22, 2023 at 10:27 am
Tshirts start at $50 at concerts.
It’s absolutely everything. I actually chuckle at the cost of anything and everything. If someone could explain how people are surviving financially and sleeping peacefully at night, I’d like to read it.
“your kid’s birthday is happening and your boss texts you that he needs this report asap. Good luck!”
Is this how government workers imagine private employment (and rationalize their own)?
My position is nothing personal to lawyers. I just see the field as a tax on hard workers. They don’t create anything, but lawsuits. Lawsuits (a lot of them are straight up scams) are a tax on business and living by individuals called lawyers…. Who manipulate the law to shake down businesses and individuals with money.
There is a need for lawyers, but the field has been taken over by bad greedy people with no f/ing conscious.
Phoenix says:
June 22, 2023 at 10:31 am
Pumps,
My kid wants to be a lawyer. I’d be afraid of her.
I told her to jump that shark and become a Judge. Even better.
I don’t like lawyers. So now I will help her follow her dreams-at least I know she will always be able to protect herself in snarky America.
I wish I would have done it.
“Younger couples move from the city to suburban areas to send their kids to better neighborhood schools. ”
We are staying put close to the city as our elementary school is excellent! We’ve no intention of staying put for middle school though.
Why are you taking personal shots? Defend your position instead of worrying about govt workers that actually show up to work and take care of your kids.
Boomer Remover says:
June 22, 2023 at 10:43 am
“your kid’s birthday is happening and your boss texts you that he needs this report asap. Good luck!”
Is this how government workers imagine private employment (and rationalize their own)?
Without lawyers, who will defend you in court? Who will help you protect your rights?
I think that the reason lawyers are often seen as the bad guys is that they are the one’s most obviously taking advantage of bad laws. I’d argue that you should save your hate for the legislators and operators of bad laws, or a messed up legal system. Perhaps lawyers have a hand in that, having too much influence on the design of laws, which they take advantage of.
My point – deal with the root causes of bad laws, bad incentives, and corruption of the legal system, and you’ll start liking lawyers more.
BTW, I’m not friends with any lawyers personally.
As for myself, remote work opportunities accelerated my purchase of a home in a high-end lifestyle town in FL by probably 12 years. If I bought it for retirement I would have already sold my house in NJ. But I’m not retired, spend some time in the head office in NJ during the summer, work remotely from FL in the winter. Has remote work led to higher total demand for homes, because other people like me are occupying multiple homes? Or am I over-extrapolating from my own circumstances?
No, this is material, I think. There have been a lot of second homes purchased with the premise of a long-term retirement play, but in the interim, represent two units of inventory being consumed.
This doesn’t necessarily always align well with typical geo trends. For example, I know a few folks that bought summer homes in the far northeast (VT, NH). This doesn’t really represent a typical migration flow, and they might not ever retire there full time. But, it still represents a unit of NJ inventory that is not coming to market, nor will it in the short-term.
Heck, in the past year, my cousin upsized their Florida “retirement home”, despite having their primary residence still be in NJ. They aren’t selling here, not for a long time. How’s that for a crazy dynamic? I don’t even think they are outliers.
I don’t personally hate lawyers, but I understand the damage they do. It’s like any field…a few bad apples ruin it.
Lawyers are like bodyguards when you are rich.
When you need one, you wish you had one, and you’ll gladly pay for the biggest, baddest one on the block.
When money is no object, lawyers are incredible assets.
Unfortunate, but legal system benefits those who can most effectively use it, and that means being able to spend the money to do so.
I was researching demographics/future real estate. This is one thing that might keep pricing high for decades….people buying multiple properties. Way more prevalent today than 50 years ago. Population can fall, but real estate still go up as the rich buy up the supply to store and diversify their wealth.
grim says:
June 22, 2023 at 11:16 am
As for myself, remote work opportunities accelerated my purchase of a home in a high-end lifestyle town in FL by probably 12 years. If I bought it for retirement I would have already sold my house in NJ. But I’m not retired, spend some time in the head office in NJ during the summer, work remotely from FL in the winter. Has remote work led to higher total demand for homes, because other people like me are occupying multiple homes? Or am I over-extrapolating from my own circumstances?
Decided to look at the comments in that article….first comment. People are catching on.
Amir Wolfe
10 hours ago
The rise of lawyers and their place in our society (business and politics) is a bad sign. In general, lawyers are responsible for the transfer of money from people and businesses to their own pockets. Instead of facilitating life in society, the legal system is turning into a leach – not different from a bureaucracy that has outgrown its use.
The food industry has learned that fat f&ck Americans will probably pay anything to have their fried animal parts..but nothing to do with greed. This is inflation of course.
357
Joseph Lamour and Diana Dasrath
Wed, June 21, 2023 at 5:54 PM EDT
A fee on some Buffalo Wild Wings takeout bills has drawn online backlash and heated debate, months after a class action complaint was brought against the chicken chain.
On June 21, Buffalo Wild Wings confirmed to TODAY.com that its 99-cent takeout fee was part of a “test” at certain locations — but that test is now coming to an end.
“Several Buffalo Wild Wings restaurants have tested a take-out fee, which is disclosed to guests prior to purchase; however, we are ending the test and will have the fee removed by the end of this summer,” a Buffalo Wild Wings spokesperson tells TODAY.com.
Phoenix, the new twist on the commute is people starting to use the shoulder as the fast lane, 3 lanes become 5. Used to see it a couple times a year now its almost every day. And motorcyles splitting lanes you could be 6 wide at any given time. Cops are just sitting there watching.
In related news, Lab made chickens are here
The era of lab-to-table dining may have arrived. Now that the U.S. Department of Agriculture says “cultured” meat is safe to eat, poultry products made by the companies Upside Foods and Good Meat will soon be sold at restaurants.
This is how someone – who lives a few miles away from work, doesn’t work all 12 months of the year, and less hours per day than you do – rationalizes their stupid comments.
Boomer Remover says:
June 22, 2023 at 10:43 am
“your kid’s birthday is happening and your boss texts you that he needs this report asap. Good luck!”
Is this how government workers imagine private employment (and rationalize their own)?
Time for market to come to grips with further rate increases and no rate cuts for a long time. Jobs still on fire and housing again on fire. Increases not working bc boomer got all the money, retired and fled to buy their second home. Way to go Oz Powell.
First-time jobless claims rose to 264,000, above estimates. They were expected to ease to 261,000 vs. 262,000 in the previous week, per Econoday estimates. Further, May existing home sales numbers from the National Association of Realtors unexpectedly rose to 4.3 million. They were anticipated to dip slightly to an annualized rate of 4.25 million vs. April’s 4.28 million.
Some LI commentary
“But I’m a little more skeptical that’s what’s happening; if we were experiencing a genuine further worsening in layoffs, we’d also see a downstream increase in continuing claims – which is not happening, at least not yet. The upward bump in initial claims is not converting into continuing claims. So for now, I’m inclined to view the data in this report as suggesting the labor market’s near term outlook is modestly better.”
Says the guy crying about having to go into work when the owner says get in.
Sounds like you are jealous of a teaching position? Plenty of positions available if you want in? Just a little tip, don’t expect to have summers off for 15 years or however long it takes for you to make decent money.
As for commutes, people have choices. I’m sorry, I can’t stand listening to someone bitch about a 2 hr commute BECAUSE THEY DECIDED TO CHOOSE TO LIVE IN A LOCATION THAT IS MUCH CHEAPER. That’s on them. They don’t have to live so far away, but they greedily want the bigger house and then bitch about the commute. You have issues if you take on a two hr commute and then do nothing about it, but bitch. Life is tough, grow a pair and do something about it or stop crying. Got it, face?!
PumpkinFace says:
June 22, 2023 at 12:44 pm
This is how someone – who lives a few miles away from work, doesn’t work all 12 months of the year, and less hours per day than you do – rationalizes their stupid comments.
And I do empathize with someone that is forced into a long commute. Truth is, most people aren’t. They choose it for whatever reason.
It’s like crying about working in the city. Well, then go be a f’ing farmer. Why choose an office job in the city and then cry about having to go into the office. “Why daddy?!!” (Little kid crying voice). People are a bunch of pussies these days.
BBC is reporting debris in ocean bottom identified as landing frame and rear cover of missing sub.
Sad to say, but is a win for knowledge and expertise. The pilot/CEO seem to have a reputation that would put him in the “inject bleach for covid” crowd.
The billionaires got what they were looking for, with their ” I can buy it” mindset.
All the billionaires don’t get a bad rap. The mexican one with his yacht cruising the Mediterranian deserves praised for rescuing over 100 people when even the Greek Coast Guard turned their back on an overturned ship carrying over 600 people.
The place is a tragic cemetery, live it alone. The good thing is a lot of US Navy, USCG and other agencies got to do a “real run” with a lot of tech and skills they practice for.
Bystander: Apparently the increase in claims is concentrated in NJ, CT, and CA. Also big increase in fraudulent claims which is clouding the picture according to the Market watch article. BOE raised rates again, and it looks like the ECB will continue raising rates as well.inflation is not over.
If only you were capable of reading and comprehending, I would try to explain some chit to you (deep voice from daddy talking to little kid). Unfortunately, you are not. So you’ll continue to get pleasure from your relentless need to play a victim and claim other people said chit that they never posted. Flame on.
By,
I’m telling you, they can’t raise rates anymore or they are going to crash the economy due to the debt out there being serviced at low rates.
You are too focused on housing and labor market. I think the Fed realized that they can’t fix either one with rising rates. Simply not enough workers (in comparison to total population) and not enough housing (i told you this would happen for years as they stopped building after 2008 and a coming millennial wave THAT WOULD WANT A HOUSE IN THE SUBURBS). It’s a supply and demand issue with housing and labor.
With labor, the issue is not enough workers in the jobs that no one wants…your low paying jobs that are hard work. The low paying jobs in healthcare, food service, and education are all having trouble getting workers because they pay too little and there is not a supply of workers to do it. So you end up with burger flippers making 20 an hr to start. Driving up the cost of everything because they can’t find workers to do it cheap. Can’t even get workers to leave their house and come into the office for god’s sake. It’s bad out there.
Putting this all together. The Fed knows the rising rates destroyed inflation…commodities took an absolute bat to the head. Yet, we still have inflation in the system, and that’s from the supply issues in housing and labor. So the Fed does not expect to have to have a high unemployment rate to kill inflation…they know the labor market will remain this way for some time. They know that the consumer is not accepting of rising prices anymore. So even with a tight labor supply you are seeing layoffs and a cap on big raises to control costs in pricing.
Sorry, by, but the market has been going off because they realize inflation and rising rates are over. They are acting on it.
Face,
I grew up. I have not played the victim on this blog in a long time. You always attack me, so I was just giving some of it back to you.
Sad to say, but is a win for knowledge and expertise. The pilot/CEO seem to have a reputation that would put him in the “inject bleach for covid” crowd.
I’d go one step further and say this is the same crowd that wants to build a railroad across the Indian Ocean.
By,
You think JP will continue with 25 or take off the rose color glasses with a pair of 50s. If its political, and mostly it is, he needs to rip off the bandaid in the next few months, get to where we need to be and then things can start to heal so his boss doesn’t have to run while things completely suck.
Isn’t there already hours of high def video of what the Titanic looks like underwater? There have been many cameras sent down there. Project that onto your theater screen and you’ll get a better, clearer, longer view of what’s down there than you’d get looking through a porthole you’d have to take turns sharing for 30 minutes. And without the discomfort or sudden death.
But then you couldn’t brag about going down to see the Titanic, or how you and your team of sherpas climbed Everest.
First time going somewhere dangerous, congrats, you’re an explorer in the record books.
By the time a dozen people have done it already, why bother?
Skydiving, base jumping, free climbing, space tourism, I have the same attitude. Kind of on par with autoerotic asphyxiation to me, except people brag about doing it.
I wouldn’t ban this stuff, but I think the government should be allowed to charge your estate for the search & rescue and the processing of your body bag.
FOM,
What’s the justification for those rate hikes? Inflation has been on a downtrend for a while now. Like I said in previous post; if it’s for housing and the labor market, good luck with that. Raising rates will do nothing to stop that until it crashes the entire economy.
Fo: In my opinion the Fed will continue to go with 25bp. They won’t do 50bp.
What’s the justification for those rate hikes?
It’s still well above of their target 2%.
Right, it’s not like “experts” would ever do something reckless. They’ve never fvcked up and triggered a pandemic or anything. Killing millions and causing 16t in economic damage. Keep nodding your head when they speak and don’t forget your booster.
BRT it’s well above their target and it appears it may be permanent at least for some time. This is where we are now, after an unprecedented tightening cycle. It shows just how far behind the curve the Fed was. Rates too low, too long, even before the pandemic.
Pumpkin, seriously what is the matter with you?
You complain ceaselessly about remote work arrangements, complain about lawyers, complain about interests rates, complain about being called out…and even complain about complainers.
Then you have the nerve to say that people are a bunch of pussies these days and need to grow a pair.
Do you not see the irony? I.e. that it is you who is the pussy that needs to grow a pair?
Sub 13 VIX. WTF?
Powell should raise 75
Biden stimulus was a massive fuckup.
3b says:
June 22, 2023 at 4:34 pm
BRT it’s well above their target and it appears it may be permanent at least for some time. This is where we are now, after an unprecedented tightening cycle. It shows just how far behind the curve the Fed was. Rates too low, too long, even before the pandemic.
Chgo: I agree completely. Just saying that those who believe this was all just caused by the pandemic, are mistaken in my view. The Fed should have been tightening long before the pandemic.
I am going to regret not acting on ~13 VIX but these days everything goes up forever.
“There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can’t get fooled again.”
Blumpy,
His words. There are only 4 sessions remaining. That is not a lot of bluff time.
Federal Reserve Chair Jerome Powell reiterated to lawmakers on Thursday that the central bank expects to raise interest rates one or two more times this year, but at a slower pace to avoid tipping the economy into recession.
“The strong majority of the committee believes that it will be appropriate to raise the federal funds rate again once or twice by the end of the year,” Powell told the Senate Banking Committee, echoing comments he made Wednesday before the House Financial Services Committee.
At that crush depth 12,500 feet below the surface at the site of the Titanic wreck it is roughly 400 atmospheres or 6,000 PSI, they perished in less than 30 thousands of a second and likely felt nothing. The ship’s port hole was apparent only rated for 1/3 that depth according to a lawsuit but was used anyway. Lots of things could have failed but it seems they used that vessel too many times, over the last two years it did several Titanic dives last year, it was showing material fatigue at one point in the hull that was apparently repaired or replaced.
BTW – Bezos rocket the 10 minute ride to space he and Shatner flew on stopped flying about six months ago, same thing material fatigue, you can only reuse these things so many times before it becomes as about safe as a 717 airplane built decades ago rated for 60,000 flight cycles but still flying around at 75,000.
Found another jealous hater! chit there i go again
Bob says:
June 22, 2023 at 4:39 pm
His words. There are only 4 sessions remaining. That is not a lot of bluff time.
Just like last year when he laid out the plan, and the market/banks were like “why did you do that!?!?!”
Damn right I am going to call out these pussies that think innovation runs on people isolated in their homes talking through zoom and email. No way, no how.
Blink 182- “work sucks, I know.”
Get over it. There is no such thing as work life balance or living this magical life where you get paid 6 figures while playing soccer with your kid at 1:30pm. You all willingly chose and support capitalism. Capitalism is built on competition, not being a pussy. Well, this affects my work/life balance (in an unamerican little bitch voice). Type of people that join a sports program and bitch about practice. Weak!
Bob says:
June 22, 2023 at 4:39 pm
Pumpkin, seriously what is the matter with you?
You complain ceaselessly about remote work arrangements, complain about lawyers, complain about interests rates, complain about being called out…and even complain about complainers.
Then you have the nerve to say that people are a bunch of pussies these days and need to grow a pair.
Do you not see the irony? I.e. that it is you who is the pussy that needs to grow a pair?
I dare them to raise it! Good luck! Will be meaningless. Everyone knows they will be dropping rates.
Bystander says:
June 22, 2023 at 5:36 pm
Blumpy,
His words. There are only 4 sessions remaining. That is not a lot of bluff time.
Federal Reserve Chair Jerome Powell reiterated to lawmakers on Thursday that the central bank expects to raise interest rates one or two more times this year, but at a slower pace to avoid tipping the economy into recession.
“The strong majority of the committee believes that it will be appropriate to raise the federal funds rate again once or twice by the end of the year,” Powell told the Senate Banking Committee, echoing comments he made Wednesday before the House Financial Services Committee.
I have never heard you cry about trump tax cuts. Those aren’t inflationary? That’s not rocket fuel on the economy? Yet, you and others blame the fed.
3b says:
June 22, 2023 at 4:46 pm
Chgo: I agree completely. Just saying that those who believe this was all just caused by the pandemic, are mistaken in my view. The Fed should have been tightening long before the pandemic.
You want to kill inflation. Raise taxes. Don’t even need to cut spending. Just raise them hard. Oh wait, all of a sudden all the people calling for rate hikes go quiet. Drop the mic.