Food (Bloggers & Personal)
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Housing in the US under Bidenomics is simply unaffordable. With the massive expansion of M2 Money supply under Biden thanks to Covid and Bidenomics, home prices are up 39.2% and mortgage demand keeps falling like a paralyzed falcon. We are truly on the highway to hell under Bidenomics in terms of housing affordability. Mortgage applications decreased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.6 percent on a seasonally adjusted...
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The staggering amount of Fed money printing combined with insane, reckless spending by The Federal government (hereafter called The Feral Government) has caused massive distortion in the US economy. The result of excessive money printing and excess spending (and Feral debt)? First, the Freddie Mac House Price Index increased in February, up 5.9% year-over-year. Second, the US Treasury 10-year yield is up tp 4.35%, the highest in 2024. Third, with the 10-year Treasury rising towards 5%, watch for the 30-year mortgage rate to rise AGAIN making housing even more unaffordable. Or as Robert Palmer almost sang, Simply Unaffordable. Today, the...
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There is gold in them thar hills in California. And politicians like Gavin Newsom (aka, Pond Scum) not only spend all their cash available from (ruinous) taxes, but also spend like drunken miners and run up massive deficits and debts. Governor Gavin Newsom bragged of a surplus, but California is seriously underwater. The next recession will hit the state extremely hard. How Much Is California in Debt? The above link says over a trillion. That’s being very generous to California. Click on it to discover … California State and Local Liabilities exceed $1.6 Trillion. California’s total state and local government...
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The Federal Reserve has created America’s version of India’s caste system. At the top of the neo American caste system are bankers and the political donor class. The top 1%. The other 99% are losing ground to the Brahmin Banker Class. In 1913, Woodrow Wilson and his progressives promised that the Federal Reserve would avert both depressions and inflation, while preventing the wealthy from controlling America’s financial markets at the expense of the poor, the new untouchable class. More than a century later, it’s clear that was all a lie, and the Fed has helped create a permanent American underclass...
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Happy Easter! I mean Happy TRADITIONAL Easter, not a Biden weird trans celebration. Biden and Congress (Schumer, Johnson, McConnell, etc) spend and borrow like its cottage cheese. After hitting $1 trillion in late 2023, interest expense on US debt rose to a record $1.1 trillion in late March, and ii) while US debt is now rising at a pace of $1 trillion every 3 months, US interest expense is rising at a just as torrid $100 billion every 4 months (this interval will also shrink to three months very soon). he Biggest Picture: $1.1tn in interest payments on US government...
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Jerome Powell and The Federal Reserve have to make a decision about tightening monetary policy or loosening it. It’s a Presidential election year and The Fed will probably do what is necessary to support The Biden Administration’s re-election. But let’s look at the various conflicting economic indicators that are causing confusion at The Fed. First, the Federal Reserve’s preferred gauge of inflation wasn’t hotter than expected in February, which could keep a mid year interest rate cut on the table. The year-over-year change in the so-called “core” Personal Consumption Expenditures index — which excludes volatile food and energy prices —...
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Well, ain’t this a kick in the head! The Philadelphia Fed says the US Payrolls overstated by at least 800,000. While Biden was in New York City with the other former Presidents (Clinton and Obama) raising money for Biden’s reelection bid, Trump attended a wake for a fallen police officer. The jobs market is much worse than Biden and his mouthpieces claim. The first red flags emerged in the summer of 2022: that’s when the Biden Labor Department started well and truly rigging the labor market data. Something has snapped in the labor market: that’s when a staggering discrepancy emerged...
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Chicago Illinois used to be a shiny toy. Soft’ survey data has been a bloodbath this week with regional Fed surveys all slumping and this morning’s Chicago PMI uglier than all expectations. That smashed ‘hope’ – the spread between hard and soft data – back to cycle lows… Source: Bloomberg Today’s Chicago PMI plunged to 41.4 – its lowest since May 2023 – from 44.0 (and well below the expected bounce to 46.0)… Source: Bloomberg That was below all analysts expectations for the second month in a row… Source: Bloomberg Under the hood was even more problematic: New orders fell...
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Part of the Bidenomics “plan” is not only green-energy spending, but plenty of freebies to gather voters from the masses. Like the $214 TRILLION in unfunded liabilities promised to the masses in the form of entitlements like Social Security, Medicare and Medicaid (why did they demand that all US citizens be forced to buy healthcare insurance, then give free healthcare to illegal immigrants??). In any case, each citizen is on the hook for $636,000! What about the national debt with Ice Cream Joe at the helm? It has exploded in growth. Not only has it gotten boring to be ahead...
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The cargo ship craashing into and collapsing the Key bridge in Baltimore is emblematic of Bidenomics: an ongoing wreck. And the mortgage market is the Key bridge collapse over a longer period. Specifically, from the start of Biden’s Regime in 2021. Mortgage applications decreased 0.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased...
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Federal government spending is that hideous strength that keeps on chugging along, despite higher rates. Home prices in America’s 20 largest cities rose for the 12th straight month in January (the latest data released by S&P Global Case-Shiller today), up 0.14% MoM (less than the 0.2% exp) Source: Bloomberg That pushed the YoY price up to +6.59% (in line with the +6.60% exp). “Our National Composite rose by 6% in January, the fastest annual rate since 2022.” According to Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “For the second consecutive month, all...
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Fear The Talking Fed! Back in mid-December, after the Fed’s first, and very shocking, dovish pivot when just two weeks after Powell said it had been “premature” to speculate on rate cuts the Fed suddenly changed its mind (despite very strong economic reports in the interim) and unexpectedly revealed it had been “discussing a timeline to start rate cuts”… … in the process, sparking the biggest market meltup in a decade, we explained that there was no mystery behind the Fed’s sudden change of heart: it had everything to do with Biden’s woeful performance in the polls. … maybe what...
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Face it. The Federal government is broken. Congress and the Biden Administration are addicted to spending money and running up massive debts. There is no attempt at fiscal restraint because they will always argue that “More money must be spent!” On what exactly? Usually pet projects (aka, pork) like the LGBTQ retirement home in Boston for $850 thousand and $15 million for Egyptian college tuition. How does “broken money” work? Badly. Without any fiscal restraint, politicians can just give away thousands/millions of dollars to the donor class (donate $1, get $1,000 in return). As you can see, the net worth...
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Biden loves to blame Republicans for the border crisis. Although he has it in his power to close and secure the border, but won’t. It’s easier to blame the opposition, like “extreme MAGA Republicans.” Huh, I didn’t realize that as a conservative American I am considered extreme by the Biden Administration. Unfortunately, Biden, Schumer and Johnson only provided financial support for Jordan, Lebanon, Egypt, Tunisia and Oman. In the form of $380 million. As the US falls to 23rd in World Happiness ranking. Based, in part, on Biden’s idiotic open borders policy.
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Its Pork Barrell Chuck Schumer and Gaslight Joe Biden! Always ready to lie (gaslight) and spend trillions that we don’t have. A new $1.2 trillion government spending package Congress is trying to ram through faces significant headwinds in the House, where members are expected to vote on it later this morning. The 1,012-page bill was introduced at around 3am Thursday morning – just 48 hours before a midnight Friday funding deadline. It must pass both the House and the Senate, after which President Biden will sign it (with crayons at the ready, we’re sure). The package accounts for approximately 70%...
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February’s existing home sales are like a scoop of cottage cheese. Seemingly satisfying until you look more closely at the data (or get hungry 30 minutes later). Existing home sales soared a stunning 9.5% MoM in February, smashing the expectation of a 1.3% decline and building on the 3.1% MoM in January. However, even with the big monthly jump, existing home sales remain down 3.3% YoY… Source: Bloomberg Total existing home sales SAAR surged to 4.38mm – a 12 month high… Source: Bloomberg Homeowners may be accepting that mortgage rates are settling into a new normal and can’t delay moving...
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The woes for the mortgage market continue under President Magoo. Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week...
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How bad is Bidenomics for the American middle class? We know that inflation is far higher under China/Ukraine Joe (even with those awful looking Hoka shoes), but the pain that is being felt is attrocious. Nike has made a pair of shoes fitting Biden’s international image.
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Households have too much debt, thanks to trying to cope with Bidenomics and Bidenflation. And much of the debt burden falls on the middle class. And lowest earners saw the biggest increase in credit card delinquenices. And who voters prefer as of today? Trump on interest rates and personal debt. In addition to the absurd idea of removing title searches for government-guaranteed mortgages (now rely on attorney opinions), the Biden Administration is considering a homebuyer tax credit … that likely won’t help much. And if you want to see which lenders have the largest concentrations of commercial real estate (CRE)...
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The Darth Vader theme seems appropriate for President Magoo’s economic malfeasance. Except that Mr. Magoo is a nice person, Biden is a mean-spirited and corrupt. The NY Fed’s Empire State Manufacturing crashed and burned in March. NYFRB’s general business conditions index plunged 18.5pts in March to -20.9. A reading below zero indicates contraction, and the measure was weaker than all estimates in a Bloomberg survey of economists. Hey, I though illegal immigrantion was good for the economy!!! Industrial production fell tp -0.23 YoY in February, not a stellar sign for the economy. And how about the yield curve?
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