Greetings, and welcome to a LinkSwarm so large I had to start working on it Wednesday! Unemployment rises too much to rig it away, home sales crash to Carter levels, Europe’s voters rise up to throw out the left, Hunter is guilty guilty guilty, another blow to the Biden Administration’s tranny Title IX rewrite, Israel rescues some hostages and smokes a Hezbolli terror master, and California continues to do California things.
Every so-called “strong” jobs report has been a disaster if one puts in even a little work to dig below the pristine, if fake, surface. And while we expected this charade to continue indefinitely, and certainly at least until the November election, at which point suddenly all the truth about the ugly labor market would be revealed to usher in the new president amid an economic crisis, we were shocked when none other than the Fed chair admitted today that the Biden admin was rigging jobs data.
In response to a question from a Bloomberg journalist during the post-FOMC presser, asking the Fed chair to comment on the state of the labor market, the Fed Chair said that two years ago the labor market was “overheated” and has since gotten back to “normal”, largely thanks to “supply from to immigration” – translation: illegal aliens have been the main reasons for the increase in employment and the drop in wages and thus, overall inflation, which as we discussed recently, is the narrative that is being pushed out to mitigate demands by most Americans to halt illegal immigration.
Where things got very interesting, however, is when Powell was discussing the demand-side of the labor market: here, he addressed the dropping quits level, the decline in job openings and wages, but more importantly, the rising unemployment rate – from 3.4% to 4.0% which clearly goes against the narrative of red hot payrolls – all of which the Fed chair summarized as strong job creation, yet caveated by saying that “there is an argument that [payrolls] may be a bit overstated.”
Note: he didn’t say “understated” because the “-stating” always goes in just one direction: the one that makes the resident of the White House look good.
In other words, the jobs – like so many things about this Potemkin economy – are a lie, and while Powell immediately realized what he had said, and tried to couch it by adding that payrolls are “still strong”, suddenly the entire narrative of a strong labor market imploded in front of our eyes, because if the Biden admin will lie about a “bit” of the jobs report, it will lie about any part of it.
And, as we have shown above and every month this year, lie is precisely what the Biden administration has been doing, month after month, year after year.
And the biggest stunner, as Edward Snowden put it so eloquently, is that he’s “not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.”
Speaking of which: “Initial Claims Surge To 10-Month Highs As California Joblessness Soars.” “Did we suddenly get a peek at economic reality? The number of Americans applying for jobless benefits for the first time surged last week to 242k (up from 229k and well above the 225k exp). That is the highest since August 2023.” And California, which just happened to implement a minimum wage hike, led far and away with the most claims…
Home sales have dropped so far during the Biden Recession that they’re now back to 1978 levels.
The recession in the U.S. existing home sales market has been so deep that we’re back to late ‘70s levels—despite us now living in a much bigger country:
April 1978: 4.09 million U.S. existing home sales print
April 2024: 4.14 million U.S. existing home sales print*
1978: 223 million U.S. population
2024: 341 million U.S. population
The reason, of course, is that housing affordability has deteriorated so much that many buyers and sellers alike have pulled back from the market. Many homeowners who would otherwise like to sell and buy something else are staying put rather than trading in their 3% mortgage rate for a 7% mortgage rate.
The bad news?
According to a forecast published this week by Goldman Sachs, the recovery for existing home sales could be a slog.
1978: Jimmy Carter was still President, the Bee Gees dominated the music charts thanks to Saturday Night Fever, and a brand new comic strip about a lasagna-loving cat named Garfield debuted. And the average price of a home was somewhere around $56,000. (Yet, somehow, home sales were still stronger during the 1981-82 interest rate hikes than under Carter in 1978…)
A jury of Hunter Biden’s peers found him guilty on all three felony charges on Tuesday after a six-day trial that demonstrated that the first son lied on a federal gun-purchase background-check form when he claimed not to be a drug addict.
The verdict was reached after the jury deliberated for three hours, beginning Monday afternoon with the conclusion of closing arguments. Hunter was surrounded by family members, including wife Melissa Cohen Biden and his uncle James Biden, as the verdict was read. First lady Jill Biden missed the verdict announcement and rushed to greet Hunter afterward.
Hunter was found guilty on two charges for lying about his crack-cocaine addiction on federal gun paperwork when he bought a Colt Cobra revolver at a sporting-goods store in Wilmington in October 2018. He was also found guilty on a third charge for possessing the firearm while he was using crack cocaine.
The first son faces up to 25 years in prison, though he’ll likely receive a lighter sentence as a first-time, nonviolent offender. Judge Noreika, who presided over the trial, said that a sentencing hearing will be held in September.
Though Hunter Biden still has a pending tax trial, don’t hold your breath about him going to trial for his role as the Biden crime family’s bagman…
I’ve pointed out time and again (including yesterday) that Biden Justice Department AG Merrick Garland’s “special counsel” appointment of Biden Justice Department Delaware U.S. Attorney David Weiss in the Hunter Biden case is a fraud on the public.
In a pretrial ruling denying the younger Biden’s motion to dismiss the case, Judge Maryellen Noreika has confirmed that Garland’s appointment of Weiss did not comply with federal regulations for appointing special counsels. That, however, was not a basis to dismiss the case — particularly with Garland and Weiss quietly citing the last special-counsel regulation, §600.10 (of Title 28, Code of Federal Regulations), which provides that no one may hold the Justice Department accountable for flouting its own regulations.
To be clear, I have never contended that Garland lacked the authority to assign Weiss, or whoever he wanted to assign, to investigate the Biden case. As Judge Noreika correctly explained, federal statutory law — in particular, §§509, 510, 515, and 533 — vest attorneys general with sweeping power to run the Justice Department as they see fit, including power to designate any DOJ lawyers they choose to run investigations anywhere in the country.
Weiss, for example, is now prosecuting Hunter Biden in Los Angeles, on the tax case scheduled to begin trial on September 5, in addition to the gun case in Weiss’s own Delaware district. That’s because Garland doubled-down in assigning the investigation of the president’s son to the same prosecutor — Weiss — who had just schemed with defense lawyers on a failed sweetheart plea deal that was designed to make all conceivable cases against said son disappear (and only after Weiss had consciously dithered as the statute of limitations steadily eviscerated serious criminal offenses).
Garland is the attorney general, and he has that power. It is power he wields with no fear that Congress will slash the DOJ’s budget, censure him, impeach him, or do anything else but caterwaul over how he abuses it. My point is that Garland has been engaged in a nearly four-year fraud — trying to con the country into believing the Justice Department is neither protecting its boss nor trying, to the extent politically feasible, to protect the president’s son.
The AG refused to appoint a special counsel for the Biden investigation, despite the president’s (and other Biden family members’) being implicated in Hunter’s malfeasance, particularly crimes arising out of his peddling of his father’s political influence for huge pay days from agents of corrupt and anti-American regimes.
Europe’s ruling center left just got smashed in European elections.
Early projections of the EU-election results show that the continent’s right-wing parties have made significant advances as voters signal their dissatisfaction with illegal immigration and inflation. Formerly powerful left-wing parties seem to have been routed, while centrists stayed the course.
This antiestablishment sentiment was expressed most strongly in Germany and France, two of the European bloc’s most powerful countries.
The French results prompted President Emmanuel Macron to dissolve the French parliament in preparation for snap elections on June 30 and July 7, as his party lost badly to Marine Le Pen’s National Rally, which is part of the Identity and Democracy coalition in the European Parliament.
Before crowds in Paris, Le Pen responded to Macron’s announcement: “This historic vote shows that when people vote, people win. . . . We are ready to exercise power, to end mass migration, to prioritize purchasing power, ready to make France live again.”
In Germany, Chancellor Olaf Scholz and his Social Democrats were trounced by a combination of support for the right-wing CDU/CSU and Alternative for Germany (AfD). The left-wing Social Democratic Party (14.6 percent) and the Greens (12 percent) underperformed. Katarina Barley, speaking for the Social Democrats, called it “a bitter evening.” “I am very disappointed.” The AfD, having won 14 percent as of this reporting, is intent on carrying its EU wins to the national elections in October 2025.
Italian prime minister Giorgia Meloni was the only leader of a European power to see success, with the right-wing politician’s allied faction, European Conservatives and Reformists, placing first in Italy.
In Spain, the conservative People’s Party took 34.2 percent of the vote, a rejection of socialist prime minister Pedro Sánchez and his Socialist Workers’ Party, which received 30.2 percent. Two other right-wing parties, Vox and Se Acabó La Fiesta (The Party’s Over), received another 14.2 percent between them.
The Greens ceded more ground than any other party in the EU, losing more than a quarter of their seats.
For decades, the ruling Euroelite have insisted that there is no alternative to their high tax, high spending, high debt, high regulation, high immigration, environmental leftist EU superstate. Voters seem to have finally grown tired enough of it that they’re willing to embrace Marine Le Pen if that’s what it takes to make their voices heard.
In his opinion, Thomas wrote that, though a bump stock does increase a rifle’s rate of fire, it does not turn it into an automatic weapon.
“A bump stock does not convert a semiautomatic rifle into a machinegun any more than a shooter with a lightning-fast trigger finger does,” Thomas wrote. “Even with a bump stock, a semiautomatic rifle will only fire one shot for every ‘function of the trigger.’”
Justice Samuel Alito wrote in his concurrence that, while the ATF’s interpretation of the Firearm Owners’ Protection Act was an incorrect reading of the statute, there are legislative remedies for the issue of bump stocks.
“The horrible shooting spree in Las Vegas in 2017 did not change the statutory text or its meaning,” Alito wrote. “That event demonstrated that a semiautomatic rifle with a bump stock can have the same lethal effect as a machinegun, and it thus strengthened the case for amending §5845(b). But an event that highlights the need to amend a law does not itself change the law’s meaning.”
“The Lies and Fall of Ibram X. Kendi.” “This man gave America the simplest, most easily applicable binary solution to all of our racial problems. It didn’t matter that it was stupid, at least not from the perspective of his personal enrichment. For a while, it sold…What we lived through in 2020, during the Floyd meltdown and its aftermath, was a onetime necrotic bloom during which the first carrion-feeders on the scene were able to fatten themselves up to spectacular proportions on the collapsed body of American progressive racial and political angst.”
The US has broadened its sanctions on Russia, including a fresh crackdown on banks dealing with sanctioned entities.
It expands a December programme to target foreign banks deemed to be aiding Russia’s war effort in Ukraine.
The US also placed sanctions on the Moscow stock exchange, leading to it halting trading in dollars and euros.
It also moved to try to restrict Russia’s use of technology, including chips and software.
US President Joe Biden signed an executive order in December that imposed sanctions on banks dealing with about 1,200 individuals and companies deemed to be helping Russia’s war machine.
Those measures, which expose banks to the risk of being cut off from the US financial system, have now been expanded to about 4,500 entities.
The US will also target gold-laundering.
Peter Harrell, a former White House senior director for international economics, told the Reuters news agency that the US “is shifting towards something that begins to look like an effort to set up a global financial embargo on Russia”.
As part of this effort, the US Treasury announced that it would impose sanctions on parts of Russia’s financial system, including the Moscow Exchange, which is one of Russia’s main stock exchanges.
The stock exchange, which is Russia’s largest foreign exchange market, said the sanctions had forced it to stop trading in dollars and euros.
The US also focused on technology. Chips and other technology made in the US have been found in downed Russian equipment on Ukraine battlefields, including drones, radios, missiles and armoured vehicles.
The sanctions aim to make it more difficult for companies to supply that tech.
The US will target shell firms in Hong Kong selling chips to Russia.
There are YouTubers saying “Russian economy is crippled” etc., but I remain skeptical. The chips going into Russian drones aren’t anything special, they’re COTS stuff and EPROMs you can get almost anywhere.
“Israeli Military Rescues Four Hostages from Gaza.” Naturally this is good news for decent human beings everywhere and a tragedy for the radical left.
“Lebanon: Israeli Airstrike Kills One Of Hezbollah’s Most Senior Terror Commanders. The Israel Defense Forces (IDF) on Tuesday night eliminated one of Hezbollah’s senior-most terror commanders operating in Lebanon. Sami Taleb Abdullah, who headed Hezbollah’s Nasr terrorist force, and three other Hezbollah commanders were killed in an Israeli airstrikes on a terrorist base located in southern Lebanon.” Good. Remember how commentators have repeatedly opined on the possibility of Hezbollah opening up a “second front” while Israel settles Hamas’ hash? They seem to have done very little but the usual pinprick terror attacks. With all the terror money Iran is sloshing around to Hamas and the Houthi’s, one wonders if they’re stretched to thin to send much Hezbollah’s way…
Western District of Louisiana Chief Judge Terry Doughty in an order Thursday declared that Title IX, a federal education law that bars sex-based discrimination, “was written and intended to protect biological women from discrimination.”
“Such purpose makes it difficult to sincerely argue that, at the time of enactment, ‘discrimination on the basis of sex’ included gender identity, sex stereotypes, sexual orientation, or sex characteristics,” Doughty, a Trump appointee, wrote. “Enacting the changes in the Final Rule would subvert the original purpose of Title IX.”
Of course the U.S. Women’s basketball has left Caitlyn Clark off the team. Because we all know queer identity trumps winning a medal for your country…
On the upside, also not competing: “Lia” Thomas. Turns out the Olympics don’t want men competing in women’s swimming. Who could have possibly seen that coming?
“In Hindsight Fans Realize They Were Too Quick To Call The Holiday Special The Worst Star Wars Project Ever…After watching the latest Disney Star Wars offering The Acolyte, however, many fans admit they might have been too harsh to call the holiday show the worst thing to come out of the franchise.”
All those “new jobs” created in the Biden Recession have gone to illegal aliens, two Trump court cases appear to be in the process of derailment, more Hunter Biden shenanigans come to light, a whole lot of anniversaries this week, and a chance to own the Ark of the Covenant! It’s the Friday LinkSwarm!
The first Wall Street analyst daring to point out that the employment emperor is naked, is Standard Chartered’s global head of macro, Steve Englander who in a note titled simply enough “Immigration leading to labor-market surge” [writes] that according to his estimates “undocumented immigrants account for half of job growth in FY24 so far” (the actual number is far higher but we understand his initial conservatism), and adds that “asylum seekers and humanitarian parolees explain the surge in undocumented immigrants” before concluding that the continued rise in EAD approvals likely will extend strong employment growth in 2024. In other words, “strong employment growth” for American citizens, always was and remains a fabulation, and the only job growth in the US is for illegals, who will work for below minimum wage, which also explains why inflation hasn’t spiked in the past year as millions of illegals were hired.
How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs. pic.twitter.com/Z5HVWmQ24C
Does a mistrial loom in the Trump kangaroo court case? Seems like a juror celebrating a guilty verdict before the trial was over on Facebook is yet another reason to throw out the conviction…
Speaking kangaroo Trump prosecutions, the Georgia Court of Appeals has ordered that case halted until the Fani Willis conflict of interest issue is resolved.
In other court news, in Hunter Biden’s defense just blew up.
Hunter’s defense, carefully crafted by attorney Abbe Lowell during his opening statement on Tuesday, was blown up by the testimony of an ex-girlfriend and ex-wife who described the extent of Hunter’s crack-cocaine usage around the time he purchased a firearm in October 2018 — and by the salesman who sold Hunter the gun he allegedly lied in order to purchase.
Hunter is facing two federal charges related to his allegedly lying about his drug addiction on a gun-purchase background-check form and he faces a third charge for allegedly possessing the firearm while addicted to crack cocaine. Hunter pleaded not guilty to the charges last year and faces up to 25 years in prison.
Most of the day was taken up by testimony from Hunter Biden’s ex-girlfriend Zoe Kestan, a woman who dated Biden from roughly December 2017 to November 2018, despite being half his age at the time.
Prosector Leo Wise conducted a lengthy direct examination of Kestan accompanied by pictures from her cellphone to corroborate her recollection of events.
Wise and Kestan seemed to get into a rhythm throughout the direct examination, as Kestan recalled large events and small details from her time with Hunter Biden. Kestan remembered exact dates and named the various hotels they stayed at during their time together.
Each time Kestan described an experience with Hunter Biden, Wise asked her if Hunter Biden smoked crack at their hotel or Airbnb, and Kestan always replied affirmatively.
“Every 20 minutes or so,” Kestan said of Hunter Biden’s crack habit during one of the hotel stays. She noted that he smoked crack less frequently in public, and she never noticed a change in his demeanor when he smoked.
Wise shared photos from Kestan’s cellphone showing drug paraphernalia scatted around the bathrooms and tables of their lodgings. One of the images appeared to show Biden in a hotel bathtub holding a crack pipe in the wee hours of the morning. When Wise showed the images, Kestan easily pointed out the drug paraphernalia and explained to the courtroom how the various materials were used to cook and consume crack.
Biden allowed Kestan to withdraw cash from his account when he needed to spend it on drugs, she recounted. Kestan stated the names of drug dealers and described the drug transactions she saw at the hotels and other locations.
Kestan’s testimony and the images allowed Wise to establish that Hunter was smoking crack in September 2018, following his late August rehab stint in Malibu, Calif. She said Biden smoked crack every 20 minutes at a Malibu house he rented, and she did not remember Biden discussing his rehab stint during her time at the house in September 2018.
Wise closed the direct examination by introducing a lengthy text message Biden sent her in December 2018 lamenting how he would always be a drug addict and his attempts to get sober failed.
And this is “the smartest guy” Joe Biden knows…
Also from Hunter’s weapons case, he was caught on tape bragging about how he could score crack in Timbuktu. Which is a neat trick, since it’s an Islamic majority city in Mali, Africa, and is currently under siege by Jama’at Nasr al-Islam wal Muslimin, a jihadist organization which has incorporated elements formally loyal to both al Qaeda and the Islamic State. To be fair to the crackhead, he apparently said this before the siege was imposed last year…
Also, I would like to apologize to readers for not knowing about the siege and doing at least a LinkSwarm post to it. So much news, so little time..
On Friday, Mayor John Whitmire and outgoing Harris County District Attorney Kim Ogg announced seven people have been indicted for 14 public corruption felonies ranging from abuse of official capacity to tampering with evidence. The charges are related to a scheme surrounding the City of Houston’s water repair contracts.
Patrece Lee, the lead defendant, and a former city employee, had access to $80 million of city funds for emergency waterline repair.
In the Summer and Fall of 2022, Lee was in a position to recommend vendors for contracts with the City of Houston public works department to repair the water lines. Lee allegedly made agreements with companies to have them hire her as a “consultant” to receive a kickback in exchange for expedited payments and bigger contracts. She also targeted less experienced companies and offered her services to help them “get paid faster, or to get bigger and better contracts in the future” as well.
Lee allegedly received roughly $320,000 in payments from that scheme and then steered contracts to a company owned by her brother, allowing them to be paid more than $400,000 of which she immediately transferred $380,000 to her own company. The total amount she stole from the city was $700,000.
“The cooperation that we’ve received from this administration stands in stark contrast to the last seven years,” said Ogg.
The issue was uncovered during Mayor Sylvester Turner’s administration. However, he planned to have it handled as an internal civil or administrative matter rather than refer it to the district attorney for criminal prosecution.
If Kim Ogg would actually go after government corruption (and real criminals) while she’s a lame duck DA, that would be a nice silver lining to the clouds of Houston/Harris County’s soft on crime Democratic leadership.
The Houston conman who pretended to be a rabbi. “The man accused of spending $15,000 on a dead woman’s credit card has a long history of fraud, according to police, court records and his family. Police say Dustin Mitchell, who goes by Dustin Cohen, posed as a Rabbi, lawyer and possibly a cop to defraud people. They also say they think he spray-painted anti-semitic vandalism on his own truck.” (Hat tip: Ace of Spades HQ.)
…and the 20th anniversary of Killdozer. The event, not the great Theodore Sturgeon short story or the medicore TV movie made from it.
Speaking of D-Day, Biden just plagiarized Reagan’s speech.
Joe Biden essentially plagiarized Ronald Reagan’s famous 1984 speech at Pointe du Hoc today in Normandy. Watch these clips side by side. Wow: pic.twitter.com/jeGgTS2Nnm
More corruption from the Biden family (plus a Texas Democratic congressman), more bad news from the Biden Recession, more pedophile sex offenders, more college madness, and virtue signaling, Third Reich style. It’s the Friday LinkSwarm!
And remember: If you’re in a large Texas county, there’s a tax appraisal district election tomorrow, so be sure to get out and vote if you haven’t already voted early.
Another week, another corrupt Biden family scheme exposed. “Joe Biden’s Brother Embroiled In High-Ranking Qatari Scheme To ‘Provide Wealth Of Introductions’ Through ‘My Family.'”
Qatar has had a lot of fingers in a lot of pies. While we knew about the EU’s ‘Qatargate,’ investments with the Kushner family, and of course Sen. Bob Menendez advancing Qatar’s interests, Politico reports that the Biden family’s ties to Qatar “would constitute some of the closest known financial links between a relative of President Joe Biden and a foreign government,” if courtroom testimony about Jim Biden’s foreign fundraising efforts is substantiated.
In June 2017, Qatar’s neighbors – led by Saudi Arabia, banded together and cut diplomatic ties with the country, citing its alleged support for terrorism. As a result, the country was thrown into a sustained crisis.
To dig themselves out, Qatari rulers began showering well-connected Westerners with gifts and financial benefits, according to Politico, “sometimes in the form of investment funding.”
Around this time, Jim Biden was trying to raise $30 million for embattled hospital chain Americore – teaming up with Florida businessman Amer Rustom, CEO of the Platinum Group, who boasted of his ties to officials in the Middle East, as well as fund manager Michael Lewitt. Together, the three sought investment funding from various Middle Eastern sources for Americore and other ventures – “which came to focus largely on Qatar,” according to a former Americore executive who spoke on condition of anonymity.
According to public records obtained by the outlet, Jim Biden leveraged ties to his older brother and “sought workarounds to restrictions on international money movements,” including one discussion about trying to move money across a Middle Eastern border in the form of gold bars that may or may not have happened.
Let ye who has never smuggled gold across the border of an Arab country cast the first stone.
“My family could provide a wealth of introductions and business opportunities at the highest levels that I believe would be worthy of the interest of His Excellency,” Jim Biden and Rustom wrote in a draft letter to an official at the Qatari sovereign wealth fund, the Qatar Investment Authority. “On behalf of the Biden family, I welcome your interest here,” the draft continues.
Corrupt to the core.
More evidence from the Biden recession: “Job Openings Tumble, Quits Plunge, Hires Unexpectedly Crater To January 2018 Levels.”
After several months of relatively boring JOLTS prints, this morning Janet Yellen’s favorite labor market indicator once again got exciting, and not in a good way.
Starting at the top, according to the March JOLTS reported, job openings unexpectedly tumbled by 325K – the biggest drop since October 2023 – from an upward revised 8.813 million in February to just 8.488 million, far below the 8.690 million expected – and the lowest number since February 2021 when it last printed below 8 million.
The Department of Justice has arrested two Chinese nationals who allegedly plotted to export U.S. technology to advance the People’s Republic of China’s military operations.
Han Li, 44, and Lin Chen, 64, have been charged with several counts of conspiracy to violate the International Emergency Economic Powers Act (IEEPA), in addition to the Export Administration Regulations (EAR), for attempting to export a machine used to process silicon microchips….
“Specifically, the defendants sought to illegally obtain for CGTC a DTX-150 Automatic Diamond Scriber Breaker machine from Dynatex International, a Santa Rosa, California company.”
That’s a backend semiconductor machine for slicing finished individual computer chips off a processed wafer.
Representative Henry Cuellar and his wife were indicted by a federal grand jury on bribery, foreign influence, and money-laundering charges, the U.S. Department of Justice announced on Friday afternoon.
The Texas Democrat and his wife are accused of accepting roughly $600,000 in bribes from two foreign entities starting in December 2014 and continuing through 2021. The foreign entities are a Mexican bank and an oil and gas company linked to the government of Azerbaijan, according to the Justice Department.
In exchange for the bribes, Cuellar agreed to use his office for promoting favorable U.S. foreign policy towards Azarbaijan and pushing legislative and executive branch officials to adopt policy measures beneficial to the bank, authorities said.
In 2022, Cuellar’s home and office were searched during a federal investigation into Azerbaijan and American businessmen linked to the Middle Eastern nation. Cuellar formerly co-chaired the congressional Azerbaijan caucus.
Cuellar represents TX28. Republicans Jay Furman and Lazaro Garza Jr. are competing in the runoff to challenge Cuellar this fall.
Columbia shows some semblance of a spine, threatens to expel students occupying administrative buildings.
Related: “Columbia Student Who Said ‘Zionists Don’t Deserve To Live’ Reportedly ‘Thrown Out Of School.'”
Also: “Police Begin Detaining UCLA Protesters Occupying Campus.”
“Tucked away in the $95 billion military aid package for Ukraine, Israel and Taiwan is a $3.5 billion slush fund to open new processing centers for Muslim migrants, in what Sen. Eric Schmitt described as a bid to “supercharge mass migration from the Middle East.” Republicans in congress asleep at the switch again.
It’s not just China that the CCP’s crazy policies are ruining. There are over 500 abandoned, unfinished buildings in Cambodia. A crackdown on online gambling also hastened the demise of many real estate ventures there.
Tranny sex offender tries to snatch a child from an elementary playground in broad daylight. “Trans-identifying male Solomon Galligan [simply] walked on campus last Friday afternoon during recess at Black Forest Hills Elementary School in Aurora, Colorado, and straight-up tried to steal a kid.”
The suspect, who is identified as male in the arrest affidavit, shared news of his transition on Facebook back in 2011.
‘So im starting my hormone shots and i relly cant wait im on my hormone pills ive been on them for almost 4 months i wake up all depressed and crying but in the end its gonna be totally worth it you know what io mean im really excited my measurements are already changing and im super thrilled,’ he wrote.
Galligan was put on the sex offender registry and was convicted that same year of non-consent sexual contact, according to his latest arrest affidavit.
Ernest Herrera, 56, was arrested Monday after he admitted to sexual contact with a 13-year-old student, claiming they had “developed a relationship.”
Herrera taught social studies at Southside Independent School District’s Losoya Middle School in San Antonio.
He was charged with improper relationship between educator and student, a second-degree felony punishable by 2 to 20 years in prison.
Herrera was booked into Bexar County Jail and held on a $75,000 bond.
The district superintendent stated that Herrera was fired “effective immediately.”
Andrew McCown, 27, was arrested Wednesday and charged with having an “improper relationship” with a 17-year-old female student.
McCown is a math teacher and football coach at Roosevelt High School in San Antonio’s North East ISD.
He was reportedly placed on leave in March and will be terminated.
McCown, who is related to former NFL quarterbacks Josh and Luke McCown, was arrested in 2022 for drunk driving while he was a teacher and coach at Robinson ISD.
According to a statement to MySA, the district “conducted a background check on April 25, 2023, and at that time, it was clear and McCown was hired.”
Another football coach, Perryton ISD athletic director Cole Underwood, was arrested Wednesday and charged with sexual assault of a child, a second-degree felony.
The alleged victim is a Perryton High School student, reportedly a 14-year-old girl.
Underwood was released from Ochiltree County Jail on Thursday after posting a $125,000 bond.
According to a statement from Perryton ISD, Underwood resigned.
Chinese officials are asking villagers to take out fake business licenses. Is that for their own business scams, or to artificially pump up Chinese economic statistics?
Profiles in Cowardice: “PEN America, a leading nonprofit dedicated to free expression, canceled its 2024 World Voices Festival late last week under pressure from pro-Palestinian activists. Many writers affiliated with the organization either threatened to boycott the event unless PEN acceded to certain demands, including labeling Israel’s actions in Gaza ‘genocide,’ or distanced themselves from the free-speech group in response to online pressure from pro-Palestinian activists.”
Lies trying to hide how bad the Biden Recession sucks continue to unravel, a mini Texas-vs.-California update, Ukraine makes another oil refinery go boom, true depths of human depravity, some Bill Burr and Critical Drinker links, and two tons of Murica. It’s the Friday LinkSwarm!
Against expectations of a small improvement from -11.3 to -10.0, the headline sentiment gauge dropped to -14.4 (the lowest end of analysts’ forecasts).
Furthermore, the production index, a key measure of state manufacturing conditions, fell five points to -4.1, a reading that suggests a slight decline in output month over month.
Other measures of manufacturing activity also indicated declines this month.
The new orders index – a key measure of demand – dropped 17 points to -11.8 after briefly turning positive last month.
The capacity utilization index edged down five points to -5.7, and the shipments index plunged from 0.1 to -15.4.
The decline in new orders came alongside a surge in prices as raw materials costs rose to 13-month highs…
That has the stench of stagflation lathered all over it.
Also worse than reported: employment numbers. “Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000.”
We first have to go back to December 2022, when we reported something shocking: as part of its data analysis of the “more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program”, the Philadelphia Fed found that the BLS had overstated jobs to the tune of 1.1 million! This is what the Philadelphia Fed wrote in its quarterly Early Benchmark Revision of State Payroll Employment report at the time:
Our estimates incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program to augment the sample data from the BLS’s CES that are issued monthly on a timely basis. All percentage change calculations are expressed as annualized rates. Read more about our methodology. Learn more about interpreting our early benchmark estimates.
So what did this “more accurate”, “more comprehensive” report find? It found that…
In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.
Lots of detailed analysis snipped.
Putting it all together, we now know – as the Philly Fed reported first – that the labor market is far weaker than conventionally believed. In fact, no less than 800,000 payrolls are “missing” when one uses the far more accurate Quarterly Census of Employment and Wages data rather than the BLS’ woefully inaccurate and politically mandated payrolls “data”, and if one looks back the the monthly gains across most of 2023, one gets not 230K jobs added on average every month but rather 130K.
Of course, none of that paints Bidenomics in a flattering picture, because while one can at least pretend that issuing $1 trillion in debt every 100 days to add 3 million jos per year is somewhat acceptable, learning that that ridiculous amount buys 800,000 jobs less is hardly the endorsement that the White House needs.
I think I link a story like this every year: “California Leads Among U.S. States Sending People to Texas in 2022. Florida and New York combined sent fewer people to Texas than California.” Leave any leftwing politics behind when you move…
California has a $55 billion deficit. But don’t worry, for the 24-25 fiscal year, it’s a $73 billion deficit.
A Russian-backed “propaganda” network has been broken up for spreading anti-Ukraine stories and paying unnamed European politicians, according to authorities in several countries.
Investigators claimed it used the popular Voice of Europe website as a vehicle to pay politicians.
The Czech Republic and Poland said the network aimed to influence European politics.
Voice of Europe did not respond to the BBC’s request for comment.
Czech media, citing intelligence sources, reported that politicians from Germany, France, Poland, Belgium, the Netherlands and Hungary were paid by Voice of Europe in order to influence upcoming elections for the European Parliament.
The German newspaper Der Spiegel said the money was either handed over in cash in covert meetings in Prague or through cryptocurrency exchanges.
Pro-Russian Ukrainian oligarch Viktor Medvedchuk is alleged by the Czech Republic to be behind the network.
Mr Medvedchuk was arrested in Ukraine soon after the Russian invasion, but later transferred to Russia with about 50 prisoners of war in exchange for 215 Ukrainians.
Czech authorities also named Artyom Marchevsky, alleging he managed the day-to-day business of the website. Both men were sanctioned by Czech authorities.
“$100M missing from Bay area trust fund management company. A Bay area father who counted on a local non-profit to handle a trust fund designed for his daughter’s long-term care feels duped.” And this is a trust for special needs kids.
The radical leftists in control of Baltimore City Hall have plunged the metro area just north of Washington, DC, into apocalyptic levels. We advise readers to entirely avoid the metro area as violent crime spirals out of control.
Failed social justice reforms, defunding the police, and widespread mistrust of the police have resulted in a skeleton police force that will no longer be able to protect residents in some regions of the city.
Fox Baltimore reported last Tuesday that only three police officers were on duty for the Southern Police District, which includes more than 61,000 residents.
Joe Lieberman, RIP. One of the least reprehensible Democratic senators of the last 30 years or so. But I still remember this:
Don’t click on this link unless you want to plumb the depths of human depravity. Noteworthy: “He and his husband.”
Stellantis, AKA The European Monster That Ate Chrysler, just just laid off a whole bunch of white collar workers. Note their mention of focusing on “implementing our EV product offensive.” Oh yeah, they’re boned.
Florida Governor Ron DeSantis declares victory over Disney, as the latter has dropped their lawsuit over the the elimination of their special district status.
Sean Combs, AKA “Puff Daddy,” AKA “Diddy,” raided by the FBI. “A source close to the investigation told NBC News that the raid was connected to allegations of sex-trafficking and sexual assault and the solicitation and distribution of illegal narcotics and firearms.” “Source close” caveats apply.
The federal government is going to allow a shuttered nuclear power plant to be restarted. “The federal government announced that it would provide a $1.5 billion loan to restart a nuclear power plant in southwestern Michigan. NJ-based Holtec International acquired the 800-megawatt Palisades plant in 2022 with plans to dismantle it, but with support from the state of Michigan and the Biden administration, the emphasis has shifted to restarting the nuclear power plant by late 2025 instead.” Not wild about the loan part, but restarting America’s nuclear energy growth is long overdue.
Used Japanese homes are worthless Not just because of the shrinking population, but because they’re designed to be.
The Critical Drinker is not impressed with the Road House remake. “The Patrick Swayze original wasn’t exactly peak cinema. It was dumb and over-the-top and silly, and I don’t imagine people were exactly crying out for a remake. But damn, man, it’s like Citizen Kane compared to this version.”
School tries to ban American flag from truck. Result: Two tons of Murica.
Twitch is cracking down on streams that “focus on intimate body parts.” After watching this, I have one question: Where exactly did the lady featured obtain her “automatic butt jiggler?”
Feel-good crime aftermath story:
Dog shot during the robbery given a warm send off by hospital staff after undergoing multiple surgeries..🐕🐾🥺🙏❤️ pic.twitter.com/OnSjqmRt2u
Tons of Fani Willis’ crooked shenanigans come to light, Ukraine bags another warship, all those things they said the vaccine wouldn’t do it’s doing, and an anger management therapist who was very poor at his job. It’s the Friday LinkSwarm!
Business partners of District Attorney Fani Willis’ alleged lover Nathan Wade, whom she appointed to work on the case against former President Donald Trump, made donations to her campaign before receiving lucrative contracts from her office.
Terrence Bradley, Wade’s former partner, and Christopher Campbell, his current partner, have collectively contributed more than $5,000 to Willis’ campaign, contribution disclosure reports show. Moreover, both men have each raked in tens of thousands of dollars from contracts with the district attorney’s office, according to county records.
Campbell is a partner at Wade & Campbell Firm, where he works with Wade. Bradley formerly worked with Wade at Wade, Bradley & Campbell Firm, and also represented Wade in his divorce case until Sept. 2022.
The donations add another wrinkle to Willis’ already-scrutinized relationship with Wade.
Willis was accused in a motion earlier this month by Trump co-defendant Michael Roman of benefiting from the “lucrative” contract she awarded Wade when he took her on vacations using money earned from the position. Wade filed to divorce his wife on Nov. 2, 2021, the day after his contract with the district attorney’s office began, and has earned nearly $700,000 from the Fulton County District Attorney’s office since his appointment.
More Willis shenanigans: “DA Fani Willis fired a whistleblower who informed her about the intentional misuse of federal funds and there’s audio of their conversation.”
BREAKING: @FreeBeacon has obtained audio of a whistleblower privately warning Fani Willis in 2021 that her top aide was trying to misuse federal funds.
Willis did not dispute the allegations.
56 days later, Willis fired the whistleblower and perp walked her out of the office. pic.twitter.com/YEkKIB2L5f
Resident Biden appears to be in serious trouble with black voters ahead of the 2024 election, and black lawmakers and organizers are starting to panic.
“What I’m hearing in my district is how ‘Bidenomics’ hasn’t really hit them in the pocket,” New York representative Jamaal Bowman told National Review earlier this week on the steps of the U.S. Capitol. “I need him in the barbershops. I need him on the basketball courts. I need him talking to the hip-hop community. I need him talking to the sports and athletics community to really get at what is troubling black men.”
Polling suggests Bowman is right to be concerned. Just 50 percent of black adults said they approve of Biden in a national AP-NORC poll last month — a 36-point drop from July 2021. An October Siena College/New York Times poll found that 22 percent of black voters surveyed in six competitive presidential battlegrounds say they will vote for Trump over Biden in 2024, a stunning polling shift from a reliably Democratic coalition that helped Biden win the White House in 2020. That same survey found Trump’s numbers were even higher among black men.
In the 40 years he’s spent in political activism, National Black Farmers Association president John Boyd Jr. says the Biden administration has done worse than any other administration in his lifetime in opening its doors to black voters. That lack of outreach, Boyd warns, may come back to bite him in November.
Wait, black people like jobs and safe neighborhoods and dislike inflation and illegal aliens sucking up welfare benefits? Who knew?
The U.N.’s agency for Palestinians said that it fired several employees after receiving information from Israel showing that they had taken part in the October 7 terrorist attacks. The State Department indicated that twelve U.N. employees allegedly took part in the attacks and announced that it had temporarily paused funding for the agency while it reviews the situation.
The U.N. Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) delivers aid to Palestinians across Gaza, the West Bank, Jordan, Syria, and Lebanon. The U.S. is UNRWA’s largest donor, providing $343 million of its budget in 2022.
In a statement Friday morning, UNRWA commissioner general Philippe Lazzarini disclosed that Israel had presented his agency with evidence of its employees’ involvement in Hamas’s massacre of Israelis.
“To protect the Agency’s ability to deliver humanitarian assistance, I have taken the decision to immediately terminate the contracts of these staff members and launch an investigation in order to establish the truth without delay. Any UNRWA employee who was involved in acts of terror will be held accountable, including through criminal prosecution,” he said.
Sure they will. The question is why the United States ever funded UNRWA, since the funds seem to go straight into rockets and murder tunnels to kill Israeli civilians with?
The Trump administration cut off all funding to UNRWA in 2018, saying that the U.S. shoulders a disproportionate share of its budget. Blinken resumed funding to UNRWA three years later, pledging that the U.S. would seek reforms to the organization.
You know all those crazy “fringe” “conspiracy theories” about the Flu Manchu vaccine? Yeah, about that.
We found the number of myocarditis reports in VAERS after COVID-19 vaccination in 2021 was 223 times higher than the average of all vaccines combined for the past 30 years. This represented a 2500% increase in the absolute number of reports in the first year of the campaign when comparing historical values prior to 2021.
“Starbucks Employee Opposed to Unionization Sues to Declare National Labor Relations Board Unconstitutional.” “The National Labor Relations Board should not be a union boss-friendly kangaroo court run by powerful bureaucrats who exercise unaccountable power in violation of the Constitution.” This is another post-Chevron lawsuit that has the potential to completely dismantle the administrative state.
Proposition 2 allowed counties to create transportation reinvestment zones (TRZs), a power they did not previously have. According to the Texas Department of Transportation, a TRZ is a kind of tax increment financing district where a “zone is created, a base year is established, and the incremental increase in property tax revenue collected inside the zone is used to finance a project in the zone.”
The proposition did not include language about the use of increased ad valorem taxes to pay bonds or notes issued by the county in the TRZ district. A similar measure in 2011 that included such language was voted down.
“Anger management therapist loses his temper and murders a homeless man.” To be fair, the transient did try to fark with his dogs…
Woman with Master’s degree finds out that her trade school husband is quadrupling her salary with no debt.
Happy New Year, everyone! The Biden Recession bites deeper, Israel dirtnaps a top terrorist, Harvard’s chief plagiarist finally steps down, and the crypto CEO who wasn’t there. It’s the Friday LinkSwarm!
The monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!
Even scarier, while the monthly grind higher in the payrolls number (pulled from the far less accurate Establishment Survey) means that US jobs hit a record high every month with bizarre consistency and in December this was certainly the case, the total nonfarm employment number rose to an all time high 157.232 million, the abovementioned collapse in US Employment (per Household survey) meant that there were only 161.183 million employed people in the US, the lowest since June, with the now traditional divergence between these two surveys glaringly obvious.
A senior Hamas leader was killed Tuesday in a drone strike in Beirut, Lebanon, during a meeting between Palestinian factions at a Hamas office.
Saleh al-Arouri, deputy chairman of Hamas’s political bureau and commander of the terror group’s military wing in the West Bank, and at least five others died from the explosion, which occurred near Hezbollah’s headquarters in Beirut, Lebanese state media reported. Several more were injured. Following the blast, Hamas blamed Israel for the “Zionist raid” amid its ongoing war with the Jewish state. Israel has not claimed responsibility for the strike.
Many Israeli officials declined to comment. However, Israeli finance minister Bezalel Smotrich posted a statement on X shortly after the attack: “Surely your enemies will perish, O Israel.”
In November, Israeli prime minister Benjamin Netanyahu indicated he ordered the nation’s Mossad spy agency to eliminate Hamas leaders around the world after the militant group’s coordinated October 7 attack. Netanyahu’s office also declined to comment about the explosion.
Al-Arouri, whom Hamas described as “one of the architects” of the terror attack on Israel, had close ties with Yahwa Sinwar, the group’s leader in Gaza. Al-Arouri is the most senior Hamas leader to have been killed since the war began in early October.
A good chunk of the Epstein files have finally been released. Some revelations: Bill Clinton “likes them young” and Donald Trump didn’t have sex with at least one girl who was asked under oath about it.
Harvard President Claudine Gay finally does the right thing and resigns in wake of burgeoning plagiarism scandal.
A three act farce: Act 1: “Ohio governor Mike DeWine (R.) on Friday vetoed a bill that would have banned both transgender procedures for minors and trans student-athlete participation in school sports in the state.” Act 2: Turns out DeWine has taken taken over $40,000 in donations from pro-child-genital-mutilation hospitals. Act 3: “Republican Ohio governor Mike DeWine issued an “emergency” executive order Friday banning child gender-transition surgeries after receiving intense backlash last week for vetoing a bill with a broader but similar mandate.” Ohio’s Republican legislature can and should override DeWine’s foolish veto.
Robert F. Kennedy, jr. qualifies for the presidential ballot in Utah.
Last month, American Values 2024, a super PAC supporting the third-party candidate, announced a plan to spend nearly $15 million to get Kennedy on the ballot in ten states: Arizona, California, Colorado, Georgia, Illinois, Indiana, Michigan, Nevada, New York and Texas. All are important to winning the 2024 race.
I don’t see RFK Jr. doing even as well in Utah as Egg McMuffin did in 2016, and of the other states, only Arizona, Colorado, Michigan and Nevada might have any effect on the election, all four of which went (however fraudulently) for Biden in 2020.
Ricky Gervais has a great idea: He and Dave Chappelle should co-host the Oscars. That would indeed be a smash ratings success, and I would watch the Oscars for the first time this century.
This is the only way for us to live in peace,” said Texas Governor Greg Abbot. “The citizens of Austin have been at war with the people of Texas for many years now, and to end the bloodshed for future generations, we are willing to recognize Austin as its own separate and sovereign land.”
The resolution brought much-needed relief to the war-torn area, where battle lines had been drawn along the border of Austin. “The weirdo hipsters of Austin can stand down now,” said Texas Senator Ted Cruz in a statement acknowledging the resolution. “The people of Austin can now stop patrolling the perimeter of the city in armored tanks and go back to driving electric vehicles, painting strange murals nobody understands, and hating everything the United States stands for.”
A whole lot more Biden Recession hits the economy—unexpectedly! The poor go hungry, the fired Ukrainian prosecutor confirms Biden corruption, people keep flocking to Texas and Florida, McConell’s brain blows up (again), and a whole lot of Texas laws take effect. It’s the Friday LinkSwarm!
Poor people are buying less food because they can’t afford it. “Among households using the Supplemental Nutrition Assistance Program’s boosted pandemic benefits, 42% skipped meals in August and 55% ate less because they couldn’t afford food, more than double last year’s share, according to a Wednesday report from Propel Inc., a benefits software developer.”(Hat tip: ZeroHedge.)
Victor Shokin, the fired Ukrainian prosecutor investigating Biden family corruption (that Donald Trump was impeached for asking about) has spoken out for the first time since 2019 – and says the Bidens did it.
To review – Shokin had an active and ongoing investigation into Ukrainian energy company Burisma and its owner, Mykola Zlochevsky, according to a 2020 US Senate Committee report.
Zlochevsky, who hired Hunter Biden to sit on his board, granted his own company (Burisma) permits to drill for oil and gas in Ukraine while he was Minister of Ecology and Natural Resources. Shokin stated in a 2019 deposition that there were five criminal cases against Zlochevesky, including money laundering, corruption, illegal funds transfers, and profiteering through shell corporations while he was a sitting minister.
Now, Shokin tells Fox News that be believes the Bidens were taking bribes.
“I do not want to deal in unproven facts. But my firm personal conviction is that yes, this was the case. They were being bribed,” Shokin told the outlet. “The fact that Joe Biden gave away $1 billion in U.S. money in exchange for my dismissal – my firing – isn’t that alone a case of corruption?” he asks in another clip.
“Young High Income Earners Are Flocking To Florida And Texas, New Study Shows…”To the surprise of likely no one, Florida and Texas are once again No. 1 and No. 2. Florida gained a total of 2,175 high earners aged 26 to 35 after accounting for both inflows and outflows, while Texas gained a net 1,909. Despite the losses, New York (-5,062) and California (-4,495) still have the highest count of young high earners of any state by a wide margin.
Katy ISD rejects the radical social justice agenda. “The agenda item included policy updates in regard to requiring sex-specific spaces to be ‘safeguarded,’ which include bathrooms and locker rooms. Policies were also updated on pronoun usage as teachers and staff will not be required to use student “preferred pronouns” and content prohibiting ‘gender fluidity’ instruction.”
Texas laws that take effect today, including a ban on child sexual mutilation (AKA “gender affirming care”), banning men from college women’s athletics, and banning DEI from public universities.
Relations between the coup junta in Niger (which observers want you to know is pronounced knee–J) and France gets spicier. The junta is trying to expel the French ambassador and he’s not going. The tiff might very well turn kinetic, and I doubt the Wagner Group mercs are up to taking on French regulars.
Also, investors are suing them over “Alleged Chapek Era “Cost-Shifting Scheme” to Hide Streaming Losses.” Maybe everyone lost the streaming wars. (Hat tip: Stephen Green at Instapundit.)
Remember how a bunch of young Chinese just decided to give up and let it rot? Recently, a whole bunch of them have decided to make Dali in Yunnan Province their own slacker city.
Takeaways:
“Recently a city has become popular because it has been occupied by young people who want to lie flat. It’s Dali, a historical and cultural city in Yunnan province, southwest China, with a population of about 650,000. It has few factories in the area, and tourism accounts for a large share of the municipality’s revenue.”
It’s built around a large lake.
“A few video bloggers who are secondary landlords in Dali city claim that an army of 100,000 people lying flat have gathered and have occupied the city.”
“Here 350 yuan a room per month.” That’s a bit over $50.
“The cost of living in Dali is 8,000 Yuan a year. That is $1,162.”
“Young people [in China] see no hope for their future and choose to lie down. Their motto is no buying a home, no car, no marriage, no baby, no consumption.”
Chinese woman: “It isn’t that I don’t want to have children. I can’t afford it. Housing is so stressful! Without a home, I’m afraid to get married. The cost of having a baby is high. There’s no money or time to raise them, and women’s work is easily affected by childbirth.” All things that help contribute to China’s disasterous demographics.
“I’m a leek. I resigned myself to my fate, but I won’t drag a child down to this mess.” “Leek” was a buzzword five or six years ago for someone the Chinese government regarded as a disposable worker/consumer. Sort of like “cog in the machine.”
“Before the lying flat people converged on the city of Dali, it had already become a gathering place for digital nomads,” i.e. people who can work remote jobs from anywhere with a decent Internet connection.
For the past 20 years, the professional software engineer has been synonymous with young and rich in China. They’re the 996th Generation, who work from 9 AM to 9 PM, 6 days a week, sacrificing their health, but also enjoying the dividends of China’s dotcom boom over the last 20 years. But now China’s Internet industry has entered an era with State-Owned Enterprises (SOEs) in, private companies out, where even big tech companies are being nationalized. The overall economy is slowing down, regulatory bans are proliferating, and the epidemic is exacerbating this trend. Engineers are at increased risk of losing their jobs, and their income and benefits are reduced from time to time. Engineers who have lost their jobs will join the ranks of those who are lying flat. They usually have nothing to do, spending most of their time on the internet playing games and chatting, consuming two packs of instant noodles a day.
“The employment market in Shanghai is very bad right now…what is scary is that there are no jobs for you to work again. Private companies are closing their doors, going bankrupt.”
As always, it’s hard to determine just how widespread “lying flat” is among young Chinese. If the videos are anything to go by (a big “if”), they all seem considerably cleaner and better behaved that America’s ranks of tent-dwelling, drug-addicted transients. And many seem to be actually renting space for their tents.
At 9:50 in, you see that cyberpunk dystopian scene of hundred of young video blogger “hosts” broadcasting from their own tiny spaces under a bridge. “Why are there so many young people in China working as online hosts? It’s not that it’s glamorous, it’s more of a helpless attempt under the current job hunting predicament.” Supposedly this happens in multiple Chinese cities, though evidently streaming locally in rich areas like Shanghai brings higher “tips.”
How severe? How about $105 billion drop in loans in just two weeks.
“This credit crunch greatly increases the chances that America is going to have a deflationary recession or depression at some point in 2023. And, in fact, we could already be in it.” Ya think?
“We’re going to see the unemployment rate start to spike in America in the second half of 2023, In fact, we’re already seeing a big increase in unemployment claims data from the Federal Reserve shows that continued unemployment claims has surged since September.”
“We’re seeing a big surge in mortgage defaults right now across America, particularly on what’s called FHA mortgages. FHA mortgages are these first-time home buyer loans that the US government sponsors and allows people to only put three to five percent down. Well, these loans now have a 12% default rate in the most recent month of February 2023.”
Debt-to-income ration is now higher than it was at the pre-subprime meltdown peak in 2008.
“The Biden Administration has been very aggressive in wanting to expand mortgage access to low-income borrowers who can’t afford these mortgages. And they do this under the guise of expanding the benefits of home ownership to everyone, but really what they’re doing is they’re saddling at-risk economic households with a lot of debt near the peak of a housing bubble.”
“When banks tighten the belt and businesses can no longer get loans, businesses have to shut down, or what businesses have to do is, they have to start liquidating their holdings and taking whatever cash they have and use it to pay expenses. This is actually a concern of mine.”
“This bank credit crunch which is occurring right now could cause even more bank runs in the future” as people pull money out of the bank to cover expenses.
Quantitative tightening is back on.
“Mortgage application demand is on par with what we saw basically in the worst of the last housing crash in 2008, 2009, 2010, and so, no, there is no recovery.”
“The regular home buyer is still out of the housing market and is not returning.”
“The money supply in America is contracting…every other time in history it contracted, which was four times, we had a depression, a panic and a banking crisis.”
Cheerful enough. But if you’re a car dealer, things are even worse:
Banks are cutting off backing loans and providing credit to dealerships.
Not just used car dealers, but even national brand, nameplate dealerships.
This all started back in 2020, when banks started lending way too much money on cars that simply aren’t worth it, to consumers that simply couldn’t afford these payments, and shouldn’t have got the car in the first place…Let’s fast forward to 2023. We’re seeing record high repossession rates, and we’re seeing record high portfolio sell-offs, where people are just liquidating their paper because they don’t want to take on the risk of all these really bad auto loans, because they owe too much money. People are not making payments and they see the value of cars going down.
The fewer banks dealers can pit each other against for loan terms, the higher the interest rate consumers have to pay.
Dealers (not the banks) are also the ones who get screwed if a customer misses their first through third car payment.
Texas car dealer: “He was floored because he sells a lot of trucks between $45- and $65,000 trucks. Four of his banks told him that they’re no longer lending over twenty five thousand dollars.” (Previously.)
“I promise you this: it’s only gonna get worse.”
But wait! It gets worse!
“Capital One is going to start pulling their floor plans from dealers.”
“Floor plans” are the lines of credit dealers use to purchase cars to populate their lots, even the big nameplate dealers.
“Dealers are overexposed right now. They have paid way too much for their inventory and now they are having a hard time selling it.”
“It is so much harder now than it has been in the last two years to get people approved for loans to be able to sell these vehicles.”
“[Banks] do not want to get stuck holding the bag on these cars.”
“Dealers have been stupid. They have overpaid and they have too much inventory right now.”
“Some of these dealers, if they’re having cars 60, 90 days and maybe they’re getting a little bit behind on their payments [the] floor plan company will actually go to these dealers lots and they will take these cars that have been sitting too long, they’ll take them to the auction.”
“If they didn’t have the cash, the liquidity, to begin with, then they have to start liquidating cars, and they have to liquidate them fast to be able to pay their flooring lines…if they lose these flooring lines, they might as well not be in business, they don’t have the cash to be able to buy more inventory to be able to sell it to make more money.”
Banks pulling their floor lines could potentially crash the whole car market.
Things are going to get worse for car dealers before it gets better, and six months from now might be a great time to buy a car, assuming you’re not too busy shooting starving looters trying to steal your canned goods…
Here’s a longer-than-usual LinkSwarm, since last week’s edition was wiped out by the ice storm power outage.
The leftwing corruption of all government institutions continues apace. “US lost 287,000 jobs while government was reporting +1 million in gains.” (Hat tip: Instapundit.)
“That’s because economic growth is slowing down,” explains research fellow EJ Antoni. “Even the areas which contributed positively to gross domestic product (GDP) are not necessarily signs of prosperity. For example, business investment grew at only 1.4 percent in the fourth quarter, but that was almost entirely inventory growth. Nonresidential investment, a key driver of future economic growth, was up just 0.7 percent.”
“Meanwhile, residential investment fell off a cliff,” Antoni continued, “dropping 26.7 percent as consumers were unable to afford the combination of high home prices, high interest rates and falling real incomes. No wonder homeownership affordability has fallen to the lowest level in that metric’s history.”
There was a gain in net exports, but that was largely a mirage created by a major slowdown in international trade. “Imports are simply falling faster than exports, which shows up as an increase in GDP.”
But probably most concerning to Antoni is the sharp decline in real disposable income in 2022, which exceeded $1 trillion.
“This is the second-largest percentage drop in real disposable income ever, behind only 1932, the worst year of the Great Depression,” he observed. “To keep up with inflation, consumers are depleting their savings and burning through the ‘stimulus’ checks they received during 2020 and 2021. Credit card debt continues growing, while savings plummeted $1.6 trillion last year, falling below 2009 levels.”
Boom. “Texas has punted Citigroup from the syndicate that’s set to manage the Lone Star state’s largest-ever municipal bond offering, saying the bank’s policies for gun retailers discriminate against the firearms industry.”
Grand Theft Pollo. The food service director of an impoverished Illinois school district was charged with stealing $1.5 million of food — most of which was chicken wings. Vera Liddell, 66, allegedly began stealing from the Harvey School District during the height of COVID-19.” (Hat tip: Dwight.)
Bill Maher continues to take regular red pills. “The problem with communism and some very recent ideologies here at home, is that they think you can change reality by screaming at it.”
We could be heroes, just for one day. Or once a month, as the case may be…
This week in rapper murders: “Tampa rapper arrested for young mother’s murder days after being acquitted of recording studio double-murder.”
A Tampa jury acquitted Billy Adams of killing two men in a makeshift recording studio in Lutz. He walked free from a Tampa courtroom on January 27.
Three days later, a young mother who was pregnant with her second child was found shot to death in a residential area of New Tampa. Her toddler was still in her vehicle nearby.
A week after her death, Tampa police said Billy Adams “did admit to being the one to pull the trigger.”
