She should have kicked him in his vagina.
Master Thread Dance Your Cares Away/Fraggle/Law Abiding Citizens
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She should have kicked him in his vagina.
BTW
Greg Gutfeld should resign and really fuck Fox
Greg Gutfeld should resign and really fuck Fox
Brookfield Defaults Again
This trip down memory lane was wandered with intent and purpose. Because this week Bloomberg reported that Brookfield Corporation, one of the largest commercial real estate companies in the world, has defaulted on $161.4 million of office building mortgages.These office buildings are mostly in Washington, DC. However, this Brookfield default comes just two months after its much larger default of $784 million in mortgages for two office towers in Los Angeles. These include our old haunts at 555 West 5th Street and 777 South Figueroa Street.
The reasons behind the defaults are generally straightforward.
The double whammy of higher vacancy rates post-Covid and higher interest rates have turned these buildings from profit generating ventures into huge gaping money pits.
Here are the grim particulars from Bloomberg:
In short, as rental income declined due to higher vacancy rates and monthly mortgage payments jumped over 190 percent, throwing good money after bad became untenable for Brookfield. Default was the better option.
Fake Insurance
The fact is there’s simply too much unused office space. This is not a situation that will magically change.Maybe a savvy developer will come in and complete an office-to-residential conversion. But that’s not Brookfield’s game. And whoever does it will only take the risk at a much lower price and with much better terms.
In the meantime, who loses?
According to Federal Reserve data, and as noted by Fortune, 67 percent of all commercial real estate loans are held by small banks and regional banks. Consequently, more debt defaults in the commercial real estate market could lead to more small and regional bank blowups.
If you have deposits under $250,000 in a bank that goes bust, you are protected by the Federal Deposit Insurance Corporation (FDIC). But how safe is your money, really?
At the end of 2022, the FDIC reported its Deposit Insurance Fund had a balance of $128 billion. This comes to a reserve ratio of 1.27 percent of the total insured deposits.
By our estimation, insurance reserves of 1.27 percent of potential obligations are not real insurance. Rather, these reserves are fake insurance that pays for an extremely fragile trust which says, ‘if you don’t pull your deposits, I won’t pull mine.’
In a real panic, FDIC reserves would be vaporized in less than a day.
Presumably, some of these bad mortgages have been packaged up in tranches as collateralized loan obligations (CLOs) and sold to pension funds and other investors. Could this be the initial alarm bell of a financial crisis akin to the mortgage-backed securities (MBS) crisis of 2007-09?
If the report from the $306 billion California State Teachers’ Retirement System (CalSTRS) is any indication, then the answer is a definitive yes. Specifically, this week it was revealed that CalSTRS is preparing to write down the value of its $52 billion commercial real estate portfolio.
From what we can tell, these bad investments were not made via CLOs. Nonetheless, you can already smell the rot buried in commercial real estate CLOs. We’ll have to do some more digging to unearth the decay.
What Brookfield’s Default Has to Do with You
Today, however, there’s a more important question to answer. What does Brookfield’s default on these commercial properties have to do with you?You may not yet realize it. But these defaults have everything to do with several unfavorable factors that are currently working against you. These include elevated consumer price inflation and relatively higher financing costs. And here’s how they’re making your life less agreeable…
The two most common purchases by the average person that require financing are for automobiles and houses. Relatively higher interest rates make the debt payments on these purchases incredibly burdensome.
Consider automobiles, for instance. According to the Washington Post:
This is why the monthly payment for roughly 17 percent – or about 1 in 6 – of new vehicle loans in Q1 2023 was over $1,000 bucks.
At that price it really doesn’t matter what your income level is.
One thousand dollars a month for a car payment is a significant pile of money. So, too, is $730 per month, which was the average monthly payment for a new vehicle in the first quarter.
In all seriousness, do not sign up for one of these monster car payments. This will ruin your life for decades to come. Sooner or later, something must give in the way of lower car prices. Don’t lock yourself in to this misery.
Not only does a monster car payment cut into people’s monthly budgets. It also limits their ability to save and invest for the future. And if people aren’t saving and investing for the future, they’re not building wealth. To the contrary, like Brookfield, they’re burning wealth.
To this end, we have a hunch that over the next couple of years vast numbers of people are going to experience the rush that comes when time simultaneously slows down and speeds up.
Not because they’ve committed a base jump off a skyscraper – though some will.
Rather, it’ll occur at the precise moment they come to the disturbing realization that they’re broker than broke.
* * *
dirty022
Elite
It's like the countries who continuously treat their own citizens like shit have the least patriotic citizens. It's a wonder , I tell you.
Clay Travis called this. They actually let Lemon do his show this morning. When the Tucker news came out, it was good cover for them to dump lemon now.
Buck Sexton says Tucker and his people got the news this morning, they were planning on doing a show tonight.
dirtytoeddawg
Legendary
Bongino announced he was leaving last week
This seems like an effort by the establishment to rid themselves of Tucker. Even if it costs them losing a "lawsuit." This would effectively rid the news stations of another non liberal shill from main stream news for a little money. Not that many true conservatives believe Fox is anything but a liberal network now, they had Tucker and Gut to kind of keep a few million more viewers around. That ain't happening with Levin or Hannity. Both of those two have more than shown who they really are over the last couple years.
The Obama "walk away" has begun. Distancing themselves from Biden and positioning Mike to step in.
Does Fox have hundreds of millions left after paying Dominion 3/4 of a billion? Their ad revenue will tumble. Their insurance rates will skyrocket.
In a sane world, the board would have immediately removed Iger after those comments.
FOX as an overall company probably does. Fox news' budget will certainly take a huge hit though.
I don't believe any of that nonsense. It's a headfake to convince more people that the election wasn't rigged.
I would have figured Jesse would have been the first one canned.
Just look at him. I guarantee you that man diddles kids. Probably pees while sitting down as well.
Now it makes so much sense seeing as many secret service protection for her that I witnessed.
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This is one of the first things Barry said as POTUS "You didn't build that." Barry let us know who he really was right from the start.
Don Lemon says he's been FIRED from CNN - Byberry News
Don Lemon says he was fired from CNN today in a tweet that is taking off like a rocket. This happened after he made some disparaging marks critical of women
byberry.com
The culling has started
I’d like to believe the “good guys” are winning but nothing indicating that is the case.
Woke mob turned AB into the preferred beer of trannies.
They just axed Tucker from mainstream media. Most normies looked to Tucker for dialogue and information. He reached a huge audience, and pushed back on every front possible.
That is now gone from the mainstream. Most normies aren’t going to look for other sources outside of their bubble (ie cable tv).
Pineapple
Legendary
That dude watching should have hit the tranny in the mouth. End of discussion.
I talked to a budWeiser driver today. Big fat fucker. I asked him if he was transitioning bc of his big black tits.
He chased me for 60 yards. I got my kodiak and left.
He chased me for 60 yards. I got my kodiak and left.
I thought the dude was there to go after the mother had she attacked the tranny.
Pineapple
Legendary
I hope not. Man, I so wanna run into one of these situations.
Both my DIL’s would have blasted him. Better them than my sons.
What good guys?
I would absolutely leave the notawoman in tears. Nobody is as vicious as a furious woman, especially when said woman has no filter.
Nobody.
The $1B dollar man: Fox stock takes huge hit after Carlson exit
Fox Corporation’s stock lost $1 billion in market capitalization just minutes after news broke that Tucker Carlson departed Fox News.
www.washingtonexaminer.com
Costly. Hope they swirl down the toilet with the rest of infotainment news.
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