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Janet Yellen, Treasury Secretary Nominee, Outlines Priorities

The King Report January 20, 2021 Issue 6430 After soaring during the Nikkei’s 1st Session, ESHs retreated sharply during the 2nd Session.  ESHs then chopped sideways until a spurt higher occurred on the NYSE open.  This rally lasted one minute. …

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Yellen Treasury

The King Report January 20, 2021 Issue 6430

After soaring during the Nikkei’s 1st Session, ESHs retreated sharply during the 2nd Session.  ESHs then chopped sideways until a spurt higher occurred on the NYSE open.  This rally lasted one minute.  ESHs and US stocks then declined sharply on another successful pump & dump scheme.

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Q4 2020 hedge fund letters, conferences and more

ESHs declined 24 handles from their high until 11:16 ET.  The obligatory rally into the European close then materialized.  The rally morphed into a Noon Balloon; ESHs and US stocks returned to the highs that were created on the NYSE open.

The VIX Fix January option expiration (today) and Yellen abetted the rally.  Tuesday was the last day of trading for January VIX options.  Yellen stated at her virtual Senate confirmation hearing for Treasury Secretary that she favors a “big” fiscal package and the focus should be on Covid relief, not tax increases – but in the longer term ‘fair’ taxes would be needed to pay for all Biden’s plans.    https://twitter.com/TCPigott/status/1351596828110823430

Janet Yellen, Treasury Secretary nominee, outlines priorities under Biden administration

She would prioritize a “big” fiscal package to bridge the U.S. economy to a post-pandemic world…“But right now, with interest rates at historic lows, the smartest thing we can do is act big.”…

"It’s very important that corporations and wealthy individuals pay their fair share,” Yellen said.  The Biden administration’s framework for tax policy includes a steeper tax on those making more than $400,000 a year with a hike on the corporate tax rate to 28% (compared to the 2017 Trump tax cuts that lowered the rate from 35% to 21%)…

Yellen statements from Senate confirmation hearing

  • US needs to invest in infrastructure, R&D, training and workforce development.
  • We have difficult months ahead
  • Sees interest rate staying low for a long time
  • “The United States does not seek a weaker currency to gain competitive advantage.”
  • The Biden administration is prepared to use every tool in the toolbox to fight China's unfair economic practices and that over time
  • US needs to address subsidiaries that China uses
  • The Biden administration will cooperate with key allies on the China challenge as well.
  • Would Examine Possibility of Issuing 50-year Treasury Bonds
  • Electric Vehicles are Good Way to Address Climate Change, Create Good Jobs for Americans
  • She will appoint senior climate official at Treasury; climate change is an existential threat
  • Policy should focus on finding ways for Americans to build assets, reduce the racial wealth gap.
  • Women have suffered disproportionately in the pandemic downturn.
  • Crypto currencies are a concern in financing terrorism
  • Some hedge fund leverage levels are dangerous

The US rally peaked fifteen minutes before the VIX Fix (14:15 ET).  ESHs and stocks then trades sideways with a downward bias until selling appeared 4 minutes before the NYSE close.

NFIB Survey: Sends a Strong Warning about Small-Cap Stock

There are currently 30.7 million small businesses in the United States. Small businesses (defined as fewer than 500 employees) account for 99% of all enterprises, employ 60 million people, and account for nearly 70% of employment…In December, the survey declined to 95.9 from a peak of 108.8…

Small business capital expenditure “plans” have a high correlation with real gross private investment. The plunge in “CapEx” expectations suggests business investment will drop sharply next month

Small business owners understand the limited impact of artificial inputs. As such, they will not make long-term hiring decisions, an ongoing cost, against a short-term artificial increase in demand.  Also, given President Biden is focused on more government regulation and higher taxes (which falls squarely on the creators of employment), increased costs will further deter long-term hiring plans
https://realinvestmentadvice.com/nfib-survey-sends-a-strong-warning-about-small-cap-stocks/

Hotels operators are filing for bankruptcy at a faster pace in the U.S. More may be on the horizon

Just two hotel companies with liabilities greater than $50 million filed for bankruptcy in all of 2020, according to data compiled by Bloomberg. That’s still the most since 2012, which saw four filings, but well below the 10 cases seen in 2009…Lenders have been reluctant to foreclose on struggling hotels since the pandemic crushed revenues…“If you take back a hotel, you’re the mortgage, and now all of a sudden it’s your responsibility to keep the lights on,” Selbst said. “That’s like foreclosing on a horse. You have to feed the horse.”…  https://t.co/cKclssAnml

The ECB: ECB and Commission are working together to prepare a digital euro…to respond to new payment needs in Europe...   https://t.co/B5tGlZtxjt

Breitbart’s @carney: Has there ever been a Treasury Secretary with as little breadth of experience as Janet Yellen? She's been an academic and Fed official but never an administration policymaker or private sector business leader.

Positive aspects of previous session

Late morning thru early afternoon US rally on VIX Fix Jan options last trading session and Yellen

Negative aspects of previous session

Another pump & dump on the NYSE open

The dollar declined smartly on Yellen’s support for Biden’s Trillions

Ambiguous aspects of previous session

What will Dems and Biden do to the economy?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3794.60
Previous session High/Low: 3804.53; 3780.37

Trump to Say He Prays for Biden’s Success in Farewell Address

“All Americans were horrified by the assault on our Capitol,” he will say, according to the excerpts. “Political violence is an attack on everything we cherish as Americans. It can never be tolerated.”… https://www.bloombergquint.com/politics/trump-to-say-he-prays-for-biden-s-success-in-farewell-address

BBG’s @JenniferJJacobs: Biden's inauguration speech will last 20 to 30 minutes. Theme is “unity,” his aides say.  Trump in his farewell speech will say: “I am especially proud to be the first president in decades who has started no new wars…”

WaPo’s @seungminkim: "Now, as I prepare to hand power over to a new administration at Noon on Wednesday, I want you to know that the movement we started is only just beginning."

US Secretary of State Pompeo @SecPompeo: I have determined that the People’s Republic of China is committing genocide and crimes against humanity in Xinjiang, China, targeting Uyghur Muslims and members of other ethnic and religious minority groups.

@nytimes: The Justice Department will not pursue insider trading charges against Senator Richard Burr, who dumped hundreds of thousands of dollars in stock after receiving Senate coronavirus briefings the early days of the pandemic (because the Swamp and Deep State protect its own!)

After the close NFLX reported EPS of $1.19 vs $1.39 expected; Revenue of $6.64B vs $6.63B expected and paid net subscriber additions of 8.51m vs 6.03m expected.  NFLX soared 11% in after-hour trading. https://finance.yahoo.com/news/netflix-q4-earnings-2020-171259535.html

Today – Bullish factors: Q4 earnings reporting season is underway; the ECB meets today and Thursday.  The BoJ meets today and tomorrow; no change in policy is expected.  Traders expected the BoJ and ECB to issue its usual dovish jabberwocky on Thursday.  Dovish communiques could foment a trading top.

Second half of January seasonal weakness begins tomorrow per Almanac Trader.  More importantly, as astute traders realize, when seasonal weakness or strength is due, it is incumbent to scrutinize technical indicators for evidence of trend changes.  Yesterday, the daily MACD for the S&P 500 Index turned negative.  Also, the relative strength of the indicator peaked in June; and the January apex is below the early December peak.  This mean momentum is contracting.  The MACD signal is an early warning.  Traders and investors should look for confirmation of a trend change by price action or model indicator.

Yellen Treasury

S&P 500 Index with MACD and Trender Buy/Sell – NB: Price action has been flat since 1/6.  A close below 3686.47 would trigger a Trender Sell signal.

ESHs rallied 13.25 early last night on Netflix’s after-hour surge and the expected MSM’s glorification of Biden’s Inauguration, which will make retail traders even more eager to buy stuff on the NYSE open.  The opportunity for another pump & dump is very favorable.  ESHs are +5.50 at 21:00 ET.

Expected Earnings: USB .95, PG .90, UNH 2.41, FAST .33, MS 1.29, DFS 2.34, UAL -6.57

Expected Economic Data: Jan NAHB Housing Market Index 86; Biden’s Inauguration noon ET

S&P 500 Index 50-day MA: 3675; 100-day MA: 3537; 150-day MA: 3437; 200-day MA: 3306

DJIA 50-day MA: 30,059; 100-day MA: 28,976; 150-day MA: 28,218; 200-day MA: 27,270

S&P 500 Index - Trender trading model and MACD for key time frames

Monthly: Trender is negative; MACD is positive – a close above 3920.04 triggers a buy signal

Weekly: Trender and MACD are positive – a close below 3517.42 triggers a sell signal

Daily: Trender is positive; MACD is negative – a close below 3686.47 triggers a sell signal

Hourly: Trender is negative; MACD is positive – a close above 3811.99 triggers a buy signal

@danielchaitin7: Tucker Carlson: Mitch McConnell "sent word over to the White House: if you pardon Julian Assange, we are much more likely to convict you in an impeachment trial." [This is blackmail!]

The WSJ’s @AndrewRestuccia: Trump has talked to associates in recent days about starting a new party after he leaves the White House.  He wants to call it the Patriot Party.
https://www.wsj.com/livecoverage/trump-impeachment-biden-inauguration/card/90pPMzFPqr5fMzg1Bkbs

House security chief said lawmaker wariness of military at Capitol drove his resistance to early request for National Guard [Pelosi & McConnell responsible; but now 65k troops guard DC!] https://www.washingtonpost.com/politics/paul-irving-capitol-attack/2021/01/18/59fb4aae-567d-11eb-a931-5b162d0d033d_story.html

Self-styled militia members made plans to storm U.S. Capitol days before Jan. 6 attack, according to unsealed conspiracy charges (So, the riot was preplanned?)  https://www.washingtonpost.com/local/legal-issues/conspiracy-oath-keeper-arrest-capitol-riot/2021/01/19/fb84877a-5a4f-11eb-8bcf-3877871c819d_story.html

FBI affidavit says Virginia man conspired to breach Capitol, discussed plans on Jan. 1
The affidavit comes amid claims that a crowd stormed the building in response to comments from President Trump at a Jan. 6 rally…  [Another instance of a pre-planned attack on the Capitol] https://justthenews.com/government/security/fbi-affidavit-says-virginia-man-conspired-breach-capitol-discussed-plans-jan-1

@kylenabecker: "WHY are you letting this happen? WHY haven't you called for BACK-UP? WHERE is your BACK-UP? This is our DAMN CAPITOL BUILDING! And you all are letting it get DESTROYED! Watch these police stand by and do nothing to stop anyone at the Capitol siegehttps://t.co/PYJ9FMPdxf

McConnell says Trump "provoked" crowd that stormed Capitol: "The mob was fed lies" http://hill.cm/c2t80XW

The lie was Trump’s insistence that VP Pence could overturn the Electoral College vote.  If Mitch avers that there was no vote fraud, then Mitch is the deceitful one.  Vote fraud is a staple of US elections; for 2020, it’s only a question of magnitude.  In fact, McConnell has been dogged by claims that he benefited from vote fraud in Kentucky.  Mitch wants to purge Trump from what McConnell believes is his wholly-owned GOP and deflect blame for, along with Pelosi, not providing the necessary security for the Capitol after advance warnings of attacks.  Mitch also wants to share power with Schumer.

Was McConnell’s re-election a fraud?

Investigator Alison Greene has been suspicious about just how Mitch McConnell managed to be re-elected by such a huge margin. His polling numbers had been scraping bottom, and yet he supposedly beat Amy McGrath by double digits. She also found that some Kentucky counties appear to have more registered voters than people! And there’s more…
https://www.dailykos.com/stories/2020/12/18/2002896/-Was-McConnell-s-re-election-a-fraud-And-Graham-s-and-Collins-s

Liberal activists have suggested that Senate election results show signs of fraud. They point to Sen. Mitch McConnell winning counties where Democratic registration far outnumbers Republican registrationhttps://spectrumnews1.com/ky/lexington/news/2020/11/20/there-are-no-known-cases-of-voter-fraud-in-kentucky-election

McConnell: 'There is voter fraud' February 15, 2017

"I do want to point out, though, the Democratic myth that voter fraud is a fiction is not true. We've had a series of significant cases in Kentucky over the years. There is voter fraud in the country."… https://www.wave3.com/story/34511300/mcconnell-there-is-voter-fraud/

Republican Sen. McConnell, and Democrat Sen. Schumer close in on power-sharing agreement in evenly divided Senate - CNN https://t.co/FMsxCbJBPM

A week ago, we noted that McConnell and Schumer might create a ‘powering-sharing agreement’.

McConnell, Pelosi, Schumer will join Biden at church before his inauguration https://trib.al/q3jDHPT

Axios’ @alaynatreene: Kevin McCarthy & Mitch McConnell will skip Trump's departure ceremony in Maryland tomorrow morning in favor of attending mass with Joe Biden ahead of his inauguration

What McConnell, Romney, Paul Ryan and House Minority Leader McCarthy don’t fully comprehend is that the reason most Americans vote for them and similar GOP candidates is to protect them from Demsagenda and not because they like the GOP candidates.  As Tucker Carlson cogently explained, the reason that Trump generated enormous crowds and support was because many Americans though he was the sole protection from Dems and the GOPe, which includes Mitch et al.

@kylenabecker: Republicans’ idea of revenge against Democrats is a strongly worded letter, followed by a series of mean tweets. Democrats’ idea of revenge against Republicans is to get them fired, canceled, humiliated, branded racist, fascist & terrorist, deplatformed, silenced & un-personed.

@ShepardAmbellas: National Guard chief admits there are now “65,000” troops in D.C. https://twitter.com/ShepardAmbellas/status/1351517056387207168

Fox’s @johnrobertsFox: (ex-VA AG) @KenCuccinelli says DC @MayorBowser requested crew-served machine guns be included in the National Guard's arsenal to protect the capital. Cuccinelli says she was told no - that weapons like that have no place in securing a civilian event. (Why the overkill now?)

Governor Greg Abbott Offended By Vetting Of Texas National Guard In DC: Threatens to Never Deploy to DC Again - “This is the most offensive thing I’ve ever heard,” Gov. Abbott tweeted Monday, Jan. 18. “No one should ever question the loyalty or professionalism of the Texas National Guard. I authorized more than 1,000 to go to DC. I’ll never do it again if they are disrespected like this.”… https://tatumreport.com/governor-greg-abbott-offended-vetting-texas-national-guard-dc-threatens-never-deploy-dc/

Dianne Feinstein defends GOP senators’ right to object to election results

“I think the Senate is a place of freedom,” Feinstein told reporters at the Capitol. “…In some cases, it’s positive, in some cases, maybe not. A lot of that depends on who’s looking and what party they are I think it’s a moot question (impeachment/trial)this president is leaving office,” Feinstein said. “So it won’t have any practical application…”
https://www.sfchronicle.com/politics/article/Dianne-Feinstein-defends-GOP-senators-right-to-15882248.php

Trump formally declassifies Russia documents over objections of FBI

Officials said they expected the first materials to surface in public by midday Wednesday.
https://justthenews.com/accountability/russia-and-ukraine-scandals/breaking-trump-formally-declassifies-russia-documents

First Trump declassified Russia document: Christopher Steele's 2017 confessional to the FBI

Steele told FBI he leaked Russia collision story to help Clinton and Great Britain, and was connected to his primary dossier source by former NSC staffer and impeachment witness Fiona Hill https://justthenews.com/accountability/russia-and-ukraine-scandals/first-declassified-russia-document-steeles-confessional

NYPD Arrests 28 Protesters at MLK Day Demonstration - Eleven officers were injured…
https://www.nbcnewyork.com/news/local/nypd-arrests-28-protesters-at-mlk-day-demonstration/2837174/

GOP Sen. Marco Rubio: No Amnesty Until All Americans Can Get Good Jobs
“Before we deal with immigration, we need to deal with COVID, make sure everyone has the chance to find a good job, and confront the threat from China,” Rubio said… America should always welcome immigrants who want to become Americans. But we need laws that decide who and how many people can come here, and those laws must be followed and enforced…
https://www.breitbart.com/economy/2021/01/19/marco-rubio-no-amnesty-until-all-americans-can-get-good-jobs/

Companies pull 'My Pillow' off shelves in attempt to silence free speech

Company founder and CEO Lindell suggested the left is seeking to drive the company out of business due to his avid support of President Trump as well as his willingness to speak out on the evidence of voter fraud during and after the election…
https://www.oann.com/companies-pull-my-pillow-off-shelves-in-attempt-to-silence-free-speech/

Democrats Pledge to Fight Trump Rule Ensuring Banks Won’t Refuse Service to Conservatives

In January 2020, a group of Senate Democrats sent a letter to all of the major American banks, requesting that they “stop financing … oil and gas drilling and exploration in the Arctic National Wildlife Refuge” in order to better “prepar[e] the U.S. economy to weather the growing impacts of the climate crisis.”…  https://thefederalist.com/2021/01/19/democrats-pledge-to-fight-trump-rule-ensuring-banks-wont-refuse-service-to-conservatives/

A manifestation of Trump Derangement Syndrome is American Apartheid.  Due to political beliefs, Americans are being fired; excluded from social media; banned from representation or employment in US institutions and denied access to segments of the US economy.  There will be severe consequences for American Apartheid in coming years.

Hillary just days ago declared that Trump was an illegitimate president due to Russian interference in the election – a change she has made for 5 years longer than Trump supporters’ charge of voter fraud.   She also commanded her supporters to “resist” Trump.  Have social media deplatformed Hillary?  Have corporations ostracized her?  Who in the Establishment has vilified her for her vile behavior?

Col. Rob Maness ret. @RobManess: I served under two presidents I didn’t vote for. When the second, Obama, visited my base, it was my security force and sniper team that protected him. This political vetting is bulls#*t and a disgrace to America’s Armed Forces. Shame on any @DeptofDefense official who accepts it

@TuckerCarlson: Shortly before he was assassinated in 1935, the populist Democrat senator Huey Long of Louisiana had a flash of insight. If the U.S. ever winds up with a fascist government, Long said, “we’ll have it under the guise of anti-fascism.”

The truth is the fight for America’s soul is not a battle between left and right but between reason and madness.” -- Joe Hildebrand, Australian journalist

The post Janet Yellen, Treasury Secretary Nominee, Outlines Priorities appeared first on ValueWalk.

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Tight inventory and frustrated buyers challenge agents in Virginia

With inventory a little more than half of what it was pre-pandemic, agents are struggling to find homes for clients in Virginia.

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No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers.

“I think people are getting used to the interest rates where they are now, but there is just a huge lack of inventory,” said Chelsea Newcomb, a RE/MAX Realty Specialists agent based in Charlottesville. “I have buyers that are looking, but to find a house that you love enough to pay a high price for — and to be at over a 6.5% interest rate — it’s just a little bit harder to find something.”

Newcomb said that interest rates and higher prices, which have risen by more than $100,000 since March 2020, according to data from Altos Research, have caused her clients to be pickier when selecting a home.

“When rates and prices were lower, people were more willing to compromise,” Newcomb said.

Out in Wise, Virginia, near the westernmost tip of the state, RE/MAX Cavaliers agent Brett Tiller and his clients are also struggling to find suitable properties.

“The thing that really stands out, especially compared to two years ago, is the lack of quality listings,” Tiller said. “The slightly more upscale single-family listings for move-up buyers with children looking for their forever home just aren’t coming on the market right now, and demand is still very high.”

Statewide, Virginia had a 90-day average of 8,068 active single-family listings as of March 8, 2024, down from 14,471 single-family listings in early March 2020 at the onset of the COVID-19 pandemic, according to Altos Research. That represents a decrease of 44%.

Virginia-Inventory-Line-Chart-Virginia-90-day-Single-Family

In Newcomb’s base metro area of Charlottesville, there were an average of only 277 active single-family listings during the same recent 90-day period, compared to 892 at the onset of the pandemic. In Wise County, there were only 56 listings.

Due to the demand from move-up buyers in Tiller’s area, the average days on market for homes with a median price of roughly $190,000 was just 17 days as of early March 2024.

“For the right home, which is rare to find right now, we are still seeing multiple offers,” Tiller said. “The demand is the same right now as it was during the heart of the pandemic.”

According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.

For Matt Salway in the Virginia Beach metro area, the tight inventory conditions are creating a rather hot market.

“Depending on where you are in the area, your listing could have 15 offers in two days,” the agent for Iron Valley Real Estate Hampton Roads | Virginia Beach said. “It has been crazy competition for most of Virginia Beach, and Norfolk is pretty hot too, especially for anything under $400,000.”

According to Altos Research, the Virginia Beach-Norfolk-Newport News housing market had a seven-day average Market Action Index score of 52.44 as of March 14, making it the seventh hottest housing market in the country. Altos considers any Market Action Index score above 30 to be indicative of a seller’s market.

Virginia-Beach-Metro-Area-Market-Action-Index-Line-Chart-Virginia-Beach-Norfolk-Newport-News-VA-NC-90-day-Single-Family

Further up the coastline on the vacation destination of Chincoteague Island, Long & Foster agent Meghan O. Clarkson is also seeing a decent amount of competition despite higher prices and interest rates.

“People are taking their time to actually come see things now instead of buying site unseen, and occasionally we see some seller concessions, but the traffic and the demand is still there; you might just work a little longer with people because we don’t have anything for sale,” Clarkson said.

“I’m busy and constantly have appointments, but the underlying frenzy from the height of the pandemic has gone away, but I think it is because we have just gotten used to it.”

While much of the demand that Clarkson’s market faces is for vacation homes and from retirees looking for a scenic spot to retire, a large portion of the demand in Salway’s market comes from military personnel and civilians working under government contracts.

“We have over a dozen military bases here, plus a bunch of shipyards, so the closer you get to all of those bases, the easier it is to sell a home and the faster the sale happens,” Salway said.

Due to this, Salway said that existing-home inventory typically does not come on the market unless an employment contract ends or the owner is reassigned to a different base, which is currently contributing to the tight inventory situation in his market.

Things are a bit different for Tiller and Newcomb, who are seeing a decent number of buyers from other, more expensive parts of the state.

“One of the crazy things about Louisa and Goochland, which are kind of like suburbs on the western side of Richmond, is that they are growing like crazy,” Newcomb said. “A lot of people are coming in from Northern Virginia because they can work remotely now.”

With a Market Action Index score of 50, it is easy to see why people are leaving the Washington-Arlington-Alexandria market for the Charlottesville market, which has an index score of 41.

In addition, the 90-day average median list price in Charlottesville is $585,000 compared to $729,900 in the D.C. area, which Newcomb said is also luring many Virginia homebuyers to move further south.

Median-Price-D.C.-vs.-Charlottesville-Line-Chart-90-day-Single-Family

“They are very accustomed to higher prices, so they are super impressed with the prices we offer here in the central Virginia area,” Newcomb said.

For local buyers, Newcomb said this means they are frequently being outbid or outpriced.

“A couple who is local to the area and has been here their whole life, they are just now starting to get their mind wrapped around the fact that you can’t get a house for $200,000 anymore,” Newcomb said.

As the year heads closer to spring, triggering the start of the prime homebuying season, agents in Virginia feel optimistic about the market.

“We are seeing seasonal trends like we did up through 2019,” Clarkson said. “The market kind of soft launched around President’s Day and it is still building, but I expect it to pick right back up and be in full swing by Easter like it always used to.”

But while they are confident in demand, questions still remain about whether there will be enough inventory to support even more homebuyers entering the market.

“I have a lot of buyers starting to come off the sidelines, but in my office, I also have a lot of people who are going to list their house in the next two to three weeks now that the weather is starting to break,” Newcomb said. “I think we are going to have a good spring and summer.”

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‘Excess Mortality Skyrocketed’: Tucker Carlson and Dr. Pierre Kory Unpack ‘Criminal’ COVID Response

‘Excess Mortality Skyrocketed’: Tucker Carlson and Dr. Pierre Kory Unpack ‘Criminal’ COVID Response

As the global pandemic unfolded, government-funded…

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'Excess Mortality Skyrocketed': Tucker Carlson and Dr. Pierre Kory Unpack 'Criminal' COVID Response

As the global pandemic unfolded, government-funded experimental vaccines were hastily developed for a virus which primarily killed the old and fat (and those with other obvious comorbidities), and an aggressive, global campaign to coerce billions into injecting them ensued.

Then there were the lockdowns - with some countries (New Zealand, for example) building internment camps for those who tested positive for Covid-19, and others such as China welding entire apartment buildings shut to trap people inside.

It was an egregious and unnecessary response to a virus that, while highly virulent, was survivable by the vast majority of the general population.

Oh, and the vaccines, which governments are still pushing, didn't work as advertised to the point where health officials changed the definition of "vaccine" multiple times.

Tucker Carlson recently sat down with Dr. Pierre Kory, a critical care specialist and vocal critic of vaccines. The two had a wide-ranging discussion, which included vaccine safety and efficacy, excess mortality, demographic impacts of the virus, big pharma, and the professional price Kory has paid for speaking out.

Keep reading below, or if you have roughly 50 minutes, watch it in its entirety for free on X:

"Do we have any real sense of what the cost, the physical cost to the country and world has been of those vaccines?" Carlson asked, kicking off the interview.

"I do think we have some understanding of the cost. I mean, I think, you know, you're aware of the work of of Ed Dowd, who's put together a team and looked, analytically at a lot of the epidemiologic data," Kory replied. "I mean, time with that vaccination rollout is when all of the numbers started going sideways, the excess mortality started to skyrocket."

When asked "what kind of death toll are we looking at?", Kory responded "...in 2023 alone, in the first nine months, we had what's called an excess mortality of 158,000 Americans," adding "But this is in 2023. I mean, we've  had Omicron now for two years, which is a mild variant. Not that many go to the hospital."

'Safe and Effective'

Tucker also asked Kory why the people who claimed the vaccine were "safe and effective" aren't being held criminally liable for abetting the "killing of all these Americans," to which Kory replied: "It’s my kind of belief, looking back, that [safe and effective] was a predetermined conclusion. There was no data to support that, but it was agreed upon that it would be presented as safe and effective."

Carlson and Kory then discussed the different segments of the population that experienced vaccine side effects, with Kory noting an "explosion in dying in the youngest and healthiest sectors of society," adding "And why did the employed fare far worse than those that weren't? And this particularly white collar, white collar, more than gray collar, more than blue collar."

Kory also said that Big Pharma is 'terrified' of Vitamin D because it "threatens the disease model." As journalist The Vigilant Fox notes on X, "Vitamin D showed about a 60% effectiveness against the incidence of COVID-19 in randomized control trials," and "showed about 40-50% effectiveness in reducing the incidence of COVID-19 in observational studies."

Professional costs

Kory - while risking professional suicide by speaking out, has undoubtedly helped save countless lives by advocating for alternate treatments such as Ivermectin.

Kory shared his own experiences of job loss and censorship, highlighting the challenges of advocating for a more nuanced understanding of vaccine safety in an environment often resistant to dissenting voices.

"I wrote a book called The War on Ivermectin and the the genesis of that book," he said, adding "Not only is my expertise on Ivermectin and my vast clinical experience, but and I tell the story before, but I got an email, during this journey from a guy named William B Grant, who's a professor out in California, and he wrote to me this email just one day, my life was going totally sideways because our protocols focused on Ivermectin. I was using a lot in my practice, as were tens of thousands of doctors around the world, to really good benefits. And I was getting attacked, hit jobs in the media, and he wrote me this email on and he said, Dear Dr. Kory, what they're doing to Ivermectin, they've been doing to vitamin D for decades..."

"And it's got five tactics. And these are the five tactics that all industries employ when science emerges, that's inconvenient to their interests. And so I'm just going to give you an example. Ivermectin science was extremely inconvenient to the interests of the pharmaceutical industrial complex. I mean, it threatened the vaccine campaign. It threatened vaccine hesitancy, which was public enemy number one. We know that, that everything, all the propaganda censorship was literally going after something called vaccine hesitancy."

Money makes the world go 'round

Carlson then hit on perhaps the most devious aspect of the relationship between drug companies and the medical establishment, and how special interests completely taint science to the point where public distrust of institutions has spiked in recent years.

"I think all of it starts at the level the medical journals," said Kory. "Because once you have something established in the medical journals as a, let's say, a proven fact or a generally accepted consensus, consensus comes out of the journals."

"I have dozens of rejection letters from investigators around the world who did good trials on ivermectin, tried to publish it. No thank you, no thank you, no thank you. And then the ones that do get in all purportedly prove that ivermectin didn't work," Kory continued.

"So and then when you look at the ones that actually got in and this is where like probably my biggest estrangement and why I don't recognize science and don't trust it anymore, is the trials that flew to publication in the top journals in the world were so brazenly manipulated and corrupted in the design and conduct in, many of us wrote about it. But they flew to publication, and then every time they were published, you saw these huge PR campaigns in the media. New York Times, Boston Globe, L.A. times, ivermectin doesn't work. Latest high quality, rigorous study says. I'm sitting here in my office watching these lies just ripple throughout the media sphere based on fraudulent studies published in the top journals. And that's that's that has changed. Now that's why I say I'm estranged and I don't know what to trust anymore."

Vaccine Injuries

Carlson asked Kory about his clinical experience with vaccine injuries.

"So how this is how I divide, this is just kind of my perception of vaccine injury is that when I use the term vaccine injury, I'm usually referring to what I call a single organ problem, like pericarditis, myocarditis, stroke, something like that. An autoimmune disease," he replied.

"What I specialize in my practice, is I treat patients with what we call a long Covid long vaxx. It's the same disease, just different triggers, right? One is triggered by Covid, the other one is triggered by the spike protein from the vaccine. Much more common is long vax. The only real differences between the two conditions is that the vaccinated are, on average, sicker and more disabled than the long Covids, with some pretty prominent exceptions to that."

Watch the entire interview above, and you can support Tucker Carlson's endeavors by joining the Tucker Carlson Network here...

Tyler Durden Thu, 03/14/2024 - 16:20

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These Cities Have The Highest (And Lowest) Share Of Unaffordable Neighborhoods In 2024

These Cities Have The Highest (And Lowest) Share Of Unaffordable Neighborhoods In 2024

Authored by Sam Bourgi via CreditNews.com,

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These Cities Have The Highest (And Lowest) Share Of Unaffordable Neighborhoods In 2024

Authored by Sam Bourgi via CreditNews.com,

Homeownership is one of the key pillars of the American dream. But for many families, the idyllic fantasy of a picket fence and backyard barbecues remains just that—a fantasy.

Thanks to elevated mortgage rates, sky-high house prices, and scarce inventory, millions of American families have been locked out of the opportunity to buy a home in many cities.

To shed light on America’s housing affordability crisis, Creditnews Research ranked the 50 most populous cities by the percentage of neighborhoods within reach for the typical married-couple household to buy a home in.

The study reveals a stark reality, with many cities completely out of reach for the most affluent household type. Not only that, the unaffordability has radically worsened in recent years.

Comparing how affordability has changed since Covid, Creditnews Research discovered an alarming pattern—indicating consistently more unaffordable housing in all but three cities.

Fortunately, there’s still hope for households seeking to put down roots in more affordable cities—especially for those looking beyond Los Angeles, New York, Boston, San Jone, and Miami.

The typical American family has a hard time putting down roots in many parts of the country. In 11 of the top 50 cities, at least 50% of neighborhoods are out of reach for the average married-couple household. The affordability gap has widened significantly since Covid; in fact, no major city has reported an improvement in affordability post-pandemic.

Sam Bourgi, Senior Analyst at Creditnews

Key findings

  • The most unaffordable cities are Los Angeles, Boston, St. Louis, and San Jose; in each city, 100% of neighborhoods are out of reach for for married-couple households earning a median income;

  • The most affordable cities are Cleveland, Hartford, and Memphis—in these cities, the typical family can afford all neighborhoods;

  • None of the top 50 cities by population saw an improvement in affordable neighborhoods post-pandemic;

  • California recorded the biggest spike in unaffordable neighborhoods since pre-Covid;

  • The share of unaffordable neighborhoods has increased the most since pre-Covid in San Jose (70 percentage points), San Diego (from 57.8 percentage points), and Riverside-San Bernardino (51.9 percentage points);

  • Only three cities have seen no change in housing affordability since pre-Covid: Cleveland, Memphis, and Hartford. They’re also the only cities that had 0% of unaffordable neighborhoods before Covid.

Cities with the highest share of unaffordable neighborhoods

With few exceptions, the most unaffordable cities for married-couple households tend to be located in some of the nation’s most expensive housing markets.

Four cities in the ranking have an unaffordability percentage of 100%—indicating that the median married-couple household couldn’t qualify for an average home in any neighborhood.

The following are the cities ranked from the least affordable to the most:

  • Los Angeles, CA: Housing affordability in Los Angeles has deteriorated over the last five years, as average incomes have failed to keep pace with rising property values and elevated mortgage rates. The median household income of married-couple families in LA is $117,056, but even at that rate, 100% of the city’s neighborhoods are unaffordable.

  • St. Louis, MO: It may be surprising to see St. Louis ranking among the most unaffordable housing markets for married-couple households. But a closer look reveals that the Mound City was unaffordable even before Covid. In 2019, 98% of the city’s neighborhoods were unaffordable—way worse than Los Angeles, Boston, or San Jose.

  • Boston, MA: Boston’s housing affordability challenges began long before Covid but accelerated after the pandemic. Before Covid, married couples earning a median income were priced out of 90.7% of Boston’s neighborhoods. But that figure has since jumped to 100%, despite a comfortable median household income of $172,223.

  • San Jose, CA: Nestled in Silicon Valley, San Jose has long been one of the most expensive cities for housing in America. But things have gotten far worse since Covid, as 100% of its neighborhoods are now out of reach for the average family. Perhaps the most shocking part is that the median household income for married-couple families is $188,403—much higher than the national average.

  • San Diego, CA: Another California city, San Diego, is among the most unaffordable places in the country. Despite boasting a median married-couple household income of $136,297, 95.6% of the city’s neighborhoods are unaffordable.

  • San Francisco, CA: San Francisco is another California city with a high married-couple median income ($211,585) but low affordability. The percentage of unaffordable neighborhoods for these homebuyers stands at 89.2%.

  • New York, NY: As one of the most expensive cities in America, New York is a difficult housing market for married couples with dual income. New York City’s share of unaffordable neighborhoods is 85.9%, marking a 33.4% rise from pre-Covid times.

  • Miami, FL: Partly due to a population boom post-Covid, Miami is now one of the most unaffordable cities for homebuyers. Roughly four out of five (79.4%) of Miami’s neighborhoods are out of reach price-wise for married-couple families. That’s a 34.7% increase from 2019.

  • Nashville, TN: With Nashville’s population growth rebounding to pre-pandemic levels, the city has also seen greater affordability challenges. In the Music City, 73.7% of neighborhoods are considered unaffordable for married-couple households—an increase of 11.9% from pre-Covid levels.

  • Richmond, VA: Rounding out the bottom 10 is Richmond, where 55.9% of the city’s 161 neighborhoods are unaffordable for married-couple households. That’s an 11.9% increase from pre-Covid levels.

Cities with the lowest share of unaffordable neighborhoods

All the cities in our top-10 ranking have less than 10% unaffordable neighborhoods—meaning the average family can qualify for a home in at least 90% of the city.

Interestingly, these cities are also outside the top 15 cities by population, and eight are in the bottom half.

The following are the cities ranked from the most affordable to the least:

  • Hartford, CT: Hartford ranks first with the percentage of unaffordable neighborhoods at 0%, unchanged since pre-Covid times. Married couples earning a median income of $135,612 can afford to live in any of the city’s 16 neighborhoods. Interestingly, Hartford is the smallest city to rank in the top 10.

  • Memphis, TN: Like Hartford, Memphis has 0% unaffordable neighborhoods, meaning any married couple earning a median income of $101,734 can afford an average homes in any of the city’s 12 neighborhoods. The percentage of unaffordable neighborhoods also stood at 0% before Covid.

  • Cleveland, OH: The Midwestern city of Cleveland is also tied for first, with the percentage of unaffordable neighborhoods at 0%. That means households with a median-couple income of $89,066 can qualify for an average home in all of the city’s neighborhoods. Cleveland is also among the three cities that have seen no change in unaffordability compared to 2019.

  • Minneapolis, MN: The largest city in the top 10, Minneapolis’ share of unaffordable neighborhoods stood at 2.41%, up slightly from 2019. Married couples earning the median income ($149,214) have access to the vast majority of the city’s 83 neighborhoods.

  • Baltimore, MD: Married-couple households in Baltimore earn a median income of $141,634. At that rate, they can afford to live in 97.3% of the city’s 222 neighborhoods, making only 2.7% of neighborhoods unaffordable. That’s up from 0% pre-Covid.

  • Louisville, KY: Louisville is a highly competitive market for married households. For married-couple households earning a median wage, only 3.6% of neighborhoods are unaffordable, up 11.9% from pre-Covid times.

  • Cincinnati, OH: The second Ohio city in the top 10 ranks close to Cleveland in population but has a much higher median married-couple household income of $129,324. Only 3.6% of the city’s neighborhoods are unaffordable, up slightly from pre-pandemic levels.

  • Indianapolis, IN: Another competitive Midwestern market, only 4.4% of Indianapolis is unaffordable, making the vast majority of the city’s 92 neighborhoods accessible to the average married couple. Still, the percentage of unaffordable neighborhoods before Covid was less than 1%.

  • Oklahoma City, OK: Before Covid, Oklahoma City had 0% neighborhoods unaffordable for married-couple households earning the median wage. It has since increased to 4.69%, which is still tiny compared to the national average.

  • Kansas City, MO: Kansas City has one of the largest numbers of neighborhoods in the top 50 cities. Its married-couple residents can afford to live in nearly 95% of them, making only 5.6% of neighborhoods out of reach. Like Indiana, Kansas City’s share of unaffordable neighborhoods was less than 1% before Covid.

The biggest COVID losers

What's particularly astonishing about the current housing market is just how quickly affordability has declined since Covid.

Even factoring in the market correction after the 2022 peak, the price of existing homes is still nearly one-third higher than before Covid. Mortgage rates have also more than doubled since early 2022.

Combined, the rising home prices and interest rates led to the worst mortgage affordability in more than 40 years.

Against this backdrop, it’s hardly surprising that unaffordability increased in 47 of the 50 cities studied and remained flat in the other three. No city reported improved affordability in 2024 compared to 2019.

The biggest increases are led by San Jose (70 percentage points), San Diego (57.8 percentage points), Riverside-San Bernardino (51.9 percentage points), Sacramento (43 percentage points), Orlando (37.4 percentage points), Miami (34.7 percentage points), and New York City (33.4 percentage points).

The following cities in our study are ranked by the largest percentage point change in unaffordable neighborhoods since pre-Covid:

Tyler Durden Thu, 03/14/2024 - 14:00

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