You have outdone yourself once again! What a great read. So many great quotes. If i were on twitter, i would do number 8 every day. I couldn’t stop laughing at that one.
The redoubling of the K-shaped economy = one part of the market thinks it's 1999; and there's no 2000 reckoning coming because "it's different this time" - and they keep being right becaue of all the backstopping. Also no 1929 because why would that happen, right?
The other part of "the market" gets eaten by inflation in real life and / or fired because of AI "efficiencies" (yeah, right) while a bag of weekly groceries goes up +50%.
I wonder where the two will converge again.
Is it Hunger Games with T-2000's in which you can win your annual groceries, competing with all the others who didn't get into NVDA in time?
Or will it be Utopia where a "Optimus" robot helps you up the stairs while a dozen others toil the fields and pay your living dividends (and their security module actually works, so they don't do an uprising)?
Which one's more likely, seeing all the actors on your "Authoritarian Technocrats" chart?
In The Music of Chance a poker playing peripatetic (leadfoot counts) teams up with a poker hustler to get spanked by two marks that weren’t properly marked to market ~ cuz who expects a pair of lucky lotto winners, an optometrist & an accountant (let alone bluebloods to the noblesse oblige manor born … lower your expectations, serf!), to ever be TBTF? ~ & The Hustler gets more than his thumbs broken.
In the geometry of Veni, Vedi, Vichy Frenchness ~ I came, I saw, I chose joining-betting what I couldn’t beat ~ & when other better bettors beat those unbeatables —ostensibly (the unbeatables beat themselves … every time)— it was revealed that an un-cancellable Appointment In Samarra was booked all along.
Burry’s Wounded Knee … is that the interlocked patella-progression of padded SNAFU links is fractal geometric & expands to fill the limits … but the sky is not those limits — whether he, or anybody else, can see those bends --nitrogen narcosis blood-bubbles are small— or not …
… Check out the frauds at “the founding” that the defrauded at the time could definitely see post-late. It was Argentina-moves by wigged dudes well before Evita Milei, Bessent & his hedge fund pals.
Gentleman Jim Grant’s benefit of the doubt is clearly out of bounds …
… McEnroe tantrums are fine, entertaining, subject to disciplinary response, but when the swinging bank racketeers threaten the official in the highchair, or the spectators, with their racquets, ejection - with extreme prejudice - is the only option.
How many punches in a prejudice, would you say? “When I get tired,” is the right amount, I think. More qualitative, than quantitative, easing.
Fiat justitia ruat caelum : “Let justice be done though the heavens fall.”
A translator, Latin to English, indicates “fiat” is “befall.”
Wriggle into that expensive wingsuit, mulct-stolen from others, & jump, fool, like it’s 1929.
Or strap on your daddy’s waxwings & head toward the Sun, ya Myung Moonie.
In Legends of the Fall the one who broke all the rules died last. He got mauled, perhaps eaten, by a bear. Interesting. No shortage of inner Timmy Treadwells treading poorly on the angel-free path.
In Fallen, the good man, his name is Hobbes (Life in the state of nature, without government —which is also in the state of nature— is “solitary, poor, nasty, brutish, and short” … so gov just institutional-efficiencies the market hypotheses of it) just couldn’t keep the devil down. 9 lives, nice touch.
Or Roy Hobbs (Robert Redford): “When I walk down the street people will look at me & say there goes Roy Hobbs, the best there ever was.” The Black Dahlia he’s telling this ‘aim small miss big’ Gatsby’s him with silver bullets soon after.
And waxwingsuited fowls of a feather surely do be flockin’ it up together.
Are these crooks all Flight risks? You better believe it. But that’ll just give Delta Force something legit to do for the first time. Which might reverse some of the PTSD.
I mean, if the goal is to make home ownership more ‘affordable’, well for 99% of prospective buyers that means can they cover the monthly nut.
And if the 2nd goal is to help young people buy homes, why stop at 50 years.
It’s a rare buyer who
looks at an amortization table, it’s just about the payment.
So with that in mind, why 50. Let’s just go with a LEM. A life expectancy mortgage.
At whatever age you buy, your mortgage can be as long as your life expectancy. So a 24 year old female buying her first home, her life expectancy is 82 years. So she should be able to get a 58 year note.
My new LEM product fulfills both goal. Lowers monthly payments more than a 50 year mortgage and encourages grade schoolers to buy homes.
I’m seeking financing for a product launch.
Alternatively we could just go right to a hundred years.
Donnie wants to make houses more affordable with 50 year mortgages. My question is has there ever been a study that quantifies how much of the increase in house prices is due to competition from institutional investors? In 1980 when 29 was the average age for first time buyers the percentage of houses owned by the big investors was negligible according to ChatGPT but is 20% today. It's unfortunate that young people have to compete with Wall Street and their cheap-money buddies at the Fed. Wall Street values always "Trump" family values.
The entry of bigtime buyers post-08 has been horrific, since prices are set on the margin. Thanks to the Fed these guys would borrow at lower rates than Joe Six Pack and could pay far more. Then we get a couple million airbnbs, opendoor etc househacking nonsense, plus all the foreigners. Really destroyed the housing market for most.
You have outdone yourself once again! What a great read. So many great quotes. If i were on twitter, i would do number 8 every day. I couldn’t stop laughing at that one.
The redoubling of the K-shaped economy = one part of the market thinks it's 1999; and there's no 2000 reckoning coming because "it's different this time" - and they keep being right becaue of all the backstopping. Also no 1929 because why would that happen, right?
The other part of "the market" gets eaten by inflation in real life and / or fired because of AI "efficiencies" (yeah, right) while a bag of weekly groceries goes up +50%.
I wonder where the two will converge again.
Is it Hunger Games with T-2000's in which you can win your annual groceries, competing with all the others who didn't get into NVDA in time?
Or will it be Utopia where a "Optimus" robot helps you up the stairs while a dozen others toil the fields and pay your living dividends (and their security module actually works, so they don't do an uprising)?
Which one's more likely, seeing all the actors on your "Authoritarian Technocrats" chart?
Could that be a Polymarket bet?
Holy cow - what a collection of insight and truth. Could hardly read it all without running out and buying some gold…and guns and ammo, of course
In The Music of Chance a poker playing peripatetic (leadfoot counts) teams up with a poker hustler to get spanked by two marks that weren’t properly marked to market ~ cuz who expects a pair of lucky lotto winners, an optometrist & an accountant (let alone bluebloods to the noblesse oblige manor born … lower your expectations, serf!), to ever be TBTF? ~ & The Hustler gets more than his thumbs broken.
In the geometry of Veni, Vedi, Vichy Frenchness ~ I came, I saw, I chose joining-betting what I couldn’t beat ~ & when other better bettors beat those unbeatables —ostensibly (the unbeatables beat themselves … every time)— it was revealed that an un-cancellable Appointment In Samarra was booked all along.
Burry’s Wounded Knee … is that the interlocked patella-progression of padded SNAFU links is fractal geometric & expands to fill the limits … but the sky is not those limits — whether he, or anybody else, can see those bends --nitrogen narcosis blood-bubbles are small— or not …
… Check out the frauds at “the founding” that the defrauded at the time could definitely see post-late. It was Argentina-moves by wigged dudes well before Evita Milei, Bessent & his hedge fund pals.
Gentleman Jim Grant’s benefit of the doubt is clearly out of bounds …
… McEnroe tantrums are fine, entertaining, subject to disciplinary response, but when the swinging bank racketeers threaten the official in the highchair, or the spectators, with their racquets, ejection - with extreme prejudice - is the only option.
How many punches in a prejudice, would you say? “When I get tired,” is the right amount, I think. More qualitative, than quantitative, easing.
https://www.youtube.com/watch?v=nlGZmJrBtNc
Fiat justitia ruat caelum : “Let justice be done though the heavens fall.”
A translator, Latin to English, indicates “fiat” is “befall.”
Wriggle into that expensive wingsuit, mulct-stolen from others, & jump, fool, like it’s 1929.
Or strap on your daddy’s waxwings & head toward the Sun, ya Myung Moonie.
In Legends of the Fall the one who broke all the rules died last. He got mauled, perhaps eaten, by a bear. Interesting. No shortage of inner Timmy Treadwells treading poorly on the angel-free path.
https://www.youtube.com/watch?v=75O_JBfpX7I
In Fallen, the good man, his name is Hobbes (Life in the state of nature, without government —which is also in the state of nature— is “solitary, poor, nasty, brutish, and short” … so gov just institutional-efficiencies the market hypotheses of it) just couldn’t keep the devil down. 9 lives, nice touch.
https://www.youtube.com/watch?v=mJue7ixbvII
Or Roy Hobbs (Robert Redford): “When I walk down the street people will look at me & say there goes Roy Hobbs, the best there ever was.” The Black Dahlia he’s telling this ‘aim small miss big’ Gatsby’s him with silver bullets soon after.
https://www.youtube.com/watch?v=SmPxpow8A00
‘Trees don’t grow to the sky’ or even less than that because termite-makes-right:
https://www.atlasobscura.com/articles/vintage-photos-of-lumberjacks-and-the-giant-trees-they-felled
“Befall” is close to “befoul.”
And waxwingsuited fowls of a feather surely do be flockin’ it up together.
Are these crooks all Flight risks? You better believe it. But that’ll just give Delta Force something legit to do for the first time. Which might reverse some of the PTSD.
https://www.youtube.com/watch?v=kM4JSf0e2DU
I have Red Octopus. Spun it nearly daily in ’75-’76. That & Johnny Nash. I Can See Clearly Now.
I thought I could see clearly then, too. But my prescription has gotten stronger.
When —if— this Finnish outfit ever finishes, I’ll get those eagle eyes, like Helen Keller had, or like Simo Häyhä —Finnish super-sniper— had:
https://ixieyewear.com/
Some good soul put the whole Music of Chance on the tube. Check it. Good flick, hard to find:
https://www.youtube.com/watch?v=RYZT5ftJDmY
I don’t get the 50 year mortgage.
I mean, if the goal is to make home ownership more ‘affordable’, well for 99% of prospective buyers that means can they cover the monthly nut.
And if the 2nd goal is to help young people buy homes, why stop at 50 years.
It’s a rare buyer who
looks at an amortization table, it’s just about the payment.
So with that in mind, why 50. Let’s just go with a LEM. A life expectancy mortgage.
At whatever age you buy, your mortgage can be as long as your life expectancy. So a 24 year old female buying her first home, her life expectancy is 82 years. So she should be able to get a 58 year note.
My new LEM product fulfills both goal. Lowers monthly payments more than a 50 year mortgage and encourages grade schoolers to buy homes.
I’m seeking financing for a product launch.
Alternatively we could just go right to a hundred years.
Donnie wants to make houses more affordable with 50 year mortgages. My question is has there ever been a study that quantifies how much of the increase in house prices is due to competition from institutional investors? In 1980 when 29 was the average age for first time buyers the percentage of houses owned by the big investors was negligible according to ChatGPT but is 20% today. It's unfortunate that young people have to compete with Wall Street and their cheap-money buddies at the Fed. Wall Street values always "Trump" family values.
The entry of bigtime buyers post-08 has been horrific, since prices are set on the margin. Thanks to the Fed these guys would borrow at lower rates than Joe Six Pack and could pay far more. Then we get a couple million airbnbs, opendoor etc househacking nonsense, plus all the foreigners. Really destroyed the housing market for most.
you're scaring me rudi.....do you hear me? you're scaring me and i bet I am not the only one.
Meh.
definitely one for posterity- but that's not the first time I have said that about this site.
Cheer Up, Ruffles have ridges :)
Santelli was right all along, but none of the “experts” believed him.
This is your best email yet. I thought that after Grant's quote and the AI ecosystem graph, and then the hits just kept coming.