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Category: topSource: bizjournalsAug 5th, 2022

Mar-a-Lago raid live updates: Trump"s search warrant could be a grab-bag of potential federal charges, a longtime DOJ prosecutor predicts

Former President Donald Trump confirmed that the FBI searched Mar-a-Lago. Trump was out of state when federal agents raided his property in Florida. Donald Trump answers questions from reporters after making a video call to the troops stationed worldwide at the Mar-a-Lago estate in Palm Beach Florida, on December 24, 2019.NICHOLAS KAMM/AFP via Getty Images The FBI searched former President Donald Trump's Mar-a-Lago home on Monday, sparking a firestorm. Nancy Pelosi said no person is "above the law" after the raid, but Republicans condemned it as politically motivated. Republican lawmakers and right-wing organizations are now using the search to fundraise.  What's in Trump's search warrant? A grab-bag of potential federal charges, a longtime DOJ prosecutor predictedMar-a-Lago one day after the FBI raid.Kimberly Leonard/InsiderThe feds knew they had only one chance to search Mar-a-Lago — so they carried a big net, Gene Rossi, for three decades a federal prosecutor out of northern Virginia, predicted.The search warrant that got them inside the waterfront Palm Beach estate of former President Donald Trump may have only been one-page long — but the warrant would have authorized FBI agents to seize evidence related to multiple federal statutes, Rossi said."I would be shocked," Rossi told Insider if the search warrant did not list the federal statutes for insurrection, for sedition, and for obstruction — three charges Trump could potentially face for alleged involvement in the January 6, 2021 siege on the Capitol.Keep ReadingRepublicans revive false claim that DOJ called parents 'terrorists' after Mar-a-Lago raidRep. Jim Jordan, a Republican from OhioKevin Dietsch/Getty ImagesRepublicans who are furious with the FBI after the agency's search of former President Trump's Mar-a-Lago residence are reviving a false talking point that pits the Department of Justice against parents.Virginia Gov. Glenn Youngkin called the raid "stunning" in a tweet and said, "This same DOJ labeled parents in Loudoun County as terrorists."On Fox News, Rep. Jim Jordan, the House Judiciary Committee's highest-ranking Republican, made a similar claim about Attorney General Merrick Garland.Since last year, Republicans hoping to use culture wars to boost their chances in the midterm elections have said that the Biden administration and Democrats have branded parents who protest at school board meetings as domestic terrorists.Read Full StoryMar-a-Lago raid prompts elected Republicans to openly acknowledge that Trump will likely run for president againWhile Republicans slam the FBI's raid of Mar-a-Lago, many are also finally admitting in public that Trump is likely to run for president again in 2024.Trump has hinted at the prospect for months now, leaving Republicans reluctant to comment or speculate on the matter. "President Trump is likely going to run again in 2024," Republican Sen. Lindsey Graham, a close Trump ally, wrote on Twitter."Joe Biden is trying to use the FBI to subdue his top political opponent because they are afraid of him running in 2024," Republican Rep. Diana Harshbarger wrote on Twitter. Read Full StoryPence defends Trump and expresses 'deep concern' over FBI's Mar-a-Lago raidThen-President Donald Trump shakes then-Vice President Mike Pence's hand after a 2019 rally.Zach Gibson/Getty ImagesFormer Vice President Mike Pence defended Donald Trump after FBI agents raided Mar-a-Lago."I share the deep concern of millions of Americans over the unprecedented search of the personal residence of President Trump," Pence wrote on Twitter.He continued: "After years where FBI agents were found to be acting on political motivation during our administration, the appearance of continued partisanship by the Justice Department must be addressed."Read Full StoryTrump nominated the FBI Director who led Mar-A-Lago search: 'He will make us all proud'Former President Donald Trump nominated Christoper Wray for FBI Director in 2017.Brandon Bell/Getty Images, MANDEL NGAN/POOL/AFP via Getty ImagesChristopher Wray, the FBI director who authorized the Mar-a-Lago search was picked for the gig by then-President Donald Trump in 2017.Trump, at the time, called Wray a man of "impeccable credentials.""We will have a great FBI director. I think he's doing really well and we're very proud of that choice. I think I've done a great service to the country by choosing him," Trump said in a speech during a 2017 visit to France. "He will make us all proud, and I think someday we'll see that and hopefully someday soon."Now, Wray is feeling pressure from GOP lawmakers in the wake of Monday's raid. Read Full StoryRepublicans are fundraising off the FBI's raid of Trump's 'beautiful Florida home' at Mar-a-LagoShortly after the FBI searched former President Donald Trump's Mar-a-Lago home, Republicans and right-wing groups used the opportunity to boost political fundraising efforts.A volley of emails from GOP lawmakers, political action groups, and other organizations denounced the FBI's search warrant and slammed the Biden administration."Biden's FBI raided President Trump's beautiful Florida home," the Republican National Committee wrote in a fundraising email, adding that "it's hard to believe it but it's true." Read Full StoryLindsey Graham says 'nobody's above the law' after FBI raid, but added that he's 'suspicious' of the investigationSen. Lindsey Graham (R-SC).Ting Shen - Pool/Getty ImagesSouth Carolina Sen. Lindsey Graham voiced a balanced reaction in response to the FBI's search warrant of former President Donald Trump's Mar-a-Lago home compared to some of his colleagues."We're a nation of laws. Nobody's above the law. That's for darn sure," the Republican told conservative radio host Hugh Hewitt. The Trump ally said, however, that he's "suspicious" of the Justice Department's investigation and called it "dangerous territory." Read Full StoryEx-RNC chairman calls Marjorie Taylor Greene a 'shitforbrains' Republican for demanding the FBI be defundedRep. Marjorie Taylor Greene, a Republican from GeorgiaDrew Angerer/Getty ImagesMichael Steele, former chairman of the Republican National Committee, slammed Rep. Marjorie Taylor Greene of Georgia for saying the FBI should be defunded. After the FBI searched former President Donald Trump's Mar-a-Lago home, Greene tweeted "DEFUND THE FBI!"Steele quoted her tweet and said: "Trump failed to return classified docs requested by the National Archives. A federal judge issued a search warrant for probable cause of a crime. This is not some rando move by the FBI so you shitforbrains Republicans calling for 'defunding the FBI' for once try to be less stupid."Read Full StoryTrump family members react to FBI search, calling it 'political persecution'Donald Trump Jr. and Eric Trump.Chip Somodevilla/Getty ImagesMembers of the Trump family took to Twitter and Fox News to voice their response to the FBI's search of former president Donald Trump's Mar-a-Lago home."Biden's out of control DOJ is ripping this country apart with how they're openly targeting their political enemies," Donald Trump Jr. wrote. "This is what you see happen in 3rd World Banana Republics!!!"Eric Trump told Fox News on Monday night that he was the "guy who got the call," that the FBI was executing a search warrant at Mar-a-Lago, calling it "political persecution.""Every day, we get another subpoena," he said. Read Full StoryA dozen House Republicans plan to dine with Trump in Bedminster on TuesdayFormer President Donald Trump is hosting a dozen of the most conservative House Republicans at his New Jersey golf club Tuesday night for a dinner meeting.Republican Study Committee Chairman Rep. Jim Banks is reportedly leading the group, set to meet just one day after the FBI raided Mar-a-Lago.Read Full StoryTrump talked about his 'strange day' while calling into a tele-rally for Sarah Palin hours after the FBI raidFormer President Donald Trump campaigns for former Alaska Gov. Sarah Palin at a rally in Anchorage, Alaska on July 9, 2022.Justin Sullivan/Getty ImagesAfter the raid on his Mar-a-Lago residence, former president Donald Trump called into a tele-rally for former Alaska Gov. Sarah Palin — a long-time political ally who is now seeking an open House seat in the state's August 16 special election."Another day in paradise. This is a strange day. You probably all read about it," Trump said during a roughly 15-minute call, according to the Anchorage Daily News.Palin thanked Trump for checking in, despite the news of the raid.  Read Full StoryPelosi says FBI raid on Trump was a major step and that 'no person is above the law'—TODAY (@TODAYshow) August 9, 2022House Speaker Nancy Pelosi described the FBI raid on former President Donald Trump's Mar-a-Lago home as a major step, and said that not even a former president is "above the law."She is the highest-ranking Democrat to comment on the search, which took place on Monday.Pelosi was interviewed about the Monday raid on NBC's "Today" show Tuesday, where she was asked by host Savannah Guthrie if the search struck her as a "pretty serious step" for the Department of Justice to take.Pelosi replied: "Yes I think it does."She said later in the interview that Democrats "believe in the rule of law, and that's what our country is about and no person is above the law, not even the president of the United States, not even a former president of the United States."Read Full StoryMichael Cohen was jubilant after the FBI searched Trump's home, says he is finally being 'held accountable'Michael Cohen in July 2018 in New York City.Drew Angerer/Getty ImagesMichael Cohen, Donald Trump's former personal attorney and fixer, posted a celebratory video after FBI agents conducted a search of the ex-president's property in Mar-a-Lago, Florida. As news broke of the raid Cohen posted a selfie of himself grinning on Twitter, and in a video later posted on TikTok spelled out what he thinks the development could mean for his former boss."I can promise you only one thing, that whatever information that it is that they took from him, it's information he didn't want exposed," he said.He said Trump would frequently stash away compromising information in places he thought it was "impervious." "Let's just all rejoice the fact that this man who has avoided, legitimately avoided, any responsibility for anything is now going to be held accountable," said Cohen. "And it goes right back to the democratic adage 'no one is above the law.'"Read Full StoryMary Trump says her uncle is panicked by FBI raid and never believed the DOJ would take actionMary Trump speaking on MSNBC on August 8, 2022MSNBCThe niece of former President Donald Trump, Mary Trump, said that he is in "panic" after the FBI raided his home in Florida late on Monday. Trump "may have been told it was coming," but he would not have believed that the FBI would actually do it, Mary Trump told MSNBC on Monday.She has for years been a vocal critic of her uncle, who has attacked her in turn.Mary said that the raid would have been "a bit of a shock" to Trump, citing what she, a psychologist, called his "narcissism and sense of entitlement.""He may have known, been told it was coming, but he could not possibly believe it was coming, because it never has. So I think that's where that panic is coming from."Read Full StoryKevin McCarthy threatens to investigate DOJ over Trump FBI raid if Republicans retake the HouseHouse Minority Leader Kevin McCarthy.Kent Nishimura/Los Angeles Times via Getty ImagesHouse Minority Leader Kevin McCarthy threatened to investigate the DOJ and Attorney General Merrick Garland, using powers the Republican Party would gain if it retakes the House in November.In a statement Tuesday, McCarthy denounced the search conducted by FBI agents in Trump's Mar-a-Lago resort."I've seen enough. The Department of Justice has reached an intolerable state of weaponized politicization," McCarthy said in a statement."When Republicans take back the House, we will conduct immediate oversight of this department, follow the facts, and leave no stone unturned.""Attorney General Garland, preserve your documents and clear your calendar," McCarthy said.Read Full StoryA law forbidding presidents from destroying or mishandling records could be why FBI agents searched Donald Trump's Mar-a-Lago homePolice direct traffic outside an entrance to former President Donald Trump's Mar-a-Lago estate, Monday, Aug. 8, 2022, in Palm Beach, Florida.AP Photo/Terry RennaThe FBI search of Trump's Mar-a-Lago resort appears to be over material that Trump brought back to Florida after leaving the White House.The search appears to be over material that Trump brought back to Florida after leaving the White House. That decision spurred a federal investigation, and likely the search on Monday, linked to the Presidential Records Act.Under the act, presidential records are public property and presidents are obliged to store them properly, and not to destroy them.Read Full StoryThese GOP lawmakers say they're pro law-enforcement but voted against giving congressional medals to police. Now they're excoriating the FBI on Trump's behalf.Former President Donald Trump and Rep. Marjorie Taylor Greene at the LIV Golf Invitational on July 30, 2022.Jared C. Tilton/LIV Golf via Getty ImagesIn June 2021, 21 Republican lawmakers stood in opposition to legislation that would have awarded the Congressional Gold Medal to police officers who risked their lives at the Capitol during the January 6 riot.On Monday, a number of these GOP lawmakers joined a chorus of voices asking for the FBI to be destroyed and defunded for executing a search warrant at Mar-a-Lago. Here's what these lawmakers said about the FBI's search of Mar-a-Lago — and how it contrasts with their pro-law enforcement stance. READ MORERepublicans rail against the FBI search of Mar-a-Lago, calling for the FBI to be destroyed and defundedRepublican Reps. Marjorie Taylor Greene of Georgia and Paul Gosar of Arizona were among several Republican lawmakers calling for the FBI to be destroyed or defunded.Anna Moneymaker/Getty ImagesThe far-right faction of the Republican party is up in arms about the Federal Bureau of Investigation's search of Mar-a-Lago, calling for the agency to be defunded and destroyed. Trump ally and Georgia Rep. Marjorie Taylor Greene was one of the first to tweet her disapproval of the search, posting on Twitter: "DEFUND THE FBI!"Colorado lawmaker Lauren Boebert tweeted that she wanted the GOP to "set up a Select Committee to investigate the FBI's politically-motivated raid on Mar-a-Lago and on ALL the fraudulent persecution of President Trump from our government."House Republicans' calls to defund and destroy a law enforcement organization stands in contrast to legislation their party introduced in May 2021 to "back the blue" in opposition to a progressive push to defund the police. As recently as May 2022, top-ranking Republicans like Rep. Elise Stefanik were still pushing the "back the blue" slogan — something that both Greene and Boebert have themselves staunchly supported.READ MORELawyers received instructions to secure Trump's document room months before the FBI search at Mar-a-LagoFormer President Donald Trump speaks to supporters at a rally on April 2, 2022, near Washington, Michigan.Scott Olson/Getty ImagesMonths before the raid on his Mar-a-Lago residence, former President Donald Trump's lawyers recieved instructions to "secure the room" in which he stored his documents, sources told CNN.The sources told CNN Trump aides added a padlock to his basement after investigators met with his lawyers at the Florida resort.Read MoreEric Trump says he was the 'guy who got the call' that the FBI was executing a search warrant at Mar-a-LagoEric Trump said on Monday night that he was the one who informed his father Mar-a-Lago was being searched.Photo by Drew Angerer/Getty ImagesTrump — speaking to Fox News host Sean Hannity — said he was "the guy that got the call this morning." "I called my father and let him know that it happened," Trump said. "So I was involved in this all day." After the search, Eric Trump complained to Hannity that he thought there is "no family in American history that has taken more arrows in the back than the Trump family." "Every day, we get another subpoena," Trump said. "That's what this is about today, to have 30 FBI agents — actually, more than that —descend on Mar-a-Lago give absolutely, you know, no notice. Go through the gate, start ransacking an office, ransacking a closet. You know, they broke into a safe. He didn't even have anything in the safe. I mean, give me a break." READ FULL STORYFeds likely obtained 'pulverizing' amount of evidence ahead of searching Trump's Mar-a-Lago home, legal experts sayFormer President Donald Trump speaks at a "Save America" rally in Waukesha, Wisconsin, on August 5, 2022.AP Photo/Morry GashFor months, as new details emerged about the end of the Trump administration, the Justice Department confronted criticism over its slow, cautious approach to investigating the former president.Again and again, Attorney General Merrick Garland met that criticism with what has almost become his personal mantra: The Justice Department, he says, will follow the "facts and the law."On Monday, the facts and the law led FBI agents to former President Donald Trump's home.Read Full StoryTrump's 2024 rivals are swooping in to support him, claiming the FBI search of Mar-a-Lago is politically-motivatedFlorida Gov. Ron DeSantis — largely thought of to be one of Trump's key rivals for the GOP presidential ticket in 2024 — tweeted in support of the former president.Joe Raedle/Getty ImagesTrump's potential rivals for a 2024 ticket quickly came to his defense on Monday night after the FBI searched Mar-a-Lago. Florida Gov. Ron DeSantis, widely thought of to be one of Trump's key rivals in a 2024 GOP primary, tweeted his support for the former president around an hour after Trump's statement about the FBI search dropped on Truth Social. "The raid of MAL is another escalation in the weaponization of federal agencies against the Regime's political opponents, while people like Hunter Biden get treated with kid gloves," DeSantis tweeted, adding that he thought the US was becoming a "banana republic."DeSantis was referencing an ongoing investigation into Hunter Biden's finances. Biden has not been charged with a crime and denies any wrongdoing.READ FULL STORYTrump supporters protest the execution of a search warrant against the former president outside Mar-a-Lago and FBI headquartersSupporters of former President Donald Trump hold flags in front of his home at Mar-A-Lago on August 8, 2022 in Palm Beach, Florida. The FBI raided the home to retrieve classified White House documents.Eva Marie Uzcategui/Getty ImagesAfter the FBI executed a search warrant on Donald Trump's residence at Mar-a-Lago on Monday, supporters of the former president gathered outside the Florida resort and FBI headquarters to protest.Though it was initially unclear which of several pending investigations into the former president the warrant was related to, ABC News cited sources saying it was in connection to 15 boxes of potentially classified documents Trump took with him from the White House to Mar-a-Lago at the end of his presidency. Read Full StoryTrump was perched in Trump Tower as he decried 'unauthorized raid on my home' at Mar-a-Lago resort: CNNTrump Tower in ManhattanSpencer Platt / Getty ImagesFormer President Donald Trump was in the comfort of his Trump Tower in New York City as federal agents executed a search warrant on his home in Mar-A-Lago, Florida, according to CNN reporter Kaitlin Collins.The search warrant was carried out in the early hours of Monday morning and was first reported by Florida Politics. Trump confirmed the search warrant in a statement, calling it an "unauthorized raid on my home.""Nothing like this has ever happened to a President of the United States before," his statement said. "After working and cooperating with the relevant Government agencies, this unannounced raid on my home was not necessary or appropriate."Read Full StoryThe Biden White House was unaware that the FBI was going to search Trump's Mar-a-Lago home until the former president announced it on social mediaFormer President Donald Trump speaks to the press at his Mar-a-Lago resort in Palm Beach, Florida, on November 22, 2018.Mandel Ngan / AFP via Getty ImagesThe Biden White House was unaware that the FBI was going to search former President Donald Trump's Mar-a-Lago home, White House officials said.The former president accused the bureau of prosecutorial misconduct in a statement and suggested the search was part of a politically motivated plot to stop him from running for president in 2024.A senior White House official told CBS News' Ed O'Keefe that the Biden administration wasn't made aware of the search warrant until Trump released his statement about it."No advance knowledge," the official said. "Some learned from old media, some from social media."Read Full StoryDonald Trump's Mar-a-Lago home was searched by the FBI. Take a look inside his exclusive resort that the public never sees.Donald Trump outside the entrance of Mar-a-Lago on December 21, 2016.Jabin Botsford/The Washington Post via Getty ImagesDuring former President Donald Trump's time in the White House, his Mar-a-Lago residence in Palm Beach presidency exclusive resort was often referred to as "the winter White House."Now, it's just his house.Following the end of his presidential term, Trump decamped to the ornate resort. Mar-a-Lago has hosted a number of high-powered visitors over the years, as it has seemingly always served as the Trump family's gilded weekend getaway. Mar-a-Lago has served as a lavish backdrop to host important dignitaries with its elaborately decorated halls. It was built to impress.Case in point: the property was closed for 57 days amid the coronavirus pandemic after visitors like the press secretary to Brazilian President Jair Bolsonaro and Brazil's Chargé d'Affaires Ambassador Nestor Forster tested positive for the coronavirus in March.Here's a look inside the sprawling complex, which was built in the early 20th century, where the Trumps have hosted opulent holiday parties and watched Super Bowls alongside members of the exclusive private club.Read MoreTrump says FBI accessed his safe during raid at Mar-a-Lago: 'They even broke into my safe!'Former U.S. President Donald Trump speaks at the Conservative Political Action Conference (CPAC) at the Hilton Anatole on August 06, 2022 in Dallas, Texas. CPAC began in 1974, and is a conference that brings together and hosts conservative organizations, activists, and world leaders in discussing current events and future political agendas.Brandon Bell/Getty ImagesFormer President Donald Trump said the FBI went through his safe when they executed a search warrant at Mar-a-Lago on Monday. "They even broke into my safe!" Trump said in a Monday statement confirming the search.Read Full StoryThe FBI executed a search warrant at Trump's Mar-a-Lago homeRepublican Presidential frontrunner Donald Trump speaks to the media at the Mar-A-Lago Club on March 1, 2016 in Palm Beach, Florida. Trump held the press conference after the closing of Super Tuesday polls in a dozen statesJohn Moore/Getty ImagesFederal agents descended on former President Donald Trump's Mar-a-Lago property in Florida on Monday, Trump announced in a statement.The former president denounced the raid as politically motivated, although he himself appointed the FBI's director, Christopher Wray.Read Full StoryRead the original article on Business Insider.....»»

Category: smallbizSource: nytAug 9th, 2022

Mar-a-Lago raid live updates: Trump supporters call for civil war after FBI search

Former President Donald Trump confirmed that the FBI searched Mar-a-Lago. Trump was out of state when federal agents raided his property in Florida. Donald Trump answers questions from reporters after making a video call to the troops stationed worldwide at the Mar-a-Lago estate in Palm Beach Florida, on December 24, 2019.NICHOLAS KAMM/AFP via Getty Images The FBI searched former President Donald Trump's Mar-a-Lago home on Monday, sparking a firestorm. Trump's niece said he is in "panic" after the raid and would not have believed the FBI would do it. Nancy Pelosi responded saying "no person is above the law, not even the president." Trump supporters call for civil war after FBI raidFormer President Donald Trump speaks during a "Save America" rally in Anchorage, Alaska, on July 9, 2022.Justin Sullivan/Getty ImagesThe FBI raid on Mar-a-Lago has reignited calls for civil war among Trump supporters online."Civil war is coming folks, and it will not be pretty," one Twitter user wrote. Republican politicians have also floated the idea of states seceding from America.It's not the first time Trump supporters or extremist groups have threatened to ignite a civil war as the country remains bitterly divided by politics. Political scientists have warned the public for months that calls for violence could increase.Read Full StoryTrump talked about his 'strange day' while calling into a tele-rally for Sarah Palin hours after the FBI raidFormer President Donald Trump campaigns for former Alaska Gov. Sarah Palin at a rally in Anchorage, Alaska on July 9, 2022.Justin Sullivan/Getty ImagesAfter the raid on his Mar-a-Lago residence, former president Donald Trump called into a tele-rally for former Alaska Gov. Sarah Palin — a long-time political ally who is now seeking an open House seat in the state's August 16 special election."Another day in paradise. This is a strange day. You probably all read about it," Trump said during a roughly 15-minute call, according to the Anchorage Daily News.Palin thanked Trump for checking in, despite the news of the raid.  Read Full StoryPelosi says FBI raid on Trump was a major step and that 'no person is above the law'—TODAY (@TODAYshow) August 9, 2022House Speaker Nancy Pelosi described the FBI raid on former President Donald Trump's Mar-a-Lago home as a major step, and said that not even a former president is "above the law."She is the highest-ranking Democrat to comment on the search, which took place on Monday.Pelosi was interviewed about the Monday raid on NBC's "Today" show Tuesday, where she was asked by host Savannah Guthrie if the search struck her as a "pretty serious step" for the Department of Justice to take.Pelosi replied: "Yes I think it does."She said later in the interview that Democrats "believe in the rule of law, and that's what our country is about and no person is above the law, not even the president of the United States, not even a former president of the United States."Read Full StoryMichael Cohen was jubilant after the FBI searched Trump's home, says he is finally being 'held accountable'Michael Cohen in July 2018 in New York City.Drew Angerer/Getty ImagesMichael Cohen, Donald Trump's former personal attorney and fixer, posted a celebratory video after FBI agents conducted a search of the ex-president's property in Mar-a-Lago, Florida. As news broke of the raid Cohen posted a selfie of himself grinning on Twitter, and in a video later posted on TikTok spelled out what he thinks the development could mean for his former boss."I can promise you only one thing, that whatever information that it is that they took from him, it's information he didn't want exposed," he said.He said Trump would frequently stash away compromising information in places he thought it was "impervious." "Let's just all rejoice the fact that this man who has avoided, legitimately avoided, any responsibility for anything is now going to be held accountable," said Cohen. "And it goes right back to the democratic adage 'no one is above the law.'"Read Full StoryMary Trump says her uncle is panicked by FBI raid and never believed the DOJ would take actionMary Trump speaking on MSNBC on August 8, 2022MSNBCThe niece of former President Donald Trump, Mary Trump, said that he is in "panic" after the FBI raided his home in Florida late on Monday. Trump "may have been told it was coming," but he would not have believed that the FBI would actually do it, Mary Trump told MSNBC on Monday.She has for years been a vocal critic of her uncle, who has attacked her in turn.Mary said that the raid would have been "a bit of a shock" to Trump, citing what she, a psychologist, called his "narcissism and sense of entitlement.""He may have known, been told it was coming, but he could not possibly believe it was coming, because it never has. So I think that's where that panic is coming from."Read Full StoryKevin McCarthy threatens to investigate DOJ over Trump FBI raid if Republicans retake the HouseHouse Minority Leader Kevin McCarthy.Kent Nishimura/Los Angeles Times via Getty ImagesHouse Minority Leader Kevin McCarthy threatened to investigate the DOJ and Attorney General Merrick Garland, using powers the Republican Party would gain if it retakes the House in November.In a statement Tuesday, McCarthy denounced the search conducted by FBI agents in Trump's Mar-a-Lago resort."I've seen enough. The Department of Justice has reached an intolerable state of weaponized politicization," McCarthy said in a statement."When Republicans take back the House, we will conduct immediate oversight of this department, follow the facts, and leave no stone unturned.""Attorney General Garland, preserve your documents and clear your calendar," McCarthy said.Read Full StoryA law forbidding presidents from destroying or mishandling records could be why FBI agents searched Donald Trump's Mar-a-Lago homePolice direct traffic outside an entrance to former President Donald Trump's Mar-a-Lago estate, Monday, Aug. 8, 2022, in Palm Beach, Florida.AP Photo/Terry RennaThe FBI search of Trump's Mar-a-Lago resort appears to be over material that Trump brought back to Florida after leaving the White House.The search appears to be over material that Trump brought back to Florida after leaving the White House. That decision spurred a federal investigation, and likely the search on Monday, linked to the Presidential Records Act.Under the act, presidential records are public property and presidents are obliged to store them properly, and not to destroy them.Read Full StoryThese GOP lawmakers say they're pro law-enforcement but voted against giving congressional medals to police. Now they're excoriating the FBI on Trump's behalf.Former President Donald Trump and Rep. Marjorie Taylor Greene at the LIV Golf Invitational on July 30, 2022.Jared C. Tilton/LIV Golf via Getty ImagesIn June 2021, 21 Republican lawmakers stood in opposition to legislation that would have awarded the Congressional Gold Medal to police officers who risked their lives at the Capitol during the January 6 riot.On Monday, a number of these GOP lawmakers joined a chorus of voices asking for the FBI to be destroyed and defunded for executing a search warrant at Mar-a-Lago. Here's what these lawmakers said about the FBI's search of Mar-a-Lago — and how it contrasts with their pro-law enforcement stance. READ MORERepublicans rail against the FBI search of Mar-a-Lago, calling for the FBI to be destroyed and defundedRepublican Reps. Marjorie Taylor Greene of Georgia and Paul Gosar of Arizona were among several Republican lawmakers calling for the FBI to be destroyed or defunded.Anna Moneymaker/Getty ImagesThe far-right faction of the Republican party is up in arms about the Federal Bureau of Investigation's search of Mar-a-Lago, calling for the agency to be defunded and destroyed. Trump ally and Georgia Rep. Marjorie Taylor Greene was one of the first to tweet her disapproval of the search, posting on Twitter: "DEFUND THE FBI!"Colorado lawmaker Lauren Boebert tweeted that she wanted the GOP to "set up a Select Committee to investigate the FBI's politically-motivated raid on Mar-a-Lago and on ALL the fraudulent persecution of President Trump from our government."House Republicans' calls to defund and destroy a law enforcement organization stands in contrast to legislation their party introduced in May 2021 to "back the blue" in opposition to a progressive push to defund the police. As recently as May 2022, top-ranking Republicans like Rep. Elise Stefanik were still pushing the "back the blue" slogan — something that both Greene and Boebert have themselves staunchly supported.READ MORELawyers received instructions to secure Trump's document room months before the FBI search at Mar-a-LagoFormer President Donald Trump speaks to supporters at a rally on April 2, 2022, near Washington, Michigan.Scott Olson/Getty ImagesMonths before the raid on his Mar-a-Lago residence, former President Donald Trump's lawyers recieved instructions to "secure the room" in which he stored his documents, sources told CNN.The sources told CNN Trump aides added a padlock to his basement after investigators met with his lawyers at the Florida resort.Read MoreEric Trump says he was the 'guy who got the call' that the FBI was executing a search warrant at Mar-a-LagoEric Trump said on Monday night that he was the one who informed his father Mar-a-Lago was being searched.Photo by Drew Angerer/Getty ImagesTrump — speaking to Fox News host Sean Hannity — said he was "the guy that got the call this morning." "I called my father and let him know that it happened," Trump said. "So I was involved in this all day." After the search, Eric Trump complained to Hannity that he thought there is "no family in American history that has taken more arrows in the back than the Trump family." "Every day, we get another subpoena," Trump said. "That's what this is about today, to have 30 FBI agents — actually, more than that —descend on Mar-a-Lago give absolutely, you know, no notice. Go through the gate, start ransacking an office, ransacking a closet. You know, they broke into a safe. He didn't even have anything in the safe. I mean, give me a break." READ FULL STORYFeds likely obtained 'pulverizing' amount of evidence ahead of searching Trump's Mar-a-Lago home, legal experts sayFormer President Donald Trump speaks at a "Save America" rally in Waukesha, Wisconsin, on August 5, 2022.AP Photo/Morry GashFor months, as new details emerged about the end of the Trump administration, the Justice Department confronted criticism over its slow, cautious approach to investigating the former president.Again and again, Attorney General Merrick Garland met that criticism with what has almost become his personal mantra: The Justice Department, he says, will follow the "facts and the law."On Monday, the facts and the law led FBI agents to former President Donald Trump's home.Read Full StoryTrump's 2024 rivals are swooping in to support him, claiming the FBI search of Mar-a-Lago is politically-motivatedFlorida Gov. Ron DeSantis — largely thought of to be one of Trump's key rivals for the GOP presidential ticket in 2024 — tweeted in support of the former president.Joe Raedle/Getty ImagesTrump's potential rivals for a 2024 ticket quickly came to his defense on Monday night after the FBI searched Mar-a-Lago. Florida Gov. Ron DeSantis, widely thought of to be one of Trump's key rivals in a 2024 GOP primary, tweeted his support for the former president around an hour after Trump's statement about the FBI search dropped on Truth Social. "The raid of MAL is another escalation in the weaponization of federal agencies against the Regime's political opponents, while people like Hunter Biden get treated with kid gloves," DeSantis tweeted, adding that he thought the US was becoming a "banana republic."DeSantis was referencing an ongoing investigation into Hunter Biden's finances. Biden has not been charged with a crime and denies any wrongdoing.READ FULL STORYTrump supporters protest the execution of a search warrant against the former president outside Mar-a-Lago and FBI headquartersSupporters of former President Donald Trump hold flags in front of his home at Mar-A-Lago on August 8, 2022 in Palm Beach, Florida. The FBI raided the home to retrieve classified White House documents.Eva Marie Uzcategui/Getty ImagesAfter the FBI executed a search warrant on Donald Trump's residence at Mar-a-Lago on Monday, supporters of the former president gathered outside the Florida resort and FBI headquarters to protest.Though it was initially unclear which of several pending investigations into the former president the warrant was related to, ABC News cited sources saying it was in connection to 15 boxes of potentially classified documents Trump took with him from the White House to Mar-a-Lago at the end of his presidency. Read Full StoryTrump was perched in Trump Tower as he decried 'unauthorized raid on my home' at Mar-a-Lago resort: CNNTrump Tower in ManhattanSpencer Platt / Getty ImagesFormer President Donald Trump was in the comfort of his Trump Tower in New York City as federal agents executed a search warrant on his home in Mar-A-Lago, Florida, according to CNN reporter Kaitlin Collins.The search warrant was carried out in the early hours of Monday morning and was first reported by Florida Politics. Trump confirmed the search warrant in a statement, calling it an "unauthorized raid on my home.""Nothing like this has ever happened to a President of the United States before," his statement said. "After working and cooperating with the relevant Government agencies, this unannounced raid on my home was not necessary or appropriate."Read Full StoryThe Biden White House was unaware that the FBI was going to search Trump's Mar-a-Lago home until the former president announced it on social mediaFormer President Donald Trump speaks to the press at his Mar-a-Lago resort in Palm Beach, Florida, on November 22, 2018.Mandel Ngan / AFP via Getty ImagesThe Biden White House was unaware that the FBI was going to search former President Donald Trump's Mar-a-Lago home, White House officials said.The former president accused the bureau of prosecutorial misconduct in a statement and suggested the search was part of a politically motivated plot to stop him from running for president in 2024.A senior White House official told CBS News' Ed O'Keefe that the Biden administration wasn't made aware of the search warrant until Trump released his statement about it."No advance knowledge," the official said. "Some learned from old media, some from social media."Read Full StoryDonald Trump's Mar-a-Lago home was searched by the FBI. Take a look inside his exclusive resort that the public never sees.Donald Trump outside the entrance of Mar-a-Lago on December 21, 2016.Jabin Botsford/The Washington Post via Getty ImagesDuring former President Donald Trump's time in the White House, his Mar-a-Lago residence in Palm Beach presidency exclusive resort was often referred to as "the winter White House."Now, it's just his house.Following the end of his presidential term, Trump decamped to the ornate resort. Mar-a-Lago has hosted a number of high-powered visitors over the years, as it has seemingly always served as the Trump family's gilded weekend getaway. Mar-a-Lago has served as a lavish backdrop to host important dignitaries with its elaborately decorated halls. It was built to impress.Case in point: the property was closed for 57 days amid the coronavirus pandemic after visitors like the press secretary to Brazilian President Jair Bolsonaro and Brazil's Chargé d'Affaires Ambassador Nestor Forster tested positive for the coronavirus in March.Here's a look inside the sprawling complex, which was built in the early 20th century, where the Trumps have hosted opulent holiday parties and watched Super Bowls alongside members of the exclusive private club.Read MoreTrump says FBI accessed his safe during raid at Mar-a-Lago: 'They even broke into my safe!'Former U.S. President Donald Trump speaks at the Conservative Political Action Conference (CPAC) at the Hilton Anatole on August 06, 2022 in Dallas, Texas. CPAC began in 1974, and is a conference that brings together and hosts conservative organizations, activists, and world leaders in discussing current events and future political agendas.Brandon Bell/Getty ImagesFormer President Donald Trump said the FBI went through his safe when they executed a search warrant at Mar-a-Lago on Monday. "They even broke into my safe!" Trump said in a Monday statement confirming the search.Read Full StoryThe FBI executed a search warrant at Trump's Mar-a-Lago homeRepublican Presidential frontrunner Donald Trump speaks to the media at the Mar-A-Lago Club on March 1, 2016 in Palm Beach, Florida. Trump held the press conference after the closing of Super Tuesday polls in a dozen statesJohn Moore/Getty ImagesFederal agents descended on former President Donald Trump's Mar-a-Lago property in Florida on Monday, Trump announced in a statement.The former president denounced the raid as politically motivated, although he himself appointed the FBI's director, Christopher Wray.Read Full StoryRead the original article on Business Insider.....»»

Category: dealsSource: nytAug 9th, 2022

Move aside, tiny homes: The barndominium is the hottest thing in alternative housing, and it shows just how much the pandemic has changed what people look for in a home

"There has absolutely been a spike in interest around barndominiums, especially since COVID started," said Don Howe, who runs a site called Barndominium Life. Exterior of Holly Angel's barndominiumHolly Angel Barndominiums are popping up across the US. These farmhouse-style homes combine living space and a garage or working area under a single roof. Economic factors and a renewed interest in farmhouse living are contributing to the trend. A couple of years ago, Colleen Roberts and her husband Mitch celebrated the 4th of July at a friend's barndominium in northwest Missouri. Right off the bat, her husband decided he wanted a barndominium — a steel, barn-style home – of their own."I said, 'Absolutely not," Roberts told Insider. "After touring the inside though, I realized how nice they could be."Two kids later, they got their chance. They had outgrown their home and were looking for an option that was spacious, affordable, and required minimal maintenance.Once they compared the cost of a barndominium with that of a traditional home, it was a no-brainer.Colleen Roberts and her family in their bedroom.Roberts Farmstead"We were under $400,000, not including the land since we already owned it," Roberts, a civil engineer, told Insider of the construction costs. Like many other barndominium lovers, the couple took on the role of general contractor and oversaw the construction process.In the two years since they've moved in, their barndominium has proven to be everything they had hoped for. Their attached garage gives them room to host parties and do DIY projects without leaving the house. There's even space for their two daughters to ride their bicycles."I could never go back to a small garage. Our previous home was all brick and about a third of the size, and our utility bills are the same or less," Roberts said. "It wasn't easy, but I'd do it all over again."The interior of Colleen Roberts' barndominium.Roberts FarmsteadA spike in barndominium interest The term "barndominium" is commonly used to refer to large, steel buildings that combine living quarters and a garage or working area under a single roof. From the outside, they often look like traditional barns. But on the inside, they tend to have an open-plan layout and all the fixings and decorations of a regular home."They began as a practical and affordable solution — taking a prefab structure and then using it as a rustic living and working space," Eric Gunther, a senior editor at real-estate platform Realtor.com, told Insider. "For homeowners with lots of acreages, equipment, and even horses, the idea of having everything under one roof is appealing."He attributes part of the popularity of barndominiums to HGTV's home-renovation hit "Fixer Upper.""While the idea of taking a pole barn and converting it into a living space did exist prior to the show, the program helped mainstream the idea of farmhouse living," Gunther said.The interior of Colleen Roberts' barndominium.Roberts FarmsteadInterest in the housing type started growing when the pandemic hit: Google Trends data shows search interest for the term "barndominium" has been trending upwards since the start of 2020."There has absolutely been a spike in interest around barndominiums, especially since COVID started," said Don Howe, who runs the website Barndominium Life, a directory of barndominium-related resources.There are also more listings on Realtor.com that mention "barndominium" in 2022 than there were in 2020, based on data the site's research team sent Insider. For the week of July 9, 1,875 listings mentioned the word "barndominium." In contrast, for the week of July 11, 2020, there were only 774 listings that mentioned the word. Many of these homes can be found in middle America and of all the listings from the week of July 9, 58% are in Texas.Howe said the trend has evolved over time: While some barndominiums are converted from barns, they are increasingly being built from scratch.Building metal homes in the countrysideThe first time Stacee Lynn Bell and her husband Oliver tried to build a pole barn house out of wood, they didn't manage to complete it. Twenty-five years later, they decided to try again."We've always wanted to do this, so we thought we should go ahead and do it this time," Bell told Insider. This time around, they decided to use steel instead of wood. "My husband said, 'You should just be the builder,' and the next morning I woke up and I became Stacee Lynn the barndo builder."Bell sitting on her side porch.Our Barndominium LifeBell took charge as the designer and general contractor, and the couple spent the next year building their metal-framed home.After sharing photos of their Texas barndominium on social media, people started asking if they designed for others. In 2020, they launched a design business called Our Barndominium Life through which they offer construction advice and interior-design consulting services.The exterior of the Creek House.Our Barndominium Life"COVID hit and people were trying to get a little bit more elbow room, a little bit more space between them," Bell said. Communication companies also started improving high-speed internet and cell phone coverage in rural areas, which enabled people to work remotely, she said: "You've got this whole movement of people out from the city and into the country." She expected most of her clients would be in their fifties or sixties, but found that in practice, much of the market skewed younger."I would say, between the 28 to 35 age range, that's probably 25% of our market," Bell said. "It's pretty amazing how many young up-and-coming professionals are really looking to change their lifestyle and have a little bit more land to enjoy the outdoors with their kids."The interiors of the Creek House.Our Barndominium LifeWhile some barndominium owners are pandemic converts, for others, the housing style is nothing new."For us, I guess we never knew they were trendy, as we both have been around them for 35 years," Holly Angel, an administrative assistant from southern Missouri, told Insider. "As a young girl, my parents' friends had barndominiums, but of course back then they were just referred to as barn houses, and I always loved them."Angel and her family standing outside their barndominium.Holly AngelAngel and her husband sold their home in 2020 to build a three-bedroom, two-bathroom barndominium on family land. They hired subcontractors to build the frame of the house and complete the electrical and plumbing work."Everything else we finished out ourselves, including all the trim work, painting, tile work, hanging doors, and light fixtures," Angel said. She estimates they saved between $75,000 to $100,000 by doing the bulk of the work themselves, with the total cost coming to around $215,000 for their barndominium.A collage showing the interiors of Angel's barndominium.Holly AngelSaving money on the outsideApart from pandemic-driven factors, the increased interest in barndominium is the result of several trends blending together, George Ratiu, a senior economist and manager of economic research at Realtor.com, told Insider."On one hand, buyers have been on the search for more space, especially during the past couple of years," Ratiu said. "On the other hand, soaring home prices have led many Americans toward less expensive alternatives." The cost of building a barndominium from scratch, or converting an existing barn into living quarters, is generally lower than that for a new house, Ratiu said.But with supply-chain problems and labor shortages, this difference might not be as substantial as it used to be, Bell said: "Now with the popularity of barndominiums and what's going on with the pandemic, you get to save money on the outside of the barndominium, but once you get on the inside, it pretty much rivals what you would do in a traditional home."The interiors of the Creek House.Our Barndominium LifeMore than anything, Bell of Our Barndominium Life says the housing style is about a shift in how people want to live.People are looking for a more relaxed way of living, and barndominium life provides space to start a garden and raise chickens, she said: "It's not just about the construction type, it's also about the lifestyle."That said, for Bell, part of it is about the materials. "I just think steel is sexy," she said.Read the original article on Business Insider.....»»

Category: personnelSource: nytAug 8th, 2022

Inside the wild and tumultuous history of Toys R Us, the beloved children"s brand once again attempting a comeback with in-store shops at Macy"s just in time for the holidays

We took a look at Toys R Us over the years, from its swift rise, downfall due to e-commerce competitors like Amazon, and attempts at revitalization. Toys R Us was founded in 1948 by Charles Lazarus after he returned from World War II.AP Photo/Daniel Hulshizer Toys R Us is reopening inside Macy's stores around the country, just in time for the holiday shopping season.  The retailer closed its last two US stores in 2021, three years after the retailer filed for bankruptcy.  After dwindling sales during the coronavirus pandemic, the chain continued as an online retailer. Toys R Us is, once again, rising from the dead.The beloved toy store is reopening its doors once more, this time from inside select Macy's department stores across the US. The in-store shops are currently operating in Georgia, New Jersey, Illinois, Nevada, Louisiana, New York, Maryland, and Missouri, with more expected by October 15. The return of Toys R Us comes after the store closed its last two remaining stores in January 2021, after the coronavirus pandemic hit in-store sales. The brand previously struggled to make a comeback the year prior,  including teaming with Amazon to fulfill its orders. The beleaguered toy company first tried to make a brick-and-mortar return in 2019, after it was purchased by Tru Kids Brands, which went on to open holiday pop-up shops and relaunch a website in the retailer's name.Its revitalization efforts come after Toys R Us filed for chapter 11 bankruptcy in 2017 and — after failing to find a buyer to help refinance the company's mounting debt — ultimately shuttered and liquidated all 700-plus stores in an emotional farewell.We took a closer look at the history of the historic toy company over the years. Toys R Us was founded in 1948 by Charles Lazarus after he returned from World War II.The late Charles Lazarus stands in front of his Paramus, New Jersey, store, May 20, 1982.Mike Derer/APLazarus was inspired by what was then the emerging post-war "baby boom" and sought a way to capitalize.The company started as a baby goods and furniture store called Children's Bargain Town in Washington, DC.Toys R Us.Mario Tama/Getty ImagesIn the subsequent years, Lazarus began expanding into toys and the company officially adopted the name Toys R Us in 1957.Over the next two decades, Toys R Us played a significant role in putting iconic toys on the map for American youngsters, such as Mr. Potato Head.Former NBA player Allen Iverson holds up a Mr Potato Head toy.AP Photo/William Thomas CainLazarus was able to corner the market by buying and selling so many toys that he could negotiate more lucrative contracts than his competitors.The company was also known for bringing big names in for promotional events or philanthropic work, such as NBA Hall of Famer Magic Johnson.Magic Johnson at a Toys R Us event in 1992.AP Photo/Thomas KenzleKids and their parents would line up for hours to meet their favorite stars — and do a little shopping while they were there.In 1966, Lazarus sold the company to Interstate Sales to help finance a larger national expansion.President George H. Bush (left) and Charles Lazarus (right) in a Toys R Us store in 1992.AP Photo/FileAccording to Encyclopedia.com, he transitioned from chief executive to head the Toys R Us division, which was already thriving at profits of $12 million.In 1969, Toys R Us developed its beloved Geoffrey the Giraffe character.A young girl plays with a Geoffrey the Giraffe mascot at a New Jersey store.AP Photo/Seth WenigThe mascot became synonymous with the brand and its advertising campaigns over the decades.In 1974, parent company Interstate Sales filed for bankruptcy.A Toys R Us sign.Justin Sullivan/Getty ImagesLazarus handled the restructuring process, according to USA Today.Lazarus sold off struggling pieces of the business and got the company back on track.Toys R Us was founded in 1948 by Charles Lazarus after he returned from World War II.AP Photo/Daniel HulshizerIn 1978, it was able to file its initial public offering.In 1983, the company opened a clothing store spinoff called Kids R Us.Kid R Us storefront.AP Photo/Marty LederhandlerThe Toys R Us empire was steadily expanding.Lazarus eventually stepped down as chief executive in 1994.A child visits the opening of a Toys R Us store in Stockton, California, in 1990.Getty ImagesThe move signified a series of woes for the brand, including high executive turnover and the looming pressure of ecommerce.Building upon the success of Kids R Us, the company expanded into baby clothing with Babies R Us in 1996.Babies R Us and Toys R Us sign.AP Photo/Julio CortezThe stores saw success with selling baby-related merchandise.In the 1990s and early aughts, Toys R Us began expanding into major cities like New York.New York City pedestrians are blurred as they pass under the Toys R Us marquee on Broadway in 1990.AP Photo/Richard DrewIn the Big Apple, Toys R Us opened its iconic multi-story store with a fully functioning Ferris wheel in 2001.Around this time, Toys R Us and its spinoff brands began to experience mounting competition from fellow big-box stores like Walmart and Target.Toys R Us.Tom Pennington/Getty ImagesIn fact, according to The Associated Press, in 1998, Walmart had already surpassed the company as the top US toy seller.The mounting competition led to the eventual closure of Kids R Us.A liquidating Kids R Us store in 2004.Tim Boyle/Getty ImagesAll 146 Kids R Us stores were closed in 2003.In 2005, a conglomerate of private equity firms — including Bain Capital, Kohlberg Kravis Roberts, and Vornado Realty Trust — purchased Toys R Us for $6.6 billion, taking the company private in the process.Toys R Us.GettyAccording to USA Today, the plan was to boost Toys R Us sales and position the company for a stock offering that would allow investors to cash out.In an attempt to compete with the ecommerce boom, the company purchased Etoys.com and Toys.com in 2009.FAO Schwartz.Business Insider/Jessica TylerThat same year, it bought KB Toys and the famed New York City toy store, F.A.O. Schwarz.In 2010 the company registered once again to go public.Black Friday shoppers at Toys R Us in New York City.Stan Honda/AFP via Getty ImagesHowever, by 2013 it withdrew from the process due to sales slumps, according to USA Today.In 2015, Dave Brandon – formerly the CEO of Domino's Pizza — took over the helm of Toys R Us.Dave Brandon.AP Photo/Tony DingAccording to USA Today, Brandon marked the fourth CEO over the course of 16 years "tasked with turning the company around."Still, the company continued to struggle, especially during the 2016 holiday season.A Toys R Us employee.Joe Raedle/Getty ImagesAccording to Business Insider, the chain lost significant traction to ecommerce giants like Amazon, Target, and Walmart.The company officially filed for Chapter 11 bankruptcy protection in September 2017.A sale at Toys R Us.Richard Drew/AP ImagesThe chain hoped to gain control of its debt and continue to operate its 1,600 stores around the world as normal, according to the Washington Post.With its hopes for a financial savior ultimately dashed, Toys R Us announced in March 2018 that it would liquidate and permanently close all of its 700-plus stores across the US.A sign for a Toys R Us "everything must go" sale.AP Photo/Julio CortezAccording to Business Insider, the decision threatened the jobs of the 33,000 people employed by Toys R Us at the time.That same year, the company issued an emotional goodbye as it prepared to permanently shutter its Toys R Us and Babies R Us websites."We encourage you to stop by your local store and take full advantage of the deep discounts and deals available," the message read. "Thank you for your business and support over the years."It was later announced that gift-card holders could use any remaining funds at Bed Bath & Beyond stores, according to Business Insider.The CEO of the toy company MGA Entertainment issued a last-minute bid of $890 million to save the company.Toys R Us.Shannon Stapleton/ReutersHowever, the offer was ultimately rejected by Toys R Us.Throughout the rest of 2018, stores like Walmart began to position themselves to take over the void left behind in the market by Toys R Us.A Walmart Supercenter in New Jersey.Rachel Askinasi/Business InsiderThe chain strategized to overtake Toys R Us's legacy by adding mass amounts of baby-related products to its inventory.By the fall of 2018, abandoned Toys R Us stores had been temporarily converted into Halloween costume shops across the country.A forlorn Toys R Us store.Business Insider/Jessica TylerAccording to Business Insider, Halloween costume retailers Spirit Halloween and Halloween City set up shop in the abandoned stores but kept most of the remaining Toys R Us signage and wallpaper.Read more: Dead Toys R Us and Babies R Us stores are being resurrected as Halloween costume shopsIn February 2019, Toys R Us appeared to rise from the dead when Tru Kids Brands purchased the rights to the company.Toys R Us.Courtesy of Tru Kids BrandsTru Kids Brands also purchased the rights to the Geoffrey the Giraffe mascot with plans to revitalize it.Later that year, Tru Kids Brands announced it would open a series of holiday pop-up stores under the Toys R Us name.Toys R Us redesigned store rendering.Tru KidsThe stores would sell popular toys directly from manufacturers, meaning that any sales would directly go to the toy companies rather than Toys R Us.Read more: Toys R Us is officially back from the dead, but its new stores won't actually make any money selling toysIn October 2019, the company announced it was back online but with a catch — you couldn't actually buy anything directly from the Toys R Us site.An Elmo toy on the Toys R Us website.ToysRUs.comInstead, users would be directed to make purchases from Target's website.In fall 2019, empty Toys R Us stores were once again used for Halloween purposes — this time to host haunted houses.A store converted into a haunted house.Shoshy Ciment/Business InsiderThe haunted houses were a far cry from the joy-filled Toys R Us stores of the 1990s.In August 2020, it was confirmed that Toys R Us had ended its partnership with Target.The Toys R Us website.Toys R UsToys R Us would now partner with Amazon as its fulfillment partner, according to Business Insider.The coronavirus pandemic decimated in-store sales for many retailers, including Toys R Us.A Toys R Us storefront closed during the coronavirus pandemic.Andrew Chin/Getty ImagesCNBC reported in January 2021 that the retailer was facing hardships due to dwindling in-store sales amid the coronavirus pandemic. As a result, the chain's last two remaining stores in the US officially shuttered for good, bringing an end to a years-long ordeal to attempt to revitalize the brand.The final stores were in Texas and New Jersey, Bloomberg reported."Consumer demand in the toy category and for Toys 'R' Us remains strong and we will continue to invest in the channels where the customer wants to experience our brand," a Tru Kids spokesperson told CNBC.Read more: The last 2 Toys 'R' Us stores in the US have closed down after the COVID-19 pandemic hit salesIn August 2022, Toys R Us announced it was making yet another comeback, by opening in-store shops at Macy's around the country.Macy's Toys R Us homepageMacy'sThere are currently Toys R Us in-store locations at Macy's in nine states, with more to come by October 15, just in time for the holiday shopping season. Still, while Toys R Us technically still exists, the brand is a shadow of what it once was.Customers wait in line to enter Toys R Us in Times Square on Black Friday.Yana Paskova/ Getty ImagesGone are the days of shopping for the latest toys and gadgets at your local Toys R Us big-box store.Read the original article on Business Insider.....»»

Category: smallbizSource: nytAug 7th, 2022

I had breakfast at Foxtrot, the trendy Chicago-based "modern convenience store" beloved by influencers — and here"s why it"s worth the hype

Fresh off a $100 million investor round in January, Foxtrot is eyeing a national expansion, with stores slated for New York, Nashville and Miami. Bethany Biron/Insider Foxtrot is a Chicago-based 'modern convenience store' with a cafe, eatery, and marketplace.  The company announced it raised $100 million in a Series C investing round in January.  Foxtrot currently has 21 locations in Chicago, Dallas, Washington, D.C., and Virginia.  Foxtrot wants to redefine convenience stores for the modern era. The Chicago-based company is putting a fresh spin on the corner store, with a curated selection of local eats and unique sundries that feels like an Instagram feed come-to-life. Founded by Mike Lividly and Taylor Bloom in 2014, Foxtrot began as an online-only company, before moving into physical retail, and today aims to integrate "the best of neighborhood retail and e-commerce technology to create a community of discovery."The strategy is working. When I moved back to Chicago in January after six years in Brooklyn, one of the first things I noticed was the ubiquity of Foxtrot stores, with their stocked cafes, warm lighting, and cozy interiors.I quickly learned from friends that the store has become a local favorite, a go-to spot to bring your laptop or a book and camp out for awhile. It's easy to make a day of it — grabbing a coffee and a breakfast sandwich, traipsing through the aisles for a quick snack or a treat, and even hanging around for happy hour in the late afternoon. Now, fresh off a $100 million Series C investor round in January, Foxtrot is going national. The company has 21 stores — with new locations opened this year in Washington, Texas, and Virginia — and next up: New York and Miami. I visited a Foxtrot store and saw it's worth the hype. Here's what it's like.  I visited a Foxtrot store located in Chicago's Old Town neighborhood.Bethany Biron/InsiderUpon entering, I was immediately welcomed in the cafe, which includes an array of made-to-order coffee and tea beverages, as well as an "AM Eats" and "PM Eats" menu.Bethany Biron/InsiderFor those in a hurry, Foxtrot also features an extensive "Grab & Go" section filled with prepared meals and other quick bites.Bethany Biron/InsiderThe Grab & Go section includes fresh-cut fruit and salad bowls, and Italian dinners ready to warm up.Bethany Biron/InsiderThere's also a mobile pick-up area for customers who place orders through the app.Bethany Biron/InsiderSince the onset, Foxtrot's motto has been "marrying the best of neighborhood retail and ecommerce technology to create a community of discovery."Foxtrot has been focused on merging the e-commerce and physical retail experience. Customers can order select goods nationwide through the app.Bethany Biron/InsiderFoxtrot hosts a daily happy hour in the afternoon with discounted wine and beer at the cafe. The store also features a fully stocked alcohol selection, so shoppers can grab a bottle or six-pack.Bethany Biron/InsiderAs I made my way toward the back, I found Foxtrot's take on the convenience store — with aisles filled with a mix of classic brands like Cheerios, as well as specialty items and local favorites.Bethany Biron/InsiderThe store has unique items and fresh takes on traditional items, like chocolate-covered biscuits with a citrus twist and frosted animal crackers made in Jackson Hole, Wyoming.Bethany Biron/InsiderYou'll also find essentials and personal-care items like laundry detergent and aspirin.Bethany Biron/InsiderThe frozen-food section includes a large selection of local ice cream as well as popular favorites, like Levain cookies, from the famous bakery based in New York City.Bethany Biron/InsiderFoxtrot also makes its own products in-house, including these gummies.Bethany Biron/InsiderThere are also items like candles and bath salts scattered around the store, as well as other displays with fun gift ideas.Bethany Biron/InsiderAround Chicago, Foxtrot is also known as a great place to work, with its ample seating, warm lighting, and strong WiFi.Bethany Biron/InsiderThis location also has an outdoor patio, located directly across from Chicago's famous Second City theater.Bethany Biron/InsiderIt was a bit toasty, so I opted to stay inside.Bethany Biron/InsiderWhile I was there, I decided to try Foxtrot's breakfast. I went with a cold brew and a tasty egg sandwich, made with local farm-sourced eggs, whipped goat cheese, house-pickled pepper relish, and arugula on a brioche bun.Bethany Biron/InsiderI can see why the Foxtrot model is working. Looking ahead, the company plans to use its influx of cash to open more stores in new cities, including New York City, Miami, and Nashville.Bethany Biron/InsiderI have a feeling the rest of the country will enjoy Foxtrot as much as I did.Bethany Biron/InsiderRead the original article on Business Insider.....»»

Category: worldSource: nytAug 6th, 2022

Aunty’s Hotpot House now open at Ka Makana Alii

The hotpot restaurant has taken over the former Kickin’ Kajun, which recently moved into a larger space within the shopping center......»»

Category: topSource: bizjournalsAug 5th, 2022

The Art Of Scandal Implosion: The Political & Media Elite Prepare To Drop Hunter Biden In A "Controlled Demolition"

The Art Of Scandal Implosion: The Political & Media Elite Prepare To Drop Hunter Biden In A "Controlled Demolition" Authored by Jonathan Turley, Below is my column in Fox News on the status of the Hunter Biden investigation and how it presents a challenge for many in Washington. Due to the continued work of a small number of media outlets like the New York Post, it is no longer possible to bury the story or continue the false claim that it is “Russian disinformation.” The hope now appears to be a “controlled demolition” where Hunter is indicted on limited grounds without causing collateral damage to the political and media establishment. Scandal implosion is as much an art as it is a science and could be the most brilliant achievement in this ongoing scandal. Here is the column: For news junkies, there has been a remarkable and sudden shift in the media in the coverage of the Hunter Biden scandal. The shift is the very fact that there is suddenly coverage of the Hunter Biden scandal. From CNN to NPR, reporters are now acknowledging that the infamous laptop is not “Russian disinformation” as was widely claimed before the 2020 election. After years of burying the story, the media is now attempting an even more precarious exercise. It is called controlled demolition: the implosion of a scandal to limit any blast effect on nearby structures or individuals. Like those buildings dropped between other structures, it takes precision and, most importantly, cooperation to pull off.  Specifically, this controlled demolition will require the perfect timing of the media, Democratic politicians, and most importantly, the Justice Department. That was the same alliance that successfully killed the story before the election despite evidence of a multimillion dollar influence peddling scheme by the Biden family. The media eagerly spread the false claim of 51 intelligence experts who declared that the laptop was likely “Russian disinformation.” Twitter and social media companies imposed a news blackout before the election. Recently, GOP senators also accused the Justice Department of effectively spiking the investigation — displaying the same bias documented in the Russian collusion investigation. For his part, Attorney General Merrick Garland has refused to appoint a special counsel despite the overwhelming need for such an appointment. Even former Attorney General Bill Barr recently said that new evidence makes such an appointment essential ( a reversal of his initial position in giving the case to United States Attorney David Weiss in Delaware). I previously wrote a column on the one year anniversary of the Hunter Biden laptop story that marveled at the success of the Biden family in making the scandal vanish before that 2020 election. It was analogized to Houdini making his 10,000-pound elephant Jennie disappear in his act. With the help of the media, the Biden trick occurred live before an audience of millions. The problem is the public can now see the elephant. That is why the media is now recalibrating. That was most evident in the recent statement of New York Times columnist Thomas Friedman that “I know The New York Times felt it didn’t pursue it originally as much as it wanted to; then it followed up, as I recall.” Friedman does not explain what overrode that journalistic interest in the story or why the “follow up” came a year after the election of Joe Biden. It appears that President Biden is no longer seen as a political asset with most Democrats refusing to publicly support him in his promised reelection bid. Biden now  could endanger Democratic control of Congress. The question is how to drop Hunter (and even his father) without causing damage to the media, the Democrats, or others in Washington. It requires a controlled demolition. The most important thing is to control the blast. By refusing to appoint a special counsel, Merrick Garland has effectively blocked the risk of a report on the extensive influence peddling, including the repeated references to President Biden. the “Big Guy” is discussed in emails as the potential recipient of a 10 percent cut on a deal with a Chinese energy firm as well as other benefits. Emails also refer to Hunter Biden paying portions of his father’s expenses and taxes. Recently, there was additional support showing that “the Big Guy” was indeed Joe Biden. The problem is that embarrassing evidence is mounting by the day. That includes the recent disclosure new open influence peddling by Hunter, referencing access to his father.  Some emails show Hunter using trips with his Dad to arrange meetings with business associates like Magnani. Indeed, in one exchange with Magnani, Hunter complains that he is not getting responses on his business dealings, objecting “I have brought every single person you have ever asked me to bring to the F’ing White House and the Vice President’s house and the inauguration and then you go completely silent,. I don’t know what it is that I did but I’d like to know why I’ve delivered on every single thing you’ve ever asked – and you make me feel like I’ve done something to offend you.” The cringeworthy email only adds to the embarrassment not of Hunter Biden but the media struggling to control the damage from the scandal. Yet, none of that would be the focus of coverage if the case can be ended on narrow criminal charges. In other words, the case can then be collapsed by triggering a smaller explosion. Rather than pursue wider conspiracies connected to the influence peddling, Hunter could be indicted on a few tax or lobbying counts. That would allow for a plea bargain that would allow the media to focus narrowly on those counts and not the broader influence peddling by the Biden family. Of course, controlled demolition can at times take an unexpected turn. The greatest danger is that either house of Congress could flip to GOP control. That would open up the entire matter to congressional investigation. Yet, if a plea has already closed the case, the legal blowback could be confined. The key to political controlled demolitions “to ‘implode’ the building, that is, make it collapse down into its footprint.” The footprint is now Hunter Biden, confining the implosion to him while leaving the media and establishment untouched. Tyler Durden Wed, 08/03/2022 - 23:00.....»»

Category: worldSource: nytAug 4th, 2022

The 9 Best Businesses To Start Over 60

For those with the itch, starting a business over the age of 60 is entirely doable. Age can give many advantages, including experience and wisdom. Here are 9 retirement business ideas to put that experience to good use. Consulting Consulting is a favorite business activity among retired seniors.  For starters, consulting is perfect for crafting […] For those with the itch, starting a business over the age of 60 is entirely doable. Age can give many advantages, including experience and wisdom. Here are 9 retirement business ideas to put that experience to good use. Consulting Consulting is a favorite business activity among retired seniors.  For starters, consulting is perfect for crafting your own hours and rates. After decades of developing expertise in a career, why not put that to good use? if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Marc Wolfsfeld is a semi-retired IT consultant in West Jordan, Utah. After years of working in his business full-time, he decided to cut back operations instead of completely retiring. Mr. Wolfsfeld explained, “I work very part-time hours, but I’m always on call for my clients. If they need software updates or there’s a network problem, I’m there in a heartbeat. It gives me the opportunity to stay active and make extra income without much stress.” He isn’t alone in his desire for flexible working hours. According to labor statistics by the American Economic Journal, 60% of not working Americans in their 60s or 70s would return to work if they had a more flexible schedule. Consulting offers an opportunity to do just that. Consulting is a natural opportunity for many knowledge workers. Retired professionals in finance, law, business management, HR, marketing, and medicine all have many doors open to them in this regard. Make and Sell Crafts Retirees often take up a hobby to fill the time and quickly find that it’s a great way to make extra money. The craft business is a perfect example. The rise of Etsy has shown that handmade crafts can be big business. Many types of crafts sell well, including: Home decor Jewelry Art Toys Dolls Embroidery and quilts Usually, the cost of the materials is quite low, which makes for a nice profit margin on the products sold. The main investment is the time, creativity, and expertise in making them. If you’re already a crafty person, this can be an ideal small business. Items can be sold at a farmer’s market, flea market, festival, or small shop. If you feel comfortable selling online, you can open an Etsy shop or sell on Facebook Marketplace or Craigslist.  You can advertise your business through word of mouth at events or through social media.  You don’t need a website or a graphic designer to have an effective internet presence. This is because social networks like Instagram and Pinterest enable you to draw a lot of attention to visually appealing products like arts and crafts.  Craftwork isn’t limited to artsy crafts.  The same business idea applies to any type of artisanship: woodwork, metal work, clothing design, baking cakes, or anything else that can be made from home.  Robert Mauk is a retired teacher in Modesto, California, who does woodworking.  Mr. Mauk commented, “Too many of my fellow retired teachers don’t remain active during retirement, and as a result, the quality of their lives often quickly declines, and I am not comfortable not being productive and creative.” “I always liked working with wood as a medium for my artwork, through craft and furniture. I worked with my Dad at a young age, and I think that sparked my interest in working with wood,” he continued.  “I have stopped working on major kitchen and bathroom remodeling jobs. I now concentrate on wood sculpture, wood turning, and furniture projects so that there is no climbing in attics and down into crawl spaces.” Dog Walking  Dog walking is the perfect small business idea for animal lovers. Pet ownership has increased over the past decade, and it’s expected to increase even more. Analysts at Morgan Stanley expect the pet industry to almost triple in size over the next decade.  That means there is a bigger demand for animal-related products and services, including dog grooming, doggy daycare, and dog walking.  Dog walking is a great way to get outside and exercise. However, if the business expands, hiring younger workers to do the legwork is also an option.  According to TimeToPet.com, dog walkers typically charge between $19 and $29 for a 30-minute dog walk. If you walk multiple dogs at the same time, the money made per hour goes up substantially. Of course, the rate varies based on the location and other factors. As mentioned before, other related services include dog daycare and dog grooming. If you like taking care of animals, there are a few different directions you can take the business. Keep in mind that you don’t just have to do customer service with the animals, but with their owners, too.  Grow and Sell Plants Gardening has long been a favorite retirement hobby. Why not grow your love of plants into extra income? Growing plants from seeds is difficult for many people. That’s why they’re willing to pay for already-grown plants.  This includes flowers, bushes, shrubs, trees, garden starts, vines, potted plants, wall plants, patio plants – you name it.  If you’re comfortable with strangers coming to your home, it can be a 100% home-based business. You can grow the plants in pots in your backyard, greenhouse, or patio, and sell them directly to the public. Or, if you’d rather not, lease a shop or open an online business. It may not seem like a lucrative business idea, but a visit to your local nursery should dissuade you of that notion. Small plants commonly sell for $20-100, and your costs are limited to water, dirt, and some pots. Many gardeners make extra cash by selling their excess produce and flowers. It’s a great way to grow from hobbyist to entrepreneur.  Invest in Real Estate Real estate investment is a capital-intensive business, but it can also be a steady source of cash flow.  It helps to have good credit and some capital in this industry, but you don’t have to be rich to get started.  The median retirement savings for people between the ages of 55 and 64 is $107,000, which isn’t nearly enough to retire. But it’s usually enough to put a down payment on a modest investment property.  There are a few different types of residential investing: Buying, fixing, and flipping houses Rental investing Short-term rental investing Fixing and flipping houses requires more work than renting out houses, but you also make more money in the short term.  Short-term rental investing can be done through sites like Airbnb and Vrbo. In effect, you can run a bed and breakfast from any house that you own. The great thing about this is that you can get started with the house that you’re already living in by renting out rooms or the basement. Many retirees consider downsizing after their children grow up and leave the nest. Instead of downsizing, renting out the extra space as a short-term or long-term rental may be a quick way to start producing income.  Open a Franchise Franchises have been popular with small business owners for a long time. There are good reasons for this. There’s no way around it: starting a business is hard. In addition to the work and capital you need to put up, you need to know what you are doing. That’s where franchising comes in. In exchange for paying an upfront franchise fee and recurring royalties, you get step-by-step guidance on how to start a business. The best franchises have well-known brands and national marketing that bring in customers automatically.  If you buy into a franchise, you don’t have to come up with a business plan or worry about supply chain logistics. The best franchises have employee training resources on everything from customer support to handling finances. One of the most famous franchise restaurant chains in the United States was started by an older entrepreneur: none other than Colonel Sanders.  Harlin Sanders started the Kentucky Fried Chicken franchise when he was in his 60s and worked in some facets of the restaurant business until his death at age 90.  Though he churned through or failed at many different jobs and careers in his long life, he realized that he had an amazing fried chicken recipe worth sharing with the world. His restaurants and his accompanying franchise business made him quite wealthy by the end of his life. Today, KFC is a brand with a worldwide presence.  Buying into a well-established franchise probably won’t lead to worldwide success, but it can be a steady business venture for the right person.  Beyond restaurants, franchises exist in many different industries, including: Convenience stores like 7-11 Hardware stores like Ace Hardware Hotels like Marriott International Fitness gyms like Planet Fitness Franchises aren’t cheap. In addition to paying hefty startup fees, there are usually capital costs such as buying equipment, hiring employees, and leasing space.  Franchise startup costs average $150,000, but much of that cost can be covered through a business loan or financing of some sort. The day-to-day operations of most well-run franchises can be done by a manager. Once the business is up and running, the business owner usually doesn’t need to put in many hours to keep it going.  Offer Move Management Services RetiredBrains surveyed their readers about what businesses they had started in retirement, and some variation of “Move Manager” came up more than once.  This is a service that involves helping people move. The physical lifting work is still done by a moving company, but the move manager organizes the process.  According to these service providers, downsizing seniors and overwhelmed young families need help managing the details of the moving process, and they’re willing to pay for it. This often involves cleaning out garages, packing, labeling, organizing, and planning the various pieces of the move. Part of this could involve senior relocation services, which help seniors find a trustworthy and affordable retirement home.  Many houses are filled with old possessions and unused things. A big part of the move management service involves selling, throwing away, or donating unwanted items.  Once the client is in their new home, unpacking and organizing everything requires work as well.  Academic Tutoring Tutoring is a great business for people that love children and teens. Retired school teachers find that tutoring is a great way to bring in income during retirement, without the stresses of classroom management and school administration.  According to Tutors.com, average prices for tutoring vary quite a bit. They can range from $25 to $80 per hour, depending on the location, type of tutoring, and other factors. Traditionally, private tutors typically visit students in their homes or other places of their parents’ choosing. However, online tutoring has become more popular in recent years and tutoring centers are another option.  Test preparation for the SAT and other standardized tests is a particular area of high demand, which can command higher rates for tutors well versed in it. Get Paid to Write Writing is a paid activity that can be done well at any age. There are a variety of ways to get paid as a writer. Business ideas for writing include: Freelance work for publications and companies Self-publishing a book Blogging Ghostwriting on behalf of others Technical writing Copywriting Gerri Detweiler of Sarasota, Florida, worked for many years as a writer, speaker, and educator in the credit industry. She decided to transition from full-time, in-house work to freelance writing and consulting.  Mrs. Detweiler has published books and is also working on an online course.  Mrs. Detweiler shared, “I recently became self-employed again after more than a decade in full-time roles. While I’ve enjoyed working with colleagues in those jobs, I appreciate the flexibility of working for myself. Freelancing has allowed me to travel and work around the US as well as internationally.  “I’m heading to Greece in December 2022 for an extended period of time and this work allows me to do that without worrying too much about office hours and time zone differences. “Writing, in particular, allows for a great deal of flexibility. It also allows me to delve into topics that are interesting but that I otherwise might not have the time to study. For example, this year I wrote about crypto credit cards, and I enjoyed researching that space. “I’m also interested in remote work and am starting to write about that as well. As long as I remain curious I’ll continue to write, even if it’s just for myself!” Conclusion The average human lifespan is longer than ever before. Rather than retire early, many Baby Boomers are choosing a middle path of part-time work and part-time play.  Entrepreneurship isn’t easy, but it has its perks. A flexible, fulfilling business may be the perfect vehicle for such a lifestyle. Article by Garit Boothe, Due About the Author Garit Boothe is a financial blogger and entrepreneur. He studied economics at The George Washington University in Washington, DC, for one year before dropping out to be a missionary in Argentina. After coming home to the United States, he worked in a variety of jobs, side hustles, and businesses until landing in digital marketing. He currently runs a digital marketing agency focusing on fintech companies and writes for his personal finance blog. Updated on Aug 3, 2022, 3:27 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkAug 3rd, 2022

Transcript: Hannah Elliot

      The transcript from this week’s, MiB: Hannah Elliott on Hypercars & EVs, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters… Read More The post Transcript: Hannah Elliot appeared first on The Big Picture.       The transcript from this week’s, MiB: Hannah Elliott on Hypercars & EVs, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast I have an extra special guest. If you want to listen to me wonk out about automobiles, Hannah Elliott is my favorite automobile reviewer. The last time I had her on I had people writing me and saying, “You know, you were like a little puppy dog piddling over yourself. You couldn’t get out of your own way. You were so excited to talk about cars with somebody.” This time, I think I’ll let Hannah speak a little more than I did last time. I try to keep my excitement in check, especially on the broadcast portion. But we did go back and forth on some stuff. If you were all interested in the automobile industry, EVs, motorcycles, collectible cars, Ferraris, Formula One, well, strap yourself in and get ready. This is two hours of automobile wonkery. With no further ado, my conversation with Bloomberg’s Hannah Elliott. Hannah Elliott, welcome back. HANNAH ELLIOTT, STAFF WRITER, BLOOMBERG BUSINESSWEEK: Thank you. It’s great to be here. RITHOLTZ: I’m — I always enjoy talking to you because I’m — I’m kind of a car guy. And before we get into automobiles, let’s just start a little bit with your — a background of your career. You’re a staff writer at Forbes Luxury. What led you to being a writer? And what led you to luxury? ELLIOTT: It’s a really funny story. I always start out by saying, of course, at Bloomberg, I get to write about cars. I get to write about the fun thing. Most people here write about how to make money, I get to write about how to spend money. RITHOLTZ: How to spend it, right. ELLIOTT: This was not by design, this was not my plan. I did love words and books, and I did study journalism in college. I went to Baylor University. Thinking of Brittney Griner right now, she also went to Baylor, so shout-out Brittney. But I went to Baylor, I got a journalism degree and moved to New York. I had interned writing about politics and religion actually, but saw on Craigslist an ad to assist the automotive editor at Forbes. And I knew nothing about cars. I come from a sports family. I’m not a car — I still say I’m not actually a car person, this is my job. It’s a beat. RITHOLTZ: Did you play sports in college? ELLIOTT: Yeah, I ran track. RITHOLTZ: OK. ELLIOTT: Yeah, I was a runner. RITHOLTZ: I was going to guess volleyball … ELLIOTT: Yes. RITHOLTZ: … because you’re 6’1”. ELLIOTT: A lot of people say basketball, but I … RITHOLTZ: No, you’re short for basketball, but you’re the right height for beach volleyball. ELLIOTT: Yeah, well, I got some cousins who are very good at volleyball. RITHOLTZ: Yeah. ELLIOTT: They played at SMU. But yeah, I was runner. My dad ran for Nike in the 80’s. RITHOLTZ: Oh, really? ELLIOTT: A lot of marathon distance, so I come from a big running family. My brother played basketball actually in Europe professionally, so a big sports family. No car … RITHOLTZ: Really? ELLIOTT: … anything. I mean, my — no, I mean, I did how to drive a — a stick shift because my dad taught me in his old board when I was 16 mostly because I bugged him just to do it, but I had an uncle with like an Acura Legend, which was probably the nicest car I was ever exposed to … RITHOLTZ: Wow. ELLIOTT: … and just shared an old Buick Skylark with my sister in high school that I was very embarrassed by. So not … RITHOLTZ: Understandably. ELLIOTT: … yeah. Although my sister actually — I think she kind of liked it, but not interested in cars at all. But back to this Craigslist ad, I figured, well, Forbes is a good brand. RITHOLTZ: Sure. ELLIOTT: It’s is not recognizable. I know I want to do journalism. There’s my foot in the door. I’ll figure it out once I get in. And fast forward, you know, this was in like 2007-2008. A lot of people got laid off in the industry. My editor who I’ve been working with for a year and a half or so got laid off. He was expensive, I wasn’t. I was … RITHOLTZ: You’re cheap. ELLIOTT: … being paid … RITHOLTZ: Right. ELLIOTT: … next to nothing, so it was like, well, who can write about cars and, you know, pick this up because we just fired the guy who’s covering them, which doesn’t make sense. RITHOLTZ: Right. ELLIOTT: And so, yeah, Elliott, you go. And Matthew de Paula, I will always be so grateful to him. He was the editor at Forbes at the time who hired me and really for a year and a half took me around everywhere and just taught me the beat. That’s how I approached it. This is a beat. I’m going to approach this just like anything else. There are no wrong questions. It’s just like this is the way that I would cover anything. And I always kind of thought, “Well, I’ll eventually go into other things,” and I did certainly do luxury and watch coverage at Forbes and celebrity coverage. You know, I got to talk to everyone from Jennifer Lopez to a cover story on Elon Musk back in the day before anyone really knew about him, which is … RITHOLTZ: Right, right. ELLIOTT: … crazy to think about now. You know, Forbes was great, and it just kind of was like cars were the thing that I did because no one else at Forbes was doing them. And then I just never stopped. And, you know … RITHOLTZ: What — what was the first car you reviewed at Forbes? ELLIOTT: That’s a great question. The first car I remember being allowed to drive as a Forbes staffer was probably an Aventador, a Lamborghini Aventador. RITHOLTZ: Oh, really? So you’re not fooling around? ELLIOTT: Which I was terrified, but … RITHOLTZ: Like (inaudible). ELLIOTT: … yeah, yeah, that I was terrified. RITHOLTZ: Here’s a $0.5 million car. Have some fun. ELLIOTT: Yes. I remember Matthew was in the passenger seat, so I wasn’t completely so low, but … RITHOLTZ: Matthew? ELLIOTT: Matthew de Paula who was the editor who hired … RITHOLTZ: Right. ELLIOTT: … me there. He was still around. And I mean, I was terrified. But also, I was young and dumb enough not to know any better. RITHOLTZ: Right. ELLIOTT: And I think that actually really served me. I didn’t know what I was supposed to do or not do. I just approached it like a journalist … RITHOLTZ: Right. ELLIOTT: … which I was, you know — I — and I still am really proud to be a journalist. I — I think it’s the best job. And cars are way more fascinating now even then. I mean, that was, you know, 12, 15 years ago. And even now like the car industry is the most exciting industry, I think … RITHOLTZ: It’s crazy now, it really is. ELLIOTT: … to be (inaudible), yeah. RITHOLTZ: So I was telling a friend that I was going to speak with you again and talk about cars. And their response was, you know, I love pizza, but if I have to make pizza for a living I would hate pizza. Is that the same? Is there still a thrill here or … ELLIOTT: That’s a … RITHOLTZ: … you like, you know, no longer can smell the roses? ELLIOTT: That’s a really good question. I think it actually works to my benefit that I never was a car person anyway. I’m not a car person, and I always say, here’s the difference. Every … RITHOLTZ: Yeah, because I think you’d become a car person whether or not you wanted to do. ELLIOTT: Well, I can certainly speak the language if I need to, and I feel very comfortable on those circles. But here’s the difference. I don’t go to car things that I’m not basically paid to be there. And everyone else at the car event, I mean, whether it’s a Formula E race or, you know, a Concorde, I’m paid to be there. Yes, it’s enjoyable. Yes, it’s glamorous and fun, and I really do enjoy it, but I don’t go to car things on my own personal time. I play with my dog, you know, or go buy a flower, something else because, yeah, I just think like your — your pizza friend, that’s — it would be too much and it would … RITHOLTZ: Right. I mean, if you’re doing it … ELLIOTT: Yeah. RITHOLTZ: … for a living at a certain point it’s like … ELLIOTT: Oh, yeah, I mean … RITHOLTZ: … just change. Even if you love what you’re doing, hey, I love the markets and finance … ELLIOTT: Yes. RITHOLTZ: … and — but on the weekends, I want to go out in a boat or sit on the beach or just something … ELLIOTT: Yes. RITHOLTZ: … say it loud. ELLIOTT: And I — I really say, look, if your car is the most interesting thing about you, you’re probably a little bit boring. I like to be … RITHOLTZ: Interesting. ELLIOTT: … around people who have a lot of dimensions, and … RITHOLTZ: OK. ELLIOTT: … a cool car is one of them and that’s awesome. RITHOLTZ: Right. ELLIOTT: But to me, that should not be the most interesting thing about you. I love car people. I love talking about cars, but like come on, you got to have some depth … RITHOLTZ: Right. ELLIOTT: … too. So, yeah, that might be a little — not trying to put anyone down, but to me, it’s like if I’m going to spend social time with you, you got to be able to talk about more than car. RITHOLTZ: Right. And that’s why you send your angry emails to helliott@bloomberg.net. ELLIOTT: Yes. RITHOLTZ: So what sort of automotive trends are catching your eye these days? What do you like? What don’t you like? ELLIOTT: Well, I think E.V. — like electric mobility for lack of a better word … RITHOLTZ: Huge, absolutely huge. ELLIOTT: … is — is despite the fact that we’re still, you know, hovering around five percent penetration of EVs in the U.S. RITHOLTZ: So is it five percent of new sales that’s all it is? ELLIOTT: Of — of all cars on the road. RITHOLTZ: Oh, well … ELLIOTT: Yeah. RITHOLTZ: … the cars last 15, 20 years these days. ELLIOTT: Correct. RITHOLTZ: So it’s going to be … ELLIOTT: So — but this is a very … RITHOLTZ: … it’s going to take a long time. ELLIOTT: Yeah, so it’s — it’s like one thing to talk about the hype of EVs. Certainly, at every car show and every car launch and every debut, it’s all electric vehicles. But in real terms in the real world, I think we can expect to see SUV’s that continue to get more and more expensive. I mean … RITHOLTZ: But what about the Aston Martin SUV, the Bentley … ELLIOTT: Completely. RITHOLTZ: … and the Rolls. ELLIOTT: And the Rolls and, you know, Porsche’s got a couple SUVs that are going to get close to 200,000 if you get every — but I — I — and I don’t think — you know, I remember when the first SUVs were really starting to get over $100,000, it was like, “Wow … RITHOLTZ: Right. ELLIOTT: … this is really crazy.” This is a utility vehicle, but it’s being price like electric car, but now it’s just on top of that. I mean, Lamborghini, Ferrari’s coming out with theirs, it’s just going to continue. And there seems to be no limit. And let’s not forget SUVs have the biggest margins. They’re basically … RITHOLTZ: Right. ELLIOTT: … doubling the production volumes for a lot of these smaller automakers like Lamborghini, Ferrari. So they’re going to double production volume and then the profits are just massive. RITHOLTZ: Look back when Porsche was independent. The clients saved the company. ELLIOTT: Completely. And also, it’s so interesting because back — you know, the people who are very into these sports brands like Porsche, Ferrari, Lamborghini, there’s so much philosophical angst about, well, but we’re really a sportscar company; we’re r really a — you know, a — a supercar company. What is our consumer going to think when we go into an SUV? No one cares. RITHOLTZ: Right, right. ELLIOTT: No one cares. I mean, there was all this like polite, oh, what — what will we do? No one will accept our DNA as a true sportscar company anymore. Nobody cares. RITHOLTZ: Half the people I know who own 911s have … ELLIOTT: Of course. RITHOLTZ: … either a Macan or a — a — a Cayenne … ELLIOTT: Yeah. RITHOLTZ: … in the garage because they stay with the brand. And the only problem with those SUVs — so I have a Macan S — you just go through tires and brakes like they’re — because they’re — it’s a big, heavy truck, but you can throw it around like it’s … ELLIOTT: Yeah. RITHOLTZ: … a sportscar. And eventually, it’s like, oh, I got eight, 12,000 miles. I got … ELLIOTT: Yeah. RITHOLTZ: … new rubbers and … ELLIOTT: Yeah. RITHOLTZ: … I need to replace a — I need to replace the — the brake pads, but it drives like a sportscar. ELLIOTT: And those have done nothing to diminish the allure of a 911. It’s not … RITHOLTZ: Other than funding them … ELLIOTT: Yeah. RITHOLTZ: … letting them — letting them spend money. ELLIOTT: Yeah. I mean, it’s not like, oh, if we make an SUV now people won’t take our sportscar seriously. It just … RITHOLTZ: It’s the opposite. ELLIOTT: … it elevates everything. RITHOLTZ: Right, 100 percent. ELLIOTT: Yeah, and I think that will really continue. I mean, if you look even at — even if you look at the 992, the new 911 compared to, you know, call it a turbo from the 70’s … RITHOLTZ: Double the size. ELLIOTT: … this is a — double the size. RITHOLTZ: Right. ELLIOTT: So … RITHOLTZ: In fact, somebody did — what is it — the Porsche — not the Boxster, the hard top, the — the Cayman. A — a new Cayman today is the size of a 70’s 911. ELLIOTT: Yeah, yeah. RITHOLTZ: It’s just shocking. All right. So that’s what trends you like. What bugs you? What — what’s the trend that you find, oh, I wish this would stop, this is terrible? ELLIOTT: Well, honestly the flipside of the coin is the whole idea that when you are creating electric vehicles, they tend to be appliances. RITHOLTZ: Yeah. ELLIOTT: I find that so boring and unfortunate. I don’t know what that means for the future, but I — my number one thing is car should be fun. Even if you — if it’s a commuter car, it should still be fun. And I do think there is a place for autonomous driving, you know, for — for commuting, sure. RITHOLTZ: Especially if you can set your cruise control so that it starts and stops … ELLIOTT: Yes. RITHOLTZ: … it’s like an L.A., you’re on the 405. ELLIOTT: Yes. RITHOLTZ: Who wants to be stressed about … ELLIOTT: That’s not driving, that’s just commuting. RITHOLTZ: Right, right. ELLIOTT: It’s a completely different thing. So I do think there is a place for it. But it is kind of sad to see how consumers who have been marketed to to believe that they are going to be virtuous by purchasing an E.V. and they’re going to symbol their, you know, virtuous status by driving electric vehicle that they’re somehow doing good for the environment. This is a little bit of a separate point. But to me, the best thing you could do for an environment is to not buy a new car. Use a car that already exists. Use an old car. RITHOLTZ: Interesting. ELLIOTT: And this goes hand in hand with the appliance thing. You know, I just drove the Cadillac Lyriq. RITHOLTZ: Which you didn’t exactly love. ELLIOTT: I didn’t necessarily love it because for many reasons. But to this particular point, it’s just kind of like an appliance. RITHOLTZ: Right. ELLIOTT: It — it looks interesting. The looks are there. But driving, it could have been from any brand. And I’m not sure. Cadillac used to really mean something. I’m not sure that’s going to have the same pull as the Cadillacs of yesterday. RITHOLTZ: Right, especially without the fins. ELLIOTT: Yeah. (COMMERCIAL BREAK) RITHOLTZ: This PS (ph) what really bugs me that I have to share, and I’ve been in a bunch of EVs. There is just no reason to bury the … ELLIOTT: Oh. RITHOLTZ: … the heating and air-conditioning controls … ELLIOTT: Yes, layers … RITHOLTZ: … at wee (ph) levels. ELLIOTT: … (inaudible). RITHOLTZ: And I know — I know you can’t expect a Volkswagen to be a Bugatti … ELLIOTT: Yes. RITHOLTZ: … even though they have the same ownership. But I just was watching review of the Chiron, and they brilliantly integrated just three buttons across all of your … ELLIOTT: Yes. RITHOLTZ: … heating, cooling fan, heated and cooled seats, just three little buttons. ELLIOTT: Yes. RITHOLTZ: You can push it in, you could pull it out or you could just turn the knob. And, you know, we have to pull that stuff. I know a lot of companies like to keep them at the bottom of the screen. ELLIOTT: Yes. RITHOLTZ: It’s still a pain in the neck. ELLIOTT: Yeah. And I’ve — I have mixed feelings about this. For instance, the new Mercedes cars like the S-Class and the EQ have this very big … RITHOLTZ: Giant. ELLIOTT: … giant screen that’s curved, and it goes across the entire dashboard. And it’s actually was very beautiful. And it is pretty well-designed. So I’m not — I actually did find it was intuitive, and I purposely don’t ask for help when I first get into a car. I want to be able to … RITHOLTZ: You want to see, right. ELLIOTT: … see if I can figure it out. I don’t want them to show me because that to me is a little bit more of a controlled environment to see if it’s intuitive. So I don’t have a problem with that necessarily, but in general, I do like some tangible knobs and buttons. RITHOLTZ: Hard buttons, yeah. ELLIOTT: Yes. And if you are having to scroll through multiple layers of software to turn on a seat heater, that’s distracting … RITHOLTZ: Right. ELLIOTT: … and annoying. RITHOLTZ: While you drive. ELLIOTT: Yeah, I just — yes. RITHOLTZ: Right. But meanwhile, the flipside of that is all the new Ferrari steering wheels. ELLIOTT: Yeah. RITHOLTZ: It’s like you don’t need anything else. ELLIOTT: (Inaudible). RITHOLTZ: Everything is at your thumbs. ELLIOTT: Did you get in the Roma, the Ferrari Roma? RITHOLTZ: I did. I don’t love the interior. ELLIOTT: What? RITHOLTZ: I find the exterior of that car just silky, sexy … ELLIOTT: Yes. RITHOLTZ: … gorgeous. ELLIOTT: Yes. RITHOLTZ: And the interior is a little disappointing. ELLIOTT: From the (inaudible) or the technology? RITHOLTZ: Just a little bit of both. I mean … ELLIOTT: Yeah. RITHOLTZ: … it’s — you know, not everything is a 488 or … ELLIOTT: Yeah. RITHOLTZ: … you know, I — I’ve kind of been looking at the F12 lately … ELLIOTT: Ooh. RITHOLTZ: … because the 812s have gone postal. And pre-pandemic, the F12 was just starting to come down in price. And for any three of my cars like … ELLIOTT: Yeah. RITHOLTZ: … well, you know, I could save a little maintenance and insurance if I swap … ELLIOTT: Sure. RITHOLTZ: … these three for that … ELLIOTT: Yeah. RITHOLTZ: … one. ELLIOTT: Quality over quantity. RITHOLTZ: And it was — it was — there was definitely — I love paying half of MSRP for a three-year-old car that still has most of its useful life ahead of it. And then it just, you know, they’re up 40, 50 percent … ELLIOTT: Yeah. RITHOLTZ: … from where I was like, oh, you’re $10,000 away … ELLIOTT: Yeah. RITHOLTZ: … from where I could think about this. So — so — so that’s a beautiful interior with hard … ELLIOTT: Yes. RITHOLTZ: … buttons … ELLIOTT: Yes. RITHOLTZ: … and a screen … ELLIOTT: Yes. RITHOLTZ: … and a separate little screen if you … ELLIOTT: Yes. RITHOLTZ: … buy the upgrade for the passenger. ELLIOTT: But you didn’t love it, you didn’t love it? RITHOLTZ: The Roma. ELLIOTT: Yeah. RITHOLTZ: So — so the 812 and the F12 are both just — I like that … ELLIOTT: Yes. RITHOLTZ: … environment. The Roma was just kind — it was a little too minimalist and … ELLIOTT: Oh, interesting. RITHOLTZ: … I kind of really like the dials, the buttons, the tack like — I want to feel — when I get into a Ferrari, I want to feel like I’m in a … ELLIOTT: Cockpit. RITHOLTZ: … right, a fighter plane. ELLIOTT: Yes. RITHOLTZ: What else looks really new and interesting to you? What cars or SUVs are you excited about even if they’re not out until ’23 or ’24? Not the Lyriq (inaudible) … ELLIOTT: OK. RITHOLTZ: … but what else? ELLIOTT: This is going to surprise you. I really did like the Hummer E.V. RITHOLTZ: Everybody I know who’s driven it says it’s spectacular. ELLIOTT: It’s (inaudible) — it’s — this is a — this is a vehicle … RITHOLTZ: Immense but spectacular. ELLIOTT: … yes, at 9,000 plus pounds. RITHOLTZ: Wow. ELLIOTT: And you’re going to be on the same level as a school bus basically height-wise. Again, if you love the Hummer, you’re going to love it. If you hate the Hummer, you’re going to hate it. RITHOLTZ: Right. ELLIOTT: But what I love about it is it’s not trying to be anything it isn’t. This is a very obnoxious vehicle, you know. RITHOLTZ: Right. ELLIOTT: But it doesn’t — it’s not trying to hide it. It has a point of view … RITHOLTZ: But it’s electric. ELLIOTT: … it’s going to pop you in the nose. RITHOLTZ: Right. ELLIOTT: But it’s electric, and it’s really fast. I drove that … RITHOLTZ: Insane 9,000 pounds, really fast. ELLIOTT: Yes, with launch mode, which also is ridiculous. There’s no … RITHOLTZ: Really? ELLIOTT: … there’s no reason a Hummer E.V. needs to have a launch mode. And I’m telling you, it pushes you back (inaudible). RITHOLTZ: Right. ELLIOTT: It’s crazy. And it was a … RITHOLTZ: Well, you’ve seen the YouTube videos of the people on the Tesla Plaid … ELLIOTT: Sure, yeah. RITHOLTZ: … just like having their minds blown probably. ELLIOTT: Yeah, well, imagine that and like something the size of a school bus basically. RITHOLTZ: Wow. ELLIOTT: It’s crazy, but I loved it. They did a good job with it. I think, you know, good luck trying to get one. And I saw they were — those … RITHOLTZ: 200 plus. ELLIOTT: … on Bring a Trailer already. RITHOLTZ: Right. ELLIOTT: Did you see the one that sold on Bring a Trailer for — I think it was around $200,000. RITHOLTZ: Yeah, yeah. ELLIOTT: Yeah. RITHOLTZ: There’s been several that have been going for 200 plus. ELLIOTT: Yeah, yeah. So I mean, it’s crazy, but I really did like it surprisingly. I thought they did a great job of incorporating the look of the old Hummer. I mean … RITHOLTZ: Yes. ELLIOTT: The minute you look at it, you know, it’s a Hummer … RITHOLTZ: It’s clearly a Hummer. ELLIOTT: … but it does look updated, too. I thought they did a better job, then maybe I don’t know a Defender. You know how they brought the new Defender in? Yeah, I was … RITHOLTZ: Yeah, but the new — so the new Defender has been slagged by a lot of people. ELLIOTT: Yeah, yeah. RITHOLTZ: The folks I know who won’t it all love it. ELLIOTT: Yeah. RITHOLTZ: I mean, the only beef anyone has is Range Rover so … ELLIOTT: Yeah. RITHOLTZ: … reliability is not their forte. ELLIOTT: Yeah, I was just going to say that it might be in the — in the shop every now and then. RITHOLTZ: And — and, by the way, it’s really interesting given the lack of availability of — of new cars and used cars go on any used car site and look for like a 2021 Range Rover Sport HSE, which is an expensive car. There are tons of them available. ELLIOTT: Yes. RITHOLTZ: And it’s mostly because the reliability downgrades their appeal as a used car. But … ELLIOTT: Yes. RITHOLTZ: … I was interested in — you mentioned the Defender, so I know someone in the U.K. who has the Defender as a hybrid … ELLIOTT: Right, OK. RITHOLTZ: … and says he gets 40, 50 miles a gallon … ELLIOTT: Amazing. RITHOLTZ: … because I think it was 45 miles local. So all your local … ELLIOTT: That’s great. RITHOLTZ: … driving is E.V., but if you want … ELLIOTT: Yeah. RITHOLTZ: … to go from London to take the Chunnel to Paris, you can tank up and you could make that trip. ELLIOTT: Yeah. I love that, and I — and I think, you know, I am — I am neither for nor against EVs. I — I do feel genuinely neutral about them. I — I think, OK, they’re probably going to happen, great. But it is true that like now that I’m living in Los Angeles, I can’t drive to Vegas in an E.V. without … RITHOLTZ: Right. ELLIOTT: … stopping for a considerable … RITHOLTZ: Perhaps hour, yeah. ELLIOTT: … amount of time — I mean, more than that — to — to … RITHOLTZ: Oh, really? ELLIOTT: … try to get a recharge. Yeah, I mean, realistically, you can’t drive up to San Francisco in an E.V. The hybrid solves that problem. RITHOLTZ: Right, that’s right. ELLIOTT: Yeah. And you still have decent efficiencies, so yeah. RITHOLTZ: And the same thing with the — the Range Rover, that HSE Sport, the new version which looks … ELLIOTT: Yeah. RITHOLTZ: … lovely is also available in a hybrid in the U.K. I don’t think it’s here, but what’s the giant Range Rover? Is the Land Rover? ELLIOTT: Yeah. RITHOLTZ: That is here with a hybrid, so you do get … ELLIOTT: So there you go. RITHOLTZ: … arguably the best of both worlds. You’re not a fan of the Defender, the new Defender’s look? ELLIOTT: I think — I think they could have done a little better, like the rear box, you know, how on the rear, the rear (inaudible) … RITHOLTZ: Yeah, yeah, so does … ELLIOTT: … there’s a box there. RITHOLTZ: … yeah, (inaudible) and out, yeah. ELLIOTT: It’s a step. Now, that blocks a lot of vision when you’re driving it. RITHOLTZ: I have an X4 so I know all … ELLIOTT: Yeah. RITHOLTZ: … about that blind spot back there. ELLIOTT: I — I don’t think it’s bad, I just think they could have done a little bit better, I don’t know. To me, it just really — I think Bronco, you know, they brought the Bronco back? RITHOLTZ: Spectacular. ELLIOTT: It looks amazing. RITHOLTZ: What a great job. ELLIOTT: Just — just had the Raptor, oh, my God, wow. RITHOLTZ: Have you driven the F150 Lightning yet? ELLIOTT: No, I haven’t. RITHOLTZ: I had it for a week. ELLIOTT: OK, thoughts? RITHOLTZ: Amazing, just a — first of all, if you’re not a pickup guy or girl, right, it’s immense and it’s, you know, almost to the engine exactly … ELLIOTT: OK. RITHOLTZ: … what the internal combustion version is. ELLIOTT: OK. RITHOLTZ: So it’s immense. By the way, the — the Bronco — I had the Bronco for a week also, and so I have a old Jeep Rubicon. And the interesting thing about the shape of the Jeep is it’s a great glass greenhouse. You can see everything. ELLIOTT: Yeah. RITHOLTZ: And the way the fenders are set off of the hood, you could see your corners. You really … ELLIOTT: Oh, yeah. RITHOLTZ: The Bronco is a giant rectangle, and you can’t see anything. I mean, your greenhouse is clean. ELLIOTT: Yeah. RITHOLTZ: You could see out the back, and they have great cameras. But you’re completely … ELLIOTT: Yeah. RITHOLTZ: … blind what’s in front of the truck for like 10 feet. It’s a … ELLIOTT: Yeah. RITHOLTZ: … other than that, it was a blast. We took it on the beach. We went off-roading. ELLIOTT: Are you converted? RITHOLTZ: What, into? ELLIOTT: To — from Jeep to — to a Bronco? RITHOLTZ: No, because … ELLIOTT: No, feasibility. RITHOLTZ: … the Jeep, I have a 2013 Rubicon, and it just goes anywhere. And I’m not like a crazy Jeep guy … ELLIOTT: Yeah. RITHOLTZ: … but my house is set-up on a hill, and four-wheel drive cars in the rain have a hard time getting up there. ELLIOTT: OK, yeah. RITHOLTZ: So the snow is impossible. ELLIOTT: Yeah. RITHOLTZ: And the Jeep just — it just laughs at everything, so yeah, for the snow … ELLIOTT: Some of that. RITHOLTZ: … four-degree angle … ELLIOTT: Yeah, that’s great. RITHOLTZ: … no — no issues. If I was looking to replace that, I would consider the Bronco. Two of my neighbors have one. They both love it. ELLIOTT: Yeah. RITHOLTZ: One has the convertible and the other one has a — a four-door. And, you know, every — I had it for a week. I thought it was a blast. It — it seems unstoppable. The — the F150 was just a wholly different experience. ELLIOTT: Let me ask you about that. You said it was amazing — amazing for a Ford F150 truck or amazing for an E.V.? RITHOLTZ: So I’ve never had a — any SUV. ELLIOTT: OK. RITHOLTZ: And I’ve driven EVs, but not — I mean, pickup, I’ve never had a pickup. And I’ve driven EVs, but I haven’t really had them for a week or so. So the first thing I learned is — and I wrote a long review on it. I — I plugged it in and it lights up, and the next morning it come out, and there’s no change. Oh, it lights up orange, I have to … ELLIOTT: Oh. RITHOLTZ: … oh, really put this in, so now it’s lighting up blue. And then on a 120 without a special charger, you’re adding like two miles … ELLIOTT: Yeah. RITHOLTZ: … an — an hour. ELLIOTT: A tricke. RITHOLTZ: Yeah, it’s a trickle. And then what was interesting, we went to the beach and they’re all these … ELLIOTT: The fast chargers. RITHOLTZ: Yeah, well, there’s semi fast chargers, and so we’re on the — at the beach for two hours, and I — it cost me $6.49 to add 48 miles. So kind of like $3 a gallon. ELLIOTT: Yeah. RITHOLTZ: It seems pretty cheap. It’s — like — like the Hummer, it’s stupid fast for its … ELLIOTT: Yeah. RITHOLTZ: … size and weight. ELLIOTT: Yeah. RITHOLTZ: It’s just stupid. And it’s a full pickup bed, so I dragged out to the beach house. I dragged — yeah, ever see the Roman arch for Hamax (ph). I had one taken apart. It’s like 16 feet. ELLIOTT: OK. RITHOLTZ: I threw that in the back. I threw … ELLIOTT: No. RITHOLTZ: … a six-foot table I had taken apart. I threw a big four-burner Weber. I just loaded up with stuff and I’m like … ELLIOTT: That’s great. RITHOLTZ: … I got a ton more room back here. ELLIOTT: Yeah. RITHOLTZ: So I — I — anybody who’s using stuff, I — I appreciate having a pickup. But to me, it’s like the SUVs — so I have an X4, the X — similar to the X6 or the GLE … ELLIOTT: Sure. RITHOLTZ: … that rounded back, and friends tell me … ELLIOTT: Yeah. RITHOLTZ: … oh, look how much space you’re giving up. I’m like … ELLIOTT: Yeah. RITHOLTZ: … twice a year I fill the back of the truck … ELLIOTT: Sure. RITHOLTZ: … all the way up. ELLIOTT: Sure. RITHOLTZ: The other 360 days … ELLIOTT: It’s fine. RITHOLTZ: … I look at an ugly rectangle. ELLIOTT: Yeah. RITHOLTZ: I’d rather have something that’s a little sexier, and if I … ELLIOTT: Yeah. RITHOLTZ: … really need to — I’ll either make two trips or take two cars or rent a truck if that’s what I really need. ELLIOTT: It’s not (inaudible), yeah. RITHOLTZ: But — but some people are just — can’t wrap their head … ELLIOTT: Yeah. RITHOLTZ: … arounds. ELLIOTT: Yeah. RITHOLTZ: Does the look of a car matter to you relative to its utility? And if it’s not your only car — hey, listen, if I had one car then OK, maybe … ELLIOTT: Right, yeah. RITHOLTZ: … (inaudible). I got too many cars. So to me, it’s not … ELLIOTT: You got a space issue. RITHOLTZ: We were discussing building a garage. ELLIOTT: See, this is how you’re … RITHOLTZ: So it’s the … ELLIOTT: … you’re crossing over into danger territory. RITHOLTZ: So, a friend said to me one tattoo is either too few or too many. ELLIOTT: Yeah. RITHOLTZ: It’s like there’s … ELLIOTT: That’s a very good point. RITHOLTZ: And — and so I’m at a point … ELLIOTT: Yes. RITHOLTZ: … where six cars are either too few — actually, five. I totaled my wife’s Panamera. ELLIOTT: Oh, are you OK? RITHOLTZ: Everybody’s fine. ELLIOTT: OK. RITHOLTZ: It was — this was — this was December — January, February, something like that, five miles an hour. ELLIOTT: No. RITHOLTZ: I slowed down to make a left, and the person … ELLIOTT: Oh, no. RITHOLTZ: … behind me thought I was pulling over … ELLIOTT: Yeah. RITHOLTZ: … crossed the double yellow. And you look in your rear view mirror in a truck … ELLIOTT: Oh, God. RITHOLTZ: … there’s no one behind me, so I make a left … ELLIOTT: Yeah. RITHOLTZ: … (inaudible) does. And a Panamera 4S got — it was six months old. ELLIOTT: Oh. RITHOLTZ: And the funny thing was I got 24 grand more than I paid for the car … ELLIOTT: Perfect. RITHOLTZ: … because the market prices had gone up so insane. So other than chipping my tooth and being sore for a week … ELLIOTT: Yeah. RITHOLTZ: … it happened in — right in front of my dentist building. ELLIOTT: Oh. RITHOLTZ: So when I called and said, “Hey, I chipped a tooth in a car accident … ELLIOTT: Oh, no. RITHOLTZ: … can I come in tomorrow?” ELLIOTT: Yeah. RITHOLTZ: She’s like that was in you in front of our building was it? ELLIOTT: Oh. RITHOLTZ: I’m like, yeah, that was. ELLIOTT: She saw it. RITHOLTZ: They — they heard it. ELLIOTT: Oh, my gosh. RITHOLTZ: They heard kaboom. ELLIOTT: Yeah. RITHOLTZ: And the crazy thing is the woman who’s driving the — the Lexus truck that hit us, she went to the hospital. She was fine. ELLIOTT: Oh, no. RITHOLTZ: It turned out she’s fine. ELLIOTT: OK. RITHOLTZ: She was just nervous and whatever. ELLIOTT: Yeah, yeah. RITHOLTZ: But — but was — she’s scared and shaken up. ELLIOTT: It’s scary. RITHOLTZ: But my wife and I were like black and blue (inaudible). ELLIOTT: Oh, no. RITHOLTZ: We just … ELLIOTT: It’s scary. RITHOLTZ: Car accidents are no fun. ELLIOTT: Yeah, scary. RITHOLTZ: But, you know, the Panamera did what it supposed to. ELLIOTT: Yeah, good. RITHOLTZ: All the airbags came down. ELLIOTT: Good, good. RITHOLTZ: The only weird thing is, as it’s happening, I’m like trying to cover the skin, I can’t — your brain can’t figure out what’s going on because nothing’s … ELLIOTT: Wow. RITHOLTZ: … operating. You can’t see … ELLIOTT: Yeah, yeah. RITHOLTZ: … like you’re blinded. ELLIOTT: Yeah. RITHOLTZ: The steering wheel doesn’t respond. So when we stopped moving, I went to open the driver door, and I — I couldn’t open the door, and like something’s wrong with the door. And I turned to my wife, I’m like, “Are you OK there’s something wrong with our door?” And people came running over to the car. ELLIOTT: Oh. RITHOLTZ: They opened our door and took her out. And so I had to climb over the seat … ELLIOTT: Oh. RITHOLTZ: … to get out. And I was genuinely shocked to see a car … ELLIOTT: Oh. RITHOLTZ: … t-boned. ELLIOTT: That’s scary. RITHOLTZ: Yeah, it’s just — and — and I’m like a religious signaler. And so normally, I would absolutely swear on a stack of bibles that I signaled, but the fact that the person want to pass us makes me wonder. Hey, was this the one time I made a left without saying, oh, how much of it is my fault? I don’t think it was because … ELLIOTT: It’s not your fault, Barry. RITHOLTZ: Well, normally … ELLIOTT: I’m telling you … RITHOLTZ: … when you’re making a left, the assumption is it’s your fault … ELLIOTT: Yeah. RITHOLTZ: … right? I mean … ELLIOTT: Yeah. RITHOLTZ: … but they crossed the double yellow line so … ELLIOTT: Yeah. RITHOLTZ: … I don’t … ELLIOTT: Yeah. RITHOLTZ: … look, New York is a no fault state so … ELLIOTT: It’s great. RITHOLTZ: … it doesn’t matter. But anyway, how do we get on the (inaudible)? ELLIOTT: We were talking about trucks … RITHOLTZ: Oh, that’s right so … ELLIOTT: … and space just to keep your cars. You got six cars, but now you’re having five. RITHOLTZ: Well, now I get five, from down to five … ELLIOTT: Yeah. RITHOLTZ: … I’m down to five. ELLIOTT: Are they all inside? RITHOLTZ: Three inside. ELLIOTT: OK. RITHOLTZ: The Jeep and the X4 outside. ELLIOTT: So you were potentially looking at another … RITHOLTZ: Oh, I am. We are at six. ELLIOTT: Yeah. RITHOLTZ: I got the FJ also. ELLIOTT: OK. (COMMERCIAL BREAK) … sky blue with a white roof and a black interior. ELLIOTT: I think you sent me a picture of that. RITHOLTZ: I started rebuilding one in Colombia pre-pandemic, then we went into lockdown. And they said, “Listen, we can’t hold onto the car. We — we have to … ELLIOTT: OK. RITHOLTZ: … we’re — we’re stuck.” I’m like, “Go ahead, sell it … ELLIOTT: Yeah. RITHOLTZ: … and I will find another one when this is over.” So long story short, 2021, rebuild a new one, imported to the U.S. in January. It sits in customs for two months because they’re so backed up in Port of Miami. Finally get it up here in like February-March, waiting for the last of the documentation to come in, which just came in like a week ago. ELLIOTT: Cool. RITHOLTZ: I had to get a certified translation of the purchase agreement because you can’t send them something showing 100 million pesos in — in Spanish. They don’t want to hear that at DMV. ELLIOTT: Yeah. RITHOLTZ: And so the car gets registered this week. So that’s … ELLIOTT: Oh, that’s exciting. RITHOLTZ: … number six. ELLIOTT: Cool. RITHOLTZ: So seven is … ELLIOTT: OK. RITHOLTZ: … too many. So the trucks are outside, the cars are inside. ELLIOTT: All right, all right. RITHOLTZ: But at a certain point, it’s, you know — you got to make a decision. Am I going to build a garage for all these things? And it’s worth keeping six cars (inaudible). ELLIOTT: Yes, this is a part-time job just maintain … RITHOLTZ: Yeah. ELLIOTT: … making sure the registrations are current, and making sure the batteries are all alive … RITHOLTZ: Insurance, right. ELLIOTT: … and the insurance, and oh, you got to (inaudible) them. RITHOLTZ: I put a triple charger on that, so that is … ELLIOTT: OK. Wait, what Corvette do you have? RITHOLTZ: ’67 Coupe, spectacular. ELLIOTT: I didn’t know that. RITHOLTZ: Yeah, all this show up on the website. ELLIOTT: I’ve been looking for a — I want to see three, white. They didn’t make very many of them. RITHOLTZ: So the — the C3 is the Corvette of my youth. ELLIOTT: Yeah. RITHOLTZ: Like when I was in high school … ELLIOTT: Yeah. RITHOLTZ: … it was a little 10 years before that … ELLIOTT: Yeah. RITHOLTZ: … but, you know … ELLIOTT: Yeah. RITHOLTZ: … they were used cars. ELLIOTT: Yeah. RITHOLTZ: And guys would buy a, you know, 10-year-old Vette, and it’s like I came very close to getting a ‘69 in yellow over black. ELLIOTT: Ooh. RITHOLTZ: And the prices hadn’t gone up. And I started seeing the C2s. I’m like, “These are just the most amazing (inaudible) cars.” ELLIOTT: I know. They’re so cool. RITHOLTZ: They’re just so gorgeous. ELLIOTT: They’re — they’re — I — you know, I just saw one. I follow this thing called Hobby Car Corvettes, and I just saw one. RITHOLTZ: Oh, really? ELLIOTT: They’ve got a white one in my birth year … RITHOLTZ: Right. ELLIOTT: … for sale in Pennsylvania. And I — I really thought, yes … RITHOLTZ: White over white or … ELLIOTT: White over red. RITHOLTZ: OK. ELLIOTT: A C3. It is an automatic (inaudible) … RITHOLTZ: That’s my wife’s old II Series. ELLIOTT: Oh, that is so cool. RITHOLTZ: I don’t get the automatic. ELLIOTT: I know, I know. California traffic though, I don’t want to sit in (inaudible). RITHOLTZ: So here’s — here’s the one thing you have to know about the old Vette. ELLIOTT: OK. RITHOLTZ: They’re tractors, like … ELLIOTT: Well, we know that. RITHOLTZ: I mean … ELLIOTT: Same with every old Lamborghinis. RITHOLTZ: … the clutch is heavy. The steering is heavy. The brakes … ELLIOTT: Yes, this is why I want an automatic. RITHOLTZ: I have drum brakes on (inaudible) … ELLIOTT: Oh, gosh. RITHOLTZ: … my ‘67, which, by the way, is supposed to be the pinnacle of the CII (inaudible). ELLIOTT: How often do you drive it? RITHOLTZ: I try and rotate all the cars out on the road once a week. ELLIOTT: OK, OK. RITHOLTZ: Although, you know, on a day like today when it’s … ELLIOTT: Yeah. RITHOLTZ: … raining cats and dogs … ELLIOTT: Yeah. RITHOLTZ: … it’s not … ELLIOTT: No. RITHOLTZ: … it’s not coming out of the garage. ELLIOTT: Yeah. But it is — to your point, it is a bit of a chore to maintain car — maintaining cars. RITHOLTZ: It’s worked. Six is too few or too many. ELLIOTT: It’s a relationship, yeah. RITHOLTZ: You — you need 20 and a … ELLIOTT: Yeah. RITHOLTZ: … a guy. ELLIOTT: A guy. RITHOLTZ: Right, or like four — you know, we have — we each have a daily driver. ELLIOTT: Yeah. RITHOLTZ: So when I was younger, we each had a daily driver, and there’ll be a convertible in the garage. ELLIOTT: Oh, cool. RITHOLTZ: So we had an old SL for a long time, and then we had a Z4. So there was always a fun car that we could take out on weekends. And you know what? A third car, hey, you start it once a month. Who cares? ELLIOTT: Yeah, not a big deal. RITHOLTZ: Six cars, it’s just — it starts to be work. ELLIOTT: It’s like cats, but for car guys. RITHOLTZ: Yeah. ELLIOTT: You keep acquiring. You know like the crazy cat lady? RITHOLTZ: Yeah, yeah, yeah. ELLIOTT: She just keeps taking them in. RITHOLTZ: Right, that’s what starts to happen. ELLIOTT: Yeah. RITHOLTZ: And once you go beyond a couple of cars just for what you need, it’s — well, what is the difference between having four extra cars and six extra cars? ELLIOTT: Not a lot. RITHOLTZ: It’s … ELLIOTT: Volume (inaudible). RITHOLTZ: … it’s excessive, right. ELLIOTT: Yeah. RITHOLTZ: Either way is excessive. ELLIOTT: For sure, but also … RITHOLTZ: My — my partner thinks I’m insane. My — my partner is at work … ELLIOTT: Yes. RITHOLTZ: … look at me and like, “How many cars are you going to buy?” And I’m like, “I don’t know.” I … ELLIOTT: Well, what about during the — this market? Isn’t it — wouldn’t be a bit smarter to put some cash into a car rather than — I mean, I have my own theories about that and I’ve been talking to a lot of people about it. RITHOLTZ: Yeah. ELLIOTT: But, you know, what I hear is … RITHOLTZ: At these elevated prices? Because I … ELLIOTT: I’m talking — I’m talking collecting old cars — old cars. RITHOLTZ: So, OK, how old is old? ELLIOTT: You know, it’s something — something 20 years or older. RITHOLTZ: OK. ELLIOTT: The — the vintage … RITHOLTZ: Well, the Vette is 50 years old and the … ELLIOTT: Sure. RITHOLTZ: … the — whatchamacall the … ELLIOTT: And that’s probably appreciated quite a bit. RITHOLTZ: It has — since I got that last summer … ELLIOTT: Yes. RITHOLTZ: … in the beginning of the pandemic, I kind of accidentally bought an R8 on Bring the Trailer. ELLIOTT: OK. RITHOLTZ: So my — I’m sitting outside, reading a book, and my wife says, “John from Salt Lake City on the phone.” And, you know, I have bids out on … ELLIOTT: Sure. RITHOLTZ: … Cars & Bids … ELLIOTT: Sure. RITHOLTZ: … and Bring a Trailer like 30, 40 percent away … ELLIOTT: Yeah. RITHOLTZ: … from the market constantly. And, you know, my credit card company thinks I’m crazy because, you know, they put the Holt (ph) … ELLIOTT: Because — holding, yeah, yeah, yeah. RITHOLTZ: And — and I pick it. Hi, can I help you? Congratulations on the car. I’m like, what? Which car? And he said the R8. I’m like, “I won want that? Really? That’s fantastic.” ELLIOTT: Yeah. RITHOLTZ: I go, “Wait a second. Are you sure? I was way off the market.” And as I say that … ELLIOTT: Uh-oh. RITHOLTZ: … I’m like, “Oh, this (inaudible) to take. You just … ELLIOTT: Yeah. RITHOLTZ: … stepped in it. ELLIOTT: Yeah. RITHOLTZ: And he said, “Well, tell you the truth,” he goes, “Did you have any idea what the reserve is?” I’m like, “No, how would I know that?” He said, “Because two days ago I spoke to Bring a Trailer and they took me into loan and reserve. ELLIOTT: Oh. RITHOLTZ: He goes, “You just barely beat the reserve.” ELLIOTT: Oh, wow. RITHOLTZ: And I’m like, “Why did you lower the price?” He’s like, “Well, I have a new Ferrari coming.” ELLIOTT: Yeah. RITHOLTZ: I had to make a room in the garage. ELLIOTT: Yeah. RITHOLTZ: OK. ELLIOTT: Yeah. RITHOLTZ: So I’m like, “Listen, I’ve always been a fan of that car. I love the gated shifter. ELLIOTT: Cool, sure. RITHOLTZ: And I think the V10 is kind of cheating. As much fun as it is, the V8 and that is — is a monster. So he — so everything was — he was a little miffed at me because this was April of 2020. It took me like six weeks to arrange insurance, register … ELLIOTT: Yeah. RITHOLTZ: … and shipping because nobody was doing anything. ELLIOTT: Yeah. RITHOLTZ: So he — I actually got an email from Bring a Trailer, which is like, “Hey, what’s going on?” I’m like … ELLIOTT: Yeah. RITHOLTZ: … “Dude, nobody is shipping cars.” ELLIOTT: He was in Texas? RITHOLTZ: He was in Utah. ELLIOTT: Oh, Utah. Oh, yeah. RITHOLTZ: And I was like, “Nobody is shipping cars.” ELLIOTT: Yeah. RITHOLTZ: “I can’t get my insurance company on the phone.” ELLIOTT: Yeah. RITHOLTZ: What am I going to do? ELLIOTT: Yeah. RITHOLTZ: Trust me, I … ELLIOTT: Yeah. RITHOLTZ: … I will wire the money in advance. ELLIOTT: Yes. RITHOLTZ: I just need to straighten all this stuff out. ELLIOTT: And logistics. RITHOLTZ: Right. ELLIOTT: Yeah. RITHOLTZ: If — if you need the cash, I’ll send the money today. ELLIOTT: Sure. RITHOLTZ: I just … ELLIOTT: Yeah. RITHOLTZ: So — so it was — it was interesting because when the car arrived I had all my paperwork, I had my insurance, I had my inspection, but DMV was closed. You can’t register the car. So I would take auction … ELLIOTT: Oh, don’t let that stop you. RITHOLTZ: … I would take the auction pay. I have a whole file … ELLIOTT: Yeah. RITHOLTZ: … and I would go out each morning at 7 a.m., and there’s nobody on the road. There’s no joggers. There’s no bicyclists. There’s no other cars and there are no police. So my local sideroads became a … ELLIOTT: That’s … RITHOLTZ: … little auto bond for me. ELLIOTT: … oh, that’s great. RITHOLTZ: And that lasted about two months, three months. ELLIOTT: Yeah. RITHOLTZ: And then, you know, I’m not an idiot. I — when people — they’re bicyclists or pedestrians or — fun time is over. ELLIOTT: Yeah. RITHOLTZ: It’s 7 a.m. in the beginning of the pandemic. ELLIOTT: There was a little sweet spot in there. RITHOLTZ: There was a huge sweet spot. ELLIOTT: You really get out the road. I remember we drove once from Santa Monica and Los Angeles to downtown in about 12 minutes, and we were not even speeding that much, it was just open road. RITHOLTZ: There’s nobody … ELLIOTT: Usually that drive takes an hour at least. RITHOLTZ: Right. ELLIOTT: Yeah, it’s great. RITHOLTZ: So — so I had my like stack of papers … ELLIOTT: Yeah … RITHOLTZ: … because I was … ELLIOTT: … just in case. RITHOLTZ: … I was fully … ELLIOTT: Yes. RITHOLTZ: … anticipating a conversation with the local constables … ELLIOTT: Yeah, yeah. RITHOLTZ: … saying … ELLIOTT: Are you a booster (inaudible) local that … RITHOLTZ: Years ago I used to do that. ELLIOTT: OK, yeah. RITHOLTZ: I kind of stopped because it’s a little — it’s just a little … ELLIOTT: Oh. RITHOLTZ: … dirty feeling … ELLIOTT: OK. RITHOLTZ: … sometimes. ELLIOTT: Yeah. RITHOLTZ: And I — I would rather churn my way out of a ticket that — you saw it. The — the badges, the courtesies, (inaudible) … ELLIOTT: Yeah. RITHOLTZ: … they don’t work the way they used to. ELLIOTT: Oh, really? RITHOLTZ: Yeah. ELLIOTT: I’ve never had one, but I always just thought that was kind of a nice thing. RITHOLTZ: I had one … ELLIOTT: Yeah. RITHOLTZ: … from someone I worked with. Long story, I did some work for the family of someone who passed away, and I got a shield as a thank you. ELLIOTT: OK. RITHOLTZ: And in New York City, the shield worked great. ELLIOTT: Yeah. RITHOLTZ: But once it’s stopped working and Nassau — I remember coming home from somewhere and getting pulled over, and the cop was like apologetic. ELLIOTT: Oh. RITHOLTZ: And he’s like, “Listen, we — we just can’t (inaudible).” ELLIOTT: You can’t? RITHOLTZ: Hey, man, you got a — so I learned as a kid … ELLIOTT: Yeah. RITHOLTZ: … just painfully honest with cops. ELLIOTT: Yes. RITHOLTZ: When cops pull me over … ELLIOTT: Yes, yes. RITHOLTZ: … it’s like the scene … ELLIOTT: Yes. RITHOLTZ: … from Liar Liar. That’s how I am. And usually, they … ELLIOTT: Yeah. RITHOLTZ: … basically — you know, they appreciate not blowing smoke up their … ELLIOTT: Yes. RITHOLTZ: … behind because they’re lied to all day long … ELLIOTT: Yeah. RITHOLTZ: … every day so … ELLIOTT: It must be refreshing. RITHOLTZ: … so right. So … ELLIOTT: Honesty. RITHOLTZ: … you know, tell — tell the officer when he says how fast were you going, I said, “Well, Officer, as I drove … ELLIOTT: Yeah. RITHOLTZ: … by, I saw you and I looked down, and I looked … ELLIOTT: You just look down. RITHOLTZ: … at the speedometer. ELLIOTT: Yeah. RITHOLTZ: And he goes, “And what did it say?” It said pull over because this office is going to have a few words with you. ELLIOTT: That’s correct. RITHOLTZ: And they laughed and … ELLIOTT: Yeah, that’s great. RITHOLTZ: … they thought you’re — you’re being honest with them. ELLIOTT: Yeah. RITHOLTZ: You don’t have to say, you know, “I was 25 over.” You could say, “I thought you would want to have a little conversation.” ELLIOTT: I’m going to note that down for my future reference. RITHOLTZ: Right, thought you would like to have a chat … ELLIOTT: Yes, yes. RITHOLTZ: … and don’t want to make you drive too far. That’s … ELLIOTT: Yeah, that’s not — it’s really courtesy. RITHOLTZ: So let’s talk about some of your favorite columns of recent days starting with I mentioned EVs and Harleys. Let’s combine that. ELLIOTT: Oh, yeah. RITHOLTZ: Harley … ELLIOTT: LiveWire. RITHOLTZ: Yeah, tell us about that. ELLIOTT: Yeah. Cool bike … RITHOLTZ: No clutch, right? ELLIOTT: No clutch. You don’t — no gears, no oil to replace … RITHOLTZ: Wow. ELLIOTT: … none of that. No rumble, no growl. It does have a … RITHOLTZ: What do they do for a sound to … ELLIOTT: It does have a sound, you know? It’s like a whirring sound. RITHOLTZ: Right. ELLIOTT: It’s — if you’re a Harley guy who’s going to need the — the loud pipes … RITHOLTZ: Right. ELLIOTT: … you’re going to object probably to this vehicle. RITHOLTZ: So as a kid … ELLIOTT: Yes. RITHOLTZ: … running dirt bikes, the expression I always loved was loud pipes saves lives. ELLIOTT: Sure, sure. RITHOLTZ: So what do you do about that? ELLIOTT: To which I say if you’re relying on your loud pipes to keep you safe … RITHOLTZ: Yeah. ELLIOTT: … your — that’s (inaudible). RITHOLTZ: You’re in trouble, right. ELLIOTT: Yeah. You got to be heads up. And — and honestly, you can do everything right and you can still get in a lot of trouble … RITHOLTZ: Right, right. ELLIOTT: … on a motorcycle. So I think, yes, loud pipes are — can be nice, but that should not be your safety plan. RITHOLTZ: The — the problem is when people see you coming … ELLIOTT: Yes. RITHOLTZ: … they see a little blip instead of a big car. Your brain … ELLIOTT: Yes. RITHOLTZ: … assumes you’re further away. ELLIOTT: Yes. RITHOLTZ: So the pipes kind of compensate for that. ELLIOTT: Potentially. And I would say on this — the LiveWire one, there is a noise associated with .....»»

Category: blogSource: TheBigPictureAug 2nd, 2022

"What Happens Next? Nobody Knows – But It Doesn’t Look Good At All"

"What Happens Next? Nobody Knows – But It Doesn’t Look Good At All" By Michael Every of Rabobank Dire Straits So, there is no longer any Nancy Drew Mystery. US House Speaker Pelosi will be in Taiwan today, says Bloomberg; she will meet with President Tsai Ing-Wen on Wednesday, says the Financial Times. That is no real surprise given Pelosi’s track record --she visited Tiananmen Square in 1989 and was arrested and detained-- and given going was the better geostrategic damned-if-you-do-damned-if-you-don’t choice. What happens next? Nobody knows – but it doesn’t look good at all. Let’s unpack why. First, those who have kept their heads in the sand are forced to wake up and smell the deeply unpleasant coffee. There has been a lot of that in 2022. There is *a lot* more to come yet, e.g., “There are no war risks over Taiwan.” No, there always were. Until the geopolitics is resolved (how?), there always will be. “Markets are wrong to link Russia-Ukraine to China-Taiwan.” Because I don’t want to have to shift more of my portfolio or supply chain. “Markets haven’t moved yet.” As I said around 24 hours ago in a work chat, they will as soon as Pelosi arrives or confirms she will arrive. And here we are. Second, those who were aware of the above issues but were out of the news loop are having to play rapid catch-up. That apparently includes US Secretary of State Blinken, who stated, “We don’t know if Speaker Pelosi plans to visit Taiwan or not.” Is the White House also in the dark? Third, we have to consider who is responsible for driving this crisis. On one hand, the US. If Pelosi wanted to visit Taiwan, she could have just turned up, giving China no time to object, and no rope to hang itself with over its public framing of the issue. The White House could also have blocked Pelosi logistically, not constitutionally. Was this a screw up, or a deliberate ratcheting up of tensions? Hard to say, as this administration blows hot and cold. It has been flirting with removing China tariffs for absolutely zero quid pro quo. At the same time, it is talking about ‘friend-shoring’ from China; backing the Quad; and AUKUS; and a G7 rival to China’s BRI; and a new Indo-Pacific trade bloc to exclude China; and the Blue Pacific Act to push back against China; and the new I2U2 group to draw India into the Middle East as a counterweight to China. Plus, the open threats of what happens if China helps Russia in Ukraine, and President Biden publicly promising to defend Taiwan if it is attacked, which has had to be walked back by the White House each time. On the other hand, China. It knows the US sends senior officials to Taiwan all the time. It knows US marines have been training Taiwanese troops. It knows the US sells weapons to Taiwan. It knows the US just re-pledged its commitment to the “One China” policy. It knows that President Biden opposes Taiwanese independence – yet Beijing is now saying that a Pelosi Taiwan visit undermines that critical independence redline, which everyone takes as a trigger for action. Equally, China knows if it makes a huge fuss, the US then cannot back down. So why is it making so much more a mountain out of a Pelosi-sized molehill? Is it all about the November Party Congress? Does that constrain Xi – or actually free him to act more aggressively on many fronts? Keep that framing in mind as we lastly consider what might happen next. “China won’t act militarily because its economy is in trouble,” as I heard yesterday. Which, historically, can also mean the complete opposite. Especially when foreign-policy messaging --“Don’t say we didn’t warn you!”-- is the same as before wars vs. India and Vietnam, and when that parallel is underlined in English for the China experts who can’t read Chinese or its history. Also consider that Chinese public opinion appears firmly in favour of a strong nationalistic response to the US ‘provocation’. I just got a message from a China-following friend with close contacts on the mainland who track local social media: “The smell of war is so potent.” Back to the US side: “We will not take the bait or engage in sabre-rattling,” says the White House press secretary. “ At the same time, we will not be intimidated.” That smells too. So, buckle up, buckaroos. In short, much more volatility potentially lies ahead this week: yields will likely go lower; stocks may try to use that as an excuse to bounce higher – unless they have any direct or indirect China linkage, which means just about everyone in the US; safe haven FX will get more safe-haven-y. And anyone using Chinese supply chains arguably has even more need to consider not doing so as soon as possible. Moreover, volatility will likely last far longer than this week, even if the attention span for many in markets won’t. Indeed, the Pelosi visit risks rapidly metastasizing into a Fourth Taiwan Strait crisis. For those who think Taiwan is Thailand, the First Taiwan Strait Crisis (1954-55) saw open fighting between the mainland and Taiwan, and China only backed down after US nuclear brinksmanship. The Second Crisis (1958) saw another round of fighting, and again there were risks of nuclear escalation before China backed down. The Third Crisis (1995-96) saw China lobbing missiles, and the US sent an aircraft carrier to force China to back down. What is the resolution to a Fourth Crisis against a much stronger China demanding Taiwan return to the mainland and threatening force to achieve it? US aircraft carriers no longer seem to intimidate,… so nuclear escalation? Or the threat of economic warfare? If so, from which side? This is like Russia-Ukraine and the Northern Ireland-Irish border rolled into one: an intractable problem that has no good solution once key political compromises are deliberately taken off the table. The only question is whether we get a Russia-Ukraine or a UK-EU style ‘resolution’ in the short and long term. Or what colour sand you want to put your head into to ignore this uncomfortable fact and keep trading regardless. Meanwhile, things are also far from happy in the general world economy – but again, that doesn’t mean worse things can’t happen just because it will ruin your August holiday. German retail sales just collapsed the most on record, down 9.4% y-o-y in value terms and 8.8% m-o-m in volume terms. If sustained, that isn’t a recession, but a depression. The EU manufacturing PMI saw a sub-50 reading again, and while the US ISM survey rose to 52.5, prices paid collapsed to 60 from 74.3, and the gap between new orders (48) and soaring inventories was even more worrying. Indeed, the Atlanta Fed is close to showing the US is on the cusp of three consecutive quarters of negative growth: Paul Krugman will then explain (via fax) that this still isn’t a recession, and it still doesn’t matter if it is. Relatedly, I just looked back at a New York Times Magazine article (‘On Language’) from 1982, which seems a very different time, world, and media. It notes: “[In 1977] When Alfred Kahn, Jimmy Carter's chief inflation fighter, used the politically taboo word ''depression'' in a statement from the White House, the economist was pounced upon by assorted communicators and soothing-sayers; as a result, the hapless but happy man pledged to substitute the word ''banana'' for ''depression'' in any future economic message. Here we are, five years later, and many people fear a deep, full-fledged banana. In fact, some who write about the economy… have broken the taboo: We are witnessing a boom in the outspoken usage of the word ''depression.''… This unabashed public use of the dirtiest word in economics led to its prompt adoption by the media… The tossing about of such a word is both political and linguistic news. When the word was flung at Franklin Roosevelt during the mid-1930's, he waggled a finger at opponents and told them not to speak of rope in the house of a man who had been hanged: ''If I were a Republican leader speaking to a mixed audience, the last word in the whole dictionary that I think I would use is that word 'depression.' '' About that time, ''recession'' came into being, replacing the odious ''depression,'' a word that Henry Vansittart first applied to a slowdown in 1793, and that Aldous Huxley resuscitated in 1934. Prof. John Kenneth Galbraith informs me that the word first used widely in this regard was ''panic''; Karl Marx later preferred ''crisis''; ultimately, a much softer term --''depression''-- was chosen, so as not to panic the crisis-prone. However, the euphemism ''depression'' came to be remembered as the moniker for the terrible times it described, and thereby gained a fearsomeness of its own. ''A depression,'' says Dr. Galbraith, ''is something that in social memory has taken on the dimension of a disaster.'' Since then, hard times have been euphemized as ''rolling readjustments,'' ''crabwise movements'' and ''extended seasonal slumps,'' but it seemed that linguistic order was just around the corner when the National Bureau of Economic Research defined a recession as ''a recurring period of decline in total output, income, employment and trade, usually lasting from six months to a year and marked by widespread contractions in many sectors of the economy.'' Journalistic shorthand reduced that definition to ''a two-quarter decline in gross national product.'' And then it all went bananas again. Indeed, some are trying to sell what is happening now as a “transition”. Can we perhaps all agree Dire Straits summarises all of our collective global problems and leave it at that? Tyler Durden Tue, 08/02/2022 - 10:45.....»»

Category: personnelSource: nytAug 2nd, 2022

22 books Colleen Hoover fans will love, from suspenseful romance reads to tearjerker YA stories

Fans of Colleen Hoover's bestselling books should add these similar emotional thrillers and romantic dramas to their reading lists. When you buy through our links, Insider may earn an affiliate commission. Learn more.Fans of Colleen Hoover's bestselling books should add these novels to their reading lists.Amazon/Insider Colleen Hoover is a popular author on TikTok, Goodreads, and more. Some of her most popular books are "Verity" and "It Ends With Us." We found great new recommendations if you love her bestselling romantic thrillers.  From bestseller lists to TikTok feeds, Colleen Hoover's books are everywhere. You may recognize her most popular titles from your local bookstore or you may have read every title "CoHo" has released. Either way, Colleen Hoover fans love her heartbreaking romances laden with thriller-like twists and deeply realistic characters that bring every story to life. No matter what draws you to her novels, we've found 22 great books that evoke similar emotions, mimic Hoover's raw writing style, or highlight comparable messages and themes. Whether you're looking for a twisty thriller like "Verity" or a devastating romance reminiscent of "It Ends With Us," here are 22 books to read if you love Colleen Hoover.22 books to read if you love Colleen Hoover:"Love and Other Words" by Christina LaurenAmazonAvailable on Amazon and Bookshop, $9.98Colleen Hoover readers will love the heartwrenching story of Macy and Elliot, who are each other's one true loves yet were torn apart years ago. As the memories of betrayal and pain cloud the truth of the past, their chance reunion offers an opportunity to overcome their history, unearth their friendship, and revive their once-in-a-lifetime love. "They Both Die at the End" by Adam SilveraAmazonAvailable on Amazon and Bookshop, $8.37"They Both Die at the End" is a favorite among readers on TikTok for its unique plot, loveable characters, and titular tragic ending. When, just after midnight, Mateo and Rufus are informed they will die today, they find each other and meet up for one last great adventure and hope to avoid the demise that surely waits for them at some point in the day. Readers who crave the emotional devastation of Colleen Hoover's novels will love this equally uplifting and gut-wrenching read. "Archer's Voice" by Mia SheridanAmazonAvailable on Amazon and Bookshop, $11.49Readers on Goodreads and social media agree that "Archer's Voice" is a great recommendation for every dedicated Colleen Hoover fan. In this story of suffering, healing, and finding your voice, Bree is running from her traumatic past when she meets Archer in a small town — one where Archer's own past still lingers. Readers love the humanity of Bree and Archer as the two help each other heal. "Things We Never Got Over" by Lucy ScoreAmazonAvailable on Amazon and Bookshop, $13.89If you loved Colleen Hoover's latest novel, "Reminders of Him," "Things We Never Got Over" is the small town romance read you should grab next. In this novel, Naomi is left stranded with no car, no cash, and a niece she didn't know she had in an old-fashioned small town. Though Knox doesn't like to complicate his life with women, he decides to help Naomi get back on her feet but what he thought was a short favor proves much more complex when a little trouble turns into real danger."We Were Liars" by E. LockhartAmazonAvailable on Amazon and Bookshop, $5.98This fast-paced young adult thriller is draped in suspense as the Sinclair family navigates a summer on their private island two years after a mysterious tragedy. With unreliable memories and a web of lies, this quick read comes together with a shocking twist reminiscent of that in Colleen Hoover's "Verity." "The Death of Vivek Oji" by Akwaeke EmeziAmazonAvailable on Amazon and Bookshop, $12.79In Nigeria, Vivek's mother opens her front door to find her child's body wrapped in colorful fabric on her front step. Vivek suffered from disorientating blackouts but friendships offered solace, warmth, and safety in a trying world as Vivek grew into adulthood. The way "The Death of Vivek Oji" builds to a devastating and emotional climax is reminiscent of many Colleen Hoover novels. "Every Summer After" by Carley FortuneAmazonAvailable on Amazon and Bookshop, $10Over six summers, Persephone and Sam fell slowly in love and then swiftly apart. Now, a decade later, Persephone is invited back to where it all begin for Sam's mother's funeral and the two have only one weekend to heal their past and decide if they have a future. If you loved Colleen Hoover's "November 9," this book is for you. "Razorblade Tears" by S.A. CosbyAmazonAvailable on Amazon and Bookshop, $12.14Ike and Buddy Lee have little in common besides their criminal pasts but when their married sons, Isiah and Derek, both turn up dead, the two band together over their desire to uncover the truth and seek revenge. In this powerful, provocative, and action-packed thriller, Ike and Buddy Lee confront their own prejudices and find common ground in their love for their sons. "Everything I Never Told You" by Celeste NgAmazonAvailable on Amazon and Bookshop, $11.05In 1970s small-town Ohio, Lydia Lee's body is found in a local lake, effectively upending her Chinese American family's lives and dreams. This novel unravels their family dynamics, history, and relationships to create a gripping, profound historical fiction mystery read that fans of Colleen Hoover's emotional writing will love. "Everything, Everything" by Nicola YoonAmazonAvailable on Amazon and Bookshop, $8.49This young adult novel is about Maddy, a young girl who hasn't left her house in 15 years because of her severe immunodeficiency disease. When a new neighbor named Olly moves in next door, Maddy is captivated and begins to wonder what life might be like if she risked leaving her safe but small bubble. "Local Woman Missing" by Mary KubicaAmazonAvailable on Amazon and Bookshop, $13.04If you loved the fast-paced mystery of "Verity," "Local Woman Missing" is about a local mother and her daughter, Delilah, mysteriously disappearing around the same time from their community. 11 years later, Delilah miraculously returns and everyone is desperate for answers, but far from ready for the truth. "The Heart Principle" by Helen HoangAmazonAvailable on Amazon and Bookshop, $11.59When Anna's boyfriend asks for an open relationship before deciding if he can truly commit to her, she decides to embark on a string of meaningless one-night stands and meets Quan Diep. Though their attempts at one-night stands continue to fail, buried challenges, hurt, and new tragedy spiral them individually and together in this heartfelt novel about burnout and unconditional love. "The Spanish Love Deception" by Elena ArmasAmazonAvailable on Amazon and Bookshop, $13.50Catalina Martín has only four weeks to find a date for her sister's wedding in Spain, where her ex and his fiancée will be in attendance. With few options, Catalina reluctantly accepts the offer of her infuriating colleague, Aaron Blackford, in this slow burn, enemies-to-lover romance that will delight Colleen Hoover's romance readers. "Twisted Love" by Ana HuangAmazonAvailable on Amazon and Bookshop, $13.99This dark, erotic romance read is great for readers who crave the hotter moments in Colleen Hoover's romance novels. Alex Volkov is haunted by his tragic past but when his best friend asks him to watch over his sister while he's gone, Alex finds his heart melting for Ava. This explicit read includes the "brother's best friend" and "grumpy/sunshine" tropes and is recommended for adult readers only.  "One True Loves" by Taylor Jenkins ReidAmazonAvailable on Amazon and Bookshop, $12.49On Emma and Jesse's first wedding anniversary, Jesse goes missing in a helicopter over the Pacific Ocean. Devastated over the loss of her high school sweetheart, she moves home and tries to put her life back together. Years later, Emma is engaged to an old friend when Jesse is finally found alive, leaving her to decide who she is, what she wants, and who she should be with."Five Feet Apart" by Rachael LippincottAmazonAvailable on Amazon and Bookshop, $9.23Stella and Will are both living with cystic fibrosis and must stay six feet away from each other or risk infections that could take Stella off the transplant list or worse. As the two form a connection across hospital doors and from arms lengths away, they weigh the danger of infection against the risk of heartbreak if they were to stay apart. "The Summer I Turned Pretty" by Jenny HanAmazonAvailable on Amazon and Bookshop, $9.25This coming-of-age, slow-burn romance is about Belly and her friends Jeremiah and Conrad who, over their many summers together, have been everything from brothers to crushes in Belly's eyes. When everything changes one summer, the three are caught in a classic love triangle in this sweet and memorable romance read. "The Air He Breathes" by Brittainy C. CherryAmazonAvailable on Amazon, $11.30For those who loved "Ugly Love," "The Air He Breathes" takes readers through a range of emotions as they follow Elizabeth and Tristan towards each other after their own heartbreaking losses. Told through dual POVs, Elizabeth and Tristain are connected by loss yet feel whole together in this tear-jerking romance that's also full of shocking twists. "The Poet X" by Elizabeth AcevedoAmazonAvailable on Amazon and Bookshop, $8.95Xiomara pours her frustrations at her family and the world into her poetry, knowing many of her deepest thoughts and secrets can't be safely said aloud. But when she's invited to join her school's slam poetry club, Xiomara knows she must keep it a secret without keeping silent. This powerful read is told in verse and is great for any Colleen Hoover reader who loves her moving and realistic writing. "The Light We Lost" by Jill SantopoloAmazonAvailable on Amazon and Bookshop, $8.58This sob-worthy romance is great for those who loved "It Ends With Us" and follows Lucy and Gabe who decide they want their lives to mean something and form an intense bond that connects them through their years apart. Told over 13 years, Lucy and Gabe's lives diverge and converge in a series of fates and choices in this raw and emotional story about what and who drives us to find meaning in our lives.  "You've Reached Sam" by Dustin ThaoAmazonAvailable on Amazon and Bookshop, $9.80Julie has her future meticulously planned out until her boyfriend, Sam, tragically dies. Julie tries to bury her heartbreak by forgetting Sam until she calls his phone to hear his voicemail and Sam unbelievably answers the call. Though their connections are temporary, they carry Julie through healing and she must decide whether or not to keep her secret as she sees the pain Sam's family faces without him. "The Love Hypothesis" by Ali HazelwoodAmazonAvailable on Amazon and Bookshop, $11.04Third-year Ph.D. candidate Olive needs to prove to her best friend that she's in a relationship so she spontaneously kisses the first guy she sees who just happens to be Adam Carlsen, a lab professor with a harsh reputation. They agree to fake a relationship and find they might be really falling for each other until a terrible and challenging situation arises, forcing them both to face reality and their futures. You can check out our full review of "The Love Hypothesis" here. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 1st, 2022

Scarcity at Root of Housing Crisis, Researchers Say

An imbalance as dramatic as the pandemic-era housing market is almost always going to have complex causes and a long history. Despite this, many people continue to view the pandemic as the primary driver of the current affordability, equity and supply issues that are making headlines and driving policy conversations at both the national and… The post Scarcity at Root of Housing Crisis, Researchers Say appeared first on RISMedia. An imbalance as dramatic as the pandemic-era housing market is almost always going to have complex causes and a long history. Despite this, many people continue to view the pandemic as the primary driver of the current affordability, equity and supply issues that are making headlines and driving policy conversations at both the national and local level. But as the crisis deepens, it is becoming more obvious that there were fundamental problems in housing before Covid’s disruptions. Parsing out the specific issues that preceded—and will continue past—the pandemic is increasingly urgent as policymakers seek to guide the market away from a recession or crash. It is this work that researchers and advocates at housing think tank Up for Growth have attempted with a recent landmark study, tracing most of the biggest housing issues to a single trend—underproduction. According to their analysis, 47 states (and Washington D.C.) did not produce enough housing over the last decade, including 230 metro areas, for a total nationwide deficit of 3.79 million units. “Ensuring we build enough housing that is affordable to all Americans won’t be easy. But there is growing data that the housing shortage is too great to ignore, and the problem is only growing,” the researchers wrote. This is hardly revelatory by itself. Other recent studies by Freddie Mac and the National Association of REALTORS® (NAR) have offered similar top-line estimates of the crisis, ranging from around 1.8 million to as much as 6.8 million. But the Up for Growth analysis—which was supported by big industry players including NAR, Zillow and Holland Partner Group—sought to go further, pinpointing exactly how much individual markets are suffering in addition to the specific, localized causes for their lack of housing, as well as presenting what researchers described as a new approach to solving the crisis. “A more-of-the-same approach to housing policy will not only fail to narrow the gap between the housing we have and the housing we need, it will also worsen the social, economic and climate problems that threaten our nation today,” they wrote. At the highest level, Up for Growth’s plan—dubbed “A Better Foundation”—would seek to significantly change the areas where housing is built, make it significantly more sustainable and accessible, and focus on efficiencies with land in “high opportunity” areas. This includes a huge emphasis on gradually transforming existing communities to have more diverse, affordable housing. But what does this look like for those in real estate in these individual markets? Do people at the ground level in these regions see the same issues? Or do the solutions they suggest make sense to someone who deals with housing in these areas every day? Nikki Beauchamp is an associate broker at Engel & Vӧlkers, working in New York City, which, before the pandemic, underproduced by 342,144 units, or 4.4% of its total housing stock, according to Up for Growth (those numbers are likely bigger today). She says some issues are only just being acknowledged and discussed, as the problems with zoning, suburban sprawl and racial inequities are laid bare. “There’s got to be a way to piece together that puzzle,” she says. “Not that everyone is going to be unhappy in one way, shape or form, but it’s almost like, you can’t please everyone…I think there is a bigger divide in this pandemic world that we’re in.” The report highlighted New York City’s walkability—the most walkable city in the country by some measures. But only 2.5% of the larger metro area qualifies as walkable, and apartments in these areas are 236% more expensive than a comparable “drivable suburban rental.” This is a result of what Up for Growth calls a false dichotomy between “expensive versus expansive” growth, where new housing in desirable urban cores or suburbs is out of reach to all but the very rich, and anything affordable is built hours away from jobs and amenities. As a solution, they suggest identifying areas with lower density and building a high proportion of denser, more affordable “missing middle” housing that serves moderate income families. But most of those neighborhoods are the kind that have long been exclusionary, insular and segregated. Beauchamp says she is not optimistic that in New York City at least, radically changing the housing stock in these types of areas will happen anytime soon. “I think it’s really, really hard to accomplish that,” she says. “You have people who will lobby against it—they don’t want to see that change occur. You can argue that there are political motivations. And you also have inherent, either direct or implicit, fair housing implications.” Another very different community about 2,000 miles south and west of New York was also identified in the study for its severe and long-running issues with underproduction of housing. Laredo, Texas, sitting right on the U.S./Mexico border and boasting a population of nearly 260,000, had a deficit of 8,373 housing units in 2019—equivalent to 9.9% of its housing stock. Laredo’s small MLS only includes about 700 agents, according to Leo Saenz, broker/owner of a Better Homes & Gardens franchise and longtime Laredo resident. “We have about 209 pendings,” he explains. “So only like 400 agents are going to get checks in the next two months.” Saenz says that for many years, a handful of developers have controlled much of the buildable land in the area, and as the city has grown (increasing its population by more than 20,000 over the last decade, according to the U.S. Census Bureau), housing has not gone up to match it. “We’re not getting as many houses on the market to take care of everybody,” Saenz says. Texas, as a state, is one of the top three worst for housing underproduction, according to the Up for Growth analysis, along with consistent population growth—particularly with Latinos, who make up about 95% of Laredo’s population. Saez used to build houses himself in the area before getting into real estate, he says. The big landowners in Laredo are “really, really particular” about who they allow to build houses, according to Saenz, and they essentially decide when and where homes are built—more recently focused on more expensive houses on smaller lots. Developers are nearly always looking to maximize their profits with land, which often translates to more expensive housing, according to the Up for Growth study. Explicitly incentivizing entry-level housing is one way to begin rebalancing the current housing environment. Saenz says that from a purely real estate perspective, scarcity is creating a pattern of negativity and turnover in the area, with agents finding it hard to stay motivated. “They start losing focus on their primary job, and there’s no growth,” he says. “I recruited this year, maybe 22 agents, and inactive licenses within a year was maybe five. “I try to motivate everybody,” he adds, “but at the end of the day, they see that they’re losing a lot of time and putting in a lot of effort trying to make this business work.” History and Change Not everyone is seeing these issues the same way. An employee at Berkshire Hathaway HomeServices (BHHS) Georgia Properties in Gainesville, Georgia (who declined to provide her name), says that from her experience, housing production has been humming right along. “Back when we were having a strong boom , there was a chance that you had to wait several months in order for you to get your house finished,” she says. “Things have slowed down just a little, but new construction is still booming.” Gainesville was identified by Up for Growth as having the worst housing underproduction per capita, with a deficit equal to 11.5% of its total housing stock. Why this seemingly extreme underproduction hasn’t shown up qualitatively is not clear, as Gainesville has also seen significant population growth over the past decade. The BHHS employee admitted that housing at certain price points and locations is becoming more difficult to find, with buyers widening the areas they search to find something affordable. The past three years have seen a significant increase in building, she said, which could potentially have narrowed that gap. Whether there is truly a national solution to underproduction—at least in the short term—is still a difficult question. Up for Growth, while still trying to offer a framework that could work for housing across the country, acknowledged that every market is defined by local, unique factors and history. “In Detroit, underproduction is driven by uninhabitable units,” the researchers wrote, “while in Sacramento, a lack of housing is driving the shortage. In Washington, D.C., underproduction is fueled by a lack of household formation.” Beauchamp, who is Black, describes experiencing something that is unarguably a factor in every housing market in the country, when she noticed how different family members saw different outcomes based on where they lived in Long Island. “I remember my uncle…this particular uncle was able to buy in this particular town,” Beauchamp describes. “The difference between the value in their house and the value of the houses of some of my cousins’ other friends, who were just on the other side of the town—sort of the White versus the Black side of the town, basically—just the difference between what my aunt and my uncle were able to do, and help their kids with, versus the same family, two kids just in the other side of town…literally the same structure on the other side of a line, one property can be worth twice as much.” Redlining, racial covenants, appraisal bias and racial steering by real estate agents (something that was graphically exposed by a landmark 2019 investigation on Long Island) have all contributed to racial inequalities in housing, with huge gaps in homeownership, home values and lending between White families and families of color. Up for Growth does not offer direct, specific solutions to address this, only arguing that future policies need to explicitly account for each region’s individual racist history (and current racist environment) when looking to create more housing. Some communities are starting to take explicit steps in this direction. In Los Angeles, California, a stretch of waterfront property valued at $20 million was returned to the descendants of a Black family, the Bruces, who were robbed of the land by city officials in the 1920s. Beauchamp says she hasn’t heard of anything to that level in her region, but that she is encouraged that conversations are starting up around those topics. “I’m fascinated by people like Don Peebles, things people are actually trying to do to create equity and create more opportunity for maybe developers who are descendants, or of that background,” she says. “It feels qualitatively that there is more opportunity and more possibility, and I don’t know if that is just because the conversations are actually happening more in the open.” Whether it is through these and other racial equity changes, densification or redefining growth direction, the Up for Growth researchers make a holistic argument for changing housing policies: It improves society for everyone. They claim that filling that 3.8 million housing deficit using their methodology will increase GDP by $209 billion more than if the country built the way it has in the past. And less commuting, easier and more equal access to jobs and amenities, more efficient transportation and sustainable, cheaper energy usage could become part of the necessary, ongoing project of bringing the country’s housing stock up to meet people’s needs. “This report is an effort to deliver practical and tangible solutions to advocates and policymakers. By providing regionally relevant, annually replicable data that considers unique drivers of housing underproduction, advocates and policymakers can spot trends more easily and respond to them in ways that will improve lives, economies and the planet,” the researchers wrote. The post Scarcity at Root of Housing Crisis, Researchers Say appeared first on RISMedia......»»

Category: realestateSource: rismediaAug 1st, 2022

Allovue CEO tests bounds of remote work as she heads to open road

"I"m going to take a very slow road trip around the country. It might be for three months. It might be for three years," Jess Gartner says of selling her house and driving across the country......»»

Category: topSource: bizjournalsAug 1st, 2022

A 1,000+ Year Old Idea Is The Latest Crypto Trend

A 1,000+ Year Old Idea Is The Latest Crypto Trend Authored by Simon Black via SovereignMan.com, In the year 1120, a French noble named Hugh of Payns took up residence in a former mosque on the Temple Mount in Jerusalem with his brotherhood of knights. The palace was a gift from King Baldwin II, who ruled the Kingdom of Jerusalem, carved from lands conquered by the Catholics in the First Crusade two decades earlier. Hugh of Payns’ brotherhood would become an elite force of warrior monks sworn to defend the Holy Land. And because their first headquarters was referred to as the Temple of Solomon, they became known as the Knights Templar. Expanding throughout Europe and the Middle East, the Knights Templar’s castles and convents became known for impenetrable security. Along with the order’s reputation for honesty accountability, this made these fortresses the perfect place to house valuables such as important documents, jewels, and gold. By 1150, a Second Crusade was underway, and Catholic knights were swarming into the Holy Land to fight the Seljuk Turks. Wars are expensive, and the crusaders needed to bring the wealth to fund their campaigns. But that posed a problem. The journey to the Jerusalem was long and uncertain, and carrying vast treasures made crusaders a target of thieves. So the Knights Templar created a solution. Crusaders could deposit their gold in a Templar castle near home, and receive a letter of credit. This letter of credit was good to withdraw the same amount of gold at any other Templar branch. And to secure their letters of credit against forgery, the Knights Templar developed a coded writing which could only be deciphered by other Knights Templar. These encrypted, gold-backed letters of credit were essentially a very early form of gold tokenization. Today there are more than 100 gold-backed digital tokens in the marketplace… though the cryptography used to encrypt the tokens is somewhat more complex than what the Knights Templar used. But the idea is basically the same— each token distributed represents a set amount of gold held in a vault. It’s worth asking the question— why not just own physical gold? Owning gold can certainly make a lot of sense. Physical gold has long been an excellent hedge against major systemic risks. And, more relevant to today’s market environment, gold is heavily undercorrelated to other major asset classes. In other words, there’s very little correlation between the price of gold and, say, the performance of the US stock market. Or the bond market. Or even the entire US economy. This makes gold an excellent way to diversify an investment portfolio, especially in a time when there’s so much uncertainty in the market. Owning physical gold, i.e. actual bars and coins that you can hold in your hand, instead of an ETF or mutual fund, means that you can access your gold whenever you need it. And if you store it at home, you become your own custodian. There’s no banker, broker, or any other middle man standing between you and your assets. And this is a pretty powerful feeling. You could also choose to store gold in a private, secure vault. And there are several companies (including prominent security companies) who will gladly charge you a fee in exchange for safeguarding your gold. This is a great way to have peace of mind about the safety and security of your gold. And if you select a storage facility that’s outside of your home country, you’ll receive some asset protection benefit as well. But handing your gold over to another company does introduce some counterparty risk; unlike storing gold in your home, using a secure storage company means that there is someone standing between you and your asset. So obviously there needs to be a lot of trust and transparency for that relationship to work. Similarly, you can also choose to own gold through various financial instruments, like ETFs or futures contracts. But these instruments mean that there is a broker or banker involved. YOU don’t actually own the asset. They do. And that relationship also requires a great deal of trust to work. Adding ‘tokenization’ to gold ownership adds even more layers of complexity and risk. First, you have to trust that the organization issuing the tokens actually has the physical gold to back it up. (We’ve seen this trust violated recently with some stablecoins that were supposedly backed by US dollars… and then it turned out they didn’t have as many US dollars as promised.) Second, you need to have the confidence that someone else is willing and able to accept your tokens, and to exchange your tokens for real gold when the time comes to redeem it. Then there are risks associated with the token itself. For example, was the code properly designed? Are there any security holes that can be exploited by hackers? Can the underlying distributed ledger technology (like blockchain) be compromised? Will a securities regulator like the SEC ban the token, or deem it a ‘financial security’ subject to a laundry list of regulations? Will there be crazy tax implications? As you can see, the further away you get from being your own custodian, the more risks and complexities are introduced. Of course there are gold-backed tokens which have been audited to show that the gold backing them really does exist. And there are tokens with an open-source code which can be verified and tested. But it’s also worth asking— do you even need tokenized gold? The Knights Templar came up with their proto-tokenization idea more than 1,000 years ago to solve a very specific need: eliminating the need for Crusaders to transport large amounts of gold. Similarly, today’s gold tokens also solve a specific need. They make it easier for people to transact with one another, in gold. But hardly anyone transacts with one another in gold. Or crypto for that matter. Few people buy their groceries with an English sovereign gold coin, or with Bitcoin. But just like the Knights Templar’s encrypted letters, gold tokens make it very easy to transport gold across borders. (There’s also some great privacy and asset protection benefits as well). Let’s say you are moving overseas and want to bring your physical gold with you. Most certainly you wouldn’t want to pack a kilo of gold, about 32 troy ounces, in your carry-on. To carry about $55,000 worth of gold is risky— you could be robbed, misplace your bag, or run into trouble with customs officials. You could ship gold through a company like Brinks or Via Mat. But shipping rates are outrageous, and the insurance is also expensive. On the other hand, you could deposit your kilo of gold in a vault in Texas, receive gold-backed tokens, and redeem the tokens in Europe for the same amount of physical gold. There are a few tokens that do this. For example, the same company that issues the stablecoin Tether (which is pegged to the US dollar) also issues Tether Gold. And each Tether Gold token is pegged to one troy ounce of gold. Tether Gold can be redeemed for physical gold, but there are restrictions. First, the minimum purchase amount is 50 tokens, i.e. 50 troy ounces. That’s nearly $100,000. And you might need to redeem 430 troy ounces in order to exchange your tokens for gold— nearly $750,000. The biggest restriction, according to the project’s website, is that you need to take physical delivery in Switzerland. Another project called CACHE Gold Tokens (CGT) pegs its tokens to one gram of gold. This is more convenient since a gram is so much smaller than a troy ounce. The CACHE tokens can be redeemed for physical gold at three vault locations— in Dallas, Switzerland, and Singapore. The company is looking to add more locations; a network which could prove to be a useful alternative to physical gold transportation across oceans and borders. It’s definitely worth knowing more about gold tokens— there are certainly downsides, like the additional counterparty risk. But there’s plenty of upside as well, including privacy and asset protection benefits. *  *  * Recently we sent our premium subscribers some great research about gold-backed tokens, and if you’re a member I’d encourage you to go back and read that report. If you're not currently a member, you can obtain access to that report, along with our full library of research for your Plan B, by joining Sovereign Man: Confidential today. Tyler Durden Mon, 08/01/2022 - 06:30.....»»

Category: blogSource: zerohedgeAug 1st, 2022

Thoughts on Leadership: Sleeping Habits for Leaders

Last week, we talked about M.E.D.S. (Meditation, Exercise, Diet, Sleep), keystone habits that create small wins. This week, I want to break down that last part of M.E.D.S.—Sleep—and dive deeper into how you can achieve the most restful sleep possible. Your nightly routine is important because it’ll prepare you for everything that happens in the… The post Thoughts on Leadership: Sleeping Habits for Leaders appeared first on RISMedia. Last week, we talked about M.E.D.S. (Meditation, Exercise, Diet, Sleep), keystone habits that create small wins. This week, I want to break down that last part of M.E.D.S.—Sleep—and dive deeper into how you can achieve the most restful sleep possible. Your nightly routine is important because it’ll prepare you for everything that happens in the morning. If, for instance, you know sometimes in the middle of the night you wake up from the glow of your phone on the nightstand, put your phone in another room before you go to sleep, so the distraction isn’t possible. Recall habits guru James Clear’s tips for eliminating bad habits: Make it invisible, make it unattractive, make it difficult and make it unsatisfying. One of the biggest components to a solid nightly routine is sleep. Break down your routine to find out where you can improve. Are you leaving the TV on while you wind down? Sleep experts say a TV can interrupt your body’s melatonin production, overstimulate your brain and generally cause poor-quality sleep. Are your pillows uncomfortable? Consider replacing them. Is your mind racing? Sometimes, even if you’re mentally ready to sleep, you’re physically not tired. Traditional wisdom said not to exercise at night because it’ll keep you awake but a 2018 study published in Sports Medicine and referenced by Harvard Medical School in their suggestions for good sleep, found you can exercise at night, as long as it’s at least one hour before you plan to go to bed and not too rigorous. According to Harvard Medical School, the researchers found for the healthy adults who completed a low-key nightly workout, “it seemed to help them fall asleep faster and spend more time in deep sleep.” When you exercise, you create micro-tears in our muscle tissue, which the body then must repair using its anabolic hormones like testosterone and human growth hormone (HGH). As your body does its repair, you’ll experience a deep, restorative sleep as a result of your exercise. Another way to ensure quality sleep is to create a sleep sanctuary with house plants in your bedroom. Not only do the earthy sight and smell of plants calm the mind (and make you feel happier) but plants will also act as natural air filters, and clean air is essential for good sleep. Here’s the backstory on plants as air filters: air contains ions (essentially atoms with electric charge). Ions with a negative charge are highly energizing, but over time, ions lose that negative charge and that’s when the air becomes stale and moldy. Introducing plants in your sleep sanctuary will recharge ions as they convert carbon dioxide into oxygen. If you’re looking for plants to get the job done, English Ivy is a hardy evergreen perennial that the NASA Clean Air Study found to be the very best air-filtering plant because it pumps out oxygen and absorbs neurotoxins, including formaldehyde, which is common in industrial countries. Mother in law’s tongue (or a snake plant) is also resilient and easy to maintain. It doesn’t need much light, so it’s the perfect plant for a dark bedroom. Mother in law’s tongue readily converts carbon dioxide into oxygen at night, which is unique because most plants complete this process during the day. Once you’ve got your nightly light exercise routine in place and have situated all your sleep sanctuary house plants, try to practice meditation before you go to sleep. Experts say there are about 50,000 thoughts that go through our mind every day. Meditation is one solution for calming your mind of this rampant flood of thoughts, allowing it to settle and allowing you to sleep. If you close your eyes and focus on your breathing for even 10 minutes, you can lower stress levels, blood pressure and help release endorphins that will promote high-quality sleep. And the last step to solid sleep is darkness, which I experienced here in Vegas with blackout curtains in my hotel room. I noticed the last time I left the blinds open with all the lights of Vegas shining through my window, I woke up several times throughout the night, but when I used the blackout curtains, I had the best night’s sleep. This concept is pretty much encoded in our DNA. As human beings, we are what’s called a diurnal species, which means we wake up and go to sleep with the rising and setting of the sun. It’s a characteristic that dates back to the early years of human history, when we were hunters and gatherers. In those years, being awake to spot predators and alert to hunt during the light hours made sense, just as it made sense to sleep under the cover of darkness. This routine continued for thousands of years—pretty much until Thomas Edison patented the first light bulb in 1879. In the grand scheme of human history, we haven’t had light bulbs for long. Even though our lifestyles have become more nocturnal with the introduction of artificial light, scientists say humans haven’t actually evolved to the point where staying up past the sunset is beneficial for our bodies. In terms of how this impacts your sleep schedule, if you can be in a deep sleep between 10 p.m. and 2 a.m., you’ll take advantage of your body’s peak production of hormones like melatonin and human growth hormone that promote restful sleep. So, what’s the message? A well-rested leader is a ready leader, whose mind is rejuvenated to tackle anything that comes their way. Using the simple methods above, you can improve the quality of your sleep and be at your best to lead your team. This article is adapted from Blefari’s weekly, company-wide “Thoughts on Leadership” column from HomeServices of America. The post Thoughts on Leadership: Sleeping Habits for Leaders appeared first on RISMedia......»»

Category: realestateSource: rismediaJul 31st, 2022

Hitler"s gold watch sold for $1.1million in Nazi memorabilia auction that infuriates Jewish leaders

Adolf Hitler's watch was the star attraction in a major sale of Nazi memorabilia. The auctioneer received death threats, say reports. Alexander Historical Auctions employee packages up a recently auctioned swastika desk ornament at Alexander Historical Auctions in Chesapeake City, Md., auctioneers of historic autographs, letters, manuscripts and documents as well as militaria from all conflicts and relics.Eileen Blass, for The Washington Post via Getty Images A Maryland auction house has told Adolf Hitler's watch for $1.1 million.  An open letter from 34 Jewish leaders said the auction, which included other Nazi memorabilia, is an "indictment to society." They said the auction overrides the "memory, suffering and pain ... for financial gain.'' A gold watch given to Adolf Hitler has sold for $1.1million at a Maryland auction house. Details on the auction house website state that the watch also features two dates, April 20, 1989, Hitler's birthday, and the second date, January 30, 1933, being the day the genocidal dictator became Chancellor of Germany. Jewish leaders wrote an open letter condemning Alexander Historical Auction House for the sale of the watch as the star lot in a large sale of Nazi memorabilia. It features a swastika, a Nazi eagle emblem (known as the reichstadler), and the initials AH. According to the catalog description the gold Andreas Huber reversible wristwatch was a spoil of war taken from Hitler's retreat at Berchtesgaden in the mountains of Bavaria by a French soldier. Alexander Historical Auctions' president, Bill Panagopulos, said the buyer — whose identity Panagopulos declined to reveal — is a European Jew, reported The Washington Post.The watch's sale price was well below the $2–$4 million estimate floated before the auction.Offering buyers the chance to titillate with an item belonging to a genocidal murdererThe letter from the European Jewish Association said the auction was an "indictment to society, one in which the memory, suffering, and pain of others is overridden for financial gain.''—Sky News (@SkyNews) July 30, 2022 The auction sold an extensive catalog of Nazi memorabilia items, including a painting by Hitler, Hitler's "last message" to Germany, a golden reichstadler, and a bust of Hitler once owned by Joseph Goebbels. Other items auctioned included Wehrmacht toilet paper sporting a swastika, cutlery, and champagne glasses belonging to senior Nazi figures.The Jewish Association said, "This auction, whether unwittingly or not, is doing two things: one, giving succor to those who idealize what the Nazi party stood for. Two: Offering buyers the chance to titillate a guest or loved one with an item belonging to a genocidal murderer and his supporters." "Whilst it is obvious that the lessons of history need to be learned – and legitimate Nazi artifacts do belong in museums or places of higher learning – the items that you are selling clearly do not. That they are sold to the highest bidder on the open market is an indictment to our society, one in which the memory, suffering, and pain of others are overridden for financial gain.''Panagopulos told the Washington Post, "Many people donate [Nazi artifacts] to museums and institutions, as we have done. Others need the money or simply choose to sell. That is not our decision."Panagopulos said that the auction has resulted in death threats sent to him and his family.Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 30th, 2022

TD Bank Provides Construction Loan to Help Bring Mixed-Income, LGBTQ-Friendly Senior Housing for Hyde Park and Boston Residents

 TD Bank, America’s Most Convenient Bank®, announced today that it has provided $22 million in construction financing to redevelop William Barton Rogers (WBR) Middle School in the Hyde Park neighborhood of Boston into 74 units of safe and accessible mixed-income housing for all seniors, but specifically LGBTQ seniors. The WBR school is an... The post TD Bank Provides Construction Loan to Help Bring Mixed-Income, LGBTQ-Friendly Senior Housing for Hyde Park and Boston Residents appeared first on Real Estate Weekly.  TD Bank, America’s Most Convenient Bank®, announced today that it has provided $22 million in construction financing to redevelop William Barton Rogers (WBR) Middle School in the Hyde Park neighborhood of Boston into 74 units of safe and accessible mixed-income housing for all seniors, but specifically LGBTQ seniors. The WBR school is an important historic and social landmark in Hyde Park, serving and educating the Hyde Park community for over a century. The building will be preserved and adapted for this new mixed-income, LGBTQ-friendly housing project that will include the protection of the historic exterior facade as well as significant interior architectural elements such as the frieze and stage of the auditorium, mosaic tiles, gymnasium and more. The Pryde will offer residents a mix of studios, one-bedroom and two-bedroom units. Large spaces in the building will be reserved for general use by the community. The design includes preserving the auditorium, the gym, the cinema room, the front entrance and 10,000 square feet of space to be used by the public and residents. Community organizations can use the space for meals, events, activities and can hold meetings, classes and workshops. The Pryde project is a partnership between Pennrose and LGBTQ Senior Housing, Inc., a local non-profit that will work with the community to identify LGBTQ residents for The Pryde. Pennrose, headquartered in Philadelphia, is a long-time client of TD and one of the largest affordable housing developers in the country with more than 27,000 housing units in 14 states and the District of Columbia. Penrose will remake WBR into a vibrant, welcoming, and inclusive space that will not only house the seniors of Hyde Park but also celebrate the history of the former school and the history of Hyde Park. “TD is excited to be part of this project,” said Benjamin Kruger, Commercial Team Lead. “It’s fitting that the groundbreaking took place in June, which is LGBTQ Pride month. We see this project as further demonstration of our commitment to diversity and inclusion, not just during the month of June but year-round.” This project is aligned with TD Bank’s social purpose, the TD Ready Commitment, a platform designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health. In addition to the construction loan, TD Community Capital is purchasing the Federal & State low-income housing tax credits, as well as Federal & State historic tax credits for the project. The post TD Bank Provides Construction Loan to Help Bring Mixed-Income, LGBTQ-Friendly Senior Housing for Hyde Park and Boston Residents appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 30th, 2022

All 13 books on the 2022 Booker Prize longlist this year, one of the most prestigious literary awards

This year's Booker Prize longlist includes four new authors, as well as the oldest and youngest people to ever be nominated. This year's Booker Prize longlist includes four new authors, as well as the oldest and youngest people to ever be nominated.Anna Kim/InsiderWhen you buy through our links, Insider may earn an affiliate commission. Learn more. The Booker Longlist (13 forerunners for the prestigious book award) was announced on July 25, 2022. The 2022 list contains the shortest book plus the youngest and oldest authors ever nominated. Find the full reading list of the 13 must-read books of the year below. The Booker Prize, one of the literary community's most prestigious prizes, is awarded annually to the best novel written in English and published in Ireland and the UK each year. For months, a panel of multidisciplinary experts read and reread 169 submissions in search of the most inventive, incisive, and unforgettable books of the year. The resulting longlist is a gift to anyone struggling to find a new book to dive into.Before the Booker Prize Foundation shares its shorter list of six frontrunners (September 6, 2022) or the 2022 winner (October 17), it publishes its longlist — the year's 13 "Booker dozen" forerunners. In past years, the panel has rewarded virtues like innovation and experimentation in form or unusual genres and debut authors.This year, the longlist includes books by three debut authors ("Maps of Our Spectacular Bodies," "Nightcrawling," and "After Sappho") as well as the shortest book ("Small Things Like These") and both the youngest (Leila Mottley, 20) and oldest (Alan Garner, 87) authors to ever be nominated. The US and independent publishers also dominated the 2022 Booker Prize list; six of the nominees come from the US, with other writers hailing from Ireland to Zimbabwe, and eight of the books come from indie publishers. Descriptions provided by Amazon and edited for length and clarity. The 13 books on the 2022 Booker Prize longlist:"Glory" by NoViolet BulawayoAmazonAvailable on Amazon and Bookshop, from $20.49NoViolet Bulawayo's bold new novel follows the fall of the Old Horse, the long-serving leader of a fictional country, and the drama that follows for a rumbustious nation of animals on the path to true liberation. Inspired by the unexpected fall by coup in November 2017 of Robert G. Mugabe, Zimbabwe's president of nearly four decades, "Glory" shows a country's imploding, narrated by a chorus of animal voices that unveil the ruthlessness required to uphold the illusion of absolute power and the imagination and bulletproof optimism to overthrow it completely. By immersing readers in the daily lives of a population in upheaval, Bulawayo reveals the dazzling life force and irresistible wit that lie barely concealed beneath the surface of seemingly bleak circumstances.Note: Bulawayo was also a Booker Prize finalist for "We Need New Names" in 2013."Trust" by Hernan DiazAmazonAvailable on Amazon and Bookshop, from $17.99Even through the roar and effervescence of the 1920s, everyone in New York has heard of Benjamin and Helen Rask. He is a legendary Wall Street tycoon; she is the daughter of eccentric aristocrats. Together, they have risen to the very top of a world of seemingly endless wealth — all as a decade of excess and speculation draws to an end. But at what cost have they acquired their immense fortune? This is the mystery at the center of "Bonds," a successful 1937 novel that all of New York seems to have read. Yet there are other versions of this tale of privilege and deceit.At once an immersive story and a brilliant literary puzzle, "Trust" engages the reader in a quest for the truth while confronting the deceptions that often live at the heart of personal relationships, the reality-warping force of capital, and the ease with which power can manipulate facts."The Trees" by Percival EverettAmazonAvailable on Amazon and Bookshop, from $14.88Percival Everett's "The Trees" is a page-turner that opens with a series of brutal murders in the rural town of Money, Mississippi. When a pair of detectives from the Mississippi Bureau of Investigation arrive, they meet expected resistance from the local sheriff, his deputy, the coroner, and a string of racist White townsfolk. The murders present a puzzle, for at each crime scene there is a second dead body: that of a man who resembles Emmett Till.The detectives suspect that these are killings of retribution but soon discover that eerily similar murders are taking place all over the country. Something truly strange is afoot. As the bodies pile up, the MBI detectives seek answers from a local root doctor who has been documenting every lynching in the country for years, uncovering a history that refuses to be buried. "Booth" by Karen Joy FowlerBookshopAvailable on Amazon and Bookshop, from $18"Booth" is an epic and intimate novel about the family behind one of the most infamous figures in American history: John Wilkes Booth.In 1822, a secret family moves into a secret cabin some 30 miles northeast of Baltimore, to farm, to hide, and to bear 10 children over the course of the next 16 years. Junius Booth — breadwinner, celebrated Shakespearean actor, and master of the house in more ways than one — is at once a mesmerizing talent and a man of terrifying instability. One by one the children arrive, as year by year, the country draws frighteningly closer to the boiling point of secession and civil war.As the tenor of the world shifts, the Booths emerge from their hidden lives to cement their place as one of the country's leading theatrical families. But behind the curtains of the many stages they have graced, multiple scandals, family triumphs, and criminal disasters begin to take their toll, and the solemn siblings of John Wilkes Booth are left to reckon with the truth behind the destructively specious promise of an early prophecy.Note: Fowler was also a Booker Prize finalist for "We Are All Completely Beside Ourselves" in 2014."Treacle Walker" by Alan GarnerAmazonAvailable on Amazon and eBay, from $15.49An introspective young boy, Joseph Coppock squints at the world with his lazy eye. Living alone in an old house, he reads comics, collects birds' eggs, and plays with his marbles. When, one day, a rag-and-bone man called Treacle Walker appears, exchanging an empty jar of a cure-all medicine and a donkey stone for a pair of Joseph's pajamas and a lamb's shoulder blade, a mysterious friendship develops between them.A fusion of myth, magic, and the stories we make for ourselves, "Treacle Walker" is an extraordinary novel."The Seven Moons of Maali Almeida" by Shehan KarunatilakaAmazonCurrently unavailableColombo, 1990. Maali Almeida — war photographer, gambler, and closet queen — has woken up dead in what seems like a celestial visa office. His dismembered body is sinking in Beira Lake and he has no idea who killed him. At a time when scores are settled by death squads, suicide bombers, and hired goons, the list of suspects is depressingly long.But even in the afterlife, time is running out for Maali. He has seven moons to try and contact the man and woman he loves most and lead them to a hidden cache of photos that will rock Sri Lanka."Small Things Like These" by Claire KeeganAmazonAvailable on Amazon and Bookshop, from $14.39It is 1985 in a small Irish town. During the weeks leading up to Christmas, Bill Furlong, a coal merchant and family man, faces his busiest season. Early one morning, while delivering an order to the local convent, Bill makes a discovery that forces him to confront both his past and the complicit silences of a town controlled by the church."Small Things Like These" is a deeply affecting story of hope, quiet heroism, and empathy."Case Study" by Graeme Macrae BurnetAmazonAvailable on Amazon and Bookshop, from $14.69'I have decided to write down everything that happens, because I feel, I suppose, I may be putting myself in danger.'London, 1965. An unworldly young woman believes that a charismatic psychotherapist, Collins Braithwaite, has driven her sister to suicide. Intent on confirming her suspicions, she assumes a false identity and presents herself to him as a client, recording her experiences in a series of notebooks. But she soon finds herself drawn into a world in which she can no longer be certain of anything. Even her own character.In "Case Study," Graeme Macrae Burnet presents these notebooks interspersed with his own biographical research into Collins Braithwaite. The result is a dazzling – and often wickedly humorous – meditation on the nature of sanity, identity, and truth itself.Note: Burnet was also a Booker Prize finalist for "His Bloody Project" in 2016."The Colony" by Audrey MageeAmazonAvailable on Amazon and Bookshop, from $23.94It is the summer of 1979. An English painter travels to a small island off the west coast of Ireland. Mr. Lloyd takes the last leg by currach, though boats with engines are available and he doesn't much like the sea. He wants the authentic experience, to be changed by this place, to let its quiet and light fill him, give him room to create. He doesn't know that a Frenchman follows close behind. Jean-Pierre Masson has visited the island for many years, studying the language of those who make it their home. He is fiercely protective of their isolation — essential to exploring his theories of language preservation and identity.But the people who live on this rock ― three miles long and half a mile wide ― have their own views on what is being recorded, what is being taken, and what ought to be given in return. Over the summer, each of them ― from great-grandmother Bean Uí Fhloinn, to widowed Mairéad, to 15-year-old James, who is determined to avoid the life of a fisherman ― will wrestle with their values and desires. Meanwhile, all over Ireland, violence is erupting. And there is blame enough to go around."Maps of our Spectacular Bodies" by Maddie MortimerAmazonAvailable on Amazon and Bookshop, from $17.66This lyrical debut novel is at once a passionate coming-of-age story, a meditation on illness and death, and a kaleidoscopic journey through one woman's life — told in part by the malevolent voice of her disease.Lia, her husband Harry, and their beloved daughter, Iris, are a precisely balanced family of three. With Iris struggling to navigate the social tightrope of early adolescence, their tender home is a much-needed refuge. But when a sudden diagnosis threatens to derail each of their lives, the secrets of Lia's past come rushing into the present, and the world around them begins to transform.Deftly guided through time, we discover the people who shaped Lia's youth; from her deeply religious mother to her troubled first love. In turn, each will take their place in the shifting landscape of Lia's body; at the center of which dances a gleeful narrator, learning her life from the inside, growing more emboldened by the day."Nightcrawling" by Leila MottleyAmazonAvailable on Amazon and Bookshop, from $18.17Kiara and her brother, Marcus, are scraping by in an East Oakland apartment complex optimistically called the Regal-Hi. Both have dropped out of high school, their family fractured by death and prison.But while Marcus clings to his dream of rap stardom, Kiara hunts for work to pay their rent — which has more than doubled — and to keep the nine-year-old boy next door, abandoned by his mother, safe and fed. One night, what begins as a drunken misunderstanding with a stranger turns into the job Kiara never imagined wanting but now desperately needs: nightcrawling. Her world breaks open even further when her name surfaces in an investigation that exposes her as a key witness in a massive scandal within the Oakland Police Department.Rich with raw beauty, electrifying intensity, and piercing vulnerability, "Nightcrawling" marks the stunning arrival of a voice unlike any we have heard before. "After Sappho" by Selby Wynn SchwartzAmazonAvailable on Amazon and Bookshop, from $26.92"After Sappho" reimagines the intertwined lives of feminists at the turn of the twentieth century."The first thing we did was change our names. We were going to be Sappho," so begins this intrepid debut novel, centuries after the Greek poet penned her lyric verse. Ignited by the same muse, a myriad of women break from their small, predetermined lives for seemingly disparate paths: in 1892, Rina Faccio trades her needlepoint for a pen; in 1902, Romaine Brooks sails for Capri with nothing but her clotted paintbrushes; and in 1923, Virginia Woolf writes: "I want to make life fuller and fuller." Writing in cascading vignettes, Selby Wynn Schwartz spins an invigorating tale of women whose narratives converge and splinter as they forge queer identities and claim the right to their own lives. "Oh William!" by Elizabeth StroutAmazonAvailable on Amazon and Bookshop, from $11.34I would like to say a few things about my first husband, William. Lucy Barton is a writer, but her ex-husband, William, remains a hard man to read. William, she confesses, has always been a mystery to me. Another mystery is why the two have remained connected after all these years. They just are. So Lucy is both surprised and not surprised when William asks her to join him on a trip to investigate a recently uncovered family secret — one of those secrets that rearrange everything we think we know about the people closest to us. What happens next is nothing less than another example of what Hilary Mantel has called Elizabeth Strout's "perfect attunement to the human condition." There are fears and insecurities, simple joys and acts of tenderness, and revelations about affairs and other spouses, parents and their children. On every page of this exquisite novel we learn more about the quiet forces that hold us together — even after we've grown apart. Note: Strout was longlisted for a Booker Prize in 2016 for "My Name Is Lucy Barton," and won the Pulitzer Prize for "Olive Kitteridge" in 2009.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 29th, 2022

BANKFIRST CAPITAL CORPORATION Reports Second Quarter 2022 Earnings of $6.1 Million

COLUMBUS, Miss., July 28, 2022 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX:BFCC) ("BankFirst" or the "Company") reported quarterly net income of $6.1 million, or $1.14 per share, for the second quarter of 2022, an increase of 36% compared to net income of $4.5 million, or $0.85 per share, for the first quarter of 2022, and an increase of 42% compared to net income of $4.3 million, or $0.81 per share, for the second quarter of 2021. The Company also reported net income of $10.6 million, or $1.99 per share, for six months ended June 30, 2022, an increase of 23% compared to net income of $8.6 million, or $1.62 per share for six months ended June 30, 2021. 2022 Second Quarter Highlights: Net income totaled $6.1 million, or $1.14 per share, in the second quarter of 2022 compared to $4.3 million, or $0.81 per share, for the second quarter of 2021. Total assets increased 21% to $2.2 billion at June 30, 2022 from $1.8 billion at June 30, 2021 Total deposits increased 14% to $1.8 billion at June 30, 2022 from $1.6 billion at June 30, 2021 The Company received a Bank Enterprise Award ("BEA") of $171 thousand through the Community Development Financial Institution ("CDFI") Fund in the second quarter of 2022. The Company received $2.3 million in Employee Retention Tax Credits for the 2021 tax period during the second quarter of 2022. Recent Developments As previously disclosed, on April 26, 2022, the Company closed on its issuance of $175.0 million of senior perpetual noncumulative stock (the "Senior Preferred") to the U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP"). On June 23, 2022, the Company announced the signing of a definitive merger agreement with Tate Financial Corporation ("Tate"), the parent company of Sycamore Bank, Senatobia, Mississippi ("Sycamore Bank"), pursuant to which the Company will acquire Tate and Sycamore Bank.  The acquisition is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities.  On June 21, 2022, the Bank expanded its presence in the State of Alabama by opening a loan production office in Birmingham, Alabama.  On July 5, 2022, the Bank announced the opening of a fourth loan production office in the State of Mississippi located in Tupelo, Mississippi.  CEO Commentary Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased to report another strong quarter of earnings. During the second quarter of 2022, we expanded our footprint in the State of Alabama with the opening of a new loan production office in Birmingham. We are also pleased with our recent announcement of a fourth Mississippi loan production office to open in Tupelo.  Finally, we are excited about our recent announcement that we have signed a definitive agreement providing for our acquisition of Tate and Sycamore Bank.  We believe that the partnership with Tate and Sycamore Bank will allow BankFirst to continue its strategic plan by partnering with community banks with strong relationships in their local markets." Mr. Griffin continued, "Our outlook remains positive for the future, as we have encouraging pipeline for loan growth in our expanded footprint, including our core markets and our loan production offices.  We believe the Bank is well positioned to navigate the current rising rate environment, which is expected to continue in light of the uncertain inflationary outlook in the United States and our market area." Financial Condition and Results of Operations Total assets were $2.20 billion at June 30, 2022, compared to $2.02 billion at March 31, 2022 and $1.80 billion at June 30, 2021, an increase of 8% and 21%, respectively. The increase in total assets since June 30, 2021 was primarily due to organic loan and deposit growth, the acquisition of The Citizens Bank of Fayette, Fayette, Alabama ("Citizens") after the close of business on December 31, 2021, and the issuance of the Senior Preferred to Treasury pursuant to the ECIP. Total loans outstanding, net of the allowance for loan losses, as of June 30, 2022 totaled $1.22 billion, compared to $1.20 billion as of March 31, 2022 and $1.12 billion as of June 30, 2021, an increase of 1% and 8%, respectively. Net loans outstanding, excluding Paycheck Protection Program ("PPP") loans, as of June 30, 2022 totaled $1.21 billion, compared to $1.19 billion as of March 31, 2022, an increase of 2%, and $1.05 billion as of June 30, 2021, an increase of 15%. Non-interest-bearing deposits increased to $541.5 million as of June 30, 2022, compared to $494.5 million as of March 31, 2022, an increase of 10%, and $462.4 million as of June 30, 2021, an increase of 17%. Non-interest-bearing deposits represented 30% of total deposits as of June 30, 2022. Total deposits as of June 30, 2022 were $1.8 billion, compared to $1.8 billion as of March 31, 2022 and $1.6 billion as of June 30, 2021, an increase of 14% since June 30, 2021. Cost of funds as of June 30, 2022 was 0.24% compared to 0.25% as of March 31, 2022, and 0.31% as of June 30, 2021. The ratio of loans to deposits was 69% as of June 30, 2022 compared to 68% as of March 31, 2022, and 72% as of June 30, 2021. Net interest income was $15.1 million for the second quarter of 2022, a decrease of 1% compared to $15.3 million for the first quarter of 2022, and an increase of 17% compared to $12.9 million for the second quarter of 2021. Net interest margin decreased to 3.63% in the second quarter of 2022, compared to 3.75% in the first quarter of 2022 and 3.34% in the second quarter of 2021. Yield on earning assets decreased 14 basis points to 3.86% in the second quarter of 2022, compared to 4.00% during the first quarter of 2022 and 3.65% during the second quarter of 2021. Accretion of deferred PPP-related SBA fees of $1.2 million were recognized during the second quarter of 2022 upon the receipt of forgiveness payments from the SBA for PPP loans, which contributed 16 basis points of the overall net interest margin, compared to the recognition of $1.6 million of deferred PPP-related SBA fees during the first quarter of 2022, which contributed 61 basis points. Net interest margin, net of PPP-related SBA fees, increased in the second quarter of 2022 to 3.47% from 3.14% in the first quarter of 2022. Noninterest income was $5.0 million for the second quarter of 2022, compared to $5.1 million for the first quarter of 2022, a decrease of 2%, and $5.6 million for the second quarter of 2021, a decrease of 11%. Mortgage banking revenue was $740 thousand in the second quarter of 2022, an increase of $58 thousand from $682 thousand in the first quarter of 2022, or 9%, and a decrease of $997 thousand from $1.7 million in the second quarter of 2021, or 57%. During the third quarter of 2021, the Bank implemented a Mortgage Purchase Program to maintain mortgage loans in-house. During the second quarter of 2022, the Bank purchased $2.9 million of the $36.9 million secondary market mortgages originated to hold in-house, compared to $56.9 million secondary market loans originated during the second quarter of 2021, none of which were held in-house. Gross mortgage fees during the second quarter of 2022 were $810 thousand compared to $1.7 million during the second quarter of 2021. In the second quarter of 2022, the Bank received a nonrecurring BEA of $171 thousand through the CDFI Fund. As of June 30, 2022, tangible book value per share was $20.85. According to OTCQX, there were 280 trades of the Company's shares of common stock during the second quarter of 2022 for a total of 82,922 shares and for a total price of $2,349,087. The closing price of the Company's common stock quoted on OTCQX on June 30, 2022 was $28.40 per share. Based on this closing share price, the Company's market capitalization was $151.2 million as of June 30, 2022. Credit Quality The Company recorded a provision for credit losses of $150 thousand during the second quarter of 2022 compared to $150 thousand for the first quarter of 2022, and $144 thousand for the second quarter of 2021. Net loan charge-offs in the second quarter of 2022 were $2.1 million, compared to $7 thousand in the first quarter of 2022 and $265 thousand in the second quarter of 2021. The increase in the second quarter of 2022 is primarily due to a $1.9 million charge-off related to a single credit which was previously classified as impaired. As a result, the non-performing assets to total assets were 0.58% for the second quarter of 2022, a decrease of 14 basis points compared to 0.72% for the first quarter of 2022, and a decrease of 6 basis points compared to 0.63% for the second quarter of 2021. Annualized net charge-offs to average loans for the second quarter of 2022 were 0.17%, compared to 0.01% for the first quarter of 2022 and 0.01% for the second quarter of 2021. There is continued uncertainty in the forecasted economic conditions due to the rising interest rate environment and persistent high inflation levels, and additional provisions for loan losses may be necessary in future periods. PPP Loans The Bank participated in the PPP, a $943.0 billion low-interest business loan program funded by Treasury and administered by the SBA, which officially ended on May 31, 2021. The PPP provided U.S. government guarantees for lenders, as well as loan forgiveness incentives for borrowers that predominately utilize the loan proceeds to cover employee compensation-related business costs. The Bank participated in Rounds 1 and 2 of the PPP during 2020 and in Round 3 of the PPP in 2021 until its expiration on May 31, 2021. In 2020, during Rounds 1 and 2 of the PPP, the Bank originated 1,489 PPP loans totaling $115.6 million. Through June 30, 2022, the Bank has received loan forgiveness payments from the SBA totaling $115.6 million on PPP loans originated in Rounds 1 and 2 of the PPP. The Bank received approximately $4.4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Rounds 1 and 2 of the PPP, from which we recognized $8 thousand as loan fee income during the second quarter of 2022, compared to $11 thousand as loan fee income for the first quarter of 2022, and compared to $275 thousand for the second quarter of 2021. In 2021, during Round 3 of the PPP, the Bank originated an additional 1,382 PPP loans totaling $62.0 million. Through June 30, 2022, the Bank has received forgiveness payments from the SBA totaling $56.3 million on PPP loans originated in Round 3 of the PPP. The Bank received approximately $4.1 million in fees (net of expenses) paid by the SBA on PPP loans originated in Round 3 of the PPP, from which we recognized $250 thousand as loan fee income during the second quarter of 2022, $1.6 million as loan fee income during the first quarter of 2022, and compared to $50 thousand for the second quarter of 2021. The Bank expects to recognize the remainder of the deferred PPP-related SBA loan fees over the next several quarters. Merger & Acquisition Activity On June 23, 2022, BankFirst announced that it has entered into a definitive agreement to acquire Tate Financial Corporation and Sycamore Bank, headquartered in Senatobia, Mississippi. On June 30, 2022, Sycamore Bank had total assets of $326.4 million, total loans of $155.8 million, and total deposits of $304.2 million. The acquisition of Tate will result in the Bank having 42 locations serving Mississippi and Alabama, with total assets of approximately $2.4 billion, gross loans of approximately $1.4 billion and total deposits of approximately $2.1 billion. The acquisition is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities. Emergency Capital Investment Program As previously disclosed, the Company closed on the issuance of $175.0 million of the Senior Preferred to Treasury pursuant to the ECIP on April 26, 2022. The ECIP investment from Treasury is intended to qualify as Tier 1 capital of the Company for regulatory capital purposes. The Senior Preferred issued to Treasury will pay non-cumulative dividends, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year beginning on the first dividend payment date after the two-year anniversary of the date of issuance. The dividend rate to be paid on the Senior Preferred will adjust annually based on certain measurements of the Company's extensions of credit to minority, rural, and urban low-income and underserved communities and low- and moderate-income borrowers. The Company is entitled to redeem the Senior Preferred on or after the fifth anniversary of the issuance of the Senior Preferred, subject to approval by the Federal Reserve and in accordance with applicable regulatory capital regulations. ABOUT BANKFIRST CAPITAL CORPORATION   BankFirst Capital Corporation (OTCQX:BFCC) is a registered bank holding company based in Columbus, Mississippi with approximately $2.2 billion in total assets as of June 30, 2022. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled, and operated.  The Company is headquartered in Columbus, Mississippi, and the Bank operates additional branch offices in Columbus, Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, and West Point, Mississippi; and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Northport, and Tuscaloosa, Alabama.  The Bank also operates five loan production offices in Birmingham, Alabama as well as Biloxi, Brookhaven, Oxford, and Tupelo, Mississippi.  BankFirst offers a wide variety of services for businesses and consumers.  The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more.  For more information, visit www.bankfirstfs.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, (ii) statements about the merger of Citizens with and into the Bank, (iii) statements about the proposed merger of Tate and Sycamore Bank with and into the Company and the Bank, respectively, and (iv) statements preceded by, followed by, or that include the words "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions. These statements are based upon the current belief and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: the effects of the ongoing COVID-19 pandemic (including any current or future variant thereof), fluctuations in market rates of interest and loan and deposit pricing, the persistence of the inflationary environment in the United States and our market areas, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, including as a result of the ongoing COVID-19 pandemic, our ability to recognize the expected benefits and synergies of the Citizens acquisition, our ability to complete the proposed acquisition of Tate and Sycamore Bank, the maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. These forward-looking statements are based on current information and/or management's good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement. AVAILABLE INFORMATION The Company maintains an Internet web site at www.bankfirstfs.com/about-us/investors. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview). The Company routinely posts important information for investors on its web site (under www.bankfirstfs.com and, more specifically, under the Investor Relations tab at www.bankfirstfs.com/about-us/investors/). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release. Member FDIC BankFirst Capital CorporationUnaudited Consolidated Balance Sheets(In Thousands, Except Per Share Data) June 30 March 31 December 31 September 30 June 30 2022 2022 2021 2021 2021 Assets Cash and due from banks $                     183,060 $           53,199 $           36,623 $           39,808 $           43,997 Interest bearing bank balances 23,525 21,900 22,475 36,849 47,049 Federal funds sold - - - - 9,313 Securities available for sale at fair value 234,397 217,858 423,540 439,565 427,390 Securities held to maturity 361,448 371,354 - - - Loans 1,232,762 1,218,428 1,206,562 1,143,605 1,140,349 Allowance for loan losses (13,913) (15,868) (15,719) (16,358) (16,526) Loans, net of allowance for loan losses 1,218,849 1,202,560 1,190,843 1,127,247 1,123,823 Premises and equipment 44,636 44,424 43,043 43,462 42,164 Interest receivable 8,020 8,637 7,932 8,108 8,366 Goodwill 43,684 43,684 34,564 34,564 34,564 Other intangible assets 3,832 3,999 3,895 4,055 4,214 Other 59,039 57,233 56,039 56,056 57,338 Total assets $                  2,180,490 $      2,024,848.....»»

Category: earningsSource: benzingaJul 28th, 2022

Futures Bounce On Tech Optimism As Fed Looms

Futures Bounce On Tech Optimism As Fed Looms Global markets and US equity futures got a strong boost on Tuesday from reassuring big tech reports including Microsoft, Texas Instruments and Google, which delivered double-digit revenue growth reversing the doom and gloom from other reporters. Microsoft assuaged fears that the strong dollar and a weakening economy would hurt sales while Alphabet posted advertising revenue that surpassed analysts’ expectations amid an industry slowdown. Credit Suisse CEO Thomas Gottstein will to be replaced by asset-management head Ulrich Koerner next week after the Swiss bank posted its third straight quarterly loss and its worst trading first half in decades. All of that, of course, pales ahead of the day's main event Later today, the Federal Reserve is expected to increase its benchmark interest rate by three quarters of a percentage point. Nasdaq 100 contracts led gains rising 1.3% and reversing much of Tuesday's plunge. S&P futures rose 0.8% alongside European stocks which also rose, with the banking sector up even as Credit Suisse Group AG posted a larger-than-expected loss, Deutsche Bank AG warned on costs, and the outlook on Italy’s sovereign debt ranking was lowered by S&P. The dollar and Treasury yields slipped, while oil and European natural gas prices extended gains. In premarket trading, major technology and internet stocks were higher after both Microsoft and Google-parent Alphabet reported double- digit quarterly revenue growth amid tough macro conditions. Microsoft shares rose 4.3% after the software company said it expects double- digit sales growth for the fiscal year 2023. While quarterly revenue was weaker than expected, Barclays analysts say the report shows resilience despite a number of headwinds. Fellow tech giant Alphabet shares also rise 4% in premarket trading after the Google parent reported its 2Q revenue in line with Wall Street expectations. Analysts said the results were better than feared, but noted that “macro uncertainty remains high.” Here are some other notable premarket movers: Alphabet Inc (GOOGL) Q2 2022 (USD): EPS 1.21 (exp. 1.29), Revenue 69.70bln (exp. 70.04bln).Google advertising 56.29bln, (exp. 55.91bln). CFO said FX impact to be even greater in the current Q, according to CNBC. (Newswires/CNBC) +3.5% in the pre-market Microsoft Corp (MSFT) Q4 2022 (USD): EPS 2.23 (exp. 2.29/2.29 GAAP), Revenue 51.9bln (exp. 52.45bln). Intelligent Cloud revenue 20.91bln (exp. 21.07bln). Guides FY23 revenue double digits sales growth, FY23 FX impact of 4-points decrease in revenue growth, via its conference call. (Newswires) +3.8% in the pre-market Visa Inc (V) Q3 2022 (USD): Adj. EPS 1.98 (exp. 1.74/1.73 GAAP), Revenue 7.3bln (exp. 7.06bln). (Newswires) Co. seeing no evidence of a pullback in consumer spending. Unch. in the pre-market Twitter (TWTR) said it significantly slowed hiring in Q2 2022; in 2021 and H1 2022, macro factors had a negative impact on, and may negative impact in future periods, such as advertising revenue. Twitter is to hold shareholder vote on Musk deal on September 13th at 18:00BEST/13:00EDT, according to CNBC. (Newswires/CNBC) PayPal (PYPL US) shares jump as much as 6.5% premarket, following a report that activist investor Elliott is building a stake in the payments firm. Results from peer Visa also boost sentiment. Cryptocurrency-exposed stocks are higher in premarket trading as Bitcoin rebounds along with US stock futures after Alphabet, Microsoft and Texas Instruments results spur hopes that the technology sector can manage a slow economy. Coinbase (COIN US) +4.9%, Marathon Digital (MARA US) +7.6%, Riot Blockchain (RIOT US) +5.5%, Ebang (EBON US) +12% ObsEva (OBSV US) shares slump 75% in premarket trading after the biopharmaceutical company said it plans to initiate a corporate restructuring given the commercial landscape and potential additional capital is needed to fund the completion of the linzagolix clinical development program. Enphase Energy (ENPH US) shares surged as much as 12% in premarket trading as analysts hiked their price targets on the solar energy equipment maker, with brokers saying its results and guidance for the 3Q were robust and exceeded expectations thanks to strong demand. Texas Instruments (TXN US) shares rose 2.8% in postmarket trading on Tuesday after issuing a bullish forecast for the current quarter. Analysts note that the company exceeded its “overly conservative” estimates as lockdowns eased in China. Teva Pharmaceuticals shares jump as much as 16% in Tel Aviv, the most since May 2020, after the Israeli company said it had struck a deal with US state and local governments to pay more than $4 billion to settle thousands of lawsuits. US-listed ADRs also gain 16% in premarket trading. The mood remains edgy ahead of a much-anticipated Fed interest-rate increase - part of a global wave of monetary tightening to quell inflation that’s stoking concerns about a worldwide economic slowdown. Investors are also bracing for the busiest reporting day of the season, where Meta may sour the mood after the bell with a slowdown in ad spending. Qualcomm will give investors a view into a smartphone market that's losing steam. Boeing, Ford and Kraft are also due. That said, US company earnings are providing a sliver of hope -- more than three-quarters of firms that have reported so far either beat or met expectations. But there are doubts about how long they can weather economic challenges. Top-tier firms including Apple, Amazon and Mastercard will report tomorrow, on what will be a $9.4 trillion day in the US and Europe. Last but not least tomorrow the US will report the first estimate of Q2 GDP which is expected to print negative confirming a US technical recession.  “Inflation is hurting companies and the question is whether these policy rate hikes are going to do anything to alleviate the pain,” Quadratic Capital Management founder Nancy Davis said on Bloomberg Television. Elsewhere, President Joe Biden will speak with Chinese leader Xi Jinping on Thursday amid fresh tensions over Taiwan. The White House is also considering whether to lift some tariffs on Chinese imports to stem inflation. And speaking of the Fed, the swaps market currently prices in around 77bp of rate hikes for today’s Fed decision and combined additional 183bp by the December FOMC meeting. The projected 75 basis-point Fed move to tackle price pressures would cement the steepest two-month rise in rates since the 1980s. The key question is whether Chair Jerome Powell’s policy signals validate or refute scaled-back bets projecting a 3.4% peak fed funds rate around year-end and cuts in 2023 to shore up an economy at risk of recession. “The Fed hasn’t even gotten to neutral yet,” Jason England, global bonds portfolio manager at Janus Henderson Investors, said on Bloomberg Television. “For them to start easing already or for them to start seeing eases priced in is, I think, a little premature.” In any case, Powell is expected to acknowledge that downside risks to growth have increased and reiterate the Fed’s commitment to controlling inflation. A full FOMC preview can be found here. “The risk is that Powell starts to set markets up for a move back to a default position of 50bp moves, though we can see little reason for the Fed to lose the optionality of going 75bp when there is significant news that they may have to react to between this and the next meeting,” according to RBC Capital Markets strategist Adam Cole. Meanwhile, the ECB will deliver only 50 basis points of additional interest rate increases this year as the euro zone succumbs to a recession in the fourth quarter, according to JPMorgan. In Europe, the Stoxx 50 rose 0.6% with travel, personal care and tech are the strongest performing sectors. Credit Suisse shares gained as the bank replaced its embattled chief executive officer and said it would embark on a new turnaround plan just nine months after the last one, while Deutsche Bank fell after it scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach. Here are the most notable European movers: UniCredit shares jumped as much as 7.4% after what Jefferies said was a “bumper” quarter, with new 2022 profit guidance about 10% above consensus. The lender reported net income for 2Q that doubled analyst expectations. Reckitt shares jump as much as 6.7%, after the consumer-goods company reported 2Q sales that beat estimates and raised its outlook for the year. Worldline shares jump as much as 15% after the payment firm’s 2Q revenue and margin beat expectations, with strength driven by the in- focus merchant services arm, according to analysts. Holcim shares climb as much as 5.9% after it reported 2Q sales that beat the average estimate, with analysts highlighting the building materials company’s success in raising prices. Mercedes-Benz shares rise as much as 4.5% after the company reported 2Q results that beat estimates and raised its guidance. Oddo BHF calls the increased guidance “supportive.” Smurfit Kappa shares rose as much as 6.7% after reporting 2Q results which reassured analysts amid a challenging macro environment. Davy described the release as a “blow-out quarter” and further proof of the group’s business transformation. Rio Tinto shares decline as much as 4.6%, lagging peers in Europe’s Stoxx 600 Basic Resources subindex, after the miner reported 1H results that missed analyst estimates and cut its dividend in half. Adidas shares fall as much as 6.1%. The magnitude of the group’s outlook cut was bigger than anticipated by analysts and could signal challenges ahead for the rest of the sportswear sector. Eurofins Scientific shares fall as much as 11% after the French laboratory company presented its latest earnings. Analysts note that while the company boosted its guidance, organic growth disappointed. The stock trimmed some losses later. Aena drops as much as 7.7% after it reported results that missed the average estimates. Analysts’ worries focus around operating expenses’ inflation for 2H, the winter outlook and any impact from further impairment. Italian bonds fell after S&P lowered the nation’s outlook to stable from positive after recent political turmoil led to the resignation of the nation’s prime minister and the calling of fresh elections. The rating itself remains at BBB, two levels above junk. The news spread the spread between Italy and German 10Y yields to a new one-month highs. Earlier in the session, most Asian stocks were higher while gauges in China and Hong Kong fell, with trading volume thin as traders awaited the Federal Reserve’s monetary policy decision. The MSCI Asia Pacific Index fell 0.1%, dragged down by Chinese tech giants. Trading volume in Asia was among the lowest this year as investors took to the sidelines ahead of the Fed’s anticipated 75 basis point rate hike due later Wednesday.  Hong Kong’s equity benchmark fell more than 1%, with Alibaba’s retreat contributing the most to the loss as the focus shifted to next week’s earnings results. India’s gauges jumped, while those in South Korea, Japan and Australia advanced modestly.   The market is particularly keen to hear about the Fed’s post-July path, which will impact the dollar and flows to the global markets. “July looks like a very weak season for the market,” with sentiment damped by macroeconomic concerns, Covid and China’s property crisis, Jun Li, chief investment officer at Power Pacific Investment Management, said in an interview on Bloomberg TV. “We do have confidence in the second half of 2022,” she said.  A measure of Asian chip stocks reversed its earlier loss to rise for the first time in four sessions, as SK Hynix said it would significantly adjust its 2023 capital spending, which could limit declines in chip prices. In stocks, US futures rally after strong earnings. S&P futures rise 1%. Nasdaq contracts rally 1.7%. Euro Stoxx 50 rises 0.6%. Travel, personal care and tech are the strongest performing sectors. Bloomberg dollar spot index falls 0.2%. NZD and AUD are the weakest performers in G-10 FX. In FX, the Bloomberg dollar spot index fell 0.2%, giving up some of its 0.4% gain from Tuesday. The Fed is forecast to raise its key rate by 75 basis points for a second meeting. EUR/USD gained 0.3% to $1.0144; the pair had tumbled 1% Tuesday as traders focused on spiking natural gas prices on the prospect of reduced Russian supply. Sterling inched up, supported by early gains in UK and European share markets. The Aussie weakened as much as 0.4% after a government report showed inflation was slower in the second quarter than economists forecast, before rallying back to $0.6950. NZD and AUD are the weakest performers in G-10 FX. In rates, Treasuries were slightly richer across the curve with gains led by belly, outperforming core European rates market and steepening 5s30s spread. US 10-year yields around 2.795%, richer by 1.5bp on the day; belly outperformance re-steepens 5s30s spread back to around 14bp, near middle of Tuesday’s range. The 5-year yield across the Treasury curve continues to slightly outperform, while 2s5s10s butterflies are about 3 bps tighter. In European fixed income, bunds edge lower and gilts slightly bear steepen. The US IG issuance slate empty so far, expected to remain light with FOMC event risk; July volumes have already met expectations, helped by last week’s bumper $45b slate. In commodities, WTI trades within Tuesday’s range, adding 1.2% to trade near $96.12. Spot gold rises roughly $6 to trade near $1,724/oz. Most base metals trade in the green; LME copper rises 1.2%, outperforming peers.  Looking at the day ahead, the FOMC looms large in the day ahead, but US pending home sales, inventories, and goods trade balance data will also be released, along with consumer confidence figures in Germany, France, and Italy, and Chinese industrial profits. The day is chock full with earnings as well, including: Meta, T-Mobile, Qualcomm, Bristol-Myers Squibb, Boeing, Airbus, Rio Tinto, Kering, Iberdrola, Lam Research, Mercedes-Benz, Boston Scientific, Shopify, Ford, Kraft Heinz, BASF, Universal Music Group, Danone, Hilton, Vici, Spotify, Credit Suisse Market Snapshot S&P 500 futures up 1.0% to 3,963.50 STOXX Europe 600 up 0.4% to 427.68 MXAP down 0.2% to 158.84 MXAPJ down 0.3% to 520.24 Nikkei up 0.2% to 27,715.75 Topix up 0.1% to 1,945.75 Hang Seng Index down 1.1% to 20,670.04 Shanghai Composite little changed at 3,275.76 Sensex up 0.7% to 55,657.82 Australia S&P/ASX 200 up 0.2% to 6,823.23 Kospi up 0.1% to 2,415.53 German 10Y yield little changed at 0.94% Euro up 0.3% to $1.0144 Gold spot up 0.4% to $1,723.92 U.S. Dollar Index down 0.19% to 106.98 Top Overnight News from Bloomberg Oil Climbs as US Crude Stockpiles Shrink Ahead of Fed Decision Biden Will Speak to Xi on Thursday as US-China Ties Worsen A $9.4 Trillion Results Day Looms in a Test for Stock Market Deutsche Bank Warns of Costs as Inflation Headwinds Build Elliott Is Said to Amass PayPal Stake Seeking to Speed Cuts Europe Energy Prices Keep Soaring as Russia Turns the Screw Europe Gas Extends Scorching Rally as Russia Supply Set to Slump Cathie Wood Dumps Coinbase Shares for First Time This Year Apple Supplier SK Hynix’s Outlook Sours as Tech Demand Wanes Trump Efforts to Create Fake Electors Probed by US Prosecutors Teva Pharmaceutical to Pay Over $4 Billion in Opioid Accord Visa to Dole Out Annual Raises Earlier Amid Inflation Pressures Microsoft Shares Rise on Upbeat 2023 Sales Growth Forecast Trump Returns to D.C., Hinting on 2024 and Jabbing Jan. 6 Panel Google Reassures Investors With Ad Sales Showing Resilience Microsoft Shares Rise on Upbeat Forecast for Fiscal 2023 Growth Texas Instruments’ Rosy Forecast Counters Fears of Slowdown Carson Block Sued Over $14 Million SEC Whistle-Blower Award A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks eventually traded mixed following a mostly subdued session, but within narrow intraday ranges. ASX 200 moved between gains and losses with the Healthcare sector leading the gains whilst Metals & Mining lagged. Nikkei 225 was similarly contained whilst Canon shares fell as much as 3% post-earnings. KOSPI declined with Apple-supplier SK Hynix warning of a slowing in memory chip demand in H2. Hang Seng underperformed with Alibaba retracing yesterday's gains whilst the property sector was also hit. Shanghai Comp was caged following another modest net liquidity drain by the PBoC, whilst multiple sources suggested the Biden-Xi call is to take place on Thursday. Top Asian News Hong Kong will have no choice but to raise interest rates, although the pace or scale need not follow US hikes and it is unlikely to trigger the kind of property market crisis seen in 1998, according to SCMP citing the Hong Kong Financial Secretary. Magnitude 7.2 earthquake hits Philippines region of Luzon, according to ESMC; no tsunami warnings issue, according to Reuters. China overnight rate fell below 1% for the first time since last year, according to Bloomberg. PBoC injected CNY 2bln via 7-day reverse repos with the maintained rate of 2.10% for a net drain of CNY 1bln. PBoC set USD/CNY mid-point at 6.6.7731 vs exp. 6.7680 (prev. 6. 7483); weakest fix since May 17th. European bourses are firmer across the board continuing the MSFT & GOOG driven early APAC action amidst numerous European earnings; Euro Stoxx 50 +0.6%. US futures are firmer across the board though the NQ +1.4% outperforms amid those after-market developments though participants are looking to the FOMC. Top European News     Central Banks Deutsche Bank and Goldman Sachs have revised their August RBA calls to a 50bps hike (prev. 75bps hike) following the Australian Q2 CPI metrics. FX Buck backs off before the Fed and US data in the lead up, DXY slips into range around 107.000 and just shy of yesterday's 107.290 recovery high. Sterling secures firmer foothold above 1.2000 vs Dollar and maintains momentum through key technical level against Euro, EUR/GBP cross probes 0.8400 after breach of 200 DMA. EUR/USD retains 1.0100+ status as Greenback wanes and hefty option expiry interest supplements underlying bids, 1.84bln rolls off at the strike. Aussie sags as mixed inflation data sparks round of revised RBA hike forecasts from 75bp to half point, AUD/USD around 0.6950 following test of Fib resistance just under 0.7000 on Tuesday. Loonie pares losses as crude prices settle down and Nokkie makes clean break of 10.0000 vs Euro, USD/CAD closer to 1.2850 than 1.2900. Fixed Income Whip-saw trade in debt ahead of the Fed as Bunds veer from 156.07 to 155.36, Gilts between 117.67-12 parameters and T-note within a 113-31/119-19+ range 2032 German tap and 2051 UK linker sale sluggish Italian BTPs underperform amidst the political void and S&P revising the sovereign's outlook to stable from positive after interim ratings review Commodities Dutch TTF Aug’22 is the standout commodity mover, amid a reduction in physical flows through Nord Stream 1; thus far, TTF has printed a high of EUR 228/mWh. Crude benchmarks modestly firmer, but significantly more contained. NEC Director Deese said there are no plans to continue SPR releases beyond the originally set out 6mth period, according to Reuters. US Private Inventory Data (bbls): Crude -4.0mln (exp. -1mln), Distillates -0.6mln (exp. +0.5mln), Gasoline -1.1mln (exp. -0.9mln), Cushing +1.1mln. US Deputy Treasury Secretary Adeyemo met with European counterparts to discuss a price cap on Russian oil. Chinese National Energy Administration expects energy consumptions growth to increase in H2, via Reuters. Spot gold has staged a recovery on the session from earlier lows of USD 1713/oz; however, the yellow metal remains well within recent ranges and continues to move predominantly as a function of USD action. US Event Calendar 07:00: July MBA Mortgage Applications -1.8%,  prior -6.3% 08:30: June Durable Goods Orders, est. -0.4%, prior 0.8%; - Less Transportation, est. 0.2%, prior 0.7% 08:30: June Cap Goods Orders Nondef Ex Air, est. 0.2%, prior 0.6% Cap Goods Ship Nondef Ex Air, est. 0.2%, prior 0.8% 08:30: June Advance Goods Trade Balance, est. -$103b, prior -$104.3b 08:30: June Retail Inventories MoM, est. 1.0%, prior 1.1% Wholesale Inventories MoM, est. 1.5%, prior 1.8% 10:00: June Pending Home Sales YoY, est. -13.5%, prior -12.0% 10:00: June Pending Home Sales (MoM), est. -1.0%, prior 0.7% 14:00: July FOMC Rate Decision (Lower Boun, est. 2.25%, prior 1.50% DB's Jim Reid concludes the overnight wrap Burgeoning energy and political crises in Europe, and the specter of the Fed pouring cold water on the recent dovish repricing of its policy weighed on risk yesterday. Diving in. It was a bad day for the gas crisis in Europe, ultimately seeing European natural gas futures climb +21.2% to €214, their highest since the aftermath of the invasion, bringing them +33.9% higher on the week. As intimated in yesterday’s EMR, Russia was halting another Nord Stream 1 turbine to cut capacity down to 20%. At those levels, the continent would need to countenance rationing unless exports were cut (see our gas monitor here for more details), voluntary curbs which would be politically difficult. Yesterday gave a sense how difficult. While EU countries reached a deal on emergency gas cuts for this winter, the deal lacks the teeth of the original plan, as member states have more flexibility to determine demand curbs, which was a necessary concession to reach a bloc-wide deal. In particular, states can reduce their cuts if they commit to export more gas to neighbors and also exempt certain industries from demand reductions. Member states are due to prepare emergency plans by the end of September to show how they will curb demand. That drove demand for most sovereign bonds, with 10yr bund yields falling -9.3bps. The STOXX 600 marched to a staccato rhythm all day, fluctuating around unchanged and ultimately closing a hair lower at -0.03%, while continental bourses closed on the downbeat, with the DAX -0.86% lower and the CAC down -0.42%. Along with the lackluster risk environment, S&P lowered Italy’s credit outlook from positive to stable, amid political uncertainty. 10yr BTP spreads widened +5.1bps to 232bps against bunds, their widest since mid-June. Rising prices will of course be front and center at today’s key macro event, the July FOMC. The market is pricing +78bps of hikes today. That’s in line with our US economics call of another +75bp hike (see preview here). The team expects the Committee to downshift to a +50bp hike in September, reaching 3.6% by the end of the year and 4.1% early in the next one. They see risks to both sides of that modal path; continued hot inflation prints would enable another +75bp hike in September, while material labor market deterioration could flatten the path of hikes. While the Fed will probably offer guidance about how they are currently thinking about policy actions at the September meeting, the amount of data between now and then means investors shouldn’t assign too strong a prior to any forward guidance. For most investors, however, the key question will be how restrictive the Fed ultimately needs to get policy. That is, how high is the terminal rate? The Chair will certainly be quizzed on the path to terminal during the press conference, but his elucidation about how restrictive policy needs to get will be more informative. DB research has spilled a fair bit of ink on that question in recent days, including US econ on what would trigger cuts next year (here), Alan Ruskin on terminal rate scenarios (here), and yours truly on the predictive power of forward looking rates during FOMC hiking cycles and periods of elevated inflation (here). Today’s Fed decision kept Treasury markets calm, with 2yrs rising +3.7bps and 10yrs just +1.1bps higher at 2.81%. The market has assumed slowing growth numbers will factor into the Fed’s reaction function since the June FOMC, driving 2yr Treasuries -13.8bps lower, 10yr Treasuries -47.7bps lower, the S&P 500 +3.5% higher, and the NASDAQ +4.18% higher over that time, with around one fewer 25bp hike priced into terminal rates. How the Committee and Chair view that assessment will be a crucial element of today’s meeting. While US risk has enjoyed an optimistic intermeeting period, more jitters creeped in today, with the S&P 500 closing -1.15% lower. A panoply of less-than-inspiring data weighed on the tone set by geopolitical risk and the Fed; with FHFA house prices (+1.4% vs. +1.5% expectations), New Home Sales (590k v 655k) Richmond Fed Manufacturing (0 vs. -14), and Conference Board Consumer Confidence (95.7 vs. 97.0) all pointing toward a looming (or present) growth slowdown. Consumer expectations continue to be weakest since 2013, while present situation figures are the lowest since April 2021. Earnings added to the malaise. Shopify reported plans to cut staff, continuing last week’s theme from major tech earnings. However, after the close, Microsoft missed estimates but shares climb more than +4% in after-hours trading on the back of an optimistic forecast, while Alphabet’s shares were around +5% higher after hours as their ad revenues look to be more resilient than some of their tech peers. That has pointed to a more optimistic open today, with S&P 500 futures +0.72% higher and NASDAQ futures +1.33% higher. Elsewhere, the Presidents Biden and Xi will speak Thursday. The reportedly ‘robust’ agenda does not include tariffs, as of yet. One to keep an eye on once we’re through the Fed. Heading into the open, the moves in the US and European equities reverberated across Asia overnight with all the equity markets trading in negative territory. The Hang Seng (-1.25%) is the largest underperformer across the region with the Kospi (-0.58%), the CSI (-0.57%), the Shanghai Composite (-0.32%) and the Nikkei (-0.13%) all lagging. Australia’s inflation rose +6.1% y/y in the June quarter (v/s +6.3% expected), the fastest annual pace in more than 30 years as food and energy costs increased, accelerating from last quarter’s +5.1% rate. Elsewhere, China’s industrial profits rebounded +0.8% y/y in June, recovering from a -6.5% decline in May as factory activity resumed in major manufacturing hubs. The FOMC looms large in the day ahead, but US pending home sales, inventories, and goods trade balance data will also be released, along with consumer confidence figures in Germany, France, and Italy, and Chinese industrial profits. The day is chock full with earnings as well, including: Meta, T-Mobile, Qualcomm, Bristol-Myers Squibb, Boeing, Airbus, Rio Tinto, Kering, Iberdrola, Lam Research, Mercedes-Benz, Boston Scientific, Shopify, Ford, Kraft Heinz, BASF, Universal Music Group, Danone, Hilton, Vici, Spotify, Credit Suisse Tyler Durden Wed, 07/27/2022 - 08:00.....»»

Category: blogSource: zerohedgeJul 27th, 2022