Hillary Clinton Willing To Serve In Biden Administration

Hillary Clinton Willing To Serve In Biden Administration

Tyler Durden

Fri, 08/14/2020 – 19:00

Former Secretary of State Hillary Clinton is ‘ready to help’ the Biden administration ‘in any way I can.’

Speaking from ‘The 19th Represents Summit,’ on Thursday, Clinton told Biden: “I think this will be a moment where every American — I don’t care what party you are, I don’t care what age, race, gender, I don’t care — every American should want to fix our country … So if you’re asked to serve, you should certainly consider that,” said the twice-failed presidential candidate who enabled her husband’s sexual addiction and allegedly worked to intimidate and discredit his accusers.

Just don’t put her in charge of rapid response when American consulates are under attack.

Earlier in the week, Clinton offered her support for Biden’s running mate, Kamala Harris.

“I’m thrilled to welcome @KamalaHarris to a historic Democratic ticket. She’s already proven herself to be an incredible public servant and leader. And I know she’ll be a strong partner to @JoeBiden. Please join me in having her back and getting her elected.”

Hillary previously served alongside Joe Biden in the Obama administration – drawing sharp criticism over he handling of the 2012 terrorist attack on the US consulate in Benghazi, as well as her private email server – from which she deleted over 30,000 emails which were the subject of a subpoena. 

“I want to add my voice to the many who have endorsed you to be our president,” Clinton said of Biden earlier this year, adding “Just think of what a difference it would make right now if we had a president who not only listened to the science, put fact over fiction, but brought us together, showed the kind of compassion and caring that we need from our president and which Joe Biden has been exemplifying throughout his entire life.”

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As Ethereum Surges, Futures Open Interest Hits A Record $1.5 Billion

As Ethereum Surges, Futures Open Interest Hits A Record $1.5 Billion

Tyler Durden

Fri, 08/14/2020 – 18:40

By Liam Frost of Decrypt

  • The total value of outstanding Ethereum futures contracts reached a new high of $1.5 billion.

  • This was spurred by ETH’s price finally breaking above $400.

  • The value of open Ethereum futures grew twice as fast as Bitcoin’s since February.

The total value of outstanding Ethereum (ETH) futures contracts has reached an all-time high of $1.5 billion today, according to crypto analytics platform Skew.

Also known as open interest, this figure reflects the current total value of Ethereum futures that have not been settled yet. Futures are a form of financial derivatives where parties agree to sell/buy an asset at a specific price on a set date. Unlike options contracts, where buyers might choose to not purchase the asset, futures are contractually binding and must be settled on the expiration date.

The overall growth of the futures volume combined with the rising price of ETH, which is currently up roughly 9% on the day and trading at around $428, signifies a strong market amid an upward trend, said Bobby Ong, a co-founder of crypto metrics platform CoinGecko.

Ether finally broke past the $400 resistance level today. It has been trying to break past the $400 level unsuccessfully since the start of August. The successful breakout led traders using technical indicators to view this as a bullish indicator and traders started leveraging long on the futures market leading to it reaching its all-time high of $1.5 billion today,” Ong told Decrypt.

Nicholas Pelecanos, the head of trading at NEM Venture Fund, also cited the break above $400 as the main catalyst for the latest Ethereum futures all-time high.

“Since [2017] the $400 range has acted as a key level in ETH’s price history. The break of this level technically is very bullish and is likely the cause of the large volume on ETH futures,” Pelecanos told Decrypt.

Yet, he also noted that there is currently friction within the Ethereum community caused by continuing debates about supply and transaction fees.  Researchers at Santiment wrote:

On Tuesday, #Ethereum fees reached all-time high values in both $USD and $ETH. Since this record breaking statistic was hit, the #2 ranked market cap #crypto asset has risen +13% and sentiment has remained positive. This is an indication that although traders obviously prefer fees to be lower, the ramifications on people’s willingness to transact via an asset they believe in (at least in the short-term) are fairly minimal.”

Pelecanos added that such disconnects “between the hype around the technology and what it can do can lead to bubbles,” but also simultaneously could result in an even more bullish market if these issues to be resolved.

Outpacing Bitcoin

In the last six months, the ratio of Ethereum to Bitcoin has increased significantly (to its highest since January 2019).

Additionally, the open interest of Ethereum futures grew twice as fast compared to Bitcoin (BTC), noted Larry Cermak, director of research at The Block.

“Bitcoin’s futures OI was 8 times higher than ETH’s in February. Only 6 months later, it’s now about 4 times higher. OI of ETH grew relatively twice faster than BTC,” Cermak tweeted.

This somewhat mirrors the two currencies’ increase in prices since February. Six months ago, BTC was trading at roughly $10,233 while ETH’s price hovered around $268. Since then, Bitcoin and Ethereum have gained roughly 15% and 45%, respectively, with the latter outperforming BTC by around 200%.

“Ethereum has been on fire lately. The industry of tokenization and new-wave finance seems to be in a sort of consolidation around this network and continue to build a vast majority of new crypto-fanlged projects on the Ethereum blockchain,” summarized Mati Greenspan, a popular analyst and the founder of Quantum Economics, speaking to Decrypt.

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Federal Appeals Court Upholds Shutdown of California’s Gun Magazine Ban

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The 9th Circuit Court of Appeals, in a 2-1 panel decision, today upheld a lower court’s shutting down of California’s ban on gun magazines that hold more than 10 rounds, so-called “large capacity magazines” (LCMs).

The decision in the case of Duncan v. Becerra upheld a district court decision for summary judgment against the state of California from March 2019. The law barring LCMs as currently amended was a result of Proposition 63 in 2016.

Because of this lawsuit, initially filed just before the newest iteration of the LCM ban went into effect, the state has been legally enjoined from actually enforcing it. Now the 9th Circuit says it should never be able to. The law, if applied, would have demanded confiscation or destruction of all the tremendous number of previously legal LCMs in Californians’ hands.

The District Court had decided there was “no genuine dispute of material fact that section 32310 violates the Second and Fifth Amendments of the United States Constitution, and ordered summary judgment for the [LCM] Owners” who were suing the state. The 9th Circuit Court of Appeals today agrees with that conclusion.

Judge Kenneth K. Lee wrote today’s 9th Circuit panel decision, in which he was joined by Judge Consuelo Callahan. The judges concluded that barring citizens from owning and using more than half of the magazines for sale in the United States, ones that come along with a wide variety of commonly purchased handguns, strikes to the core of the Second Amendment right to own arms for self-defense, since the LCM ban barred possession of a self-defense tool commonly used for lawful purposes.

For some perspective, Judge Lee notes that “from 1990 to 2015, civilians possessed about 115 million LCMs out of a total of 230 million magazines in circulation….Today, LCMs may be lawfully possessed in 41 states and under federal law.”

In buttressing the significance of the self-defense right the Second Amendment enshrines, Judge Lee discusses

Perhaps the most poignant and persuasive reminder of the fundamental right to self-defense…the denial of that right to Black Americans during tragic chapters of our country’s history….Post-Civil War state legislation and the Black Codes in the South deprived newly freed slaves of their Second Amendment rights…Meanwhile, armed bands of ex-Confederates roamed the countryside forcibly disarming and terrorizing African Americans….Our country’s history has shown that communities of color have a particularly compelling interest in exercising their Second Amendment rights. The Second Amendment provides one last line of defense for people of color when the state cannot — or will not — step in to protect them.

Women and “members of the lesbian, gay, bisexual, and transgender (LGBT) communities” are also singled out in the decision as often needing a vigorously defended right to bear arms. “The Second Amendment is not a relic relevant only during the era of Publius and parchments,” Judge Lee declares. “It is a right that is exercised hundreds of times on any given day.”

Our current strife-torn nation might make this point of Judge Lee’s especially resonant: “Law-abiding citizens trapped in high-crime areas where
the law enforcement is overtaxed may defend themselves in their homes with a handgun outfitted with LCMs. And in incidents of mass chaos and unrest, law enforcement simply may be unable to protect the people, leaving them solely
responsible for their own safety in a seemingly Hobbesian world.”

Relying on language and reasoning in the Supreme Court’s dominant Second Amendment decision, 2008’s Heller case, the judges found no reason to consider LCMs to be unusual, or to conclude the magazine ban is the sort of longstanding regulation on arms that should be granted deference as presumptively lawful. Some such laws would include, Judge Lee writes, those that bar “possession of firearms by felons and the mentally ill” and “prohibitions on carriage in sensitive locations, and conditions or qualifications on the commercial sale of firearms.”

The judges granted the state interest the law supposedly furthered qualified as compelling. Still, the LCM ban was not appropriately “narrowly tailored” toward achieving that interest, since the magazine ban was not “the least restrictive means” toward that goal.

Despite not being guns, the panel finds that magazines are an essential element of a gun serving its self-defense function. “Firearms or magazines holding more than ten rounds have been in existence — and owned by American citizens — for centuries. Firearms with greater than ten round capacities existed even before our nation’s founding, and the common use of LCMs for self-defense is apparent in our shared national history,” Judge Lee writes, and the decision provides many pages of historical examples to prove this point.

The 9th Circuit’s panel decision also explored the tricky and complicated question of what level of scutiny to apply to the law’s impingement on Second Amendment rights, concluding that “strict” scrutiny was appropriate. As Judge Lee wrote, “If a challenged law does not strike at the core Second Amendment right or substantially burden that right, then intermediate scrutiny applies….Only where both questions are answered in the affirmative will strict scrutiny apply.” And as above, they did find the LCM ban both strikes at the core of the right, and substantially burdens it.

Even if the 9th Circuit panel had been less restrictive in their scrutiny standard, Judge Lee said the law would have failed even “intermediate scrutiny” since “while the interests expressed by the state qualified as ‘important,’ the means chosen to advance those interests were not substantially related to their service.” Judge Lee points out the state’s attempts to defend the idea that the LCM law would in fact prevent important public harms were poorly argued and provided little hard evidence that any past actual harms would have been prevented by application of the law.

Judge Lee insists that “Our decision today is in keeping with Ninth Circuit
precedent. While we have not articulated a precise standard for what constitutes a substantial burden on core Second Amendment rights, we have consistently stated that a law that bans possession of a commonly used arm for self-defense — with no meaningful exception for law-abiding citizens — likely imposes a substantial burden on the Second Amendment.” Judge Lee notes the 9th Circuit has seen fit to apply merely intermediate scrutiny to laws that merely barred localized sales of certain arms, or those that imposed waiting periods on purchases. But full-on possession bans with no grandfather clauses, Judge Lee thinks, should not stand in his Circuit.

The dissent from Judge Barbara Lynn insists, among other things, that other federal circuit courts considering similar issues upheld the laws, though Lee in his opinion mostly insists those other cases involved LCM restrictions short of total ban and confiscation.

Judge Lynn also relies on an earlier 9th Circuit case, Fyock v. Sunnyvale, upholding a District Court that did not overturn a California city’s LCM ban and seemed to ratify the use of intermediate scrutiny in such cases. Judge Lee believes that in Fyock “We held only that the district court did not abuse its discretion by choosing intermediate scrutiny based on the limited record before it on a preliminary injunction appeal,” a distinct issue from whether intemediate scrutiny is actually appropriate or justified.

While the specifics of some of the other LCM restriction cases Judge Lynn discusses are not the same in all respects as those in Duncan v. Becerra, her listing of them does indicate enough tumult among federal circuits to make it perhaps ripe for the Supreme Court to weigh in in the future on an appropriate case on the general question of LCM restrictions.

 

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Hillary Clinton Gets a Writ of Mandamus from the D.C. Circuit

Today the U.S. Court of Appeals for the D.C. Circuit granted former Secretary of State Hillary Clinton a writ of mandamus to prevent a court-ordered deposition concerning her infamous private email server. Cheryl Mills, her former Chief of Staff at the State Department, was not so lucky.

This decision is the latest development in Judicial Watch’s ongoing Freedom of Information Act litigation concerning the Obama Administration’s response to the attack on the U.S. consulate in Benghazi, Libya. In March, the district court ordered Secretary Clinton and Ms. Mills to sit for depositions concerning Clinton’s reasons for using a private e-mail server, her knowledge of applicable State Department records-management practices, and communications related to the Benghazi attack. This prompted Clinton and Mills to seek a writ of mandamus blocking their depositions.

In an opinion today, the D.C. Circuit granted the writ with respect to Secretary Clinton, but not with regard to Mills. From Judge Wilkins’ opinion for the court:

The common-law writ of mandamus, codified at 28 U.S.C. § 1651(a), is one of “the most potent weapons in the judicial arsenal,” see Will v. United States, 389 U.S. 90, 107
(1967), and mandamus against a lower court is a “drastic” remedy reserved for “extraordinary causes,” Ex parte Fahey, 332 U.S. 258, 259-60 (1947). Mandamus lies only where the familiar tripartite standard is met: (1) the petitioner has “no other adequate means to attain the relief”; (2) the petitioner has demonstrated a “clear and indisputable” right to issuance of the writ; and (3) the Court finds, “in the exercise of its discretion,” that issuance of the writ is “appropriate under the circumstances.” Cheney, 542 U.S. at 380-81. Although these hurdles are demanding, they are “not insuperable,” id. at 381, and a “clear abuse of discretion” by a lower court can
certainly justify mandamus, Bankers Life & Cas. Co. v. Holland, 346 U.S. 379, 383 (1953).

Applying this standard, we find the petition as to Secretary Clinton satisfies all three prongs, while the petition as to Ms. Mills fails to satisfy the first. Since the “three threshold requirements are jurisdictional,” regardless of Ms. Mills’ petition’s merit on the other two inquiries, we are bound to deny the writ and dismiss her petition for lack of jurisdiction. Am. Hosp. Ass’n v. Burwell, 812 F.3d 183, 189 (D.C. Cir. 2016).

One alternative means to obtain relief in cases likes this is to refuse to comply with the court-ordered deposition, and then challenge any resulting finding of contempt. As Judge Wilkins notes, this is understood as an adequate alternative means to obtain a remedy for a nonparty respondent, such as Ms. Mills, but not for a party-litigant, such as Secretary Clinton.

As for the other prongs, the court was none too impressed with Judicial Watch’s need to depose Secretary Clinton.

The circumstances under which this particular discovery order arises only buttress our finding of the appropriateness of mandamus. Judicial Watch does not in fact want for the information it purports to seek and has already been afforded extensive discovery related to the proposed deposition topics. In this FOIA case alone, it has taken eighteen depositions and propounded more than four times the presumptive maximum number of interrogatories. . . . In its parallel FOIA case before Judge Sullivan, Judicial Watch received sworn interrogatories from Secretary Clinton herself as well as a lengthy deposition of Ms. Mills and seven other witnesses, traversing the proposed deposition topics and resulting in the identification of no additional records responsive to the instant FOIA request. . . . As discovery progressed, Judge Sullivan invited Judicial Watch to seek leave to serve even more interrogatories if there were “follow up questions” it had been “unable to anticipate,” . . . an avenue Judicial Watch did not pursue.

 

 

 

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Secret Service Asked CBP for Helicopters and Spy Planes in Response to White House Protesters

dcprotest2

The Secret Service asked Customs and Border Protection (CBP) for a Black Hawk helicopter and surveillance aircraft in response to protests outside the White House, according to documents obtained by American Oversight, a government watchdog group.

Kimberly Cheatle, assistant director for the Secret Service’s Office of Protective Operations, wrote to CBP acting commissioner Mark Morgan asking for assistance in a June 5 letter, obtained by American Oversight and first reported by The Washington Post. Cheatle requested surveillance aircraft to monitor protesters outside the White House and a Black Hawk helicopter that could be used to rapidly deploy a “fast rope” tactical team if needed.

The request came a week after violent clashes between large crowds of Black Lives Matter protesters and federal and local law enforcement near the White House, which led the Secret Service to rush President Donald Trump to an underground bunker.

“Due to the significant and unprecedented events occurring in the National Capital Region, the U.S. Secret Service is requesting the support from the U.S. Customs and Border Protection Air and Marine Operations,” Cheatle wrote. “CBP’s participation in the operational security plan is vital.”

The Post reported that the Secret Service later decided that the helicopter wouldn’t be needed, but CBP did provide the agency with live footage from a surveillance plane monitoring protests in D.C.

The letter further documents the federal response to widespread protests and unrest throughout the country following the police killing of George Floyd in Minneapolis in May. Multiple federal agencies deployed surveillance aircraft to monitor protests and riots. CBP deployed a surveillance drone over Minneapolis. The FBI flew aircraft equipped with infrared and electro-optical cameras—and possibly equipment known as ‘dirtboxes,’ which can collect cell phone location data—over Washington, D.C., and Las Vegas.

Reason‘s Elizabeth Nolan Brown was on the ground when a National Guard helicopter hovered dangerously low over protesters in D.C. as a “show of force.” The D.C. National Guard is now investigating the incident.

Austin Evers, American Oversight’s executive director, told the Post that the letter is “further evidence that the Trump administration sees First Amendment activities as a siege and our fellow citizens as combatants.”

The Secret Service has suffered several embarrassing White House breaches over the past decade, and it was caught off guard by the intensity of the protests. However, the Trump administration’s response to the George Floyd protests—using anonymous federal law enforcement officers, snatching protesters off the street in unmarked vans, and using spy planes—has also showed the militarization and mission creep at the Department of Homeland Security, and why there were legitimate concerns over creating DHS in the first place.

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Hillary Clinton Gets a Writ of Mandamus from the D.C. Circuit

Today the U.S. Court of Appeals for the D.C. Circuit granted former Secretary of State Hillary Clinton a writ of mandamus to prevent a court-ordered deposition concerning her infamous private email server. Cheryl Mills, her former Chief of Staff at the State Department, was not so lucky.

This decision is the latest development in Judicial Watch’s ongoing Freedom of Information Act litigation concerning the Obama Administration’s response to the attack on the U.S. consulate in Benghazi, Libya. In March, the district court ordered Secretary Clinton and Ms. Mills to sit for depositions concerning Clinton’s reasons for using a private e-mail server, her knowledge of applicable State Department records-management practices, and communications related to the Benghazi attack. This prompted Clinton and Mills to seek a writ of mandamus blocking their depositions.

In an opinion today, the D.C. Circuit granted the writ with respect to Secretary Clinton, but not with regard to Mills. From Judge Wilkins’ opinion for the court:

The common-law writ of mandamus, codified at 28 U.S.C. § 1651(a), is one of “the most potent weapons in the judicial arsenal,” see Will v. United States, 389 U.S. 90, 107
(1967), and mandamus against a lower court is a “drastic” remedy reserved for “extraordinary causes,” Ex parte Fahey, 332 U.S. 258, 259-60 (1947). Mandamus lies only where the familiar tripartite standard is met: (1) the petitioner has “no other adequate means to attain the relief”; (2) the petitioner has demonstrated a “clear and indisputable” right to issuance of the writ; and (3) the Court finds, “in the exercise of its discretion,” that issuance of the writ is “appropriate under the circumstances.” Cheney, 542 U.S. at 380-81. Although these hurdles are demanding, they are “not insuperable,” id. at 381, and a “clear abuse of discretion” by a lower court can
certainly justify mandamus, Bankers Life & Cas. Co. v. Holland, 346 U.S. 379, 383 (1953).

Applying this standard, we find the petition as to Secretary Clinton satisfies all three prongs, while the petition as to Ms. Mills fails to satisfy the first. Since the “three threshold requirements are jurisdictional,” regardless of Ms. Mills’ petition’s merit on the other two inquiries, we are bound to deny the writ and dismiss her petition for lack of jurisdiction. Am. Hosp. Ass’n v. Burwell, 812 F.3d 183, 189 (D.C. Cir. 2016).

One alternative means to obtain relief in cases likes this is to refuse to comply with the court-ordered deposition, and then challenge any resulting finding of contempt. As Judge Wilkins notes, this is understood as an adequate alternative means to obtain a remedy for a nonparty respondent, such as Ms. Mills, but not for a party-litigant, such as Secretary Clinton.

As for the other prongs, the court was none too impressed with Judicial Watch’s need to depose Secretary Clinton.

The circumstances under which this particular discovery order arises only buttress our finding of the appropriateness of mandamus. Judicial Watch does not in fact want for the information it purports to seek and has already been afforded extensive discovery related to the proposed deposition topics. In this FOIA case alone, it has taken eighteen depositions and propounded more than four times the presumptive maximum number of interrogatories. . . . In its parallel FOIA case before Judge Sullivan, Judicial Watch received sworn interrogatories from Secretary Clinton herself as well as a lengthy deposition of Ms. Mills and seven other witnesses, traversing the proposed deposition topics and resulting in the identification of no additional records responsive to the instant FOIA request. . . . As discovery progressed, Judge Sullivan invited Judicial Watch to seek leave to serve even more interrogatories if there were “follow up questions” it had been “unable to anticipate,” . . . an avenue Judicial Watch did not pursue.

 

 

 

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Secret Service Asked CBP for Helicopters and Spy Planes in Response to White House Protesters

dcprotest2

The Secret Service asked Customs and Border Protection (CBP) for a Black Hawk helicopter and surveillance aircraft in response to protests outside the White House, according to documents obtained by American Oversight, a government watchdog group.

Kimberly Cheatle, assistant director for the Secret Service’s Office of Protective Operations, wrote to CBP acting commissioner Mark Morgan asking for assistance in a June 5 letter, obtained by American Oversight and first reported by The Washington Post. Cheatle requested surveillance aircraft to monitor protesters outside the White House and a Black Hawk helicopter that could be used to rapidly deploy a “fast rope” tactical team if needed.

The request came a week after violent clashes between large crowds of Black Lives Matter protesters and federal and local law enforcement near the White House, which led the Secret Service to rush President Donald Trump to an underground bunker.

“Due to the significant and unprecedented events occurring in the National Capital Region, the U.S. Secret Service is requesting the support from the U.S. Customs and Border Protection Air and Marine Operations,” Cheatle wrote. “CBP’s participation in the operational security plan is vital.”

The Post reported that the Secret Service later decided that the helicopter wouldn’t be needed, but CBP did provide the agency with live footage from a surveillance plane monitoring protests in D.C.

The letter further documents the federal response to widespread protests and unrest throughout the country following the police killing of George Floyd in Minneapolis in May. Multiple federal agencies deployed surveillance aircraft to monitor protests and riots. CBP deployed a surveillance drone over Minneapolis. The FBI flew aircraft equipped with infrared and electro-optical cameras—and possibly equipment known as ‘dirtboxes,’ which can collect cell phone location data—over Washington, D.C., and Las Vegas.

Reason‘s Elizabeth Nolan Brown was on the ground when a National Guard helicopter hovered dangerously low over protesters in D.C. as a “show of force.” The D.C. National Guard is now investigating the incident.

Austin Evers, American Oversight’s executive director, told the Post that the letter is “further evidence that the Trump administration sees First Amendment activities as a siege and our fellow citizens as combatants.”

The Secret Service has suffered several embarrassing White House breaches over the past decade, and it was caught off guard by the intensity of the protests. However, the Trump administration’s response to the George Floyd protests—using anonymous federal law enforcement officers, snatching protesters off the street in unmarked vans, and using spy planes—has also showed the militarization and mission creep at the Department of Homeland Security, and why there were legitimate concerns over creating DHS in the first place.

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Empty Apartments in Manhattan Hit Record High As Two Year Crisis Begins  

Empty Apartments in Manhattan Hit Record High As Two Year Crisis Begins  

Tyler Durden

Fri, 08/14/2020 – 18:20

New York City’s rental market, the largest in the US, has fallen under severe pressure over the last four months as city-dwellers make a run for the exit. The outbound migration flow has resulted in a record number of empty apartments. 

Douglas Elliman and Miller Samuel published a new report this week (seen by CNBC) outlines how New York City has a whopping 13,000 empty apartments as landlords struggle to find tenants. The amount of vacant apartments supersedes the financial crisis a decade ago, which many landlords and multifamily operators are in for a rude awakening as their rental income streams evaporate.

The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel. As the number of apartments listed for rent hit 13,117, the number of new leases signed fell by 23%.

July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants, according to the report, which is also a recent high.

While hundreds of thousands of residents left the city in March and April in the beginning of the coronavirus pandemic, brokers and landlords hoped many would start returning in July and August, as the city’s lockdown eased and brokers could start showing apartments again. July and August are usually the busiest rental months of the year, as families get ready for school. But July’s weakness, and what brokers say is already a slow August, suggests that Manhattan’s real estate and economic troubles could extend well into the fall or beyond. – CNBC said, citing the report

Manhattan rents are slumping this summer and are expected to keep declining well into 2021. The average rental price of a two-bedroom apartment is about $4,620. 

The surge in empty apartments was widespread across the borough. Declines in new leases were seen across the board, from the high to low end segments. The report said the Upper East Side was hit the hardest, saw a 39% decline in new leases over the month. 

A record number of empty apartments in Manhattan will have ripple effects industrywide and on indirect industries. 

Miller warned: “This could be a difficult couple of years for landlords.” 

With landlord rental streams quickly evaporating, many will have trouble paying their mortgages and could result in a wave of selling over the next couple of years, sending real estate prices citywide into a possible correction. 

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What You Will Find When You Follow The Money

What You Will Find When You Follow The Money

Tyler Durden

Fri, 08/14/2020 – 18:00

Authored by MN Gordon via EconomicPrism.com,

It has been a rough go for California Governor Gavin Newsom.  Late last week it was revealed that the state Department of Public Health had tickled the poodle on its COVID-19 record keeping.  Somehow the bureaucrats in Sacramento undercounted new coronavirus cases by as many as 300,000.

Perhaps this oversight prompted Newsom to imbibe in a little meditation and reflection.  At his Wednesday coronavirus news conference, shortly after quoting Voltaire, Newsom offered the following epiphany:

“Businesses can’t thrive in a world that’s failing.”

Often the simplest insights into reality are the most essential.  We’ll give Newsom that.  Yet, this is hardly an insight.  Rather, it’s readily obvious…even to a numskull.

The world that’s failing, where businesses can’t thrive, is a direct consequence of government lockdown orders.  And Newsom, more than any other public official, has his fingerprints all over the offense.  If you recall, California, under Newsom’s command, was the first state to order lockdowns.  It’s a shame he didn’t pause for meditation before committing the state to ruin.

The dynamics of what would follow Newsom’s lockdown orders were predictable.  When government decrees froze the economy, bills were still due.  Yet many people’s incomes, in the form of paychecks, disappeared.

For businesses, outstanding accounts payable were still due.  Though accounts receivable quickly became overdue.  In short, the flow of cash, as delivered by an open economy of give and take, broke down.

Certainly, Newsom thought he was doing the right thing.  He had to keep everyone in the Golden State safe by locking them down.  Many governors followed Newsom’s lead, having the same disastrous results.

But that was just the beginning.  Soon the uplifters in Washington swung into action…

Printing Press Money

The opportunity to face the economic depression honestly – through bankruptcies, write downs, and a broad financial purge – came and went with the rollout of massive fiscal and monetary stimulus programs.  Crackpot schemes like the CARES Act, the PPP, the PMCCF, and the SMCCF, among others.

The general objective of these programs was to replace the personal and business cash flows that the lockdown orders destroyed.  The intentions may have been good.  But they paved the road to hell, nonetheless.

Zealous efforts to paper over the drop off in what people and businesses earn and what they owe, could never be covered for long.  What’s more, these programs were flawed from the get go.  Because they relied on printing press money – credit conjured from thin air – to make them work.

This, no doubt, is a serious flaw.  Printing press money may appear to work, in the short term.  But it’s not without consequences.  First, it destroys money that has been earned and saved.  Second, it turns the stock market into a barometer for the expansion of the money supply.

Yet the relationships between printing press money and the financial and economic distortions it causes are increasingly perilous.  The stock market may be the barometer for the expansion of the money supply today.  But tomorrow, the stock market could crash, and consumer price inflation could assume the role of money supply expansion barometer.

The consequences of mass money debasement are impossible to undo.  Once fake printing press money has mixed with the money that’s been earned and saved, it cannot be backed out.  The veracity of all dollars becomes questionable.  The value of all dollars becomes suspect.

What’s next?

What You Will Find When You Follow the Money

Well, what’s next is an extension of what came before.  And what comes next can be summed up with one word: “More”.

More monetary stimulus.  More fiscal stimulus.  More spending programs.  More federal unemployment checks.  More bailouts.  More government subsidized loans.  More money supply.  More Fed purchases of corporate bonds.  More debts.  More deficits.

More of this.  More of that.  All of which will be paid for with more printing press money.

Of course, more printing press money means more distortions.  Which means more asset bubbles.  Which means more inflation.  Which means more wealth inequality.  Which means more protests.  Which means more riots.  Which means more chaos. 

Which means much, Much More – of More.

We always knew this day would come.  But we thought it would be much more sensational when it arrived.  We watched the Fed, through willful cleverness, paint itself into a corner over the course of several decades.  There’s no escape.

So the Fed will keep doing more of what it does.  More money printing.  More dollar debasement.  More economic destruction.

Finally, more and more people are catching on.  They’ve suspected there’s been something wrong.  That things don’t quite add up.  However, for many years, political and class divisions served as a great distraction to channel their discontents.

Slowly, that is changing.  More and more people are following the money back to its genesis.  And what they’re finding is something so utterly crude, grotesque, and revolting that, like the devil, it hardly seems real.

But it is…and it’s a catastrophe.

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Daily Briefing – August 14, 2020

Daily Briefing – August 14, 2020


Tyler Durden

Fri, 08/14/2020 – 17:55

Real Vision CEO, Raoul Pal, is joined by senior editor, Ash Bennington, to reflect on the current state of markets. Raoul and Ash discuss the upcoming “precious metals week,” and Raoul shares his views on gold, silver, and mining stocks and provides insight into his trading framework. Raoul and Ash then turn to cryptocurrency: Raoul analyzes Bitcoin’s risk/reward characteristics, and Ash details the technological breakthroughs of Ethereum 2.0 with Raoul maintaining it is the macro that is driving the extreme price action of this nascent asset class. In the intro, Jack gives a sneak peek of next week’s interviews on precious metals.

via ZeroHedge News https://ift.tt/2Y4rKsh Tyler Durden