Recession: It’s Already Here! US Household Net Worth Growth Goes Negative For 3 Consecutive Quarters (Worse Growth Since The Great Recession And Financial Crisis)

To quote Bill Paxton’s character from Twister: “It’s Already Here!”

The feared recession, that is.

The year-over-year growth rate in Household Net Worth has been negative for 3 consecutive quarters, the worst growth since The Great Recession and Financial Crisis of 2008/2009.

Of course, the Biden family household net worth is off the charts. As is the household net worth for other Washington DC politicians like Nancy Pelosi (Communist-CA). And AOC (Communist – NY).

Livin’ La Vida Biden! Bankrate’s 60 Month Auto Loan Rate Up To 7.65%, Up 166% Under Bidenomics (Only Getting Worse As Powell Vows More Rate Hikes)

Livin’ la vida Biden!

The Biden Administration has got a line on you! Unfortunately that line is choking America’s middle class and low wages workers with inflation and rising interest rates.

Auto loan rates are now up to 7.65%, a gut-wrenching 166% increase under Bidenomics.

Average monthly payments also reached a new record of $733. That compares with $730 in the first quarter and $678 in the second quarter of 2022. Buyers were financed with an average APR of around 7.1%, the highest since the fourth quarter of 2007. 

2 out of every 3 consumers who agreed to a $1,000+ monthly payment in Q2 signed up for an average APR between 8.5% and 9.6%. (via Edmunds).

As for buyers who took on $1,000 monthly auto payments, about 65% of them had an average loan-term range of 67 months and 84 months, their average APR rate was between 8.5% and 9.6%.

Bidenomics. Crushing the soul of America’s middle class and low wage workers.

I love how the most secure building in Washington DC with cameras 24/7 EVERYWHERE and the Secret Service claims they don’t know who left the cocaine on a table. I will bet they pin the blame on VP Kamala Harris as an excuse to replace her word salads for the 2024 Presidential election.

Bankrate’s 30Y Mortgage Rate Rises To 7.31%, Up 154% Under Bidenomics (Fed Likely To Continue Rate Hikes)

Bidenomics, the massive Federal spending spree that helped drive inflation to 40 year highs, is the most top-down Soviet-style command economy model imaginable.

As The Fed battles Bidenflation, the 30-year mortgage rate has now risen to 7.31%, a far cry from 2.88% when Biden was installed as President. That is a 154% increase in the 30-year mortgage rate under Bidenomics.

The architect of Bidenflation, Snow Biden.

Biden’s Build Back Better Now Build Back Bankrupt! Commercial Chapter 11 Filings Increased 68 Percent in the First Half of 2023 (Rising Rates Thanks To Bidenflation)

Biden’s massive spending spree (aka, Build Back Better) has a new name: Build Back Bankrupt!

According to Epiq, Commercial Chapter 11 Filings Increased 68 Percent in the First Half of 2023.

NEW YORK – July 03, 2023  The 2,973 total commercial Chapter 11 bankruptcies filed during the first six months of 2023 represented a 68 percent increase over the 1,766 filed during the same period in 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Individual Chapter 13 filings increased by 23 percent during the same period.

Overall commercial filings registered 12,107 for the first half of 2023, representing an 18 percent increase from the commercial filing total of 10,258 for the first half of 2022. Small business filings, captured as Subchapter V elections within Chapter 11, totaled 814 in the first six months of 2023, a 55 percent increase from the 525 elections during the same period in 2022.

Overall commercial filings increased 12 percent in June 2023, as the 2,123 filings were up from the 1,891 commercial filings registered in June 2022. The 404 commercial Chapter 11 filings in June represented a 9 percent increase from the 371 filings in June 2022. Total Subchapter V elections within Chapter 11, experienced a 111 percent increase from 94 in June 2022 to 198 in June 2023.

“The increase in commercial and individual bankruptcy filings during the first half of 2023 underscores the economic challenges faced by businesses and individuals,” said Gregg Morin, Vice President of Business Development and Revenue at Epiq Bankruptcy. “Our objective is to provide bankruptcy professionals with timely and accurate data necessary for analyzing stakeholder volumes and trends for making informed business decisions.”

Total bankruptcy filings were 217,420 during the first six months of 2023, a 17 percent increase from the 185,352 total filings during the same period a year ago. Total individual filings also registered a 17 percent increase, as the 205,313 filings during the first half of 2023 were up from the 175,094 filings during the first six months of 2022. The 85,390 individual Chapter 13 filings in the first half of 2023 represent a 23 percent increase over the 69,367 filings during the same period in 2022.

All chapters increased in June 2023 compared to June 2022, with 37,700 total bankruptcy filings representing an increase of 17 percent from the 32,198 filed in 2022. Total commercial filings were up 12 percent from 1,891. Total Individuals were up 18 percent from 30,307.

While not the Epiq data, the Bloomberg Corp Bankruptcy Index shows the rise in bankruptcies as The Fed fights Bidenflation.

Jobs Friday! Only 209k Jobs Added In June, Avg Hourly Earnings Rises 4.4% YoY, Too Bad Core CPI YoY Still At 5.3%! (Silver UP Almost 2% This AM)

After yesterday’s surprise ADP jobs report, I was expecting a better June jobs report. But alas, today’s job report was a disappointment. Only 209k jobs were added in June.

On the other hand, average hourly earnings YoY rose slightly to 4.4%. Too bad core inflation at the last reading was 5.3% YoY.

Here is the rest of the story:

Silver is up almost 2% this AM!

Biden Drains Strategic Petroleum Reserve For 14th Straight Week (SPR Down -46% Under Bidenomics, Reg Gas Price UP 48%, Diesel Fuel UP 47%) Hunter In The West Wing With A Straw!

What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results.

A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate gasoline and diesel fuel prices in an effort to lower fuel prices ahead of the 2024 Presidential election. Watch Biden suddenly stop caring about fuel prices once he wins reelection!

After last week’s huge draw, expectations were for a smaller draw (which API showed last night), but the actual crude draw was smaller – just 1.5mm barrels. Stocks at the Cushing hub fell 400k barrels and products also saw notable draws..

At least we now know who left cocaine in the White House!

ADP Jobs Added 497k In June! Almost Guarantees Another Rate Hike At July FOMC Meeting, 10Y T-Yield UP >10 BPS, 2Y T-Yield UP 16 BPS (Yellen Goes To China?) Bitcoin Cash UP 10%

The good news (if true)? ADP announced that 497k jobs were added in June.

The bad news? A 497k print on jobs (many seasonal, it is summer!) almost guarantees that The FOMC (Fed Open Market Committe) will raises rates again at at the July meeting.

The 2-year Treasury yield is up over 10 basis points.

The 2-year Treasury yield is up 16.5 basis points.

Bticoin Cash is up 10% today.

I should have bought nickel!

Why is Biden sending Treasury Secretary Janet “The Marxist Midget” Yellen to China? A Treasury Secretary and former Federal Reserve Chair? Likely trying to convince China that our $32 TRILLLION AND GROWING national debt is not a problem, since China is the third largest holder of US Treasury debt (after The Fed and Japan). Note that China has decreased its holdings of US Treasuries by -25.6% since January 2018.

Hopefully, Yellen isn’t acting as a bag man for The Biden Crime Family. 10% for The Big Guy?? How much does Yellen get??

US Mortgage Purchase Demand Down -42.3% Under Bidenomics, Mortgage Refi Demand Down -91%, Mortgage Rates UP 131% (As Liquidity Dries Up)

Joe Biden, or “Blow Biden” after the cocaine was discovered in the White House the other day, owns the abysmal mortgage and housing market thanks to The Fed fighting inflation caused by Bidenomics (massive Federal spending and massive Fed stimulus).

Mortgage applications decreased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2023. Last week’s results included an adjustment for the Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.

Here is the rest on the story:

As liquidity dries up under Bidenomics. Or Yellenomics. Take your pick!

Seriously, can The Biden Administration get any more embarrassing? Or dangerous to American civil liberties?

Bidenomics! US Factory Orders Decline YoY For First Time Since Oct 2020 As Fed Retreats (Economy Is Slip, Slidin’ Away!)

The closer we get to the 2024 Presidential election, the more the economy is slip slidin’ away.

As Powell and The Gang raise interest rates, the more the economy is … slip slidin’ away. US Manufacturers New Orders YoY in May declined -1.0% for the first time since Covid.

But as M2 Money growth slows, its getting late in the election cycle.

Too soon?

Global Warming? WEF Says Fashion Will Be Abolished by 2030: “Humans Will All Wear a Uniform” (Tomorrow Belongs To ?)

Ah, the elitists at the World Economic Forum are at it again, telling Americans what they can eat and what they can wear. The official song of Klaus Schwab and the World Economic Forum is “Tomorrow Belongs To Me!”

The World Economic Forum has declared that by 2030 fashion will become completely obsolete and all humans will be vegan, whether they like it or not. Despite the fact that NASA has admitted that global warming is due to earth’s proximity to the sun in its elipse, not due to carbon emissions. But hell, there is no money in that. But there are trillions of dollars (and Euros) available to fight the mythical war against global warming!

A newly resurfaced report written in 2019 states that humans will only be permitted to buy three items of clothing per year and will be prohibited from buying or consuming meat.

Published in 2019, ‘The Future of Urban Consumption in a 1.5°C World’ report funded by the WEF, sets out extreme targets for governments around the globe to reduce greenhouse gas emissions, as consistent with the 2015 Paris Agreement ambitions.

The report outlines six areas where world governments can take “rapid action to address consumption-based emissions”: food, construction, clothing, vehicles, aviation, and electronics:

“The report demonstrates that mayors have an even bigger role and opportunity to help avert climate emergency than previously thought … While the analysis addresses big global questions, its purpose is to inspire practical action … average consumption-based emissions in C40 cities must halve within the next 10 years. In our wealthiest and highest consuming cities that means a reduction of two thirds or more by 2030.” – Mark Watts, Executive Director of C40

“It is now clear that action to reduce consumption will be necessary as part of the global effort to mitigate climate change … The actions set out in the report are challenging and they will be confronting for many, but we think they are necessary … City Mayors can set a vision and convene actors to bring about the changes we describe … The work reported here forces a focus on what a sustainable urban future might look like and helps us to consider what policies, regulations, incentives and behavioural changes will be necessary to transition to a zero-carbon world.”

– Gregory Hodkinson, Former Chairman of ArupThe Future of Urban Consumption in a 1.5°C World, 2019

C40 is a global network of mayors representing one-quarter of the global economy. It includes almost 100 cities plus 1,143 cities and local governments that have joined C40’s ‘Cities Race to Zero’. The cities that sign up for the ‘Cities Race to Zero’ commit, among others, to keeping global heating below the 1.5°C goal of the Paris Agreement.

Without reading the numerous reports and recommendations thrown at the ‘Cities Race to Zero’ signatories, it’s not possible to establish if the actions set out in The Future of Urban Consumption in a 1.5°C World report are specifically included in the action plan. Why does it matter? Because if they are, it is not only the 100 or so C40 Cities but more than 1,000 cities that are committing to the report’s reductions in consumer-based emissions. Additionally, we can assume Arup’s network is committing the same.

Arup works as a global network of “experts” and boasts that it “shapes cities in a thousand ways.” It has more than 17,000 members and offices in 46 of the 97 cities that make up C40’s global network. C40 and Arup have worked together since 2009 and have collaborated on dystopian publications such as Deadline 2020, Green and Thriving Neighbourhoods and a guide for creating net-zero neighbourhoods. But these collaborations have not come about without money changing hands.

The first C40/Arup report titled ‘Powering Climate Action: Cities as Global Changemakers’ was published in 2015. That same year Arup committed to investing $1 million over three years into a research partnership with C40.

In 2019, the year the C40/Arup consumer-based emissions report The Future of Urban Consumption in a 1.5°C World was published, Arup trebled its advisory support to C40 to $3 million over 3 three years.

In 2023, Arup continued its investment in C40 with up to US$300,000 a year to help C40 drive resilience and decarbonisation in cities around the world. Unsurprisingly, in March 2023, C40 Cities re-highlighted the 2019 C40/Arup consumer-based emissions report in an article titled ‘A spotlight on consumption-based emissions’. “Since our report was published, cities around the world have begun to map consumption-based emissions and explore ways to reduce them,” C40 said.

So, what does the 2019 report that Arup has so heavily invested in say?

Below we have picked out a few highlights. You can download and read the full report HERE. Because it provides damning evidence against its collaborators, we have also attached a copy below should it disappear from public view at any time in the future.

Starting on page 66, the report summarises what they hope to impose on us. Below are images of their “ambitions” which require no further comment, except to say that all these plans are being made and agreed upon outside the democratic process and in a classic dictatorial manner under false pretences.

C40 and Arup’s activities need to be halted immediately and their operations shut down permanently.  Additionally, any person who has actively contributed to/participated in devising, considering or implementing these plans should be questioned, investigated and brought to account. 

The song “Mein Herr” seems to be about Klaus Schwab.

Of course, if former President Obama actually believed that the oceans are rising, he likely wouldn’t have bought an ocean-front mansion on Martha’s Vineyard.

I wonder if Biden is taking a bribe from Klaus Schwab for say $10 million??