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Russia, China & North Korea To Launch Trilateral War Games

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Russia, China & North Korea To Launch Trilateral War Games

Authored by Kyle Anzalone via The Libertarian Institute,

South Korea’s intelligence services believe that Russia, China and North Korea are preparing to conduct joint military drills. Moscow, Beijing, and Pyongyang have all frequently complained about American war games near their borders.

According to Yoo Sang-bum, a South Korean legislator, Russian Defence Minister Sergei Shoigu likely proposed that North Korean soldiers join Russian and Chinese troops for military exercises during a July meeting with Supreme Leader Kim Jong Un. Yoo says he learned the information during a closed-door discussion with South Korea’s National Intelligence Service.

The report comes as Moscow, Beijing and Pyongyang have become increasingly frustrated with Washington and its allies conducting war games near their borders.

Last week, US and South Korean soldiers wrapped up the Ulchi Freedom Shield annual joint military exercises which included sending American strategic assets to the Korean Peninsula. In response to the drills, Kim ordered his forces to conduct a test of their nuclear capabilities.

In the South China Sea, Washington contests Beijing’s territorial claims by sending warships into Chinese waters and claiming the deployment is a “freedom of navigation operation.”

Prior to the invasion of Ukraine, Russian President Vladimir Putin explained that NATO war games in Ukrainian territory were viewed as an intense provocation by Moscow.

On Saturday, the Kremlin’s envoy to Pyongyang, Alexander Matsegora, explained North Korea’s participation in joint military exercises with China and Russia was an “appropriate” response to “constant bilateral and trilateral exercises” being held by the US and its “junior partners in Asia.”

On Monday, Shoigu confirmed Moscow was planning to conduct joint military drills with Pyongyang. When asked about deepening defense cooperation, he said per Reuters:

“Why not, these are our neighbors. There’s an old Russian saying: you don’t choose your neighbors and it’s better to live with your neighbors in peace and harmony,” Interfax news agency quoted Russia’s Defence Minister, Sergei Shoigu, as saying on Monday.

When asked about the possibility of joint exercises between the two countries, he said “of course” they were being discussed, it said.

Additionally, the Russian defense minister said Kim was planning to travel to Russia for an upcoming meeting with Putin.

Tyler Durden
Tue, 09/05/2023 – 23:00

How Student-Teacher Ratios Vary Across The Globe

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How Student-Teacher Ratios Vary Across The Globe

Around the world, schools have been struggling to recruit teachers before the start of the school year.

As Statista’s Anna Fleck reports, it’s a phenomenon not only seen in the U.S. but also in Canada, Australia and in Europe, as low salaries, long hours, stress and burnout from the pandemic have led to a mass exodus from the profession.

According to NPR, it is children living in isolated rural areas and big city districts in the U.S. that are particularly impacted. This is because these schools may not be able to compete for teachers with the better-funded suburban schools that can offer higher pay.

The following chart shows how there are fairly significant differences in class sizes between countries.

Infographic: How Student-Teacher Ratios Vary Across the Globe | Statista

You will find more infographics at Statista

Of the OECD countries listed, Norway and Belgium appear as examples of teachers working with smaller classes, with an average of around 10 pupils per teacher in public education (primary and secondary). By contrast, classes are fairly busy in Mexico. The country has the highest student-teacher ratio of the study, with around 24 to 27 students per teacher. In the U.S., there are usually around 15 students per teacher in both public elementary and secondary education.

Teachers warn that teacher shortages and increased class sizes could lead to a detrimental impact on pupils’ progress, attainment and behavior. This is because it makes it harder to provide adequate provision of learning resources to children, while teachers say they can’t meet the needs of all pupils under those circumstances.

While the student-staff ratio alone does not guarantee academic success, with teaching styles, teaching methods and extra-curricular choices also influencing factors, many teachers believe it is important.

Tyler Durden
Tue, 09/05/2023 – 22:40

Pennsylvania High School QB Needs ‘Miracle’ After Collapsing Mid-Game, Family Says

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Pennsylvania High School QB Needs ‘Miracle’ After Collapsing Mid-Game, Family Says

Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),

A high school football player in Pennsylvania needs “a miracle” after collapsing on the field in the middle of a game on Sept. 1, according to his family, who said in a health update on Sept. 3 that the 17-year-old has been in critical condition for more than 36 hours.

A customized football in Pacific Palisades, Calif., on May 26, 2018. (Meg Oliphant/Getty Images)

Mason Martin, a quarterback for Karns City High School, suffered a “significant brain bleed as well as a collapsed lung,” his family told KDKA-TV.

The matchup between the Karns City Gremlins and Redbank Valley Bulldogs was cut short in the third quarter when referee Mike Vasbinder noticed Martin started to stagger after he received a hit during the game.

Despite the hit, the quarterback continued to play defense without any apparent issue until he left the field for the extra point and then came back for the return kick-off. However, the referee noticed something was off before the play started, prompting him to blow his whistle as Martin collapsed.

“I had to talk to him, and when I asked if he was alright, he told me, ‘no,'” Mr. Vasbinder said, according to the Butler Eagle. “So that’s when I knew something was wrong.”

The game was stopped early and the Redbanks were named the winner as they were leading 35–6 when the incident occurred.

Mr. Vasbinder said the medical emergency led staff members to enforce a series of protocols, including some of which the referee never had to follow in a game before last week’s incident.

“When we saw it got to the point where they were bringing on an ambulance, we talked to Redbank Valley’s coach and Karns City’s coach, who was obviously with his player,” he said. “And we just tried to stay back and keep calm, so things didn’t escalate.

Martin was taken off the field in a Karns City ambulance before being flown to UPMC Presbyterian Hospital in Pittsburgh in a STAT MedEvac helicopter, D9Sports.com reported.

His mother, Stacy King Martin, shared an update on her son’s health condition in a statement on social media on Sept. 3, thanking everyone for their love and support.

“Mason remains in critical condition with little change over the last 36 hours,” her message reads. “The truth is we need a miracle. I’m not saying that to sound grim, but to let you know that we need the strength of your prayers.”

No one believes in this kid more than us, but he needs everyone’s strength and prayers,” the message continues. “Right now, we have to wait for the swelling to go down to assess the extent of the damage to the brain. So please pray the way he has always played the game, all out holding nothing back, maybe a little angry, definitely aggressive.”

The Karns City Gremlin Football Program also issued a lengthy statement after the incident, saying the school has counselors available for students and staff who need to talk to someone after witnessing Martin’s serious on-the-field injury.

Brittany Thompson, a spectator who was there with her daughter, said the situation was reminiscent of Buffalo Bills safety Damar Hamlin’s collapse during the Jan. 2 game against the Cincinnati Bengals.

“We’re not from this school district, but my daughter wanted to come to the game,” Ms. Thompson said, the Butler Eagle reported. “It’s just really scary.”

Mr. Hamlin revealed the official cause of his collapse during a press conference in April, saying he collapsed due to a condition that mostly happens to teenagers playing baseball.

“The diagnosis of what happened to me was basically commotio cordis. It’s a direct blow at a specific point in your heartbeat that causes cardiac arrest,” he explained. “And five to seven seconds later, you fall out.”

Cardiac Issues Among Young Athletes

News of Martin’s medical emergency comes about a month after Lebron James’s son, Bronny James, suffered a sudden cardiac arrest while he was practicing for the USC basketball team.

A spokesperson for the family said on Aug. 26 that a congenital heart defect likely caused the cardiac arrest. The condition had been identified “after a comprehensive initial evaluation” at the center and follow-up evaluations at the Mayo Clinic and Atlantic Health/Morristown Medical Center.

It is an anatomically and functionally significant Congenital Heart Defect which can and will be treated,” the spokesperson said in a statement.

However, soon after the medical situation, rampant speculation emerged on social media, including a post from X owner Elon Musk suggesting that the cardiac incident was associated with the COVID-19 vaccine.

“We cannot ascribe everything to the vaccine, but, by the same token, we cannot ascribe nothing. Myocarditis is a known side effect. The only question is whether it is rare or common,” the Tesla CEO said in late July.

At the same time, CNN interviewed its own medical analyst, Dr. Sanjay Gupta, who asserted that the younger James’s health scare, as well as similar sudden cardiac arrest events involving young athletes, are “more common than people realize.”

Last month, the death of Caleb White, 17, from Alabama’s Pinson Valley High School also became a hot topic online as inquiries continue into the unclear links between COVID-19, COVID-19 vaccines, and heart issues.

“24 hours ago, my grandson Caleb White collapsed on the basketball court, went into cardiac arrest and all attempts to resuscitate him failed. This was similar to the illness Labron James’ son experienced as he was working out,” Caleb’s grandfather, George Varnadoe Jr., said in a Facebook post on Aug. 11.

Studies on Vaccine Risks

A study funded by the South Korean government has confirmed that COVID-19 vaccines can cause sudden death. In June, authorities said that eight people died suddenly after receiving an mRNA vaccine due to myocarditis.

All the sudden cardiac deaths (SCD) occurred in people aged 45 and younger. One of the victims was a 33-year-old man who died just one day after he received the second shot of the Moderna vaccine. Another case involved a 30-year-old woman who died three days after getting her first dose of a Pfizer vaccine.

The results show the need for “careful monitoring or warning of SCD as a potentially fatal complication of COVID-19 vaccination, especially in individuals who are ages under 45 years with mRNA vaccination,” the study said.

In an interview with The Epoch Times, Dr. Andrew Bostom, a retired professor of medicine in the United States, said that the results show why mandating COVID-19 vaccines for young people was flawed.

“These are people who ostensibly did not need the vaccine,” he said. “That’s what adds insult to injury.”

Aldgra Fredly and Naveen Athrappully contributed to this report.

Tyler Durden
Tue, 09/05/2023 – 22:20

Musk-The-Merciless? SpaceX Launching “80% Of All Earth Payload Mass To Orbit”

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Musk-The-Merciless? SpaceX Launching “80% Of All Earth Payload Mass To Orbit”

According to Elon Musk, SpaceX has exceeded the previous year’s rocket launch count, delivering 80% of all Earth payload mass to orbit for the year so far. He said China accounts for the other 10%. 

On Sunday night, SpaceX launched 21 Starlink internet satellites to low Earth orbit atop a Falcon 9 rocket from NASA’s Kennedy Space Center. The mission was the 62nd of the year, setting a new record for the most flights in a year. The previous record was set in 2022 by the company. 

Musk said, “Aiming for 10 Falcon flights in a month by the end of this year, then 12 per month next year.” 

He explained, based on the 2024 launch schedule, “SpaceX will deliver ~90% of all Earth payload to orbit,” adding, “Starship will take that to >99% in future years.” 

Musk’s latest predictions about SpaceX’s rocket launch monopoly come as new aerial images show Starship is preparing for the second test flight (the first flight ended with a bang). 

On Tuesday, X account RGV Aerial Photography posted a timelapse video of Starship, explaining, “Starship full stack!”

Musk said the world’s largest rocket underwent a successful static fire in recent weeks. He said, “Getting ready for the next Starship flight.”  

RGV Aerial Photography posted a list of milestones Starship has completed and what still needs to be achieved ahead of the next launch (list courtesy of blog spacex.information)

Meanwhile, Musk has managed to infuriate Democrats as they weaponize government agencies, such as the DoJ and SEC, against him… 

Is this how Dems see Musk?

… and a former Obama administration official recently declared: “The US government needs to end its relationship with Musk immediately.” 

Good luck with that one. Then no Starlinks for Ukraine. 

Tyler Durden
Tue, 09/05/2023 – 22:00

The Third World Revolt

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The Third World Revolt

Authored by Christopher Roach via American Greatness,

Back in my high-school debating days, policy debate teams frequently concluded their arguments with an extreme and somewhat absurd parade of horribles. This was a testament to their intelligence and creativity, plus being dead wrong carried few consequences. Through convoluted chains of logic, they argued that some small change in environmental or trade policy would lead to nuclear war or America’s domination by the “global south.”

Even then, this all struck me as ridiculous. How could the Third World, with its periodic famines and coups, ever threaten the United States? Back then we were fully dominant over the entire world after the collapse of the Soviet Union and the Warsaw Pact.

A lot has changed.

The Birth of the Nonaligned Movement

During the Cold War, the various nations on the periphery acted, in some ways, as judges of the two competing systems. While the United States and Soviet Union were accused of manipulating the Third World for selfish reasons, the manipulation went both ways. Being coy, Third World leaders often managed to squeeze real benefits, like infrastructure projectsdiscounted military equipment, and other forms of aid by siding with one side or the other.

During the Cold War, the nations of the Third World were wary of being compelled to take sides, risking conflicts orthogonal to their own interests and sacrificing their sovereignty through excessive dependence on a patron. This is why the nonaligned movement gained power, with India in particular at the forefront, where it was joined by interested Middle Eastern, African, and Latin American nations.

These nations, which had gained sovereignty only very recently from their colonial masters, were understandably touchy about their independence. They did not want to exchange a formal colonial structure for an informal one.

When the Cold War ended, the United States remained the sole superpower for some time, but, rather than achieving worldwide assent, this instead fueled envy, fear, and resentment. No longer able to chart their own path, every nation became subordinate on some level to American power.

Aggressive Idealism Fuels Anti-Americanism

At the height of its military power, starting during the Clinton presidency, American leaders began to embrace an aggressive “idealism” that set out to change the character, values, and customs of other countries. Purely “humanitarian” interventions like Kosovo and Somalia became common.

In Iraq and Afghanistan, this idealism meant feminism and democracy. In Eastern Europe, it meant the promotion of gay rights and secularism, alienating the conservative and religious people who once idealized the United States. In Latin America, idealism demanded capitalism and loosened trade restrictions.

The invocation of “Freedom” and “Democracy,” while it sounds noble and idealistic to our ears, began to sound like a threat to nations who were out of step with the West’s ruling classes. Unilateral American military intervention in such diverse places as Panama, Iraq, Serbia, Syria, and Libya made nations on the sidelines wary that they could be next.

Brazil, Russia, China, India and South Africa—the so-called BRICS—do not have much in common. They have diverse economic and political systems, distinct languages, very different histories, and members appeared on both sides of Cold War alliances. But they share a common orientation to American power:  our aspirations to maintain “sole superpower” status threatens their national power and independence.  Perceiving this as a zero-sum game, they seek to pivot world attention, prosperity, and power away from the United States and its Western European allies.

Among these American competitors, China and Russia stand out most of all. Through their de facto alliance, they now dominate the Eurasian landmass. Their industrial capacity has revealed significant advantages in a war of attrition. And, finally, with their history as former American enemies, they have a habitual and strong resistance to American interference with their destinies.

While Russia and China’s conduct is easily understood, the growing and diverse anti-American coalition, along with these other nations’ willingness to accept Russian and Chinese leadership, needs explanation.  The heart of the matter is sovereignty. American demands and desires currently constrain each of the BRICS nations and the many smaller nations of the Third World, whether it is in energy, central banking, sanctions, trade, or even domestic policies on issues like feminism and gay rights.

The proposed “multipolar world” has a lot of momentum because it does not require submission to a particular Chinese or Russian model for internal governance. Russia and China are mostly agnostic about internal affairs, unlike the “idealistic” United States. Rather, the alternative promotes a more organic (and potentially chaotic) distribution of power from the current system.

Finally, neither Russia nor China could displace the United States. Thus, at most, they can usher in a world of “multipolarity,” where all countries will be less constrained, and larger countries like them have, at most, regional strength.

Ukraine War Now Existential for the American Empire

The current war in Ukraine is bringing a lot of things to a head. The United States and Europe imagined the rest of the world would view the conflict as a morality play: a big, powerful bully dominating its innocent and unassuming neighbor. This, indeed, is how most leaders and many people in the West perceive events.

But this has been a tough sell in the Third World, which is the chief reason sanctions have faced resistance. While Russia is bigger than Ukraine, Ukraine is big relative to its separatist eastern provinces, with whom it has had a conflict since 2014. Since most developing nations began as anti-colonial movements for national liberation, Ukraine’s attempts to forcibly reintegrate the East does not look so different from the types of struggles Brazil and India had during their independence movements.

Moreover, with Ukraine aligned so closely with the West—using NATO tanks, NATO mercenaries, and NATO money to prosecute its defense—much of the world does not perceive a bully pushing around its stalwart neighbor, but rather an American bully using its Ukrainian lackey for realpolitik designs against Russia. This is a particularly popular view in China, of course. But, judging from editorials and open source comments, it is also widely held in places like Africa and India, where many people view Russia in a positive light because of its opposition to the United States.

Until now, American power rested on actual American superiority in economics, military power, and cultural influence.  The United States soundly defeated Iraq in the first Gulf War, emerged from the Cold War intact and wealthy, and soon proceeded to project power with great skill in the early days of the Afghanistan and Iraq campaigns. But since that time, we have departed Afghanistan and Iraq without a victory. In parallel, we spread chaos in Libya and Syria, failing to conclude regime change operations in the latter.

American military prowess is no longer undisputed or inevitable, undermining the broader claim of America as the “sole superpower.” This was all avoidable, but having overextended itself, the visible evidence of American decline is now confirmed. This is what happens when a nation is ruled by disloyal, short-sighted, and foolish people.

To state the obvious, losing wars is never good for an empire. The Ottoman and Russian empires dissolved under the stresses of the First World War. While part of the victorious allies, World War II cemented the subordinate status of France and the United Kingdom, and their empires fell apart after the war. Finally, and most recently, the Soviet Union broke apart after its costly and controversial campaign in Afghanistan.

Russia’s attempts to assert power in its near-abroad fueled America’s interest in the current Ukraine War.  The theory was that we would pursue our interests on the cheap, prevent challenges to American hegemony, with the added benefit that Ukrainians would be doing the dying. Because of our military and economic superiority, supporters claimed the war would kill Russians, weaken their military, and destabilize Putin’s hold on power.

Proponents of the war did not really consider what would happen in the reverse case. What if not Russia, but the United States found itself strained economically, losing critical and hard-to-replace weapons in a war of attrition, visibly demonstrating its impotence and weakness on the world stage? Wouldn’t the same dire consequences intended for Russia now happen to us?

Indeed, they would. Luckily, actual American security does not depend on the continuation of America’s dominance of the globe, nor does American prosperity. Indeed, our prosperity has declined as the requirements of the military industrial complex and the behemoth welfare state devalue our currency and impoverish taxpayers. Further, our aspirations to maintain sole superpower status has endangered us by fueling anti-Americanism, while encouraging significant moral compromise at home.

Although losing a war and taking a blow to prestige can be a painful process, the American people’s interests require the dismantling of the American empire. Our current course risks manifesting the dire and once-implausible scenarios popular on the high school debate circuit. It is time to change course.

Tyler Durden
Tue, 09/05/2023 – 21:40

AirBnBust: New York “Effectively Bans” Short-Term Rentals

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AirBnBust: New York “Effectively Bans” Short-Term Rentals

Last week, we wrote that the bursting of the AirBnB bubble will also pop the broader housing bubble, which has shown remarkable resilience in the face of the highest interest rates since Volcker (although today’s ominous tumble in homebuilder stocks is certainly a concern), largely the result of a staggering divergence between effective mortgage rates (since almost everyone refinanced into a 30Y mortgage when rates were at record lows a few years back and is locked into a nice, low rate for a long, long time… or until they sell) and current 30Y mortgages, which at 7.5% nobody can afford.

So back to the coming AirBnB fiasco, last Wednesday the real estate experts at RedFin wrote that investor home purchases fell 45% from a year earlier in the second quarter, outpacing the 31% drop in overall home sales. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%.

The drop in purchases has brought the total number of homes bought by investors below pre-pandemic levels, which is a major concern for a market where investors remained the last remaining support pillar now that most average Americans seeking to buy their first home are simply unable to afford it and are stuck renting indefinitely.

Real estate investors bought roughly 50,000 U.S. homes in the second quarter, the fewest of any second quarter in seven years, with the exception of the start of the pandemic.

The decline comes as this year’s relatively cool housing and rental markets makes investing in homes less attractive than it was during the pandemic-driven homebuying frenzy of 2021 and early 2022, when record numbers of AirBnB were purchased as hotel and lodging surrogates.

There is another, more tangible reason why the AirBnBoom is turning into an AirBnBust: starting today, the short-term rental landscape is changing drastically in New York City, and according to the company itself, will be “effectively banned” threatening the entire AirBnB model in the Big Apple, and other big cities to follow. 

As the RealDeal reports, beginning Tuesday, short-term rental hosts in New York City will be required to register their units, which will likely have a significant impact on platforms like Airbnb and potentially steer travelers toward hotels or New Jersey.

The new regulation, known as Local Law 18, includes several rules that may prove inconvenient for travelers and hosts:

  • Limit on Guests: Short-term rentals can accommodate no more than two paying guests at a time, regardless of the property’s size or the number of bedrooms.
  • Host Presence: Hosts are required to be physically present while their properties are being rented.
  • Unlocked Doors: Hosts and visitors must leave the interior doors within the rental unlocked, allowing occupants access to the entire unit.

The measure aims to curb illegal short-term rentals (which is basically every AirBnB listing), enhance guest safety, and alleviate housing market pressures. It could also drive travelers away from short-term rental platforms altogether, as the restrictions effectively eliminate the appeal of staying in apartments, and forces them to share space with strangers or opt for hotel rooms.

“Unless it is a really big unit, I think a lot of travelers will find it uncomfortable to stay in an apartment that fully complies with and abides by the city’s new regulations,” Sean Hennessey, a professor at New York University’s Jonathan M. Tisch Center of Hospitality, told the outlet. And if there is one thing New York does not have a lot of, it is “really big” apartments.

For those hoping to follow and comply with the regulatory framework, good luck: as of Aug. 28, the Office of Special Enforcement in New York City had received over 3,250 applications for short-term rental listings. They reviewed 808 submissions, granted 257 certificates, rejected 72, and returned 479 for further information or corrections, according to the Post.

The OSE also maintains a Prohibited Buildings List of units that can’t be rented short-term due to lease terms or rent regulations.

Penalties for hosts for violations of these regulations can range from $100 to $1,000 for the first offense, while guests will not face penalties for staying in an illegal property.

Naturally, Airbnb sued to have the law gutted, claiming it was effectively a ban on short-term rental  but a judge dismissed the lawsuit in August.

The company said that listings without a registration number will be unable to accept new reservations once the law is activated. To minimize disruptions to existing bookings, Airbnb will honor reservations made before Tuesday for stays through Dec. 1, refunding the service fee. After Dec. 1, Airbnb will cancel and refund reservations at uncertified properties. The platform, along with hosts, are attempting to work with local officials to pass a less-restrictive version of the measure.

With New York City’s tourism market already experiencing high demand, with more than 63 million travelers expected in 2023, the outlet reported, Airbnb alternatives are rapidly emerging to try and fill the short-term rental gap.  Some of these alternatives, however, will face similar predicaments to the short-term rental giant.

San Francisco-based Sonder could provide one alternative. The company has units in the Financial District and elsewhere that aren’t covered by the short-term rental law. The company’s business model, however, is reliant on receiving business from other platforms, including Airbnb.

Additionally, Sonder has had some issues of its own. In the spring, the startup was warned that it had until mid-October to improve its share price or face delisting from Nasdaq. The company, which manages and leases rentals itself (unlike Airbnb), has experienced multiple rounds of layoffs in recent months.

Kindred is a startup that charges residents to join a cohort of travelers and homesharers to host or swap homes without money changing hands directly. There are more than 1,000 residents registered in the New York metro area, co-founder Justine Palefsky told Crain’s.

The biggest beneficiaries from the suspension of AirBnB, are traditional hotels, but even some luxury brands are willing to at least partially embrace a short-term rental model. The Ritz-Carlton in NoMad has 16 short-term rental units up for grabs for $9,000 a night.

Finally, even if the New York crackdown seems too regional to crush the company’s business model, it is the other abovementioned trends that have sealed AirBnB’s coffin, and assure that the short-term rental company will be the proverbial canary in the housemine. And for those who were in kindergarten during the bursting of the 2007 housing bubble and today are AirBnB moguls, the following refresher from BowTiedBroke will be a useful walkthru for what comes next:

It has begun:

Since I went through Short Sales, Deed in Lieu’s and straight up Foreclosures with my RE adventures of ‘01-‘09, here is how the process plays out. I firmly believe heavy Airbnb markets are going to feel some pain.

The question is: How many first time STR owners/over-leveraged STR owners are out there and how will getting their credit ruined affect other markets or sectors in the US. I have no clue how the trickle down will go.

But, here are the steps:

1) Cash flow isn’t covering the mortgage and other expenses.

2) You stop making the payments

3) The bank QUICKLY reaches out to see what they can do to “help you” continue making payments to them. They won’t call daily, but they do call at least once/week, sometimes every few days.

4) You have no way to make the payments so the bank may offer to allow you to try a “Short Sale”, selling the home for less than the amount you owe and being forgiven of the difference (maybe).

5) You get an offer on the home. Bank rejects it. (There are instances where they accept..maybe more so now, but I never had any short sale offers accepted in ‘’08-‘09 by BofA or Wells Fargo)

6) If no offers are accepted by the bank, the next step is to try a Deed in Lieu. You attempt to hand keys back to the bank for a “sum” and they take over property. You write a check for a negotiated dollar amount, they send you all types of paperwork which will often say “We can still come after you for the forgiven difference one day”.

7) To do the DIL, the person at bank you’re negotiating with is not the one making the decision. It’s usually their supervisor. So your hardship “story” is usually being relayed to another person that you never even get to talk to who has the final say.

8) If the DIL is rejected, it’s straight up Foreclosure through the courts.

9) You get a wonderful 1099-C. Cancelation of Debt Form. Let’s say you owe $1,000,000. They foreclose and resell your property at auction and the bank gets $750,000 for it. They forgave $250,000 of your debt. It’s their “gift” to you. So you get to pay taxes on a $250,000 gift. Fun times.

The other issue with all of the above: Your credit is shot from the get go. Even in the short sale process, you aren’t making your payments. So each month that passes just dings your credit more and more. Say goodbye to having any ability to purchase anything on credit for around 5 years. At the 7 year mark, it falls off if they finalize your DIL or foreclosure, but your purchasing power is shot for a long time. My credit was 790 in 2008. By 2009, it was 400. Literally everything after this process has to be purchased with cash or some type of high interest hard money loan.

Tyler Durden
Tue, 09/05/2023 – 21:20

Proud Boys Leader Enrique Tarrio Handed 22-Year Prison Term For Jan. 6 Attack

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Proud Boys Leader Enrique Tarrio Handed 22-Year Prison Term For Jan. 6 Attack

Authored by Joseph M. Hanneman and Jackson Richman via The Epoch Times (emphasis ours),

Henry “Enrique” Tarrio Jr., the Florida-based former chairman of the Proud Boys accused of being the mastermind of a seditious conspiracy to attack the U.S. Capitol on Jan. 6, 2021, was sentenced to 22 years in federal prison on Sept. 5 by U.S. District Judge Timothy Kelly.

Mr. Tarrio, 39, of Miami, received the longest prison term among all Jan. 6 defendants, eclipsing the previous record of 18 years given to Oath Keepers founder Elmer Stewart Rhodes III in May, and Mr. Tarrio’s co-defendant, Ethan Nordean, on Sept. 1.

Prosecution of Mr. Tarrio and his Proud Boys lieutenants included the most extended Jan. 6 criminal trial—more than four months—held in the E. Barrett Prettyman United States Courthouse in Washington, D.C.

Mr. Tarrio was the last of his trial group to be handed a sentence by Judge Kelly, an appointee of former President Donald J. Trump. Mr. Nordean was sentenced to 18 years, Joseph Biggs 17 years, Zachary Rehl 15 years, and Dominic Pezzola 10 years.

Federal prosecutors sought a 33-year prison term for Mr. Tarrio, described in court documents as a “naturally charismatic leader, a savvy propagandist, and the celebrity chairman of the national Proud Boys organization.” Prosecutors claimed he exhibited “pernicious, violence-oriented leadership.”

During a nearly four-hour sentencing hearing, defense attorneys said 15 years would be a sufficient prison term.

Mr. Tarrio expressed remorse for Jan. 6, for letting down his grandfather and his family, and for not respecting law enforcement.

He asked the judge for leniency so he could return to society and turn away from “my selfish endeavors.” Mr. Tarrio said the trial has humbled him and he no longer wants anything to do with rallies or politics.

I am not a political zealot,” he said.

Calling seditious conspiracy a “serious offense,” Judge Kelly said Mr. Tarrio was the “ultimate leader” of the conspiracy who schemed to have government buildings taken over on Jan. 6. What happened that day was a “disgrace,” the judge said.

Although Mr. Tarrio was not physically present in Washington on Jan. 6, Judge Kelly applied a sentence enhancement for terrorism based on the attack on Capitol fencing by Mr. Biggs and Mr. Nordean. Judge Kelly said the seditious conspiracy made Mr. Tarrio complicit in the fence destruction and deserving of the terrorism enhancement.

On May 4, Mr. Tarrio was found guilty by a jury of seditious conspiracy, conspiracy to obstruct an official proceeding, obstruction of an official proceeding, conspiracy to use force, intimidation, or threat to prevent officers of the United States from discharging their duties, interference with law enforcement during civil disorder, and destruction of government property.

Mr. Tarrio was found not guilty of assaulting, resisting, or impeding certain officers. The jury could not reach a verdict on two other counts.

Much like the Oath Keepers put on trial in 2022 and 2023, Mr. Tarrio was accused of plotting to thwart the “peaceful transfer of power” from President Donald J. Trump to Joseph Biden Jr.

Defense attorney Sabino Jauregui rejected the idea his client is a terrorist.

“My client is no terrorist,” Mr. Jauregui said, instead describing Mr. Tarrio as a “misguided patriot.”

Assistant U.S. Attorney Conor Mulroe disagreed, describing Jan. 6 as a “calculated act of terrorism.”

Read more here…

Tyler Durden
Tue, 09/05/2023 – 21:00

These Are The Most Popular US Undergrad Degress Of The Last Decade

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These Are The Most Popular US Undergrad Degress Of The Last Decade

In an era of soaring tuition fees and mounting student debt, choosing which undergraduate degree to pursue has become a crucial decision for any aspiring college student. And it always helps to see which way the winds are blowing.

As Visual Capitalist’s Pallavi Rao shares below, this visualization by Kashish Rastogi, based on data from the National Center for Education Statistics (NCES), examines the changing landscape of undergraduate degrees awarded between the 2010–2011 and 2020–2021 academic years.

Undergraduate Degrees Growing in Popularity

The NCES classifies all four-year bachelor degrees into 38 fields of study. Of these fields, 21 saw an increase in graduates in 2020–2021 compared to 2010–2011.

While only those with more than 30,000 graduates have been shown in the graphic (to prevent overrepresentation of large changes in small pools of graduates), the full list is available below.

Rank Field of Study 2010–2011 2020–2021 % Change
1 Business 363,919 390,781 +7%
2 Health Professions 143,463 268,018 +87%
3 Biomedical Sciences 89,984 131,499 +46%
4 Psychology 100,906 126,944 +26%
5 Engineering 76,356 126,037 +65%
6 Computer Sciences 43,066 104,874 +144%
7 Communication 83,231 90,775 +9%
8 Security & Law
Enforcement
47,600 58,009 +22%
9 Interdisciplinary
Studies
42,473 54,584 +29%
10 Leisure &
Fitness Studies
35,934 54,294 +51%
11 Public Administration 26,799 34,817 +30%
12 Physical Sciences 24,338 28,706 +18%
13 Mathematics 17,182 27,092 +58%
14 Agriculture Sciences 15,851 21,418 +35%
15 Natural Resources
& Conservation
12,779 20,507 +61%
16 Engineering
Technologies
16,187 18,562 +15%
17 Transportation 4,941 5,993 +21%
18 Legal 4,429 4,589 +4%
19 Military Technologies 64 1,524 +2,281%
20 Science Technologies 367 532 +45%
21 Library Science 96 119 +24%

Note: Field of study names have been edited slightly from their NCES labels for better readability.

Let’s take a look at the areas of study that were most popular, as well as some of the fastest growing fields:

Computer and Information Sciences

Bachelor’s degrees in this discipline have grown by 144% since 2010–2011, with over 100,000 graduates in 2020–2021. The allure of the tech sector’s explosive growth likely contributed to its popularity among students.

Health Professions

Undergraduate degrees in health professions saw an 87% increase, attracting nearly 260,000 graduates in 2020–2021. This field accounted for 13% of the total graduating class, reflecting the growing appeal of the healthcare sector.

Engineering

There were 50,000 more engineering graduates in the U.S. in 2021, up 65% from 2011. With a median income over $100,000 per year, engineering graduates can usually rely on good wages as well as versatility in future careers, capable of finding jobs in tech, design, and communication fields, and of course, becoming future entrepreneurs.

Biomedical Sciences

University graduates in this field, which focuses on the integration of the study of biology with health and medicine, grew by 46%. A subset of this category—epidemiology—has been in the limelight recently thanks to the COVID-19 pandemic.

Business

While this category recorded a modest 7% growth in graduates, its popularity has been indisputable in the last decade, representing the largest proportion of the graduating class in both 2011 and 2021.

Fields with Declining University Graduates (2011‒2021)

Meanwhile, 17 areas of study experienced declines in the number of completed university degrees. We explore some of the notable ones below:

Rank Field of Study 2010–2011 2020–2021 % Change
1 Social Sciences 142,161 1,37,908 -3%
2 Visual &
Performing Arts
93,939 90,022 -4%
3 Education 104,008 89,398 -14%
4 Liberal Arts 46,717 41,909 -10%
5 English 52,754 35,762 -32%
6 History 35,008 22,919 -35%
7 Human Sciences 22,438 22,319 -1%
8 Foreign Languages 21,705 15,518 -29%
9 Philosophy
& Religion
12,830 11,988 -7%
10 Architecture 9,831 9,296 -5%
11 Ethnic, Cultural
& Gender Studies
8,955 7,374 -18%
12 Theology 9,073 6,737 -26%
13 Communications Tech 4,858 4,557 -6%
14 Personal &
Culinary Services
1,214 594 -51%
15 Construction Trades 328 221 -33%
16 Mechanic & Repair 226 221 -2%
17 Precision Production 43 28 -35%

English

Popular in the 1970s, the English undergraduate degree has gone through peaks (80s and 90s) and troughs (2000s and 10s) of popularity in the last 50 years. Between 2010–2011 and 2020–2021, the number of students with an English degree has fallen by a third.

The state of English’s woes are even making its way to pop culture, like in Netflix’s The Chair, which follows the head of a struggling English department at a major university.

Education

The existing teacher shortage in the United States does not seem to be getting fixed by a burgeoning supply of new grads. In fact, the number of university graduates in Education fell 14% between 2011 and 2021. With concerns around stagnant wages, burnout, and little to no support for supplies, many teachers are seeing an already demanding job becoming harder.

Liberal Arts

In the classic era, the liberal arts covered seven fields of study: rhetoric, grammar, logic, astronomy, mathematics, geometry, and music. Now, liberal art degrees include several other subjects: history, political science, and even philosophy—but students are meant to primarily walk away with critical thinking skills.

The modern world rewards specialization however, and a wider-scope liberal arts degree is seeing fewer takers, with a 10% drop in graduating students.

Tyler Durden
Tue, 09/05/2023 – 19:20

Mainstream Media Finally Wakes Up To The Gaping GDP-GDI Recession Discrepancy

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Mainstream Media Finally Wakes Up To The Gaping GDP-GDI Recession Discrepancy

Authored by Mike Shedlock via MishTalk.com,

Not exactly timely, Bloomberg notes “The widening gap between gross domestic income and gross domestic product is a worrying signal.”

GDP vs GDI Chart Notes

  • Real means inflation adjusted

  • GDP is Gross Domestic Product

  • GDI is Gross Domestic Income

  • Real Final Sales is the bottom line assessment of GDP. It excludes inventories which net to zero over time.

GDI was negative for two consecutive quarters and has been weaker than GDP for four quarters. GDI is now positive, but it is subject to greater revisions than GDP.

GDP numbers from the BEA, chart by Mish

Bloomberg opinion columnist Aaron Brown says Summer’s End Is Ushering In a Recessionary Chill, emphasis mine.

In theory, GDP and GDI measure the same thing — the total value of goods and services produced in a geographic area and sold to end-users at arms-length prices during a quarter — but in different ways. If the economy had a single cash register, GDP would measure the money coming into the till, GDI would measure where the money went — to wages, supplies, taxes, interest, dividends or left in the till for owners and stockholders. But since the economy has billions of transactions, many complex and not all captured in official numbers, GDP and GDI have different measurement errors, and thus different values. They’re usually pretty close, however, differing by 0.8% on average.

Using two successive down quarters as the signal for recession, from 1947 to 1973 GDP and GDI agreed all but once. They both signaled four recessions at the same times, and they both missed the 1961 recession. GDP did give one false alarm in 1947.

Since 1973, however, GDI has done much better. Four times it signaled recession before GDP and once it caught a recession that GDP missed. Twice the two triggered at the same time, and once GDP gave a false alarm.

There’s been more news recently suggesting that a recession began at the end of 2022. Second-quarter GDP growth was revised down. Job openings are plunging. The labor leverage ratio — the proportion of workers quitting to those let go by employers — is falling as well, suggesting workers fear a weak job market and have little power to get increased wages. Corporate profits are falling as well. If current trends continue, and if GDP declines a significant share of the roughly 1.5% needed to fall in line with GDI, the economic numbers released from late September through October could well prompt the NBER to announce a recession.

This has three main implications, two political and one economic. Politically, NBER declaring a recession would support the Republican story that the Biden administration hurt the economy and denied obvious economic reality for three years to push left-wing policies. It would make Democratic painting of Bidenomic prosperity seem hollow or even dishonest.

I have been talking about the GDP vs GDI discrepancy, negative revisions, the discrepancy between jobs and employment, corporate profits, and the job leverage ratio for months, and in far more detail. Let’s take a look at some of my recent posts.

Negative Revision to 2nd Quarter GDP, Huge Discrepancy with GDI Continues

The lead chart and the second chart are from my post Negative Revision to 2nd Quarter GDP, Huge Discrepancy with GDI Continues

Real GDI peaked in the third quarter of 2022.

Discrepancy Between Jobs and Employment

Employment levels and jobs data from the BLS, chart by Mish.

Payrolls vs Employment Gains Since May 2022

  • Nonfarm Payrolls: 4,377,000

  • Employment Level: +3,185,000

  • Full Time Employment: +1,446,000

  • Only 45.4 percent of the employment gains for the last 15 months was full time employment.

Jobs Rise by 187,000 But 110,000 Negative Revisions and Unemployment Soars by 514,000

On September 1, I noted Jobs Rise by 187,000 But 110,000 Negative Revisions and Unemployment Soars by 514,000

Accounting for negative revisions, jobs effectively increased by 77,000 while unemployment surges as people looking for work can’t find it. Bloomberg labeled this “Goldilocks”.

Unemployment rose by 514,000. Over half a million people wanted jobs but couldn’t find them.

Full time employment is down by 150,000 since January of 2023.

Here is a blurb I have posted in my monthly jobs reports for eight straight months.

Because of annual benchmark revisions, the way the BLS reports revisions, and the relatively small sample sizes of monthly jobs reports, we cannot, with strong confidence, suggest these reports portray an accurate picture of either jobs or employment.

Of the 894,000 rise in employment in January, 810,000 was due to annual benchmark revisions. And the BLS does not say what months were revised, just poof, here you go.

The monthly jobs report by the BLS samples a mere 6 percent of jobs. The Quarterly Census of Employment and Wages (QCEW) payroll employment data represents 95 percent of the data.

The BLS will not incorporate March of 2023 until January of 2024. Lovely.

The Labor Leverage Ratio, a Measure of Wage Bargaining Power, Is in Retreat

Data from the BLS, the Labor Leverage Ratio (LLR) is defined as Quits / (Layoffs + Discharges)

The BLS comments “the quits rate can serve as a measure of workers’ willingness or ability to leave jobs.”

The LLR is a refinement to the quits rate.

I have commented on labor leverage several times this year, most recently in The Labor Leverage Ratio, a Measure of Wage Bargaining Power, Is in Retreat

Philadelphia Fed GDPplus Measure Sure Looks Like Recession Started in 2022 Q4

The Philadelphia Fed has a measure called GDPplus that’s a blend of GDP and GDI, not an average. It appears to lean more heavily on GDI.

In 100 percent of the cases, with no false signals, no misses, and no lead times more than two quarters, every time GDPplus had two consecutive quarters of negative growth, the economy was in recession.

On closer inspection, all but once, and the exception was a mere -0.1 percent, every time GDPplus had one quarter of negative growth, the economy was or would soon go into recession. By soon, I mean within two quarters.

GDPplus accurately forecast the 1961 recession but GDP and GDI both did.

GDPplus Recession Signals

Mish compilation of recession lead times based on DGPplus data

GDPplus Recession Signals Synopsis

  • GDPplus signaled every recession

  • GDPplus was on time 4 times, early by a quarter 3 times, and early by 2 quarters twice.

This makes it appear as if GDPplus is a leading indicator. It isn’t because the data is heavily revised.

The BEA makes revisions frequently, especially on GDI. Since GDPplus is more reliant on GDI, it also has significant swings. However, GDPplus is the best recession indicator yet.

One quarter is sufficient and barring positive revisions to GDI and by implication GDPplus, the economy went into recession in the fourth quarter of 2022.

For more discussion of GDPplus, please see Philadelphia Fed GDPplus Measure Sure Looks Like Recession Started in 2022 Q4

Mainstream media is finally waking up to these discrepancies, albeit without any detailed analysis.

It’s quite possible a recession has come and gone. The NBER already had one instance of declaring a recession after it was over so don’t be surprised if it happens again.

It’s possible that a recession has come and gone with an interlude due to Inflation Reduction Act inflationary Nonsense.

If so, expect a rare double dip.

*  *  *

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Tyler Durden
Tue, 09/05/2023 – 19:00

‘In Broad Daylight & In Front Of Kids’: Disturbing Video Shows Maryland Cop Getting Into Backseat With Woman

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‘In Broad Daylight & In Front Of Kids’: Disturbing Video Shows Maryland Cop Getting Into Backseat With Woman

A viral video shows a police officer in Prince George’s County, a county in Maryland that borders Washington, D.C., taking what appears to be a young woman into the back of his police cruiser in broad daylight while kids play just feet away. It’s unclear what the officer and young woman did in the back of the cruiser. 

Maryland Bureau Chief for 7News DC Brad Bell confirmed on X, formerly known as Twitter, that Prince George’s County Police Department’s “command staff is aware” of the viral video circulating on multiple social media platforms. He said the police department has “opened an investigation into the circumstances.” 

… and it appears the officer was suspended. 

One X user pointed out, “Across the playground in broad daylight is wildd levels of horny.” 

“Prince George’s County Police sure do love black booty right in front of the immigrants and the kids,” another said. 

Someone said, “It’s a PG County cop and folks are acting shocked my this…” 

“In broad daylight where kids were playing at that smh. He couldn’t drive down the street?! And that girl looked MAD YOUNG to me. This is so foul smfh,” X user said. 

The Prince George’s officer is taking ‘protect and serve’ to a whole other level. None of this is shocking in the Democratic stronghold county that borders DC. 

Tyler Durden
Tue, 09/05/2023 – 18:40