Bad Moon A-Rising: America faces a looming real estate crisis

I see the bad moon a-risin'

I see trouble on the way

I see earthquakes and lightnin'

I see bad times today

Creedence Clearwater Revival

Americans live in a Panglossian environment, encouraged by our government to believe we live in the best of all possible worlds. Inflation? It's going down. The job market? Our economy is creating an astonishing number of new jobs. Our President? A paragon of wisdom.

Of course, we don't live in the best of all possible worlds. America is neck-deep in two terrible wars: Ukraine and Gaza, and those wars will eventually bite us on the national butt. Right now, these global disasters still seem far away. No reason to put off buying a new Land Rover.

Domestically, however, an economic calamity is looming, and it will soon come crashing down on us. I'm talking about the collapse of the domestic real estate market.

Driven by catastrophic weather events (hurricanes, wildfires, windstorms, and floods), the cost of homeowner's insurance has risen significantly, increasing the cost of owning a home.

Lenders require people with home mortgages to have adequate property insurance, typically added to the home borrower's monthly mortgage payment. Since most homeowners buy houses based on what they can afford in monthly payments, rising insurance costs will force many Americans to buy less expensive homes.

Interest rates on home mortgages are going up, too. The Biden administration and the Fed are doing their best to keep interest rates down until after the presidential election, but the days of 3 percent mortgages are over.

On the global stage, the BRIC countries are slowly undermining the American dollar's status as the world's reserve currency, and that process is well underway. Our government now spends a trillion dollars every 100 days in interest payments on the national debt, and that debt grows larger each month. Our growing debt has started to put pressure on interest rates, including the interest rate on home mortgages. 

All these trends are gathering into a perfect storm for homeownership. Who resides on the dirty side of this storm? 

Not the banks. When the real estate market collapses the next time, the feds will bail out the banks as they've done in the past, assuming the value of the U.S. dollar holds up through the crisis. 

No, the losers will be American middle-class homeowners. And when the next real estate crisis is over, the American middle class will be much smaller. 

You'll be goddamn lucky if you're still in it. In the meantime, I recommend listening to more Creedence.

Who stole the Dude's Creedence tapes?

The Met Gala: Half-Naked Influencers Preen While America Creeps Toward Collapse

Half-naked influencers preened at the 2024 Met Gala last night while a thousand anti-Israel protesters raged in the streets. One gala attendee appeared in a dress made of sand. Several men adorned themselves in capes, evoking Count Dracula.

These questions popped into my mind as I reviewed the outlandish Met outfits on the web:

How do these knuckleheads go to the toilet? Tyla, the sand-wearing lady, needed two men to help her up a flight of stairs. She’ll surely need assistance to empty her bladder. It’s a good thing we live in the age of gender-neutral bathrooms.

Were there any MAGA Republicans in the room? I doubt it. I’m guessing that all these clowns are registered Democrats and that many are big donors to Joe Biden's reelection campaign.

And why not? President Biden suffers from dementia, but rich people in New York City are getting richer every day. Bidenomics works just fine for the gala guests.

Are any gala attendees worried about the war in Ukraine? Absolutely not. Most of the billions Congress appropriated for the war with Russia will stay in the United States, and quite a few wealthy Americans are getting a piece of the action. Unleash the dogs of war!

Do any of these pampered nutjobs support Israel in its existential war with Hamas? Doubtful. It’s fashionable now to be a Palestinian supporter in the Gaza conflict, even if you’re Jewish. Don’t believe me? Ask Senators Chuck Schumer or Bernie Sanders.

The glitterati in New York City probably believe the road goes on forever, and the party never ends. But the people living on their Social Security checks in Flyover Country know better. Insanity reigns in the United States, and our enemies are waiting patiently for the right time to destroy us.

 

Tyla needs help getting up the stairs.

Israel flies the flag of no quarter. Americans are morally obliged to back Israel's play

"Everything should be made as simple as possible, but not simpler," Albert Einstein observed. Indeed, it is a mark of intelligence to analyze a jumble of complicated information, come to a straightforward conclusion, and decide what to do.

Unfortunately, our intellectual elites rarely try to make things as simple as possible. Instead, they obsess about complexity and often conclude that a particular problem is so complicated that it is insolvable. Homelessness, for example, is a complex problem, so tangled and tricky that San Francisco can't figure out how to keep people from defecating in the streets.

Sometimes, however, our failure to grasp the essentials of a problem leaves us with moral paralysis. Overwhelmed by complexity and contradictions, we do nothing even when the proper course of action is so apparent that even a child can understand what we should do.

Israel is in an existential battle with Hamas. What Hamas terrorists did on October 7, 2023, is so horrendous that Israel is justified in doing almost anything to eradicate Hamas. Israel's existence is at stake. That's a simple fact.

Thus, Israel flies the flag of No Quarter.  In my view, the United States, Israel's only major ally, is morally obligated to back Israel's play. That moral obligation stems from the Holocaust.

Unfortunately, the Biden administration fails to grasp the simple morality of Israel's war aims. The U.S. sends weapons and munitions to Israel, but it joined the feckless call for a ceasefire that would weaken Israel and benefit Hamas.

Enabled by our misguided President, pro-Palestinian protest groups have sprung up on the nation's college campuses, revealing latent anti-semitism in academia.

Astonishingly, Senator Chuck Schumer, America's senior Jewish politician, is undermining Israel by meddling in the Jewish state's domestic politics. 

None of this underhanded and cowardly behavior will deter Israel from doing what it must do for its own survival, which is to annihilate Hamas.

In short, the unwillingness of America's political and intellectual elites to recognize the simple fact that Israel is fighting for its survival is morally indefensible and will only prolong the suffering of innocent Palestinians and Israelis.

Photo Credit: Jack Guez/Getty Images