Masque of the Red De

Masque of the Red De


Writer, blogger, activist. If you want a reply, use email. Blog suggestions here: https://t.co/rS9kTnTcWs 0BC4 700A 06E2 072D 3A77 F8E2 9026 DBBE 1FC2 37AF

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Commercial real estate is in BIIG trouble. Malls - already under threat before the plague - will be full of empty storefronts. Offices, oy. They'll lose tenants when their businesses collapse. Surviving tenants will take advantage of higher vacancies to negotiate lower rates. 1/

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Those tenants won't need as much space anyway: between layoffs and mass, permanent work-from-home (which will let employers seek the cheapest labor, anywhere in the world), demand is gonna fall OFF A CLIFF. 2/

That's really really bad news, because commercial real-estate is super leveraged thanks to Real Estate Investment Trusts (REITs), the favored vehicle of overseas money-launderers seeking to clean their corrupt gains, as @CZEdwards  explained last year. 3/

The REITs borrowed titanic sums on grossly overinflated valuations based on absurdly optimistic occupancy projections. As @RandallHead1  explains in a post on @farber  's Interesting People list, this leaves their creditors - the banks - vastly exposed. 4/

Here's the bottom line: "A middling-sized bank which in Jan had twenty billion dollars of commercial loans, secured by liens against $25B of office towers and shopping malls now has twenty billion dollars of commercial loans secured by liens against $18B of real property." 5/

That $25b valuation was based on the assumption of 80% occupancy. After the Comet Covid's extinction-level event (exacerbated by gross mishandling, from epidemiological ineptitude to deficitphobic austerity), $18b is generous. 6/

Banks that loaned to plutes cleaning money for crooks? Dead. They'll need bailouts, nationalization, or wreaths. Head: "If you thought it was fun bailing out the FSLIC, you're gonna LOVE bailing out the FDIC, especially when every other economy is bailing out its banks." 7/

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"Hitler's only kidding about the antisemitism" New York Times, 1922

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Periodically, some dimbulb will pop up and say, "Hey, you love unions but you hate police brutality - so how about police unions, huh? Ever think of that? Huh? Huh?" Yeah, I know. Thing is, police unions aren't "unions" in the traditional sense. 1/

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Club of Rome founder Frits Böttcher was the Netherlands' leading climate denier. He died in 2008. Investigative journalists combing through his papers, discovered that he was paid €500K by Shell and others to sow doubt about climate change. 1/

EFF's full-page Wired ad: Dear tech, delete your logs before it's too late

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In 1948, Yugoslavia was expelled from Cominform, the Soviet information agency, in retaliation for its "non-aligned" status; deprived of information-processing capacity, the country created its own IT industry from scratch. 1/

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It cannot be repeated too much: You live your own blooper reel and experience everyone else's highlight reel.

During a 2007 trip to NYC, while taking long walks from one indie bookstore to the next, lugging increasingly heavy bags of pressed vegetable matter, I stumbled on Simon Lovell's HOW TO CHEAT AT EVERYTHING at the St Mark's Bookshop. 1/

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"Re-opening" isn't about saving ordinary workers and earners. You can't save someone by infecting them with a deadly disease. In a world without contact-tracing, therapeutics, tests, PPE, santizing products, etc, more contact means more risk of illness and death. 1/

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At least twice, Sean Spicer has accidentally tweeted the password for official White House spokesman Twitter account

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Disney made a LOT of...uh, problematic...movies, but none quite so indefensible as Song of the South, a Reconstruction movie in which a formerly enslaved man tells a young, wealthy white boy about how nice things were during the slavery era. 1/

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