Just when we all thought it was time to safely inspect and enjoy the Santa Claus rally and some rationality returning to the American economy and markets, along comes another day in America which ends in the letter ‘y’.
Before I begin this brief rant about market insanity, economic stupidity, and the huckster reality of modern financial journalism, I must first thank Elon Musk and Grok for its ability to draw a good looking “Fartcoin” sign at McDonald’s. No, McDonald’s is not accepting Fartcoin for those of you who star in Tik Tok Investor videos or watch CNBC infomercials at 1 a.m for crypto trading tips.
So what is a “Fartcoin” one might ask. Obviously a joke meme coin until today:
Keep passing the gas boys, y’all might catch SMCI, another meme coin, er, stock faster than you think.
Meanwhile in the divorced from economic reality world, this story from the NY Post on December 13th says it all about the wants, desires, and fantasies of the National Association of Realtors:
Real estate guru Barbara Corcoran predicts dropping mortgage rates could make the housing market ‘go ballistic’
Then again, we’ve heard this hopium before; from the Wall Street Journal September 25, 2007 story on existing home sales:
Lawrence Yun, NAR senior economist, expected the decline. “The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through,” he said. “Lower sales contributed to a buildup of unsold inventory.”
Yun expects similar results for home sales in September. “Once we get through these disruptions, we’ll get a better sense of where the actual market is in late fall as conditions begin to normalize,” he said.
Total housing inventory rose 0.4 percent at the end of August to 4.58 million existing homes available for sale, which represents a 10.0-month supply3 at the current sales pace, up from a 9.5-month supply in July.
NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said the good news is that the mortgage picture is improving. “Mortgage interest rates have been declining and loan availability is improving,” she said. “Movements to enhance the FHA loan program and to raise the limits for conventional financing could provide additional relief, and it looks like the worse of the mortgage availability problem is behind us.
“The abundant choice of homes is permitting buyers to better negotiate price and terms. There are good opportunities in the market now, especially for first-time buyers.”
Good times.
Meanwhile, in bubbleicious land, we have fun postings like this one:
But remember boys and girls, crypto is not a bubble.
$PEPE Is Potentially Gearing Up For An Explosive Break-Out! 🤯📈🌛
— Crypto Zeus ⚡ (@CryptoZeusYT) December 14, 2024
Elon Musk Keeps Dropping #PEPE Memes, Which Is His Secret Favorite Memecoin 🐸🤫
The Future Is Bright With #PEPE 🐸🌄
Latest #PEPE News And Price Action 📺👇🐸 pic.twitter.com/0hJbIPMxa9
Ugh, never mind. Now it’s a coin called Pepe.
In 10 years no one is going to fucking believe this was real pic.twitter.com/fcYl02ZRQu
— Darth Powell (@VladTheInflator) December 12, 2024
G-Wagon, check
Bitcoin, check
AirBnB’s (yes, plural), check
Good thing we are not in a Federal Reserve inspired bubble or I might get concerned.
Then again, we still have the 100% pure American solution of sports gambling to save the day and recover from bad investment decisions, right?
It didn’t hit lmao pic.twitter.com/GuVflE9ewv
— TTI (@TikTokInvestors) December 11, 2024
Just think if he had invested that money in Fartcoin at 30 cents per coin that day, he would have at least tripled his money.
Better than buying Intel though, there is that.
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