🚨 BOMBSHELL: HUD Sec. Turner confirms Biden gave FHA-backed mortgages to illegals—now revoked. “We’re purging them. Only US citizens in HUD housing.” 12M crossed under Biden. @SecretaryTurner was tagged, so let him see your support. Do you stand with him? A. Big yes B. No

Let's talk about this for a moment. Specifically, what dangers this poses, and why it's happening: Screwworms infest livestock through open wounds, mucous membranes, and even umbilical cords. The female flies are attracted to these and lay eggs. When the larvae hatch, they literally screw themselves deeper into the host, and begin devouring the host from the inside. If not treated, it can kill livestock within 7-14 days. That's why it's bad. Now, for why it's happening: For decades, our major defense has been releasing sterile flies in the Darien Gap, to keep fertile females from propagating and flying into North America, and the US. The massive influx of immigrants in recent years (starting in 2022), aided by the US Government, various government departments and agencies, foreign governments, and many, many NGOs, has thoroughly disrupted the surveillance, logistics, and the ecological buffer zone we relied on to keep them contained in South America. Now they are here. Again. Be sure to thank Obama and Biden.

Wow, what a moment to see that Alphabet is hitting the primary market to raise a whopping 80Bn dollars (consider GOOG raised less than 2Bn at IPO 20 years ago)! While the main focus has been on the unusual scale of the ATM offering alongside Berkshire Hathaway's "signal", I actually think the most interesting feature is what crypto investors already have some unique insights to underwrite: the 15Bn dollars to be raised in the form of a MANDATORY CONVERTIBLE PREFERRED offering- As I've written about before, the preferred equities market is the "armpit of American securities"; it is has neither the protective features of debt nor the upside potential of equity growth and therefore is generally used sparingly by third tier companies that have some features of adverse selection at play. It's used most commonly by banks for example when they need regulatory relief capital, or by industrials like airlines when they have specific capex needs that are too cyclical for even the most credit oriented, and very rarely ever used by pristine tech companies. In fact, the only time that I can even recall that it was used by the tech sector was in 2008 after the GFC to recapitalize (coincidentally, many will remember the outsized role that Berkshire Hathaway played by trading the security of its name to arbitrage pricing for the favor of rescuing certain banks-- more on that later) I've also written before that if there is one thing that the crypto industry is very good at, it is inventing novel form factors of instrument specifications regardless of whether the underlying asset exposure is actually crypto native or not: perps, stablecoins, binaries that found product market fit, not necessarily only in tokens, but broadly for the securities market. It is now time to add preferred equities into that mix, for I see a lot of parallels here for what GOOG is doing versus what MSTR has been pursuing for several years now- The GOOG pref is not particularly cheap. It is approx. 150bps over (and ~100bps richer than its own debt) as a AA issuer they could get away with, and also caps some upside participation with basically full downside participation. For many specialists, it is not a very interesting instrument with a clear mandate. However, it signals two bets that GOOG is making: 1) there is going to be a large unfulfilled customer base that want higher yield that is willing to give up the volatility of the underlying growth if there is the perception of asset backed collateral/spend, and 2) Google wants to have access to this temporal dislocation because they are unable to make a termed bet on how the AI bets are going to pay off just yet. It's not unlike how Strategy approached the same market betting on both of those views, just replace AI with Bitcoin with an uncertain timeline for a certain outcome. On a more long term view, it's an early sign (or warning?) of reimagining what the corporate issuance market will look like when investors ultimately decide that certain "national security strategic companies" are more creditworthy than government spreads themselves in a post-Davos world, where investors are willing to tolerate a give up on the supposed risk free rate that does not allow you to outperform inflation and that the source of inflation may actually be more directly correlated to companies like GOOG that can price that cost of capital more cleanly as the true risk free rate. That is why I think seeing Berkshire Hathaway in this mix is particularly hard hitting; just as it saved the American economy via bailing out the banks in 2008, there is an uncomfortable sense that this, too, feels like a version of preemptive public-priviate financing for a bet the country cannot afford to risk losing. For while financial engineering without leverage is an optimization game, once you introduce leverage (esp unsecured), it becomes a confidence game. What this means is we may likely see a lot of preferred issuances that are now normalized as regular course of business in the future (just as bank bailouts did). This also means there's going to be a fair amount of relative value alpha in this new cohort of securities trading endeavors in a special sits format that new investors won't necessarily know how to navigate. People might not first think that this phenomenon is "crypto alpha" but in fact, it is my own conviction that it is absolutely birthed out of crypto alpha lores. Crypto has always been about capturing the ambiguous risk preference within an asset liability matching framework that investors have long misunderstood their time horizon relative to their own capital formation behavior. Take for example, STRC dropping to <97 this week for what otherwise investors are struggling to decipher the true cost of liquidity. The opportunity for crypto alpha has never been higher, never been more durable, never been more scalable. In fact, I think its entirely possible that we may see perpetual prefs by some of the best tech companies arrive in the future. It will no longer just be a play thing for DATs, but rather reconfigure the social contract of what "digital credit" might be. It will shock some traditional and institutional investors that have never seen it, but for those of us here who've been following the crypto journey will realize that it was only a matter of time: for crypto's greatest product market fit is the hyperfinancialization of the time preference arbitrage at the intersection of yield and volatility. I'm excited to have GOOG join us.

I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday. TLDR: - Higher energy prices due to Iran war and inventory restocking - 3 Mega AI IPOs between now and early Q3 - Prediction that Trump goes anti-AI to win mid-terms for Republicans - I think highs in mrkts will happen btw now and September - Time to take profit, and two-step in beefa without worrying about my positions

Let's understand a few things about what's actually about to happen here if Zohran gets his way -- which he almost certainly will, unless courts intervene. First and foremost, Cea Weaver and DSA 'organizers' will be unleashed with the full institutional and legal support of the city government to ramp up tenant complaints in targeted buildings. No complaint will be too small. No building will be too small. Everything will be treated as catastrophic. Full-scale demagoguery will ensue, complete with protests, rent strikes, street theater, and harassment of property owners. Accordingly, the city buildings department will be weaponized to begin writing as many violations as possible in order to bolster the city's effort to justify a seizure. It won't matter how small or large the violations are, the total number will be breathlessly cited as evidence of mismanagement. It will be impossible for landlords to clear these violations in good faith. The combination of a weaponized buildings department writing hundreds of thousands of dollars in fines, rent strikes, and constant threats and harassment against landlords by militant activists will make the situation untenable for any property owner to realistically fight back, and the city will seize the property. The landlord will be lucky to walk away without prison or being beaten to death in the street by an angry mob (as Zohran's buddy Hasan Piker referred to landlords -- 'let the streets run red with their capitalist blood'). But that's only the first half of the plan, and everyone needs to pay very close attention to the big picture here, because it's hugely important and has national implications. The properties will then be turned over to nonprofits. This is no small detail. This is in fact the whole point. The idea here is to build up Zohran's DSA-connected nonprofits with a multbillion-dollar portfolio of hard assets -- New York City real estate. This portfolio could theoretically reach into the hundreds of billions or even the trillions, depending on how aggressive they get. Now these highly political nonprofits would become the new land barons of New York, complete with all the political clout, leverage, and reach that goes along with it. It would be a true nightmare scenario. As it stands now, the nonprofits depend mostly on the largesse of grants, donations, and other third-party resources to stay afloat. They are lavishly funded of course, and many do hold significant assets, but it would all pale in comparison to simply handing them the keys to a New York City real estate empire, courtesy of Zohran Mamdani and the DSA. The resources at their disposal would be immense. The organizing potential that goes along with those resources will have national implications. Every DSA candidate in every town and city in the country would be trained, funded, and staffed by organizers with ties to the NYC nonprofit empire backed by a trillion dollars in free real estate. And they would be shameless in leveraging those resources for pure political power. That's the game plan here. That's the whole ball of wax. Zohran isn't interested in making housing better for anyone. If he was, we'd be talking seriously about solving the NYCHA disaster. Hell, if he was even remotely sincere about seizing these properties from 'bad landlords' for the 'public good' he'd be focused on turning them over to the city itself, as misguided as that would be. No, this is about nothing more than consolidating political power for the DSA. Just like everything else these people do. Giving the DSA a massive war chest backed by seized real estate. Once you understand that they have no interest in fixing anything other than elections, it all makes a lot more sense.

Our seniors should not pay property taxes.

This looks pretty serious to me.

رجل الماني من ميونخ كان لديه فضول اين تذهب الملابس في صندوق تبرعات الصليب الاحمر فوضع جهاز تتبع AirTag في حذاء المفاجأة بعد 5 ايام تتبع الحذاء ليجده سافر اكثر من 800 كم، مر بالنمسا وسلوفينيا وكرواتيا واخيرا وصل للبوسنه والهرسك، سافر لهناك ووجده في متجر احذيه معروض للبيع واشتراه ب10 يورو ونشر هذا المقطع سبب الموضوع جدل كبير فأضطر الصليب الاحمر يرد: بأن 10% من الملابس تذهب مجانا للمحتاجين والباقي يتم بيعها لتمويل مشاريع انسانية

The U.S. Dollar has lost 30% of its purchasing power over the last six years

insane level of entitlement