Wolf Richter on the “Apocalypse Version” of the Keiser Report

Here I am on the “apocalypse version of the Keiser Report” as Max Keiser called it hilariously at the end, based on what he had said. We poke into housing bubbles, how much further they might go, into the distortions of Silicon Valley, and into the retail sector, this being the beginning of shopping season.

He’s so funny even I couldn’t keep a straight face:

Here’s my retail report we were discussing: Is E-Commerce Really Crushing Brick-and-Mortar Sales?

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  21 comments for “Wolf Richter on the “Apocalypse Version” of the Keiser Report

  1. Thrasymachus
    Nov 24, 2017 at 5:47 pm

    Wolf: If the average home price of San Francisco is $1.6 m, as you say, where’s the money coming from? The millenial folks I know can’t afford a home, so the tech works bunk-up four in a $4500 two-bedroom apartment. Have you done a micro-analysis as to the origin of the money? What percentage of sales are coming from *rollover equity*? Overseas investors? Multiple buyers on the deed?

    • Nov 24, 2017 at 6:37 pm

      To clarify your question: $1.6 million is the median price of single-family houses. This does not include condos and TICs which are cheaper, and whose prices have declined year over year.

      There are only a small number of homes sold every month in SF (all types of homes combined usually in the range of 300-600 a month). So it doesn’t take many buyers to move prices.

      Hard data on who is actually buying the homes (investors hiding behind mailbox companies, etc.), and for what purpose (to live in or as an investment) is really difficult to get. In SF, investors play a large role. Based on the 2010 Census, 64% of SF’s housing units (includes condos and houses) are renter-occupied. This might have changed a little since then, but not dramatically.

    • Rates
      Nov 24, 2017 at 11:50 pm

      The FAANG stocks are birthing new millionaires every day. They can go hand over their stock certificates to the bank and off we go to the races.

  2. raxadian
    Nov 24, 2017 at 7:14 pm

    So Wolf, are you ready for the Nightmare Of The Holiday Shopping Season?.

    • Nov 24, 2017 at 8:42 pm

      I just celebrated the beginning of shopping season with a great swim in the Bay. It was cold, beautiful, overall awesome … and free. I’m still high from it and will be smiling for hours.

  3. rob in london
    Nov 24, 2017 at 7:30 pm

    Wolf I don’t know why you agree to appear with Keiser. He is not funny; he is an embarrassment to thoughtful, serious people who are looking to find a way out of this quagmire.

    • MC01
      Nov 25, 2017 at 6:47 am

      The Keiser Report is the economic equivalent of Top Gear when it was still hosted by Clarkson, Hammond and May: it’s basically a mixture of entertainment and information with an emphasis on the former.
      Expecting to extract serious tips about investing from the Keiser Report is somewhat akin to base your company’s car choices on seeing James May drive around in an old Bentley while telling stories about the Dambusters or the hunt for the Bismarck: it means you are taking the show way way too seriously.

    • Gershon
      Nov 25, 2017 at 1:38 pm

      Rob in London

      Max Keiser is brilliant, hilarious, and has no qualms about speaking truth to power, for which he is consigned to such “beyond the Pale” media outlets as RT. He is also an excellent if irreverent interviewer, as the show with Wolf proved yet again.

      “In a time of universal deceit, telling the truth is a revolutionary act.”
      — George Orwell

  4. hidflect
    Nov 24, 2017 at 8:46 pm

    I think Max’s role as agent provocateur is fine. And even needed to some degree. But when he ramps gold or bitcoin he needs to disclaim any role as a financial advisor. With Bitcoin, everyone is buying it but no one is using it. And that sounds like tulip bulbs to me.

  5. Bin
    Nov 24, 2017 at 8:54 pm

    I’m at work offshore, and unfortunately the 1mb/s internet system won’t allow me to watch the video. I’ll keep a watch on RT on my downtime though. Nice having that channel on directv, not as good as Al Jazzera was, but breaks up the fox/cnn news cycle.

    • thelocalpragmatist
      Nov 25, 2017 at 12:48 pm

      Bin,
      You lucky SOB, I have only 250K/s download speed…but on the positive side, I only pay $60 per month for the service.

      Watching Kaiser is like watching a train wreck in progress. I just wish that RT would integrate closed captioning for this and other programs…I watch his program when available, but only catch about 25% of what he is saying….

      • Bin
        Nov 25, 2017 at 8:45 pm

        250k/s? Is that satellite or DSL? Very surprised they don’t have Closed Captioning. I would suggest you email them, but I made this mistake of sending a comment to the Keiser report 7 years ago and am still receiving Russian spam.

        • thelocalpragmatist
          Nov 26, 2017 at 11:03 pm

          Bin,
          Satellite “service”. I did send an Email to RT when they first began broadcasting…haven’t heard from Russia or the FBI….

  6. Bandit
    Nov 25, 2017 at 12:39 am

    I admit it is hard to stay tuned when Max goes on one of his rants, and I am afraid it can turn off some viewers. However, Stacy Herbert is really the reason I stay tuned. She keeps Max on track and is the essential informational guide on the Keiser Report.

  7. Thomas R Kauser
    Nov 25, 2017 at 8:25 am

    Next year is your year! Christmas is now on. Thanks wolf for all you do! Fan.

  8. breamrod
    Nov 25, 2017 at 10:10 am

    say what you want about Max but he bought bitcoin at $5.00 and has bee n pounding the table about it since it was 11.50! I admit sometimes he’s not funny but then again sometimes he’s hilarious!

  9. Nov 25, 2017 at 11:47 am

    I don’t know why SF housing should be that important in the larger picture. Close proximity to Silicon Valley, isolated geographically from the poorer East Bay, with limited housing its like Manhattan on the west coast. SF is more popular due to the blessings of global warming, more moderate temperatures and a good rapid transit system means you can get out of there and back without a car, and without getting mugged. People who live in the outside areas rarely go into the city, too difficult, which is perfect if you live there. Not hard to see why it’s desirable, a perfect theme park existence for the 1%, who are a small group also. Let them have their Disneyland.

  10. whazzu
    Nov 26, 2017 at 4:47 am

    I found SF a beautiful, but soulless city. Private dining, private car park, private school, private everything… its like the epitome of Darien Ct on the west coast. Zaro community spirit… none of the crazy fun of the Castro in the 1970s and 80s anymore… ust people fiddling on their phone and looking smug…

    …take LA any day.

  11. Kasadour
    Nov 26, 2017 at 1:32 pm

    Good job, Mr. Richter, staying on topic, answering the questions and keeping your composure! You have a nice smile.

    That guy is silly, but I like him.

    I didn’t know there was a Hep (C ?) problem in San Diego.

    RT? You Russian colluder, you! :-pp

    • Nov 26, 2017 at 3:20 pm

      Thanks for the kind word about my smile ;-]

      The Hep C outbreak has been going on and spreading for months in the counties of San Diego, Santa Cruz, and Los Angeles. It’s terrible.

  12. Robyn
    Nov 26, 2017 at 4:26 pm

    Max and Stacy are brilliant. RT and Keiser Report are on the top of my “go to for news” list!
    Max is hilarious, clever and an absolute genius – I often wonder how Stacy can keep a straight face.

Comments are closed.