November 25, 2020

Funny Blog News

News happens every day

Trump and the host argued fiercely, but they put Biden aside, the host was anxious: you want to argue with him

9 min read
Trump,Biden,debate, Funny Blog News

According to US media reports, Trump and Biden held their first debate on Tuesday night at Case Western Reserve University and the Cleveland Clinic in Cleveland, Ohio.

The 90-minute debate was hosted by Fox News host Chris Wallace. Biden’s running partners-Vice President Mike Pence and California Senator Kamala Harris also participated. However, this “war” that belonged to Trump and Joe Biden had unexpected effects.

Trump,Biden,debate, Funny Blog News

According to the live broadcast, it is not difficult to find that the first presidential debate in 2020 has changed from a confrontation between two heroes to a three-way melee, in which the host Chris Wallace was also involved in the debate.

It is reported that President Trump and host Wallace had a heated debate on the Fox News anchor’s remarks. The anchor link questioned Trump’s efforts to replace Obamacare.

Here, Trump is still talking to the host and protesting that the government abolished Obamacare as his personal plan.

“You are arguing with him, not me.” Wallace pointed at Democratic candidate Joe Biden.

Trump,Biden,debate, Funny Blog News

At that time, Biden was awkwardly hanging aside, Trump and Wallace talked repeatedly.

Finally, Trump responded to the host’s reminder: “I am now debating with him, not him, but it’s okay, it’s not a big deal.”

Trump,Biden,debate, Funny Blog News

 It is reported that according to Trump’s aides and allies, Trump did not make any formal preparations for the first presidential debate.

On the contrary, Trump insists that the best preparation is to do his day-to-day work, especially since he often has controversial interactions with reporters. Some aides and allies privately worry that Trump’s lack of formal preparation will lead him to fall into the same arrogance trap as other incumbents in the first election debate.

On September 27, according to a number of foreign media reports, due to the impact of the new crown epidemic, the value of US commercial real estate has shrunk by as much as 25%-27%. And because the real estate industry in the United States has been hit hard, Trump’s personal wealth has shrunk by about 20%.

Trump,Biden,debate, Funny Blog News

The value of U.S. commercial real estate has shrunk by more than a quarter

Chinese buyers divest nearly US$20 billion

On September 27, the Financial Times reported that the valuation of commercial real estate in the United States had depreciated by a quarter or more than normal. Industry insiders believe that the current US shopping malls, hotels and other commercial real estate are hit by the epidemic, and the US real estate industry is now entering a cold winter.

The Wells Fargo research report stated that once commercial real estate owners cannot repay their loans, their mortgaged real estate valuations will decline, with an average depreciation rate of up to 27%. Take, for example, a Crowne Plaza hotel in Houston with a valuation of US$25.9 million. The value of the hotel this month has fallen 46% from the time it was bundled into the CMBS transaction in 2014. Since March, the hotel has not repaid the mortgage and was handed over to a special service agency in May. Another Holiday Inn La Mirada, about a 20-minute drive from downtown Los Angeles, was valued at US$22.1 million, a 27% drop from 2015. In addition, due to the failure to pay off the mortgage since April, the valuation of a Holiday Inn in Columbia, Tennessee, USA fell 37% to $7.7 million in September this year.

Trump,Biden,debate, Funny Blog News

The Wells Fargo research report stated that once commercial real estate owners cannot repay their loans, their mortgaged real estate valuations will decline, with an average depreciation rate of up to 27%. Take, for example, a Crowne Plaza hotel in Houston with a valuation of US$25.9 million. The value of the hotel this month has fallen 46% from the time it was bundled into the CMBS transaction in 2014. Since March, the hotel has not repaid the mortgage and was handed over to a special service agency in May. Another Holiday Inn La Mirada, about a 20-minute drive from downtown Los Angeles, was valued at US$22.1 million, a 27% drop from 2015. In addition, due to the failure to pay off the mortgage since April, the valuation of a Holiday Inn in Columbia, Tennessee, USA fell 37% to $7.7 million in September this year.

The basic assets of CMBS are generally commercial real estate mortgages. Among them, “commercial real estate” includes commercial properties and multi-family real estate. The former are mainly office buildings, shopping malls, hotels, health and medical centers and industrial land, and the latter are mainly used for lease Apartment buildings generally need to be built and able to continue to generate operating income. It is worth noting that CMBS loans are generally only provided by mortgaged commercial real estate to provide repayment protection, and there is no recourse against the borrower.

According to foreign media reports, in the second quarter of this year, in the United States, the 10 banks with the highest bad debt risks had their non-performing loans soaring by 62%. Among them, commercial real estate non-performing loans increased by 144% to 26 billion US dollars. In order to make up for the huge losses caused by the sluggish real estate, major US banks have begun to increase their provisions.

On the one hand, US commercial real estate is in a precarious manner, and on the other, investors headed by China are speeding up their withdrawal. Real Capital Analytics data shows that in 2019, Chinese investors net sold US commercial real estate worth nearly US$20 billion (about 140 billion yuan). In August of this year, because the developer of the Hudson Yards project in the United States defaulted on repayment, Chinese investors had applied for arbitration, requiring the developer to return nearly $1 billion in investment funds.

Coupled with the second round of the epidemic in the United States, it seems that American real estate is no longer the sweet pastry in the eyes of investment. As of 10:37 on September 28, the number of confirmed cases in the United States has reached 7.32 million. Industry insiders believe that if the US epidemic is not further controlled, the local real estate market will fall into a deeper crisis.

The Morgan Stanley report believes that office buildings are expected to depreciate by 40%, rents continue to decline, and one-third of New York City hotels will face bankruptcy.

The real estate industry was hit hard

Trump’s personal wealth shrank by 20%

According to Times Weekly, on September 8, Forbes magazine announced the latest list of the “400 Richest Americans”. Although the total assets of the 400 richest Americans surpassed US$3 trillion, a record high, Trump’s personal ranking dropped by 64 places to only 339th on the list.

According to Forbes, since September last year, Trump’s personal net worth has fallen from $3.1 billion to $2.5 billion, a decrease of $600 million, which is equivalent to a decline of nearly 20% in wealth. Bloomberg also said that Trump’s wealth decline in 2020 is the largest in the past five years.

Trump,Biden,debate, Funny Blog News

During the entire epidemic, the Trump Group’s main businesses such as real estate, hotels, estates, and golf clubs were almost all affected. According to CNN statistics, since March this year, the Trump Organization’s losses have risen from 650,000 US dollars a day to about 1 million US dollars, and its hotels have also laid off nearly 2,000 employees.

On Sixth Avenue in Manhattan, New York, there is a 43-story skyscraper that spans the entire block. This is the famous “Avenue of the Americas No. 1290” (Avenue of the Americas NO. 1290), where the Bank of America is located. This is the most expensive and core of all Trump’s commercial real estate, and he owns 30% of the real estate. At present, this property has shrunk by nearly 100 million U.S. dollars and is currently valued at 342 million U.S. dollars. Trump’s other important commercial real estate, the Trump Tower (40 Wall St.) at 40 Wall Street, also fell sharply. This year, it shrank by $65 million and valued at $262 million.

According to “Forbes” statistics, in the past year, Trump’s eight core properties in New York have shrunk a total of $326 million. Only the Trump World Tower, which is adjacent to the United Nations Headquarters, rose by $2 million and is currently valued at $27 million.

Mortgage default rate hits nearly 9-year high

Powell issued a serious warning

The US mortgage default rate soared in May this year, reaching the highest level since November 2011. Specifically, the number of borrowers who were overdue for more than 30 days soared to 4.3 million, an increase of 723,000 from April. More than 8% of mortgage loans have expired or are in foreclosure.

However, during the COVID-19 pandemic, Wall Street again provided loans to homeowners with poor credit. According to data from Goldman Sachs, the default rate for residential mortgages that are bundled with private bonds or without government support has soared from a low of about 4% in January to about 18% in July.

Trump,Biden,debate, Funny Blog News

According to data from Deutsche Bank, since the beginning of this year, private residential mortgage bonds worth about $58.4 billion have been issued, of which 20% are “non-qualified mortgage” bonds. According to data from Finsight, a platform that tracks bond issuance, JP Morgan Chase & Co. and Wells Fargo are the largest issuing banks for residential mortgage bonds this year. Once the big banks began to relax their fines and regulatory investigations during the crisis, they began to increase lending to borrowers who did not meet quality management or government lending standards.

As part of the commitment to lift supervision on Wall Street, the Trump administration proposed in August to lower some mortgage lending standards.

Last Thursday (September 24), Federal Reserve Chairman Jerome Powell (Jerome Powell) stated that if the US government does not provide further financial assistance to alleviate the economic impact of the new crown epidemic, mortgage defaults and tenant evictions may increase.

At present, American households may still continue to spend the remaining funds in the 2.3 trillion stimulus plan passed by Congress in March. Powell said, “The risk is that they will eventually run out of the money and have to cut expenses, and may even lose the house or lease.”

Statistics show that US President Trump’s net worth has decreased by 300 million US dollars in the past year to 2.7 billion US dollars. Since taking office, his total assets have shrunk by 10%. Presidency is like a “loss of money” for Trump.

According to a report by Bloomberg News on the 14th, the Bloomberg Billionaires Index showed that Trump’s net worth decreased by $300 million in the past year, the largest annual decline since Bloomberg started tracking his wealth in 2015. According to Bloomberg’s analysis, Trump’s net assets have decreased in this way due to the reduction in the income of Trump Corporation’s office buildings and the impact of the new crown epidemic on the real estate market.

To Trump’s critics, it’s like Trump “makes his own way.” Because Trump failed to lead the US government to effectively respond to the new crown pneumonia epidemic, the economy suffered a major blow, which ultimately affected Trump’s personal wealth. Under the large-scale stimulus measures of the U.S. Federal Government and the Federal Reserve, in conjunction with the rapid development of e-commerce, certain areas of the U.S. economy are still “sustainable.” But in real estate, travel and leisure, the economic losses continue.

According to “Reference News” on the 16th, the Spanish “Economist” reported on the 14th that Trump is and will remain a rich man when he leaves the White House in the future. However, whether he resigns after this election or leaves the White House for another term until 2024, becoming President of the United States is a money-losing business for Trump.

Trump’s wealth in 2020 is approximately $2.7 billion, which is 10% less than when he first entered the White House. In the last 12 months, Trump’s property has depreciated the most in the iconic Trump Tower on New York’s Fifth Avenue and his office building on Wall Street. In addition to large buildings, golf courses across the country that made Trump famous have also depreciated sharply. Due to the national isolation measures, these stadiums have rarely been visited by tourists and players. Calculated in this way, Trump’s property has lost a total of $300 million in the past year. This shows that the cost of serving as the President of the United States is indeed very high.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © All rights reserved. | Newsphere by AF themes.