Topic: Commercial Mortgage

The housing market is experiencing a lack of upward mobility due to high interest rates and stagnant wages. In Denver, commercial property values have reportedly dropped by 50% in two years, while residential prices are seeing significant reductions. The current climate is described as a "renter's economy" where equity is nullified by borrowing costs.

The Wall Street Journal and other mainstream outlets are criticized for focusing on "stupid" topics like the Olympics while ignoring critical economic data. Gerald Celente warns of a massive banking bust resulting from the office building crisis, noting that delinquency rates for commercial mortgage-backed security loans are skyrocketing. He predicts that hundreds of banks will fail as a result of this global socioeconomic crisis.

Mortgage rates have topped 6% for the first time since 2008, signaling a slow reckoning for the property market. New York City is reportedly still missing 176,000 jobs due to pandemic-era closures and mandates. Celente blames "arrogant clowns" like Bill de Blasio and Andrew Cuomo for destroying the city's economy through forced business shutdowns rather than the virus itself.