William

[The Iceman @the_iceman64]

90% of the soldiers on the first boats to hit the beach didn't live to see the end of the day. Look at those faces. Some of them never made it to 18.

Never forget that they paid the ultimate price for our freedom. We live our lives the way we do because of them.

[William @willgmorgan]

@stoolpresidente Antico pizza on the Westside is a must

[William @willgmorgan]

@GSEHotline

[Cassandra Unchained @michaeljburry]

Open Letter on Housing, Fannie & Freddie
@realDonaldTrump @pulte @SecScottBessent @FHFA @USTreasury $fnma $FMCC

We studied housing square footage per capita adequacy, and found that there is no problem there. The US in fact has more residential square footage per capita than any other country in the world. This is not a housing shortage, despite what so many say.

The problem is that bigger houses are inefficiently housing fewer people. The post-COVID low rate environment locked people into a lifecycle real estate position. Empty nesters can't sell, first time home buyers cannot buy. Second-hand home inventory is near all-time lows due to record low supply, not record demand. Prices are high due to the same reason.

Home equity is now a record $35 trillion, nearly doubling pre-COVID levels. 40% of homeowners own their homes free and clear - a record. And about 30% of all home buyers pay for homes without borrowing. Older homes were upgraded at a record pace during COVID, extending and refreshing the usefulness of residential real estate.

Artificially low interest rates, ~$6-7 trillion in helicopter cash and forgivable loans helped drive both the home updates and high housing prices.

Work from home moved the office into the home, often expensed or deductible. People with white collar jobs and means chose to live/work in exotic or remote locations.

All of this together does not speak of a housing shortage, or a housing problem.

Instead it is a problem of current residential space allocation and mobility, and this problem was created by government manipulation of interest rates, cash money supply, and COVID lockups that went on too long and changed work/home behavior.

Government created the problem and now maintains policies that prevent free markets from reaching a solution, not the least of which is keeping the GSEs inefficiently run while in conservatorship. Recall Pulte's video upon arriving at Fannie Mae - no one was in the office buildings. The companies have become atherosclerotic, inefficient government programs, while a decade of financial engineering optimized for homeowner wealth accumulation rather than housing market velocity/mobility/fluidity.

Government must fix this problem by facilitating efficient re-allocation of housing stock with higher housing velocity/mobility through the release of the GSEs into free markets.

This is a problem made for the GSEs. Through well-targeted programs, the GSE can help the free market find spaces to intelligently reallocate , and help US citizens with housing mobility.

Building more new overpriced, poorly built homes in increasingly dangerous flood zones and other hazardous fringe areas is not the solution. It adds to the problem through high maintenance burdens on new homeowners with little equity in their homes.

Rather, to build mobility/velocity of homeowners and housing space, the GSEs need to be recapitalized and retain easy access to capital markets. They also need to be run by real mortgage executives, not government functionaries.

To achieve this they need to exit conservatorship in a manner that excites markets to fund these companies, now with guidelines to prevent risk-taking outside of their purpose, and grow their purchases of mortgages of well-targeted specification.

I should have written this into the Recurrence piece itself.

[Mark Cuban @mcuban]

I don’t think people realize how much healthcare costs are driving big companies to fire and not hire.

It costs them $30k per family, per year for premiums and care. Most of that goes to the massive, vertically integrated insurance companies that send weekly bills that no one reviews in details. And it doesn’t include the company overhead to deal with it all. It’s usually the 2nd largest expense after payroll. Which is insane

It’s far easier to blame AI than it is to blame Healthcare costs.

Want to increase jobs, wages and improve affordability for every American ?

Break up the biggest insurance companies. Make divest non insurance companies. They don’t need thousands of subsidiaries. That’s how they game and abuse the system and increase costs for all of us.

Call your senator and tell them to support the BreakUp Big Medicine Bill by @HawleyMO and @SenWarren.

[William @willgmorgan]

@gas_biz Glad to see you back on the timeline

[William @willgmorgan]

@TheRealEstateG6 @elonmusk

[Derrick Broze @DBrozeLiveFree]

@JDunlap1974 care to show your homework?

From what I've seen these networks gave money to orgs listed as partners on the No Kings website. Not directly to No Kings or the protesters.

There's a difference and I am sure you know it.

https://t.co/gxX1ZftncW

[david friedberg @friedberg]

why not just raise income tax rates?

because your real intent is not to just “provide healthcare”.

you’re masking that you are proposing the creation of, for the first time in the 250 years of this American republic, an organized government seizure of private property from citizens.

you’re calling it a “wealth tax” or a “billionaires tax” or “millionaires tax” or whatever nom du jour polls well. but at the end of the day, it’s the seizure of private property from citizens by the government. citizens that earned money, paid their fair taxes on those earnings (53% if they live in California) and are now being told they need to hand over after-tax assets because the government has failed to provide promised services with the revenue it’s collected, and are now re-casting their own failure to be a socio-economic inequity that must be justly resolved... a slippery slope that has never gone anywhere good (see economic effects in USSR, Cuba, Venezuela, France and Norway wealth tax etc.)

the American founders fled tyranny in Europe and this amazing nation was populated by immigrants (myself and your parents) from around the world not just looking for a “better life” but for a place where they could have freedom from tyrannical governments that can take what they want from private citizens. a great nation borne of property rights, the rule of law, and endowed freedoms to believe, speak, or act. these principles led to the greatest run of innovations, successes, and widespread increase in prosperity, for all citizens, ever seen.

the citizens, the individuals, not the institutions, delivered this progress. those who invented, who toiled, who bled, who sacrificed, who took risk and persevered, who led, and who changed the world, are not charlatans, kleptocrats, or oligarchs. they’re what made us all better off. prosperity is a measure of america’s success, not its failure.

it is your principle that is so offensive, as evidenced by the broad disdain for your flippant flirtation with the darkest of human fantasy - socialism. you and other neo-socialists have led so many of us to reflect on America’s history and what it is becoming. that now leads so many to consider, so unnecessarily, leaving their homes for a place where everyone stands up to shout down the principle you suggest. because if your ideas are now considered moderate, it’s clear this titanic is sinking.

that a “simple tax” of taking assets that have been earned, through toil and tribulation, rightly taxed, and preserved, should now be unjustly seized, is your solution to a problem of obvious government mismanagement and outright fraud, tells us that your true motivation lies not in giving people healthcare but in cutting down success and deleting the system of prosperity and opportunity for all.

i don’t care, and neither should anyone else, what the sum total market value of a private citizens private assets might be. it is none of my business and should be none of yours. because, again, once you open that pandora’s box, we might as well study Lord of the Flies … there is literally nothing stopping 51% of citizens demanding that their government go out and seize 100% of the private property of the 49%.

want to give healthcare to people in need? do your job and fix healthcare. make it affordable. want to be lazy about it? then do your job lazily and raise income taxes.

want to take private property from private citizens who have paid their fair share of taxes and legally earned their property, then honestly declare that it is envy, not inequity, that you strive to resolve…

[Ron DeSantis @RonDeSantis]

No.

Privatized profits and socialized losses.

The enduring quest of being Too Big to Fail.

[Palmer Luckey @PalmerLuckey]

@winterrose Working on this.

[GSE Hotline @GSEHotline]

$FNMA | $FMCC

To the Junior Preferred advocates… While I support @BillAckman thesis that SPS conversion is not in fact more profitable for treasury, I can appreciate your argument in the other direction. Whats not clear to me is, are you also arguing that the cash sweep was not in fact payment towards the SPS? If not, how should that additional treasury income be accounted for?

If however, you do agree that sweep should have been applied to the SPS but predict Pulte, Bessent, and Trump will ignore that because they can do what they please and make “more” for the taxpayers by ignoring, can you at least acknowledge that the precedent set by that action has its own shortfalls? “More” isn’t always “better”… I don’t think you can ignore the net negative created when even the supposed biggest advocates of free markets expose their willingness for government overreach. From Trumps own mouth, it was “theft”. It’s a slippery slope, to say the least.

That “more” you all often reference will barely be a drop in the bucket in solving the existing U.S deficit. Whats most important for long term U.S financial success is the foundation this administrations sets for continued long term innovation and GDP growth, within the private sector. The action you suggest they will take with regard to the SPS is a huge step backwards in the progress that needs to be made.

[Ron DeSantis @RonDeSantis]

Is this guy lashing out because the rate on his water bed loan is about to balloon?

[Lex Fridman @lexfridman]

US government needs to release the Epstein list, and be fully transparent about everything related to this case.

And don't treat the public like we're idiots. Otherwise trust is completely shattered.

It's obvious. Do the right thing.

[Shawn Ryan @ShawnRyan762]

That aged well…

[Elon Musk @elonmusk]

I couldn’t agree more! 🇺🇸🇺🇸

[Elon Musk @elonmusk]

Wise words

[Senator Rand Paul @SenRandPaul]

If Congress can’t even cut $9 billion in foreign aid welfare — a rounding error — the country is doomed.

Voters deserve to know who refuses to cut anything while we drown in $1 trillion annual interest payments.

[@jason @Jason]

the preference cascade begins

If you want to work in Washington, balance the budget or GTFOOH

[William @willgmorgan]

@Jason Isn’t the government recognizing capital gains taxes from all the selling? I don’t recall them collecting taxes from buying stocks

[William @willgmorgan]

@QCompounding Send