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AEI’s THOUGHTS ON THE PAVE REPORT

MARCH 25, 2022 – Below is the American Enterprise Institute’s thoughts on the blatantly racist PAVE Report that came out this week. AEI says it better than I ever could. So, I have no comments to add. Well, I did send them thanks for spelling White with a W. Finally, someone with integrity to avoid race baiting.
Shalom,
The Mann
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Comments on PAVE’s “Action Plan to Advance Property Appraisal and Valuation Equity: Closing the Racial Wealth Gap by Addressing Mis-valuations for Families and Communities of Color”
Reprinted below is a response from the AEI Housing Center to yesterday’s release of the PAVE report on appraiser bias:
On March 23rd, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), composed of thirteen federal agencies and offices, released its report entitled “Action Plan to Advance Property Appraisal and Valuation Equity: Closing the Racial Wealth Gap by Addressing Mis-valuations for Families and Communities of Color.”
Commentary on PAVE’s conclusion:
PAVE concluded that “Homeownership is often hindered by inequities within current home lending and appraisal processes, which research shows disproportionately impact people in communities of color.”
As noted in the Executive Summary, the report largely rests on three studies for its conclusion: (i) a report by the Brookings Institution, (ii) a note by Freddie Mac, and (iii) a blog post by FHFA.[1] In our work, we have issued lengthy critiques that discredit the first two studies (see our rebuttal to Brookings and to Freddie Mac) and now take the opportunity to respond to the FHFA study.[2] Here is a summary of our findings:
The Brookings and Freddie Mac studies are not based on rigorous data analysis. Most importantly, they conflate race with socio-economic status (SES), i.e. income, buying power, marriage rates, credit scores, etc. Race-based gaps found in the Brookings and Freddie Mac studies either entirely or substantially disappear when adjusting for differences in SES. Furthermore, our analyses show that similar gaps are present in majority White or White-only tracts across different SES levels, raising serious questions regarding a race-based explanation.[3] We also addressed a rebuttal from the Brookings authors to our critique. We found that Perry and Rothwell’s (2021) rebuttal to our critique supported our claim of omitted variable bias, failed to rebuke our methodology, and never addressed our case studies. We also presented solutions based on our findings. The Freddie Mac study took pains to state that its research was both “exploratory” and “preliminary”. Yet PAVE accepted Freddie Mac’s findings at face-value, even though research by Fannie Mae provides a likely, non-race based explanation for the valuation discrepancy found by Freddie Mac. It is worth noting that Fannie Mae’s explanation castes a favorable light on the appraisal industry.
This conflation by both Brookings and Freddie Mac is of critical importance. While there is agreement regarding the symptoms observed by PAVE–racial and ethnic differences in homeownership rates, financial returns of owning a home, and median wealth–ascertaining the causes and workable solutions requires a competition of ideas.[4] PAVE excluded research that was inconvenient or inconsistent with the desired narrative and conclusion.[5]
The FHFA blog post, which we have not addressed until now, stated that in their “review of appraisals, we have observed references to race and ethnicity in the ‘Neighborhood Description’ and other free-form text fields in the appraisal form.” FHFA concluded that the use of such references is evidence of bias as the “racial and ethnic composition of the neighborhood should never be a factor that influences the value of a family’s home” and released 16 specific examples.
While we all can agree with FHFA’s statement that “racial and ethnic composition of the neighborhood should never be a factor that influences the value of a family’s home”, the blog post failed to provide any specifics as to the frequency of such occurrences. It only stated:
From millions of appraisals submitted annually, a keyword search resulted in thousands of potential race-related flags. Individual review finds many instances of keywords to be false positives, but the following are [16] examples of references when the appraiser has clearly included race or other protected class references in the appraisal.
Without more information, one is unable to discern whether this is evidence of a few bad apples or systemic behavior. This is made all the more problematic given that there is other evidence showing no systemic appraisal bias. Unfortunately, PAVE ignored that body of research, to wit:
AEI Housing Center (2021) found that racial bias by appraisers on refinance loans is uncommon and not systemic. To evaluate the existence of bias, the AEI Housing Center assembled a unique dataset with over 240,000 loans for which we knew the race of the borrowers.
Ambrose et al. (2021) concluded that “contrary to media allegations, our statistical analysis found that racial bias by appraisers on refinance loans is uncommon and not systemic.”[6]
Fannie Mae (2022) concluded that for refinance applications “Black borrowers refinancing their home on average received a slightly lower appraisal value relative to automated valuation models” and that “the frequency of ‘undervaluation’ did not have a notable racial pattern.”[7]Interestingly, Fannie Mae (2022) also rebuked the methodological approach in Freddie Mac’s research note that was cited by PAVE as one of the three main studies.[8]
Our conclusion is that PAVE has misdiagnosed the problem.[9] PAVE proposed 21 agency actions. It is highly questionable that these will address racial and ethnic differences in homeownership rate, financial returns of owning a home, or median wealth. In some cases, they may make these differences worse or take the pressure off in finding effective solutions. It also must be noted that HUD, and its predecessors have played a major role in perpetuating segregation and racial wealth disparities.[10] This alone should give pause to any objective reader of the PAVE report.
Rather than PAVE’s finding of “inequities within current home lending and appraisal processes, which research shows disproportionately impact people in communities of color” the real culprit are inequities in SES, which PAVE acknowledges when it states that “[m]uch of the gap in rates of homeownership can be traced to socio-economic factors that differ on average between Black and white homeowners.” While lower SES certainly reflects a legacy of past racism and lingering racial bias, which leaves Blacks at a large income and wealth disadvantage relative to most Whites, PAVE should have addressed this in its policy recommendations. Thus, the PAVE Action Plan, by misdiagnosing the causes of the racial gap, will likely lead to unintended consequences as the Action Plan does not address the root problem.
We agree with PAVE that we ought to support opportunities for income and wealth growth among lower-income households. However, we should address the root cause for lower SES, and not unsubstantiated claims of systemic bias and racism in the housing finance sector.
Based on an objective diagnosis of symptoms and causes using rigorous data analysis, we propose the following solutions:
The housing policy solutions are:
Building generational wealth through sustainable homeownership for low SES households by reducing leverage for aspiring low-income home buyers.
Increasing supply and reducing income stratification through Light Touch Density.
Promoting Walkable Oriented Development in existing neighborhoods with a mix of residential and commercial properties.
Other policy solutions, which might be explored, are:[11]
Encouraging two parents in households with children (single-parent households have been found to be a significant SES factor by a wide ranch of academic researchers).
Enacting occupational licensing reforms and allowing small businesses to be run out of one’s home (this has been found to be a significant barrier to low SES households).
More economical childcare by rolling back burdensome government regulations (childcare costs are a significant barrier to gainful employment by low SES households).
Real school choice for access to quality elementary and secondary education (racial and ethnic minorities would benefit greatly from real school choice).
Improving access to technical and apprenticeship training (this would open up access by low SES households to these well-paying jobs).
Encouraging state and local governments to address public investment disparities relating to minority and lower income neighborhoods.
Recognizing the importance of SES factors is key to fashioning appropriate public and private responses. A misdiagnosis that focuses on other factors will not address the root problem and could potentially lead to unintended consequences. We must be mindful that many public policies aimed at addressing racial discrimination have had unintended consequences that have done substantial harm to low-income households generally, and minority households in particular.

Footnotes:
[1] Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), Action Plan to Advance Property Appraisal and Valuation Equity: Closing the Racial Wealth Gap by Addressing Mis-valuations for Families and Communities of Color, March 24, 2022, pp. 2-3.
[2] Despite the AEI Housing Center having undertaken a significant body of research on the topic of racial bias in housing finance over a course of years and notwithstanding efforts to engage with PAVE and some of its members, we were unable to engage with PAVE and our work was not mentioned in the report. Yet, PAVE stated that “Over the past 180 days, the Task Force has undertaken a collaborative and comprehensive approach toward identifying actions to address appraisal bias. This approach involved extensive consultation with subject matter experts and leaders across industry, academia, trade and civil rights groups, and government.”
[3] The same critique to the Brookings paper also applies to research by Howell and Korver-Glenn (2021) and a recent Redfin post on the same topic.
[4] The University of Wisconsin Board of Regents stated this concept best over 125 years ago: “Whatever may be the limitations which trammel inquiry elsewhere, we believe that the great state University of Wisconsin should ever encourage that continual and fearless sifting and winnowing by which alone the truth can be found.” https://news.wisc.edu/sifting-and-winnowing-turns-125/
[5] This goes back to when President Biden in his January 26, 2021 “Memorandum on Redressing Our Nation’s and the Federal Government’s History of Discriminatory Housing Practices and Policies” for the Secretary of HUD cited as fact “a persistent undervaluation of properties owned by families of color.” Thus, PAVE would need to conform to the President’s stated narrative, notwithstanding strong evidence to the contrary. https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/26/memorandum-on-redressing-our-nations-and-the-federal-governments-history-of-discriminatory-housing-practices-and-policies/
[6] Ambrose, Brent W., James Conklin, N. Edward Coulson, Moussa Diop, and Luis A. Lopez. “Does Appraiser and Borrower Race Affect Valuation?” Available at SSRN 3951587 (2021).
[7] Williamson, Jake and Mark Palim. “Appraising the Appraisal: A closer look at divergent appraisal values for Black and white borrowers refinancing their home.” (2022).
[8] In particular, Fannie Mae wrote that “We chose to study refinance applications, as opposed to home purchase applications, because the appraiser in a refinance transaction typically interacts directly with the homeowner (i.e., the borrower), establishing a pathway for potential bias to influence the appraisal results. The race or ethnicity of the borrower is often disclosed in the loan data, making it possible to directly observe any correlation with value. On the other hand, in a purchase transaction, the appraiser typically does not interact with the buyer (i.e., the borrower) of the property but rather with the seller or the seller’s agent. The availability of racial or ethnic data of sellers and real estate agents is limited, thereby making an analysis of valuation differences by different demographics for purchase transactions limited or incomplete relative to the analysis detailed below using refinance transactions.” (p.3)
[9] At times, PAVE tried to have it both ways. On the topic of undervaluation, which is the main focus in the Freddie Mac analysis because of the negative impact on minority home buyers, the PAVE report stated that a lower appraisal can be beneficial to the buyer but hurtful to the seller as “it limits the seller’s realized home equity gains and therefore impacts the seller’s wealth.” (p.15)
[10] As noted by PAVE throughout the 20th century, the “federal…government systematically implemented discriminatory policies that led to housing segregation.” Not mentioned by PAVE was the U.S. Commerce Department’s role in implementing a zoning regime designed to keep Black and ethnic-minorities out of single-family detached neighborhoods (see Chapter 1, AEI Light Touch Density E-Book), the 1949 Housing Act which resulted in the high-rise public housing and urban renewal programs, both of which worked to the great detriment of Black households and neighborhoods, the 1967 Presidential Task Force on Housing and Urban Development (headed by HUD Secretary Weaver), which proposed a 10-year housing program to eliminate all substandard housing in the U.S. (source: Lyndon Johnson Library), that was enacted in the 1968 Housing and Urban Development Act, the consequences of which led to HUD and FHA destroying many American cities, especially Black neighborhoods (Cities Destroyed for Cash: The FHA Scandal at HUD), the Tax Reform Act of 1986, which created the Low Income Housing Tax Credit, which has perpetuated racial segregation (Chicago tax credit program mostly produces affordable housing in poor black areas, March 15, 2021), the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, which granted HUD the authority to set affordable housing mandates for Fannie Mae and Freddie Mac, and HUD’s 1995 National Homeownership Strategy: Partners in the American Dream, which led to over 10 million foreclosures and did much to create the wealth disparities Blacks now face. All of these failures may be traced to HUD, or its predecessor agencies responsible for federal housing policy.
[11] Many thanks to our AEI colleagues Naomi Schaefer Riley and Angela Rachidi for many of these ideas. Please see their thoughtful analysis: https://reason.com/2021/02/24/fix-family-poverty-with-free-markets-for-once/

FANNIE MAE STUDY CONCLUDES NO RACIAL BIAS IN APPRAISALS

MARCH 12, 2002 – Now, two studies of millions of appraisals by the American Enterprise Institute (AEI) and Fannie Mae have concluded that there is no racial bias in real estate appraisals.
For those involved in the industry, this comes as no surprise. It is essentially impossible for real estate appraisers to be biased. Probably 95% of the time the appraiser knows nothing about the physical characteristics of the borrower. Nearly 100% of the time the appraisal reviewers know nothing about the borrower. And ALL appraisals must be approved by a reviewer.
Also, the market sets prices and all appraisers do is analyze recent comparable sales and arrive at a value for the subject. Which, in purchase situations, is equal to or higher than the sales price 95%+ of the time.
Racist organizations like the Brookings Institution and others that are falsely complaining about appraisal bias need to ‘follow the science’ as they like to say. Scientific studies 100% conclusively say there is no appraisal bias.
Maxine Waters and President Biden owe the appraisal industry an apology. And so does the Appraisal Institute for not supporting its own members.
The real estate appraisal industry is the gold standard for an unbiased profession. We have been the independent referee for 80+ years.
Lastly, we all know about the Fair Housing Act, redlining, discrimination being illegal, et al. To say we need to be educated about such is ridiculous. If you have lived in America since the 1970’s, you know all about fair housing laws and what is and is not discrimination.
The true racists are those that accuse everyone else of being racist. These people need to be exposed and told where to stick their unfounded claims. They should be sued for slander and defamation, also.
Hey, Appraisal institute, get a backbone and stand up for your members! There is no legislation that can change 4,000+ years of economic theory. The appraisal industry does not need to make any changes. It is already fully diverse and inclusive of people of all socio-economic classes (I grew up in mobile homes and am Jewish….I have the low-priced housing and minority characteristics covered!). Remember, skin-color and the only two genders have nothing to do with diversity and inclusivity.
Shalom,
The Mann

A FEW THOUGHTS ON RUSSIA/UKRAINE

MARCH 5, 2022 – First, I encourage you to visit Sputnik News to get some perspective from the other side. So far, I have found that site to be like the old BBC. Just report the news and leave at that. Not like our Fake News Media and the personal opinions they drown our news in. Not to say, the other side doesn’t do that with many of their news sources, too. Propaganda is the life blood of all sides. Also, I just checked out NewsNation on my cable package and so far I am impressed with it. Nice to just have news reported without an agenda.

As usual, do your own research re Russia and Ukraine. Their history goes back to the 10th Century. For over 7+ centuries Ukraine was part of Russia. The vast majority of Ukraine people don’t speak Russian for the hell of it.

I hear people ask why no one is getting involved in this war. It’s a civil war! No one should get involved in a situation that is not their business. That is why the world watches. Ask Sudan about the same. On and on it goes around this globe. I am not giving my opinion on this conflict. My opinion is not relevant. War is hell and there is no sugarcoating that.

I keep hearing about war crimes. To me that is an oxymoron. There isn’t much about war that isn’t a crime! What I have learned in my lifetime is that whatever us Western Nations do in war is not a war crime. And whatever our opposition does is a war crime:) We are fast to judge others after being the only side that ever dropped two nukes on civilian cities!

I saw a video about some Ukrainian civilians being killed by Russian soldiers. War crime. War crime. War crime. Well, Ukraine told every citizen to take up guns and make Molotov Cocktails. And fight back. Does that not convert every civilian into a militant? Children excluded, of course. If an American soldier was walking down the street of Baghdad and a ‘civilian’ came out with a rifle, what should that American soldier do? So, if civilians are attacking Russian soldiers, how is it a crime to defend yourself and take them out?

I am wondering when our Fake News Media will start discussing how important our 2nd Amendment is afterall!!!!!!!! Ukraine is showing why the public must all have guns! I am sure this war would be over by now if the Ukrainians weren’t armed and fighting back. Albeit, maybe not, as the Russian military is abysmal. They are lucky they aren’t fighting us or Israel. That 40-mile convoy that has been sitting there for a week would have been 100% destroyed by now! Back to the main point – keep buying guns and ammo. Us civilians are the ones that defend our Homeland – whether from outside invaders or internal enemies in our upcoming civil war.

Lastly, a friend asked me this. The Baltic States, Poland, and other countries border or closely border Russia and all have missiles pointed at Russia. What would America do if Canada, Cuba, and Mexico had missiles pointed at us? See Cuban Missile Crisis on DuckDuckGo if you need to find out that answer:) I had a teacher that was on a nuclear sub off the coast of Cuba and he said they got to less than 10 seconds on a countdown to launch missiles against Cuba/Russia. How will America react when Canada and Mexico point missiles at us? You know the answer.

No situation is simple. War is hell. We can be as hypocritical as the other side. Our propaganda is as bad as our enemy’s (our accusations of Russia dropping vaccum and cluster bombs is disgusting….we don’t even say they have most of the time….we say IF they did it is a war crime….we know that just saying that makes the public assume it has occurred….NO ONE knows what has or has not occurred until long after the war is over and investigations are done). Read news from the other side (you don’t have to believe it….just see what is being said).

Lastly, be thankful we live in a country where our homes aren’t hit by missiles every day. I am thankful I will have lived an entire life in a country that didn’t have to fight on its land. 9/11 was an exception. But, that wasn’t an attack by another nation state. We have it so good here.

As I said above, situations like this one are highly complex. I would be glad to talk with anyone about this war. There is alot I have to continue to absorb about it. Trying my best to hear and read from all sides. Luckily I have a few friends with friends in Ukraine and or from Russia. Interesting to hear their perspectives. Give me a yell at GeorgeRMann@Aol.Com

Have a blessed day.
Shalom,
The Mann

BUY TO THE SOUND OF CANNONS AND SELL TO THE SOUND OF TRUMPETS

MARCH 5, 2022 – A friend shared the above quote by Baron Nathan Rothschild. Nowadays we say buy the rumor and sell the news.
Just as the time to buy oil and gas and all commodities was 2 years ago during the worldwide lockdown. Soon will be the time to buy Russian assets.
I recall people saying I was crazy to buy when oil traded at -$30 a barrel (no one gives credit to President Trump ordering the USA to stock up its oil reserves when the price of oil was so cheap…brilliant move). Exxon traded at $31 (over $84 yesterday). Freeport-McMoran I had bought around $6. Yesterday it broke $50. With virtually every commodity at record highs, I will start to slowly take my cards off the table. You sell when everyone in the world is wanting to buy. As is the case now and for awhile longer.
The challenge will be figuring out when to buy Russian assets. And which ones. Russia isn’t going away. Their oil and gas will be needed by Europe, and others, for the remainder of this century. 25% of the world’s wheat goes thru Russia/Ukraine (that is why the price was up 40% this week!). Even if Russia/Ukraine is limited to trading with China, Iran, Venezuela, Cuba, and other members of that alliance, their companies will come back and do well. China alone has enough people to buy Russian goods forever. Remember, Russia’s economy is only the size of Italy’s. It doesn’t take much buying to support that economy.
The key is figuring out which companies and ETF funds will survive. I remember in early 2009 when Fifth Third Bank traded at $1.01 and I believe Bank of America was below $5. The fear was these banks would not survive. But, if you knew they would survive, you had minimal downside risk. As we say, at those prices it is like buying an option. You are prepared to lose 100%. But, also prepared to hit a 5x or 10x winner.
We are in a similar period for Russian stocks and other stocks invested in Russia. I don’t have definitive answers, yet. But, I think I am getting a handle on what to watch for re the Smart Money. The Smart Money will be investing heavily long before the public, and Fake News Media, know things have turned the corner.
I have long thought about writing a paper about markets that have declined 75%-90%+ and bounced all the way back. Those opportunities occur enough for you to make large killings throughout your life. The key factor is KNOWING that market will survive. The DJIA was going to survive The Great Depression. It declined 89%, but it was going to stay around and rebound. The NASDAQ did about the same in the Dot Com Bubble. There are dozens of such events. There are lots more where the stock went 100% under and did not survive. Again, the key is KNOWING the asset will survive no matter what.
If you are crazy enough to want to invest in depressed Russian assets, stay in touch with me. I am not 100% certain I will dive in. But, I do know this is a rare opportunity to keep an eye on. Rare because many of these assets are down 99% right now.
And, yes, you can tell I am totally against companies boycotting Russia. I have always said corporations owe society nothing. If you want something to help society, that is what Not-For-Profits are for! Corporations need to stay out of politics. In fact, they should be banned from donating to political campaigns. Just make money for the owners, pay your employees, buy supplies from other companies, et al. All of that done ethically and within existing laws, of course.
Albeit, I would say the Russian people are lucky right now to have no Facebook and Instagram and so on!!! That is a dream world! Can you imagine if your kids had no social media to waste their lives on!!!! Your kids had to spend that time with you:) I have a dream….
These are times I live for. I look forward to seeing how this evolves. And possibly, making money off of it:) We shall see.
Shalom,
The Mann

THE METHODIST CHURCH SAVED ENGLAND OF THE 1700’S

MARCH 3, 2022 – For the first time in my life, I went to an Ash Wednesday church service. Our pastor’s message struck home with me and I hope to do my part in reversing the moral decline in our country, and the world. I will post his sermon below and discuss what I plan on doing for the remainder of my life in an upcoming post.
Shalom,
The Mann
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By Dr. Tim McClendon
The people tell it and retell it every time they live and breathe their faith, and speak of the hope that is within them through Jesus. I have to share why this is important through a piece that I first heard through Bishop John Hopkins of the East Ohio Annual Conference:
“An interesting article was written in a journal called The Public Interest by Roger Starr, a professor at City College in New York. He is a liberal, Jewish Democrat. (Remember that; it is important to the story.)
Starr Concluded that there was only one other period in world history that matches the day in which we live. It was 18th century England. There was a problem of addiction – they had just discovered gin alcohol. Families were falling apart, Children were being abused. Domestic violence was rampant.
There were problems of pollution, crime, and violence – problems very much like our own.
When he discovered this, Roger Starr wanted to know what saved England, or brought them out of their situation. And would you believe? This liberal, Jewish, Democrat argues that the only thing that saved England was someone that he had not really heard much about – someone by the name of John Wesley who started a movement called Methodism.
“Now, I don’t even know any Methodists,” says Starr. “I don’t anything about them. But this Wesley started a movement that literally saved England. It was a movement that had profound social, economic, and political consequences and transformed and indeed saved that nation. Maybe what we need to do is to study those Methodists to find out how they did it, and to duplicate what they did back in the 18th century.”
About a month later, George Will wrote an editorial for The Washington Post. George Will is a conservative, Roman Catholic Republican. (Remember that; it is important to the story.)
Will wrote, “I never thought I’d agree with anything Roger Starr has ever written. But you know, this liberal has actually got a point. It is that in the 18th century you have the German and French revolutions, and other revolutions around the world; but you don’t have an English Revolution. But they did, you see. It was called the ‘Methodist Revolution,’ because these Methodists turned their world upside down. Maybe what we need to do is to take Roger Starr seriously and look at what was the secret of those Methodists.”
Then he added, “I know this is going to sound strange for me, saying that we need some more Methodists to save the world; and I hate to end the column this way, but does anybody out there have a better idea?”
About a month later, Fred Barnes, editor of The New Republic, wrote an article. Fred Barnes is an evangelical Episcopalian moderate. (Remember that; it is important to the story.)
He writes, “Can you believe this? We have George Will and Roger Starr agreeing on something. I can’t believe it! But the more you think about it, they are exactly right. But they forgot one thing. What they forgot was that basically the Methodist Movement was at heart, a spiritual awakening.”
Barnes continues, “Yes, it had tremendous economic, social, and political consequences, but it began as a spiritual revival – a spiritual awakening. And unless we get in this nation a spiritual awakening and a spiritual revival that will create these kinds of economic and political implication…in our day, it won’t work. It’s got to have a new generation of Methodists who will do for this day what they did in the 18th century.”
Other people see and say about us what we can’t see, or are too bashful to say about ourselves: The world needs a new generation of United Methodists to lead the way to change the world. Are we ready to go?”

$120 OIL – WHAT A BEAUTIFUL SIGHT :)

MARCH 5, 2022 – Just two years ago oil futures traded negative for a day and the tree huggers said oil was dead. Of course, I disagreed and predicted we would see $200-$300+ oil in this next cycle.
The first super cycle lasted about 120 years and saw a peak around $150 and then a drop back to where it all began in the early 1900’s.
A new super cycle began in 2020. This should take us to all-time highs and also end the history of oil. At the end, oil will likely trade for $1 as no one will be using it. ((see the history of aluminum prices in the 1800s – In the mid-1800s, the first aluminum ingots on the market went for $550 per pound. Fifty years later, not even adjusting for inflation, it cost 25 cents.))
I am not saying we will see $200+ in this current up move. It will more likely occur a decade or more into the future. This next cycle should last the remainder of this century.
Someone, please let AOC know what the price of crude is today:)
For those of us that own Exxon Mobil and other Big Oil and mineral companies, life is soooo sweet. Thanks to the climate change Fake News people for driving prices sky high. Sadly, they just hurt the poor with their stupid green agenda.
An ending fact….The Keystone XL pipeline will send the USA over 800,000 barrels of oil a day. We buy 595,000 barrels of oil a day from Russia. Thanks to the USA and Europe for funding Russia’s war in Ukraine! As an aside, I reviewed an appraisal of the Keystone XL pipeline and not a single landowner (!!!) complained about the pipeline going through their property. Only the climate change Fake News people complain.
Viva La Crude!
Shalom,
The Mann

UPDATED DATA FOR THAT CONTINUING CONVERSATION

FEBRUARY 22, 2022 – Hopefully, you are keeping that conversation going about systemic racism against White people.
1. Our country continues to have the MWOB (Minority and Women Owned Business) classification. This legalized racism and sexism must be eradicated if we are to ever have equality in this country.
2. About 17 million Whites remain in poverty. The largest group of people by far. 100% of the time I have brought this up to someone that is pro-DIE (diversity inclusivity equity or is it equality, whatever) they have not said a single word!! Too funny. If you want to improve the overall economy, you focus on this group. Albeit, the focus should be on EVERYONE in poverty. Not groups based on skin color.
3. For the umpteenth year in a row, more White people were killed in police confrontations than any other race. The 2021 total was 201. The second and third highest totals were 117 and 65. No one Says The Name of a White person killed by a police person. No one starts a protest immediately after a White person is killed. No unity until all races are given the same respect!
Two asides re this last item. First, I am pro-police and pro-blue line et al. They risk their lives every day. Regretfully, like every profession, they have some really bad apples. Those people deserve to be punished. I would hazard to guess that a significant majority of people killed in police confrontations deserved it. I am not saying all of these killings were unjust. Just giving the official stats.
Second, do not listen to the BS argument that it is the percentage of a group that should be looked at. For the families of the 201 White people that were killed, it does not matter what percentage of the population that is. Same goes for the families of the 117 blacks. It is the whole number that counts. The same goes for the above poverty discussion.

To change the title of Eric Church’s ‘Stick That In Your Country Song’ – ‘Stick The Above In Your DIE Discussion!’


BTW, why aren’t Jews an official minority? 7.5 millions Jews is far less than the 47-62 million blacks and hispanics. As I mentioned in another post, Jews don’t whine and cry about the 4,000 years of genocide and slavery they have gone thru. They simply stand proud and move forward. Others could learn alot from shutting up and instead working their asses off to succeed in this world.
Enjoy those conversations with the racist woke people you encounter:)
Shalom,
The Mann

CELEBRATE JEWISH HISTORY MONTH!

FEBRUARY 22, 2022 – Oh, wait, there is no Jewish History Month. Nor Male History Month for that matter.
I am thankful my fellow Tribe members have not lowered themselves to demand that America have a Jewish History Month. It is quite obvious that only groups that feel insecure, have not been able to succeed in this world, need pity, et al ask for, and take pride in, having a month (or some other period) set aside for them.
After 4,000 years of genocide and slavery, my Jewish brethren ask for no pity. Ask for no help. They simply continue to overcome the world’s bigotry and hatred and obstacles thrown at them. Now that is how a minority should act! Something to be proud of, forever.
Shalom,
The Mann

APPRAISAL REVIEW QUESTION

FEBRUARY 22, 2022 – I received the following question:
Q: If I as a bank appraiser chose to do an in-house appraisal, will it need to be reviewed? If so, what is the benefit and why not just use one of my vendors?
As appraisals are rarely done in-house, I have never thought about this situation. I contacted the Regulators and received the following answer.
A: When the residential threshold was increased it also amended the agencies’ appraisal regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for
compliance with USPAP. This became effective January 1, 2020 and is now part of the regulation. As such, a bank can be cited for a violation of law if the review is not completed.
We do not dictate who performs the review only that the reviewer is competent and independent of the transaction; the reviewer can be from the same appraisal department as the individual who performed the appraisal. The bank may perform the review internally or out-source the review.

Now we all know. As always, feel free to ask me any question regarding FIRREA. If I don’t know the answer, I will find it out.

Stay well and safe out there,
The Mann

GAS VERSUS ELECTRIC VEHICLES

FEBRUARY 7, 2022 – This is an excellent article comparing the two types of vehicles.  
Do Electric Cars Pencil Out? – EPautos – Libertarian Car Talk (ericpetersautos.com)

Of course, there is a lot more damage to the planet from using huge amounts of electricity as hundreds of major power plants will be needed to address the increased demand.  And most of the plants will have to depend on oil and gas.  Keep buying gas only vehicles if you want to help the planet.

Shalom,
The Mann