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"World’s Richest Restaurateur" Sees An Imminent Crash In America's "Crazy" Real-Estate Market
When it comes to the fair value of assets, especially cash-flow generating real estate, few are as qualified to opine as the man dubbed “World’s Richest Restaurateur”, billionaire Tilman Fertitta, chairman of Landry's Restaurants which counts among its properties such brand names as Morton’s, Rainforest Cafe, Bubba Gump Shrimp Co., McCormick & Schmick’s, Saltgrass Steak House, Claim Jumper, Chart House, The Oceanaire, Mastro’s Restaurants, Vic & Anthony’s Steakhouse and many more.
Which is why his dire warning about the state of the "crazy" US real estate market, which he believes set for an imminent crash, are likely worth keeping in mind as all the panglossian permabulls see nothing but a 4th dead housing cat rebound ahead. That, and his take on inflation: "There is huge inflation going on right now."
From his interview on Bloomberg TV yesterday:
Fertitta: You are seeing crazy numbers from real estate. You are seeing it New York probably more than anywhere else; you are seeing it in Texas; you are seeing it in California. History always repeats itself, but I think it's going to repeat a little sooner this time. You see it coming.
Q. You smell a crash in the real estate market?
Fertitta: Absolutely I do. I can see it in Houston right now.
Q. It's going to be 1986 all over again?
Fertitta: Absolutely. It didn't come back in Texas until 1996, it took 10 years for it to happen in Texas.
For all those who see nothing but blue skies from falling crude prices, here is Fertitta's contrarian view: "Oil needs to hit $50/barrell for it to cause a total crash."
Oops.
Finally, for the deflation truthers, here is what Fertitta had to say about inflation:
Ben Bernanke was at Rich Handler's house and he says "there' no inflation." Well go buy something, whether at the grocery store, the drug store, the broom and mop store, and there is inflation everywhere. I have so many types of businesses so I buy everything from labor, to mops, to food, to shrimp, to stake and everything is more expensive. We are raising prices: that's why right now you pay more for an airline ticket, you pay more for a hotel room, you pay more for a pot of coffee. There is huge inflation going on right now.
Somehow we doubt he will appear on CNBC any time soon.
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Tired of Doomsday Porn. Want to see some REAL SHTF stuff.
He will be enrolled in the Mike Pento Hall of CNBS Shame.
Yeah Kirk.. Like REAL zombies & shit..
Houston was the arson capital of the world in the late 80's.
Speaking of crazy and restaurants and brooms:
Classic chimpout.
What a tool
Whats a stake....? I'll try the oily fish with BP sauce
slavery was americas worst mistake, open mexican boarders was the second.
can you imagine the savings to society if they just stopped being horrible for one
single week or even a day nation wide? it would be astronomical.
In 1860 these folks all had to get up in the morning and go to their job. It's been all downhill since then.
Where is the comment section for that subject?
I honestly believe blacks should go to Africa, yellow should go to china and browns should go to Asia and use the skills they learned here and make those countries prosper. Nothing is here for minorities. America has not given you anything in 200 years and have nothing left to give you anymore.
America is stolen Indian land.
Imagine 50 some odd million women like that the day the dollar loses reserve status and they dont get the welfare checks and food stamps, lord help us.
I was thinking the same thing Cosmos. The day that the Free Shit Army loses their precious freebies, the shit storm will be epic.
Listen.
You Americans are "ABSOLUTELY" disgraceful!
Nothing like a hungry diverse gal in heat for her hash browns and biscuits! Poor guy. Notice how all those bystanders jumped in to lend him a hand against those two broads? It reminds me of the McDonalds horror in China where the religious cult members beat the poor little girl to death with their feet and a mop handle while a dozen or so people just stood by and some taped the murder their phones:
https://www.youtube.com/watch?v=iJdazQ3UseU
can you imagine what they will be like when the EBT is shut off ? that's why we stock up on the essentials!! - 556
Just wait until she walks outside and sees that her purple Escalade has been towed away ….
Listen
Banging whore, you are absolute douche bag
/
Bangalore EQ...
Willing to point fingers from your Stinking(lliterally) Country?
God must still love India, though. Ebola didn't reach it...yet
I'm luvin it!
Like Limp Bizkit said, she did it for the Wookie
Oil at $50/bbl would definitely nail Houston. Not 100% sure about the rest of the country. The strong dollar probably has more impact.
the funny thing about Houston is that crime used to be limited to South Houston. Now it's pretty much widespread such as up in Spring just south of The Woodlands and over in a formerly slppey town called Cypress which now sees quite a bit of blk-on-blk crime. I haven't lived there for a long time but I bet Sugar Land, Katy, Cinco Ranch and The Woodlands are still nice.
I agree; oil below about $60 for a few months and Houston is going to be hurt'n pretty badly. Although, they do have a massive health care industry there with world leaders like MD Anderson for cancer and Methodist and St Luke's for cardiac stuff. That's where Cooley and Debaky used to operate and do their heart research.
I'd still prefer Houston over Dallas any day and would not mind moving back there to the far out suburbs as long as the nearest public transportation is miles away.
Maybe McDonald's sponsors this.
they're not related to the two bitches who are camping outside the Bestbuy but they are true American heroes.
Stay classy!
Man, that fat guy can sure catch chairs!
Listen.
How much do those McD security guards get paid? Not enough in some USSA neighborhoods.
Probably Shitcago.
CPD gets paid X2 to "work" McD's on on off nights. Cash. But then again, they're the only guys allowed to carry in most neighborhoods so it makes sense.
Listen, I still think you're a dickhead. Just providing facts. Boo!!!
Listen.
American cops have become fucking punching bags for the FSA under Obama.
There was a time when the citizens of USSA:
1) Respected the cops if they were law abiding,
2) Feared the cops if they were thugs.
Now cops have to just sit there and take a beating from the entitled welfare queens which makes the law abiders loose respect. I wouldn't do it for X10 Nessy!
Darren Wilson. Innocent, acted in self defense, should have a memorial statue in Ferguson, Missouri.
This type of senseless violence probably wouldn't happen as much if restaurants had different menus with lower prices (and McGriddles 'round the clock) for black people, just like the National Merit Scholarship has the National Achievement Scholarship with lower standards for blacks.
Damn straight!
At least white people scrap over the important things!
It is hard to say which is MOAR important, the right to a cheap McGriddle at midday or the right to a deep discount on a television. Thank God we have The Constitution to protect these important rights, or We The People would be fighting about them all the time.
hedgeless_horseman
Life is a set of lies that people have agreed upon
The way you examine US culture (dog-eat-dog individualist society) is very much focused in religion and race bigot. Anyway, your dark ideology does not surprise me.
And, if I may add this disturbing factor: This is an extract from Google eBook about Chris Hedges’ American Fascists:
The Christian Right to make a concerted drive to destroy American democracy. The movement awaits a crisis. At that moment they will reveal themselves for what they truly are—the American heirs to fascism. Hedges issues a potent, impassioned warning. We face an imminent threat. His book reminds us of the dangers liberal, democratic societies face when they tolerate the intolerant."
http://en.wikipedia.org/wiki/American_Fascists
A list of Zero's most prominent Lies:
“I promise 100% transparency in my administration.”.
“I promise NO NEW TAXES on a family making less than $250K a year.”.
“I will allow 5 days of public comment before I sign any bills.”.
“I will remove earmarks before I sign any bill.”.
“I will end Income Tax for seniors making less than $50K a year.”.
“I’ll put the Health Care negotiations on CSPAN so everyone can see who is at the table!”
“I’ll have no lobbyists in my administration.
I'll close Guantanamo Bay.
I'll resign if I don't cut the deficit in half by the end of four years.
I believe marriage is between one man and one woman.
I won't seek re-election unless unemployment falls below 5%.
I'll unite the people of this great country.
“If you like your insurance you can keep it”
“If you like your doctor you can keep him
The ACA will save most family $2500.00 a year
etc.etc. and so on...
It is _so_ much easier to list the true things that he said (Yes, he _did_ utter some true things):
1. I want to fundamentally transform America.
2. I believe in redistribution of wealth.
3. I actually prefer single-payer solution (to health insurance).
4. My Muslim faith ...
# 5 anyone? Anyone?
I am sorry. I don't understand your point.
And, who's Zero?
Sounds like odumbass.
Pffffff....Transparent diversion.
Zero = Airball???
"4. My Muslim faith ..."
Muslims demanded that the suburban Washington, DC-area Montgomery County (Maryland) give “equality” to Muslim holidays by closing on those days, even though there are not that many Muslim kids in the school district and the few absences don’t justify it. So, the school district–to appease Muslims–got rid of the names of all the Christian holidays on the calendar to avoid offending Muslims.
http://www.wtop.com/46/3740504/Md-county-strips-religious-holiday-refere...
As a Christian, that pathetic thesis of his just makes me laugh.
With everything the Pathetic Left stands for, he's worried about Christians? Has to be a Half Black Cracker lover.
What a joke.
Oh, NO! For "God's" sake, you cannot point out that extremists also exist in Christianity!
EVERY fucking group of people wishes to take over the planet. Quit lying to yourselves people!
I hold out hope, though. Thank "God" for evolution...
and as well are steadfast in achieving their goals --
http://www.zerohedge.com/node/497701
The sound didn't work on my end so I could not hear what they were arguing about. I think they were having a philosophical debate on the affect that the Obama administration is having on race relations in America where black on black violence is clearly on the rise.
Hedgeless would probably piss himself if he got into a real fight with a black man. Most self-styled grizzled bigots are wimps on the inside.
And naturally, nobody cares, because this is the biggest collection of former financial product slinging assholes on the planet, and their anglo-hangers-on.
It's a sorry mess.
I've listened to the angry white guys bloviating on here for five years. I'm shocked they haven't all grabbed their guns and overthrown the government.
Not really - bunch of windbags.
Rex, you've got That right! (you and some others are the only reason why I bother coming back here) A bunch of old, angry white guys trying to hang on to pensions and other shit related to empire's ill-gotten gains.
Human deception is so powerful that many don't even realize they're engaged in self-deception (programmed in).
Hedges, surprisingly, was actually a boxer. When he was younger, he beat up some black guys in the Roxbury neighborhood in Boston or some such place when they tried to jump him.
That happens quite a bit in Rox.
That is a rough area. Mattapan was pretty rough too.
Its the kind of place you could commonly see burned out cars in the middle of streets, naked toddlers roaming around in the streets, fairly common gunfire, vicious fucking dogs, bad gang issues, etc.
There was a time in Boston when the "Combat Zone" wasn't a nightclub... It was a neighborhood.
Listen.
This is a "BULLSHIT" comment by a punk. GFYS. Go out in the real world douche, you'll see.
I saw it in Research Triangle Park, USSA.
That flooring is missing sawdust for barfing on...
After watching that, does anyone wonder why .gov is locking down Ferguson as we speak?
the pink one looks like she could eat 12 McGriddles. She must sleep in a government furnished triple wide.
She needs a FEMA trailer for each leg.
Naturally, Hedgeless won't show you the white assholes that freak out at McDonald's, due to his current bias. I'm sure he'll just say "I'm posting what happened, blah blargh blargh" - but its just another BLACK DOT in his fucking posting history.
You were funnier when you were posting your stupid rabbit dinners, asshole.
You can do us a favor and post videos of white people freaking out and throwing chairss because they cutoff breakfast at 10am.
Is that you, Eric Holder?
Maybe you need to settle down and have a McGriddle or twelve.
By all means, please post videos of whites rioting at McD's, white flash mobs, white flash robs, white knockout games, etc.
That's because, for the most part, White people actually act like human beings. Baboons have a tendency to chimpout over anything as they do not have the mental capacity to think long term. Their actions have consequences, but as illustrated, they do not know how to correlate the link of their actions to the potential consequences. There is a reason they are hated all over the world. Whites are a superior race to blacks, always have been and always will be.
While I'm on my soap box, Fuck the Tribe as well. I do not consider those Talmudic cocksuckers White either. They are some form of parasitic plague that has had a strangle hold on humanity for far too long.
"White people actually act like human beings. "
Humans are deceptive and are, well, animals. We kill one another (this black-on-black low-level skirmish shit, as ugly as it is, is nowhere near as ugly as say the shit contrived and executed at the "higher" ranks of the "whites" [google "napalm," "white phosphorous," "atom bomb" etc.]).
Everyone thinks their genes are superior. That's nature in action! In the BIG PICTURE (long-term survival) all your/our blovations are kind of nothing, really. What matters is survival*: and right now things are seemingly taking a downturn for the "white" gene [though Putin and Russia are likely going to keep it going for a bit].
* Excellent demonstration of what this really means can be seen in Afghanistan (current as well as historical).
In the end it's mano-e-mano.
Oh, thanks for sticking up for the white gene! (being a white-gene-er mysefl)
just like going to the zoo.
The problem with lefty liberals is that they live in relatively wealthy enclaves .. I say transplant these two to Pelosi and Boxers 'hood. The white liberal "girls" are the worst... I went to school with a ton. They wake up once they move to the ghetto to do their goodie too shoes work and then get robbed, bulgulared, assulated, or on rate occassion even worse - not to mention the daily hassle of deal with these animals. They soon run back to their comfy enclaves.....
Seriously, the guard should be allowed to say yes or no to anyone at the door - whatever race, gender, etc. It's a private establishment and you have no right to come in.
"Jewish lightning"
I heard that expression for the first time recently.
"Pull it."
-- Larry Silverstein, the man who fortunately had many, many insurance contracts on WTC buildings, and was therefore paid many billions on his 110 million dollar investment (with 10% of that, or 11 million, being cash).
It's affectionately referred to as "Greek" lighting in Chicago. Trust me. That is all. I used to love greek diners BTW. Not so much anymore.
Houston lightning....the only lightning that strikes twice....
You have seen the "protesters" in Fergurson right?
Are they dark-skinded?
They range from just a few "authentic purples" all the way to the more numerous "high yellows".
Greened for "High Yellow".
Got Gold?
https://www.youtube.com/watch?v=Od9D6TECSa0&list=UUOGz5pLBw6Yrkgk3gPL13ug
Fuck your gold shit. If you would bought priceline stock you could of had a shitload of gold and cash. This goldgub bullshit and what silver is worth has shown who wears the pants around here, the FED and their profit minions.
Let me tell. You have gold.... it is valued int DOLLARS....
iT'S VALUE IS EQUATED IN DOLLARS. Not dinars, or oil, or cloths, or cars, or houses, or food or gas or a nice looking hooker.
Fuck it, give it up already, Just like in the early 70's my uncle bought gold at $750 an ounce. Fucking 40 years ago. Got fucked, as you all have been goldbuggy in the brain. Fuckiong morons never cease to amaze me.
You could have just said no.
"Fuck it, give it up already, Just like in the early 70's my uncle bought gold at $750 an ounce. Fucking 40 years ago. Got fucked, as you all have been goldbuggy in the brain. Fuckiong morons never cease to amaze me."
Knock, KNOCK! You're related!
Things are but tools. The best tool can be utter shit if not used correctly. Failure to identify goals and to properly apply tools is going to lead to nothing but frustration. That your uncle failed (in your eyes- is he available for commenting on what his goals were?) doesn't mean that you have to (proper goal-planning and risk assessment requires more than just simple anecdotal for/as inputs).
One last word: timing. (did you miss the bus? are you sure?)
I usually watch old Venezuelan news video for my fix.
I have a small business and I have raised prices twice this year. My input costs keep going up and I keep passing on a small percentage of the increases so I'm getting squeezed on margin. Can't continue another 2 years. As it is, I hardly take any salary. Only thing saving me is I have a great lease signed during downturn and that fixed cost is very low. Fuck You Ben Bernanke
There is no complacency anymore. I've had business too. The fucking squeeze is on, and coming deeper and more intense. 1% and above hardly feel it, but the rest feel it or know many who do.
My ancient parents told me. " we have worked hard to make ends meet, but some asshole is always moving the ends".
I finally gave it up and went to work for the MAN. The benefits are FABULOUS. and they pay you 7 1/2 weeks a year to do nothing year one. The medical insurance.... $230 a month............. the retirement plan.... fully vested after 5 years.... oh yeah. I fought the man for 54 years and finally I decided FUCK IT.. I'm all alone here fighting while everyone else is out having fun and enjoying their life. I went down fighting though.. At some point ... either you see people fighting against you or with you.... I just could not find a group that would fight with me. Sorry Zero hedge. Forgive me Lord.
I guess it is good to have a high paying job, planting tulips.
Not the bulbs, silly.
Your two lips.
What bullshit. Fighting the man. You couldn't fight your way out of a paper bag.
Biggest disappointment in my life is the people just continue to take it in the ass without even a peep. Whatever bad happens to this country is well deserved as the people no longer give a shit I guess. I can't find anybody willing to fight either. People piss and moan and buy new cars and feed this fucking monster in DC. I never the people would take it laying down but they are. I'm in my 60's now and I will fight as long as I can. I go to town meetings and fight these fuckers at every turn when they grab for more tributes. I don't take much salary so every April 15th I can tell uncle Obola to go fuck himself very much. I don't buy anything I don't absolutely need. I have gone from a guy paying $100K a year in income taxes to $1k. Only way we can stop the bullshit is massivecivil disobedience. I'm doing it because I want my grandkids to have something. Rate we're going now it's all going to be gone. Maybe it's too late. Fuck You Bernanke
It is rough watching so many people who are completely oblivious.
I had great Mentors who simply asked me to pass on what I'd learned from them to the next generation...so that's what I try and do.I believe some young folks are beginning to discover that something's not right.
Talking to a mildly captive audience of twenty somethings last night about amortization. They were actually listening.
I appreciate running water, the occasional steak, growing real food, a good pillow and blanket and real companionship with my favorite girl, the stray feline and my loyal hound. Life continues to become simpler and I like it.
There's WAY (not just slightly) too little inflation.
Paul Krugman said so as recently as Sunday,
"I'm getting squeezed on margin."
And there it is! As I've been saying, it's all about margin compression. Economies of scale in reverse.
I think it less Ben's fault and more of the fault of the System. Eventually we were going to fail on holding up the Growth Ponzi. Ben merely helped to alter the time-line, he didn't alter the trajectory.
Try being a farmer if you really want to feel depressed. I slog on only because there's little alternative- FOOD is a necessity, AND, I suck worse at everything else. (food, shelter and water; these are the categories one ought to be grounded in- I'm a shitty carpenter, and, well, seems there's an oversupply of them anyway, and water(?), well, I DO know a bit about it, but I don't really know how one would support any trade in it, which led me, ultimately, to "food"- to be a farmer)
Anyway... People keep mixing up the definitions of "inflation" and "deflation." The classic definitions have to do with MONEY supply. PRICE inflation/deflation is the other definition. The MONEY form gets kind of weird due to the fact that we have this electronic shuffling going on (the early classic theorists couldn't have envisioned this). The PRICE form gets kind of weird because it's usually about demand and supply, with prices tending to increase due to ramped up demand and lowering with decreased demand. So, we're really pretty much outside the standard definitions, more like some sort of hybrid thing going on. I think that your mentioning of margins is KEY: in this case we can state that margins are being DEPRESSED (rather than inflated). The BIG complication has to do with the fact that our System/model is based on a faulty premise: perpetual growth on a finite planet. Trying to make sense of something when it's based on a faulty premise will only lead to tail-chasing.
"Do the best that you can, in the place that you are, and be kind." - Scott Nearing
He won't be on CNBC thats for sure.
Not in NYC, unfortunatly. The dif being back in '95, there weren't the Russians and Chinese with more money than god.
Those dollars are coming home to roost.
Let's remember what happened to the Japanese investing in U.S. RE in the 80's... pooooooofff
Hi, ben! Long time no see/hear from!
You're correct. The RISK is certainly there. And there's also the risk of nationalization: this is really starting to show up just about everywhere.
We're all playing in the same Big Casino, there's a fire started in the back room, the doors are all locked and the fire suppression system is non-functional. What color, Red or Black?
Less than 2 years.
'Pass the steak sauce!'
And the Canadian RE bubble continues to expand. 61 months in a row of gains.
That is mind boggling.
It probably has to do with their immigration policy. Or inner city reproduction methods.
But, I could come with a hundred other theories, none which would make any more sense.
All the engineers still can't figure out how a bumble bee can fly. I think cancukistan real estate is the same. Maybe the frozen brain syndrome.
My credibility (stating as though I have any) on this one is really being put to the test. My wife has relatives and friends up there and I've been warning about this for so long now I'm even starting to tire hearing myself talk about it...
But! I think that the signs are there, as Australia's housing market is starting to collapse. Huh? Why am I mentioning Australia? They're the SAME! (and, well, here too my wife has relatives) I've been lumping the two countries together for quite some time, and always wondering which one would start collapsing first: I couldn't call this one, WAY too tight of a race here.
All (Canada and Australia) hinge upon China. there's going to be a big slam in to reverse as soon as China's polish starts coming off (and one can start seeing it in all the headlines, which are increasing in number, about China's slowdown in growth). Canada and Australia, however, are still in the upper range of resource-rich countries (I put Canada in the top three, with the US and Russia being the other two). And while the long-term prospects (for survival) are good, the short-term ones (as the Global Growth Ponzi collapses) are going to be really sudden and brutal: in the US and other countries there's been quite a bit of chipping away.
The Pappas chain went to shit after the Fertitas got their hands on it.
So does everything else they touch.
Seriously . The guy may have some legitimate points, but SUCKS at knowing how to get restaurants to consistently put out good food/service.
And therein lies a pretty big point. Used to be that most people were "in the business" because they were IN the business of the business. Now days it's about being an "investor," about using businesses to ply money.
"The guy may have some legitimate points"
I'd wager that most of us here probably knew of these "points" before he did. Further, is he in the restaurant business or is he in the real estate business? I'm kind of confused. Where's his money on all of this? And where has it BEEN? It can only get worse for him as disposable income continues to fall: I'd made this note some time back, that restaurant were going to be in for a big hurt.
ferguson part deux:
WTF are they doing there? Will she be arrested for beating up those people and stealing their property?
Maybe the police can escape prosecution by declaring themselves banks?
I don't think I have ever heard of any of those restaurants. And just from the names of some of them, I don't think I'd ever want to eat in any of them, either.
i haven't visited one in years, so i can't speak for the present tense; but back in the day landry's could cook-up a palatable shrimp ettouffee...which ain't an easy feat. and i've pretty high standards when it comes to ettouffee. there's this place in franklin, LA...meh-yeah!
i sometimes miss the cajuns. those coon-asses are crazy, but they can cook.
Q: what's a seven course meal in the bayou?
A: a strip of boudin and a six-pack.
janus
mrs_horseman and I love to eat and dance at Ernest's in Shreveport whenever our cajun food level gets critically low. The Marinated Crab Claws are amazing.
The atmosphere is like the restaurant and lounge in the movie Goodfellas, and usually with State Troopers standing around out front.
Drive 5 more hours southeast and We will have a shindig
yeah, my brother, mrs. janus and i met in lafayette, LA...against all advice and good sense we moved in together there on johnson st., in the harper's ferry apartments before taking our show on the road to south carolina.
when first we met she was waiting tables at a place called la fete's (or something like that). every evening she'd bring home crawfish pie, ettouffee, gumbo, jambalya, po-boys, boudin, sauteed gator tail, pistollettes...the works! she's only half cajun; but since it was from her mother's side the ancient french cooking techniques were passed on to her. i tells ya, i don't know if'n i could ever permanantly settle in with anyone who couldn't make a proper roux. it should be part of mandatory wife training (p.s. please don't tell your wife i made a joke about wife-training).
i've actually been to ernest's in shreveport (janus was a travelin salesman (among other things) continually criss-crossing dixie and makin adventures), and i likewise love the food, but, i agree, the atmosphere there is the thing; perfectly conducive to happiness and bouyant mirth. but i'd be doin you a disservice and i'd be derelict as a friend if i didn't strongly advise that you keep creepin down outta cracker-country and make your way to the cajuns in the bayou. it basically begins at the I-10 line (that's the cracker/cajun line (read: anglo-scotch-irish protestant/acadian-french-catholic line).
but, you best fortify your tolerance before you go, cajuns can drink...and though they're a tiny lil breed of men, they can fight (seriously, i think the average cajun is somewhere around 5'4"...janus feels like a giant among them). funny thing is, there's all these german settlements scattered across cajun-country. they typically have the best bakeries and average a foot more in height (cajuns used to not have things like flour or dairy products; artfully utilizing the critters and creeping things that populate the swamps, and adapting the french techniques to the raw materials divinely provided), and it's an interesting phenomena to observe: wheresoever they go, germans are still german.
https://www.youtube.com/watch?v=Rm5-sZLBPfs
remind me to someday tell some of my boudroux & tibedoux jokes.
blessings to the family.
bonsoir,
janus
I have eaten at several of these places. None are worth the money. Not even Morton's. And this is coming from a guy who knows food (in a normal way... for you sicko's out there who just thought up some freaky shit).
I don't know. I ate at Landry's in Orlando a few years back. For a "seafood" restaurant, their seafood sucked royal ass....wasn't cheap either.
People whose last name ends in a vowel don't need banks and banksters - they only need places that operate on a cash basis.
"...especially in New York..."
Imagine that, inflation in Mordor. FED gravy benefits clearly not present in the Shire.
Not the same restaurant chain where the hedge fund told the waiters to toss their sauce over the pasta ?
Tilman Fertitta, no apparent relation to Frank and Lorenzo Fertitta of the UFC who are also billionaires. That Sicilian family has done well in the US.
Fertitta - does the name mean "hirsute breasts" in Sicilian?
You win my favorite comment of the day award.
I was wrong, Tilman and the UFC Fertitta's are first cousins.
Neither inflation nor deflation just happen. Both are the result of monetary and financial policy.
If the Fed chooses deflation it could happen. They will always chose inflation however. It is the only way a fiat system can survive and I do believe they want the system to continue to function. They are trying to walk a line between the two but when panic hits they will print until the dollar won't even buy a Zimbabwe currency souvenir.
This is what will always happen when the medium of exchange is hoarded as wealth. Gold is perfect for that function and will again emerge as the champion of that role. This system will need to be dismantled first however....and that will be messy.
you give FR too much credit ... much of our inflation (healthcare, education, housing, etc) is the result of Fedgov policy ... allowing cartels to flourish or backstopping loans at rates no one in private sector would touch
"There is huge inflation going on right now."
we're at the doorstep of next recession ... price of most things will come a tumbling down
Wrong! The OUNCES of most things will come down.
The "affordability" is the thing that will come down (as in "less afforable"). "Price" is like a one-sided equation.
Just wait to see what happens as economies-of-scale-in-reverse starts really taking hold.
I have been saying inflation is high - the Fed is totally clueless. I see it everytime I go shopping for groceries and other items - prices are going up. The only hope is that the oil price drop will affect the end price of goods - I doubt that because once prices go up - they rarely ever come down since customers are willing to pay for the basic necessities. The Fed needs to wake up - hmm sorry I forgot they are in the business of making sure the 1% get their cut and get richer with real estate and stocks..
I drive as much as anybody- about 450-500 miles per week. I'm saving about $10-12 per week in gas. Big fucking deal. $50 bucks a month doesn't even touch the damage the inflation has done to my income(lack of)
Be thankful for even the little blessings.
Get a gas guzzler and your "savings" will increase.
Just about regurgitated through my nose!
Stop the 1% bull shit, we all know that the millionairs are considered peons too. its the .1% or really the .01% that need to wake up and relieze its to thier benefit that the rest of the 99.9% do better. Grow the Pie don't just horde the slices.
OK. EVERYONE can have MOAR? HOW big is this planet?
A rising tide lifts all boats, which results in massive flooding and no landmass. Yeah, sounds like a plan...
I find it remarkable that on one hand people here can claim that everyone has a right to pursue profits/wealth etc., yet on the other hand make an exception to this. Really, either you are FOR the right or you are not, you cannot be BOTH.
What this mindset then boils down to is judgment. And with judgment comes prejudices. And with prejudices comes arbitrary and capricious actions.
There is no utopia. Either we go the socialist route (not allow anyone to be "wealthy" or amass "too much wealth"), or we go full capitalist. In the former we all end up going down together. In the later we end up with it being about the survival of the fittest: problem here is that to be fair we'd have to have a totally fresh start to the game (keep in mind the comments here about the ".01" percenters), else we'd have the oligarchs have a HUGE head-start (and they'd find a way to keep themselves there, distorting any "system" that's in place in order to do so- just like it's always been; laws? Ha!).
Trucharts - I see food prices leveling off now. But yeah your correct that they may not drop. Food prices are sticky.
I'm in the restaurant bizness and food prices have not leveled one bit!!!!!
And I bet they still add on the gas surcharges to your orders...from the days of high gas prices...
Well, that's as it SHOULD be. Our problems are traceable to our lack of understanding what the true costs really are.
Pretty much, costs have always been passed on. Difference is the awareness. Consumers are now having to understand the costs: I think that this is a good thing. Sadly, I'm afraid, that as tensions mount people will increasingly look to blame others (groups): demonize those who have "your" needed resources (which leads to wars- life's battles for survival).
Trucharts - I see food prices leveling off now. But yeah your correct that they may not drop. Food prices are sticky.
Inflation really is getting bad. Your comments have gone up 300% in just a few moments.
I have been saying inflation is high - the Fed is totally clueless. I see it everytime I go shopping for groceries and other items - prices are going up. The only hope is that the oil price drop will affect the end price of goods - I doubt that because once prices go up - they rarely ever come down since customers are willing to pay for the basic necessities. The Fed needs to wake up - hmm sorry I forgot they are in the business of making sure the 1% get their cut and get richer with real estate and stocks..
I have been saying inflation is high - the Fed is totally clueless. I see it everytime I go shopping for groceries and other items - prices are going up. The only hope is that the oil price drop will affect the end price of goods - I doubt that because once prices go up - they rarely ever come down since customers are willing to pay for the basic necessities. The Fed needs to wake up - hmm sorry I forgot they are in the business of making sure the 1% get their cut and get richer with real estate and stocks..
livestock eats corn. Fed makes a law requiring cornathol to be burned in your vehicles. Farmers get a lot more for growing fuel corn than
bird/cow corn. Now, there is a shortage of animal feed. So, prices go up. Oh, and there are droughts all over the west and southwest. So, there's more of a shortage. animal food prices go up, and animal products go up... Eggs, milk, meat. It's not rocket science. What is difficult is determining the price increase due to FED printing, and what is the increase due to shortages.
Look to the non-food inflating numbers for that. Clothing has gone up significantly. household goods (walmart/homedepot/etc..) have all gone up. I've got YoY inflation at 8.11%.
And if you really do know about the cattle industry then you'll know that the great culling/sell-off in heifers that took place in the face of droughts and high feed costs means that it's several years before herd sizes come back up, and that this translates to higher beef prices (on the "affordaibility" index) regardless of current feed costs: costs for replacements will go much higher (and those costs will have to be recouped- you price based on replacement costs, unless, that is, you're going to close down your business [no restocking]).
Everyone has an opinion. Never heard of the man.
he didn't mention hookers and blow
Because he didn't want to draw attention to himself!
He was on Bloomberg not CNBC....he was very outspoken....he said Obamacare was going to be very expensive also for his operations....and the minimum wage increases...especially where the tip adjustment is not allowed...but he also said he just passes the cost on through to you..that is inflation
No, it's called "price inflation." This guy is just lobbying. Doesn't fucking matter about Obamacare or other*, as the deflationary forces (money supply as regards credit is actually decreasing) means that discretionary spending is dropping off and people aren't walking in to his restaurants in sufficient enough numbers to support his lifestyle (based on ever-increasing growth).
* It's an issue of trajectory. The USD went full fiat in 1971, it was only a matter of time before it caught up with us. These sell-outs (or head-fakes) are only a distraction away from the looking at the inevitable outcome (of the Growth Ponzi).
The equation has not changed. Really, nothing has. The same mechanics are in play. The only difference is TIME. The consumption of the world-as-a-pie is marching forward. We cannot make the pie higher!
I've met Tilman Fertitta and he's a complete clown. He adores his cars and is an asshole. Honestly I'll take the opposite side of whatever trade he's on.
But are his opinions on the economy correct?
An American, not US subject.
"Why didn't you here him warn you about the bus that hit you? I don't like him, so I ignored him."
Focus on the message, not the messenger!
You are clearly free to judge the man as you see fit (I have no basis on which to argue over that, and, frankly, I'd figure that it's a pretty good bet that you're right [I believe that pretty much any talking-head is an egotist]). But, if I were to see a rat jumping ship I might want to ask myself if I might not want to do the same, rather than just saying "hey, that's a rat, I hate rats so I'll stay on this sinking ship." Do as necessary for survival, but look do do so less as a rat- OK?
Just go out and price Thanksgiving dinner.
I jumped the shark a few years ago and decided to just buy one of these turkey-day hobby kits from the local big chain grocer. Turned 2 days of cooking and leftovers into an hour of heating up. Awesome! Same tryptophan affect, no hassle, more football.
Last year the all in price was $70 (the year before it was $60) for a decent sized bird, rolls, stuffing, mashed potatoes and gravy, cranberry sauce, some other side dish AND a pumpkin pie. This is in California.
This year I wander down to the same store to place my order. It's $70 for a turkey, potatoes and gravy. No sides, no rolls, No Pie!
Plus they want to up-sell you to a $90 bird with last year's program.
So all in that's a 28% jump in special occasion dinner pricing in one year.
Price it yourself this season and each year going forward.
No inflation?! Bankers don't ride the bus.
It's still a Depression.
Roger that, bankonzhongguo. I told my Mom to substitute a couple of chickens for the turkey but prepare stuffing, gravy, etc so it tastes like turkey and just tell all the guests these are very exotic "dwarf wild turkeys" ... from France. If she smoothers it in gravy they'll never know the difference and think they are getting something special !
LMAO....
Well, for the uber-wealthy, folks who have had their wealth increase dramatically over this free-money-printing era, things don't look so expensive. Clearly, however, you note this"
"No inflation?! Bankers don't ride the bus."
"It's still a Depression."
It's a contraction. Only three states that a thing can be int: Stasis; Expanding; Contracting, "Stasis" is but a demarcation point between "Expanding" and "Contracting," so once can toss that out. Kind of hard to argue the point about being in an expansion mode, which leaves us with...