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Anatomy of the Housing Downturn in Vancouver, Canada
Anatomy of the Housing Downturn in Vancouver, Canada It’s not pretty. In 2018, “each month has brought weaker than normal sales, rising inventory, and continued downward pressure on prices” in Vancouver, British Columbia, writes Steve Saretsky, a Vancouver Realtor and publisher of real-estate blog, Vancity Condo Guide. The market faces another headwind: “With the Bank […]
Hilarious How Wall-Street Crybabies Whine about the Fed’s QE Unwind after a Decade of “Wealth Effect”
Hilarious How Wall-Street Crybabies Whine about the Fed’s QE Unwind after a Decade of “Wealth Effect” Their “Everything Bubble” is being pricked “gradually,” and they don’t like it. Wall Street has been moaning, groaning, and crying out loud about the Fed’s current monetary policies – raising rates and unwinding QE. They fear that these policies […]
The State of the American Debt Slaves, Q3 2018
The State of the American Debt Slaves, Q3 2018 Consumers are being lackadaisical again with their plastic. Consumer debt – or euphemistically, consumer “credit” – jumped 4.9% in the third quarter compared to the third quarter last year, or by $182 billion, to almost, but no cigar, $4 trillion, or more precisely $3.93 trillion (not […]
The Fed’s QE Unwind Hits $321 Billion
The Fed’s QE Unwind Hits $321 Billion The “up to” exacts its pound of flesh. Over the four-week period from October 3 through October 31, the Federal Reserve shed $35 billion in assets, according to the Fed’s weekly balance sheet released Thursday afternoon. This brought the balance sheet to $4,140 billion, the lowest since February […]
I Was Asked: “How & When Will the Next Financial Crisis Happen?”
I Was Asked: “How & When Will the Next Financial Crisis Happen?” China has a lot of balls in the air at the moment. FocusEconomics asked me and a bunch of other illustrious luminaries, “How and when will the next financial crisis happen?” First things first. A “financial crisis” is somewhat of a latex-term that […]
Why’s France so Worried about Italy’s Showdown with Brussels?
Why’s France so Worried about Italy’s Showdown with Brussels? The French megabanks are on the hook. France was just served with a stark reminder of an inconvenient truth: €277 billion of Italian government debt — the equivalent of 14% of French GDP — is owed to French banks. Given that Italy’s government is currently locked […]
Why I think the Ugly October in Stocks Is Just a Preamble
Why I think the Ugly October in Stocks Is Just a Preamble Yet, the crybabies on Wall Street are already clamoring for the “Powell put.” Let me just say right up front: The stock market did not “collapse.” It has experienced a sell-off that made some people’s ears ring, as sell-offs normally do, and October […]
The Wolf Street Report
THE WOLF STREET REPORT When will the Fed buckle? In this podcast, I ask: Where are interest rates headed, when will the Fed buckle, and who are the new winners and losers? (10 minutes) “Everyone is worried where things are headed.” Read… Fed’s Medicine “Gradually” Pricking the Commercial Real Estate Bubble?
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending Cash is less of a threat to central bank policies when interest rates rise above zero. Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from […]
Friday Hasn’t Even Started Yet, But It’s Already Ugly
Friday Hasn’t Even Started Yet, But It’s Already Ugly The FANGMAN stocks went to heck afterhours. Just a note to show how decrepit and ephemeral the enthusiasm for stocks is. So far in October, the S&P 500 has booked 13 losing days, including October 10, when the index dropped 3.3%, and October 24, when it […]
This Stock Market Is “Gradually” Rotting Under the Covers
This Stock Market Is “Gradually” Rotting Under the Covers And some of the rot is oozing to the surface. The sell-off on Tuesday didn’t weigh on the scale of sell-offs: The Dow, the S&P 500, and the Nasdaq were down only around 0.5%, give or take a little. But in the broader sense, declines of […]
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch But it’s going to be tough; he’ll need more than luck to pull it off. Moody’s has rated the $2 billion of senior unsecured notes due 2029 that Mexico’s state-owned oil company Pemex is in the process of issuing one notch above junk. Pemex is offering […]
It’s the Banks Again
It’s the Banks Again US bank stock index down 17% from January. EU bank stocks crushed, crushed, crushed since Financial Crisis. Monday early afternoon, the US KBW Bank index, which tracks large US banks and serves as a benchmark for the banking sector, is down 2.5% at the moment. It has dropped 17% from its […]
Backlash Against War on Cash Reaches the Bank of Canada
Backlash Against War on Cash Reaches the Bank of Canada A cashless society could have “adverse collective outcomes.” In recent months, a slew of political and financial institutions have raised concerns about the march toward a cashless economy. They include: The ECB warned that a phase-out of cash could pose a serious risk to the financial system. […]
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts Plunging bank stocks got the Court’s attention, or something. That was fast: Spain’s Supreme Court on Friday flip-flopped on its own ruling announced on Thursday that had sent bank stocks plunging. It started like this: Thursday morning, […]
