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Why a US-Style Housing Bust & Mortgage Crisis Can Happen in Canada, Australia, and Other Bubble Markets
Why a US-Style Housing Bust & Mortgage Crisis Can Happen in Canada, Australia, and Other Bubble Markets Despite persistent and false memes to the contrary. When a housing downturn gets big enough, there will be a mortgage crisis, and it will hit banks, shadow banks, and mortgage insurers no matter what the mortgage laws are: […]
Chasing Yield during ZIRP & NIRP Evidently Starved Human Brains of Oxygen. Now the Price Is Due
Chasing Yield during ZIRP & NIRP Evidently Starved Human Brains of Oxygen. Now the Price Is Due See Argentina’s 100-year dollar-bond and emerging-market “turmoil” as the Hot Money flees. Let’s be clear: It’s not just Argentina. But Argentina is the most elegant example. The exodus of the hot money from emerging markets where cheap dollar-debts […]
What’s Going On with Trucking and Rail?
What’s Going On with Trucking and Rail? Everything is spiking, setting off “inflationary concerns.” When consumer products companies, retailers, oil-and-gas drillers, manufacturers, and other companies complain that shipping goods within the US is confronting them with soaring costs, capacity constraints, and delays, they’re not making this up. Trucking companies and railroads – an infamously cyclical […]
Next Mortgage Default Tsunami Isn’t Going to Drown Big Banks but “Shadow Banks”
Next Mortgage Default Tsunami Isn’t Going to Drown Big Banks but “Shadow Banks” As banks pull back from mortgage lending amid inflated prices and rising rates, “shadow banks” become very aggressive. In the first quarter 2018, banks and non-bank mortgage lenders – the “shadow banks” – originated 1.81 million loans for residential properties (1 to […]
China’s Global Electricity Takeover
China’s Global Electricity Takeover Powered by low-cost state-funded capital There has been no shortage of stories recently about looming trade wars and foreign investments with questionable implications for national security. But the business press recently took notice of one particularly large investment number: $452 billion. This is the amount China’s state controlled power companies have […]
The Dollar’s Purchasing Power Drops 2.9% in May from Year Ago, Fastest Drop since Nov 2011
The Dollar’s Purchasing Power Drops 2.9% in May from Year Ago, Fastest Drop since Nov 2011 Even as “hedonic quality adjustments” perform miracles to repress surging new and used vehicle inflation. Consumer price inflation, as measured by the Consumer Price Index, released this morning by the Bureau of Labor Statistics, jumped by 2.8% in May […]
How Chinese Investors Inflate Housing Markets in the US, Canada, and Australia, as Governments Try to Stem the Tide
How Chinese Investors Inflate Housing Markets in the US, Canada, and Australia, as Governments Try to Stem the Tide The “waterbed effect” of money flows. Top residential real estate brokerages in the US have been promoting US homes to investors in China for years. Brokerage firms in Canada, Australia, New Zealand, and other countries have […]
Huge New Prop under the Stock Market is a One-Time Affair
Huge New Prop under the Stock Market is a One-Time Affair Crash insurance with an expiration date. But its working while it lasts. In May, with great and perfectly orchestrated fanfare, US corporations announced plans to buy back $173.6 billion of their own shares sometime in the future. It was the largest monthly buyback announcement […]
Toronto’s House Price Bubble Not Fun Anymore
Toronto’s House Price Bubble Not Fun Anymore Average price of single-family house plunges 13%, or by C$160,000 from peak. Sales of homes priced over C$1.5 million collapse by 63%. Condos still hanging on. Housing in the Greater Toronto Area is, let’s say, retrenching. Canada’s largest housing market has seen an enormous two-decade surge in prices […]
“Bunker,” the Fuel for the Giant Engines in Large Cargo Ships
“Bunker,” the Fuel for the Giant Engines in Large Cargo Ships The world grapples with the emissions. When pricing a container shipment, we are sometimes told rates have gone up because “bunker oil” has increased in price or that the delivery will take a few extra days because shipowners ordered their skippers to slow down […]
Visa Goes Down in the UK, Chaos Ensues, Cash is Suddenly King
Visa Goes Down in the UK, Chaos Ensues, Cash is Suddenly King War on Cash Suffers Setback. For over 12 hours on Friday, shopping centers in the UK and other parts of Europe were plunged into chaos as millions of consumers were unable to use their Visa debit or credit cards at points of sale. […]
Another Nuclear Bailout?
Another Nuclear Bailout? As pulp fiction aficionados, we love a good hostage situation. Last week, New Jersey joined the list of states seemingly eager to bail out politically well-connected nuclear power plant operators. Governor Phil Murphy signed a bill that would grant subsidies of up to $300 million per yearto the owners of the Salem […]
Which Banks Are Most Exposed to Italy’s Sovereign Debt? (Other than the Horribly Exposed Italian Banks)
Which Banks Are Most Exposed to Italy’s Sovereign Debt? (Other than the Horribly Exposed Italian Banks) “Doom loop” begins to exact its pound of flesh. Risk. Exposure. Contagion. These are three words we’re likely to hear more and more in relation to Europe, as the Eurozone’s debt crisis returns. On Friday, Italy’s 10-year risk premium […]
Oops, It’s Starting, Says This Chart from the FDIC
Oops, It’s Starting, Says This Chart from the FDIC And its eerie exhortations to the banks to prepare for a downturn to avoid “undue disruption to the financial system.” The FDIC’s quarterly report on commercial banks and savings institutions was cited in the media mostly for the $56 billion in profits that FDIC-insured commercial banks […]
