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Where the Debt Slaves Are the Most Vulnerable
Where the Debt Slaves Are the Most Vulnerable I’m shedding a different light on consumer debt. This type of chart is trotted out constantly these days to show that American households are in fabulous shape when it comes to their ability to service their blistering record debts. The red line in the chart shows household […]
Hilarity in NIRP Zone: Italian 2-Year Yield Still Near 0%, as New Government Proposes Haircut for Creditors and Alternate Currency, Markets on “Knife Edge”
Hilarity in NIRP Zone: Italian 2-Year Yield Still Near 0%, as New Government Proposes Haircut for Creditors and Alternate Currency, Markets on “Knife Edge” The ECB’s Negative Interest Rate Policy has been the funniest monetary joke ever. The distortions in the European bond markets are actually quite hilarious, when you think about them, and it’s […]
Why I Think the Stock Market Cannot Crash in 2018
Why I Think the Stock Market Cannot Crash in 2018 But the crash-insurance policy is a one-time deal. And then what? The 85% of S&P 500 companies that have reported earnings so far disclosed they’d bought back $158 billion of their own shares in Q1, according to the Wall Street Journal. The quarterly record of […]
The State of the American Debt Slaves, Q1 2018
The State of the American Debt Slaves, Q1 2018 After the party, the hangover. Total consumer credit rose 5.1% in the first quarter, compared to a year earlier, or by $184 billion, to $3.824 trillion (not seasonally adjusted), according to the Federal Reserve. This includes credit-card debt, auto loans, and student loans, but not mortgage-related […]
Toronto’s Splendid Housing Bubble Turns to Bust
Toronto’s Splendid Housing Bubble Turns to Bust Market freezes up at the top. Average price of detached house plunges C$175,000 in 12 months. Home sales in the Greater Toronto Area (GTA), Canada’s largest housing market, and among the most inflated in the world, plunged 32% in April, compared to a year ago, to 7,792 homes, […]
Update on the Most Splendid Housing Bubbles in the US
Update on the Most Splendid Housing Bubbles in the US Everything spikes. Prices of houses and condos across the US surged 6.3% from a year earlier (not seasonally-adjusted), according to the S&P CoreLogic Case-Shiller National Home Price Index for February, released this morning. The index is now 6.7% above the crazy peak of “Housing Bubble […]
Canada Home Prices Fall from Year Ago for First Time since 2009
Canada Home Prices Fall from Year Ago for First Time since 2009 The magnificent house price bubble wheezes. With 2017 mortgage pre-approvals having now expired, the first wave of buyers facing OSFI’s ground breaking mortgage regulations are being put to the test. The regulations, also known as B-20, require all borrowers to pass a stress […]
Is the “Petro-Yuan” a Credible Challenge to Dollar Supremacy?
Is the “Petro-Yuan” a Credible Challenge to Dollar Supremacy? Wolf Richter with Jim Goddard on This Week in Money: China latest effort to get its currency to be used globally is the “petro-yuan.” Is it a credible challenge to the supremacy of the US dollar? If China dumped US Treasuries, what would that accomplish? And […]
How Much Are Banks Exposed to Subprime? More than we Think
How Much Are Banks Exposed to Subprime? More than we Think Wells Fargo has $81 billion in exposure to loans that, on paper, it isn’t exposed to. A couple of days ago, when I wrote about the soaring delinquency rates in subprime auto loans – the worst since 1996 – and the collapse of three […]
Toronto’s Epic Housing Bubble Turns to Bust
Toronto’s Epic Housing Bubble Turns to Bust Prices of detached houses plunge C$207,000 from a year ago as sales collapse. After having ballooned for 18 years with barely a dip during the Financial Crisis, Toronto’s housing market, Canada’s largest, and among the most inflated in the world, is heading south with a vengeance, both in […]
Freight Costs and Volumes Surge, Inflation Fears Heat Up
Freight Costs and Volumes Surge, Inflation Fears Heat Up February was off the chart. “We are seeing an unprecedented rise in logistics costs,” General Mills CEO Jeff Harmening told the Wall Street Journal after the company reported earnings. Shares dropped 9% on Wednesday and another 2% on Thursday. They’re down nearly 40% from their peak […]
Then Why Is Anyone STILL on Facebook?
Then Why Is Anyone STILL on Facebook? Where’s the panicked rush to “delete” accounts? Things at Facebook came to a head, following the disclosure that personal data from 50 million of its users had been given to a sordid outfit in the UK, Cambridge Analytica, whose business model is to manipulate elections by hook or […]
US Gross National Debt Spikes $1.2 Trillion in 6 Months, Hits $21 Trillion
US Gross National Debt Spikes $1.2 Trillion in 6 Months, Hits $21 Trillion These dang trillions are flying by so fast, they’re hard to see. The US gross national debt jumped by $72.8 billion in one day, on Thursday, the Treasury Department reported Friday afternoon. This March 16 is a historic date of gloomy proportions, […]
Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System
Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System Even banks outside Italy have an absurdly out-sized exposure to Italian sovereign debt. The dreaded “Doom Loop” — when shaky banks hold too much shaky government debt, raising the fear of contagion across the financial system if one of them […]
Toxic Debt Still Plagues Spanish Banks (and Taxpayers Will End Up Paying for It)
Toxic Debt Still Plagues Spanish Banks (and Taxpayers Will End Up Paying for It) Years after Crisis Was “Solved.” Europe’s banking authorities are finally beginning to pile pressure on poorly performing banks to clean up their books, something that should have happened a long, long time ago. But as is often the case with European […]
