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Record Surge in Riskiest Loans Fattens Wall Street Banks
Record Surge in Riskiest Loans Fattens Wall Street Banks Crackdown efforts by bank regulators are put on hold. The volume of leveraged loans – the riskiest loans Wall Street banks provide – has surged 38% year-over-year and has already beaten the full-year record set in 2013, according to Dealogic. Total of leveraged loans outstanding has […]
How Much Illusion in GDP? What You See Is Not What You Get
How Much Illusion in GDP? What You See Is Not What You Get Oh, the revisions. The US economy, as measured by “real” GDP (adjusted for a version of inflation) grew 0.74% in the third quarter, compared to the prior quarter. That was a tad slower than the 0.76% growth in Q2, but up from […]
How Silicon Valley’s Dirty Tricks Helped Stall Broadband Privacy in California
How Silicon Valley’s Dirty Tricks Helped Stall Broadband Privacy in California Tech, including Facebook and Google, lent their support to a host of misleading scare tactics. Wolf here: After the US Congress repealed restrictions earlier this year, your broadband provider (ISPs such as Comcast, Verizon, or AT&T) can monetize your private data. ISPs know practically everything you […]
This is What it Looks Like When Credit Markets Go Nuts
This is What it Looks Like When Credit Markets Go Nuts Pricing of risk kicks bucket in record central-bank absurdity. As the days pass, the perverse effects of central bank policies on the financial markets are getting more and more amazing. This includes the record-setting nuttiness now reigning in the European bond market, compared to […]
Pentagon Worried about Hackers Causing Stock Market Crash
Pentagon Worried about Hackers Causing Stock Market Crash The Pentagon?! But no one’s worried when stocks get manipulated higher. It’s funny, the all-out government effort to prevent a major decline of the stock market, or of individual stocks, via manipulation or hacking. Now even the Pentagon is looking into it. What’s funny is that everyone […]
Yellen Was Right: “Transitory” Factors of “Low” Inflation Are Reversing, with Much More to Come
Yellen Was Right: “Transitory” Factors of “Low” Inflation Are Reversing, with Much More to Come What’s Boiling Beneath the Surging Inflation? Consumers are going to shell out more money for the same stuff, that’s for sure. Inflation as measured by the Consumer Price Index jumped 2.2% in September compared to a year ago, the Bureau of […]
De-dollarization Not Now
De-dollarization Not Now USD-denominated debt outside the US hits record – even junk bonds. China announced today that it would sell $2 billion in government bonds denominated in US dollars. The offering will be China’s largest dollar-bond sale ever. The last time China sold dollar-bonds was in 2004. Investors around the globe are eager to […]
It’s Over for Sears Canada
It’s Over for Sears Canada Brick and mortar meltdown. Sears Canada hired the same leading bankruptcy advisory firm on June 12 that had represented Target Canada in its insolvency proceedings. Ten days later, it filed for bankruptcy protection to restructure its capital and its operations, shutter dozens of it 225 stores and lay off nearly […]
Update on the Deflating Housing Bubble in Toronto
Update on the Deflating Housing Bubble in Toronto Missing Chinese money? Hardest hit is the priciest segment: detached houses. Home sales in the Greater Toronto Area plunged 35% in September compared to a year ago, to 6,379 homes. The plunge in volume was spread across all types of homes. Even condos got hit: Detached houses […]
The Pricing of Risk is Kaput
The Pricing of Risk is Kaput US Treasury Yield v. Euro “Junk Bond” Yield. A new record in central-bank engineered absurdity. US Treasury Securities with longer maturities fell this morning, with the 10-year Treasury yield rising above 2.37% early on and currently trading at 2.34%. This is still low by historical standards, and it’s still in […]
This Fed is on a Mission
This Fed is on a Mission QE Unwind starts Oct. 1. Rate hike in Dec. Low inflation, no problem. The two-day meeting of the FOMC ended on Wednesday with a momentous announcement that has been telegraphed for months: the QE unwind begins October 1. It marks the end of an era. The unwind will proceed […]
Who Gets Hit by Mortgage Losses in Harvey and Irma Areas?
Who Gets Hit by Mortgage Losses in Harvey and Irma Areas? “We need to ask for a policy change because the burden with these losses is too big.” Somebody is going to pay for losses on mortgages of homes that were destroyed by Hurricanes Harvey and Irma. It’s a just a question of who. The […]
Worst US Consumer Data Hack Ever? Equifax Confesses
Worst US Consumer Data Hack Ever? Equifax Confesses Your data was likely stolen. Here’s what you can do to protect yourself even after the hack, and Equifax doesn’t want you to do it. Equifax, as a consumer credit bureau, collects financial, credit, and other data on every US consumer. It has names, birth dates, social […]
Toronto Home Price Bubble Descends into Bear Market
Toronto Home Price Bubble Descends into Bear Market With surprise rate hike, Bank of Canada turns against housing market. Home sales in the Greater Toronto Area, the largest housing market in Canada, plunged 34.8% in August compared to a year ago, to 6,357 homes, with sales of detached homes and semi-detached homes getting eviscerated: Sales […]
What Will Markets Do if Congress Pushes US into Default? And “Trump Nationalism” Faces the Globalist System
What Will Markets Do if Congress Pushes US into Default? And “Trump Nationalism” Faces the Globalist System Here I am with radio host Jim Goddard on This Week in Money, holding forth on the chances that Congress won’t raise the debt ceiling in time and will push the US into default — if it does, […]
