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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 […]
Catalonia and Spain Enter Dangerous Uncharted Territory
Catalonia and Spain Enter Dangerous Uncharted Territory Emotions are running high on both sides of the divide. Today was one of the strangest days of my life. I woke up in a constitutional monarchy called Spain and will go to bed, the same bed, in a newly proclaimed republic. Catalonia’s impossible dream has finally come […]
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 […]
The EU Just Did the Big Banks a Massive Favor
The EU Just Did the Big Banks a Massive Favor “Testimony to the iron grip the financial industry’s lobby still exerts on governments and legislators.” The European Union’s executive arm, the European Commission, made a lot of bank executives very happy this Tuesday by abandoning its multi-year pledge to break-up too-big-to-fail lenders. Despite the huge […]
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 Wolf here: After the US Congress repealed restrictions earlier this year, your broadband provider (ISPs such as Comcast, Verizon, or AT&T) can monetize your private data.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 […]
Catalonia’s Political Crisis Snowballs into an Economic Crisis
Catalonia’s Political Crisis Snowballs into an Economic Crisis Independence would be “horrific” and amount to “financial suicide,” said Spain’s Economy Minister. But financial suicide for whom? It’s not easy being a Catalan bank these days. In the last few weeks the region’s two biggest lenders, Caixabank and Sabadell, have lost €9 billion of deposits as […]
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 […]
ECB Suffers from “Corporate Capture at its Most Extreme”
ECB Suffers from “Corporate Capture at its Most Extreme” Many of these banks are implicated in the biggest financial crimes. No single institution has more influence over the lives of European citizens than the European Central Bank. It sets the interest rates for the 19 Member States of the Eurozone, with a combined population of […]
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 […]
Catalonia Chaos Begins to Squeeze Spain’s Financial Markets
Catalonia Chaos Begins to Squeeze Spain’s Financial Markets Bank shares plunge. Money is already on the move. Spain’s biggest political crisis of a generation, which has led to the complete breakdown of communication and understanding between its government in Madrid and the separatist region of Catalonia, is finally beginning to take its toll on the […]
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 […]
