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Wolf Richter: The Economy Is Cracking Under Too Much Debt
Wolf Richter: The Economy Is Cracking Under Too Much Debt Housing, restaurants & retail are suffering Wolf Richter joins the podcast this week to discuss the deterioration of the global macro situation, and how he is seeing growing signs of recession breaking out across the economy: I think that was one of the biggest mistakes […]
China Relies On Property Bubbles To Prop Up GDP
China Relies On Property Bubbles To Prop Up GDP Carl Mydans Sharecropper’s family in Mississippi County, Missouri 1936Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m getting the feeling we have gotten so used to huge and often unprecedented numbers, viewed against the backdrop of […]
Next Shoe to Drop on Spanish Banks
Next Shoe to Drop on Spanish Banks “The mortgage ‘floor clauses’ are a fraud.” Thursday, April 7, 2016, could go down in history as a great day for Spanish mortgage holders and a very grim one for many Spanish banks, thanks to a new ruling that the so-called mortgage floor-clauses that were unleashed across the […]
Condo sales with no cash down payment proposed by B.C. developer
Condo sales with no cash down payment proposed by B.C. developer Buyers would get a discount, which would become a virtual down payment Townline wants to sell condos in The Strand development in Port Moody, B.C., to buyers who don’t have the cash for a down payment. (Townline) A B.C. developer wants to sell condos […]
Joseph Stiglitz on Canada’s Housing Inequality: ‘It’s Very Disturbing’
Joseph Stiglitz on Canada’s Housing Inequality: ‘It’s Very Disturbing’ Ex-World Bank top economist talks unaffordability, the TPP, and being a fiscal ‘black sheep.’ Joseph Stiglitz, winner of the Nobel Memorial Prize in Economic Sciences, is the third-most cited economist in the world, according to Research Papers in Economics. Photo by David P. Ball. Skyrocketing housing […]
Here’s Why Housing Must be Propped Up
Here’s Why Housing Must be Propped Up If housing tanks, the last prop under the veneer of middle class wealth collapses. The Powers That Be have gone to extraordinary lengths to prop up housing by whatever means are necessary since the collapse of the housing bubble in 2008: the Federal Reserve has pushed mortgages rates down […]
How Much Longer Can Our Unaffordable Housing Prices Last?
How Much Longer Can Our Unaffordable Housing Prices Last? Spoiler alert: not much Markets discover price via supply and demand: Big demand + limited supply = rising prices. Abundant supply + sagging demand = declining prices. Eventually, prices rise to a level that is unaffordable to the majority of potential buyers, with demand coming only […]
“Liars Loans” are Back…but with a Twist
“Liars Loans” are Back…but with a Twist Most of you will be intimately familiar with the roll “liars loans” played in last decade’s financial crisis. In a nutshell, these were loans in which the borrower was encouraged to lie about his or her income in order to qualify for a mortgage they couldn’t actually handle. […]
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasurys. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China had dumped a record $143 billion in US […]
Fed chair Yellen tells Canadian homeowners to watch out: Don Pittis
Fed chair Yellen tells Canadian homeowners to watch out: Don Pittis Your mortgage rates are going up, and U.S. Fed chair is pretty specific on how much The financial analysts think they have it figured out. After listening to U.S. Federal Reserve chair Janet Yellen’s speech and her wily answers to questions from reporters, the consensus seems […]
House prices may stay high in Canada: Here’s why
House prices may stay high in Canada: Here’s why Seemingly insatiable overseas demand is one of main reasons the gloom-mongers have been wrong A friend of mine sold her Toronto house because prices were so high. She didn’t want to get caught in the downdraft. If you’ve been listening to all the warnings from foreign […]
Time To Get Real About China
Time To Get Real About China The present Chinese leadership appears to be trying to gain (regain?) more -if not full- control over the country’s economic system, while at the same time (re-)boosting the growth it has lost in recent years. President Xi Jinping, prime minister Li Keqiang and all of their subservient leaders – […]
What If Mortgage Rates Go Up?
What If Mortgage Rates Go Up? From 4% to 5% If the 30 year mortgage rate increases by just a quarter percent to 4.25%, monthly payment increases by 3%, which may only have a minor impact on the market. Half a percent to 4.5% would increase payments by 6.13% and that may start pushing marginally […]
Money for Nothin’ and your Chicks for Free – and your Houses too!
Money for Nothin’ and your Chicks for Free – and your Houses too! Nothing Against the Old We would like to preface today’s Diary with a clarification: We don’t have anything against old people. We don’t have anything against high GDP growth rates either. But the two don’t go together. Some of this opinion comes from looking […]
Magnificent Housing Bubble Unravels in Much of Canada
Magnificent Housing Bubble Unravels in Much of Canada Canada’s housing bubble, which has been so much more magnificent than anything the US was ever able to conjure up, notched another gain in March, according to the Teranet-National Bank House Price Index, which rose 0.3% for the month. Prices were up in eight of the metropolitan […]
