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You Can Kick The Can Down The Road, But Reality Will Catch Up With You Eventually
You Can Kick The Can Down The Road, But Reality Will Catch Up With You Eventually Nobody can defy the laws of economics forever. Whether it is an individual, a company or the nation as a whole, reality always catches up with everyone eventually. For years, I have been warning that Sears was eventually going […]
JP Morgan Expert: True Debt, Pension, Healthcare Payments Would Consume Half of Illinois Revenue, Bankruptcy Option Needed
JP Morgan Expert: True Debt, Pension, Healthcare Payments Would Consume Half of Illinois Revenue, Bankruptcy Option Needed Michael Cembalest is Chairman of Market and Investment Strategy at J.P. Morgan Asset Management. His report released yesterday, The ARC and the Covenants, updates his earlier research comparing the percentage of state revenues needed to pay interest on […]
The Retail Apocalypse Picks Up Speed As Sears, JCPenney, Brookstone And Mattress Firm Spiral Toward Bankruptcy
The Retail Apocalypse Picks Up Speed As Sears, JCPenney, Brookstone And Mattress Firm Spiral Toward Bankruptcy Over 20 major retailers have filed for bankruptcy since the beginning of last year, and in 2018 we may break the all-time record for annual store closings that was established just last year. We are in the midst of […]
US Gross National Debt Jumps by $1.27 Trillion in Fiscal 2018, Hits $21.5 Trillion
US Gross National Debt Jumps by $1.27 Trillion in Fiscal 2018, Hits $21.5 Trillion But wait — these are the Boom Times! The US gross national debt jumped by $84 billion on September 28, the last business day of fiscal year 2018, the Treasury Department reported Monday afternoon. During the entire fiscal year 2018, the […]
President-Elect of Mexico’s Bombshell: Economy in “Situation of Bankruptcy”
President-Elect of Mexico’s Bombshell: Economy in “Situation of Bankruptcy” And why are Bank of Mexico executives and employees resigning in droves? Around 200 central bank employees, including 20 senior executives, have left their posts at the Bank of Mexico (Banxico) since presidential elections on July 1 handed a resounding victory to populist Andrés Manual Lopez […]
Everything is AwesomeThe Donald in Wonderland: Down the Financial Rabbit Hole With Trump
The Donald in Wonderland: Down the Financial Rabbit Hole With Trump Once upon a time, there was a little-known energy company called Enron. In its 16-year life, it went from being dubbed America’s most innovative company by Fortune Magazine to being the poster child of American corporate deceit. Using a classic recipe for book-cooking, Enron […]
The Bank Bailout of 2008 was Unnecessa
The Bank Bailout of 2008 was Unnecessary Photo Source Xavier | CC BY 2.0 This week marked 10 years since the harrowing descent into the financial crisis — when the huge investment bank Lehman Bros. went into bankruptcy, with the country’s largest insurer, AIG, about to follow. No one was sure which financial institution might […]
Russell Napier: “The IMF Is About To Send A Profound Shudder Through A Generation Of Investors”
Russell Napier: “The IMF Is About To Send A Profound Shudder Through A Generation Of Investors” Bringing Up The Bodies in Emerging Markets ‘The order goes to The Tower, “Bring up the bodies.”’ — Bring Up The Bodies, Hilary Mantell (The Forth Estate, Jan 2015) For many investors the meltdown in emerging market exchange rates […]
Is Bankruptcy in Your Future?
Is Bankruptcy in Your Future? Older Americans are going bankrupt in record numbers. Under a front page headline, “Bankruptcy Booms among Older Americans as Safety Net Frays,” the August 6 New York Timesrelates how the rate at which Americans 65 and older file for personal bankruptcy has tripled since 1991. This data comes from a new study […]
Spotlight Danville, Illinois, My Home Town: Bankrupt
Spotlight Danville, Illinois, My Home Town: Bankrupt Danville Illinois is bankrupt. That’s not an official announcement yet, but it will be. Pensions are at the heart of it. I have talked about my relationship with Danvile before, but here is a brief recap. I grew up in Danville, Illinois, the home of Chuckles (the candy), […]
The Trade War Is Already Having A Huge Impact On The U.S. Economy
The Trade War Is Already Having A Huge Impact On The U.S. Economy The trade war has barely just begun, and yet significant ripple effects are already being felt all across the U.S. economy. Once thriving businesses are on the verge of failure, workers are being laid off, and some sectors of the economy are […]
Why The Empire Never Sleeps: The Indispensable Nation Folly
Why The Empire Never Sleeps: The Indispensable Nation Folly Like the case of Rome before it, the Empire is bankrupting America. The true fiscal cost is upwards of $1.o trillion per year (counting $200 billion for veterans and debt service for wars), but there is no way to pay for it. That’s because the 78-million strong Baby Boom is […]
Wave of Corporate Bankruptcies Coming: GE Warns About its Subprime Mortgage Unit
Wave of Corporate Bankruptcies Coming: GE Warns About its Subprime Mortgage Unit Earlier today I commented to a friend about corporate bankruptcies. A few hours later, another friend Emailed about GE. Earlier today a friend pinged me with this story: U.S.Personal Spending Outpaces Income Growth For 26th Straight Month. He commented: “Hey, a lot of […]
Is This the Moment of Truth?
Is This the Moment of Truth? One of the most famous passages in American literature occurs in Chapter 13 of Ernest Hemingway’s The Sun Also Rises. It takes place in a café in Pamplona, Spain during the running of the bulls. Bill Gorton, a friend of the protagonist, Jake Barnes, has just arrived from New […]
Nuclear Companies are Just Happy to be in There Somewhere and They’ll Gouge the Ratepayers to Get There
Nuclear Companies are Just Happy to be in There Somewhere and They’ll Gouge the Ratepayers to Get There Photo by Lennart Tange | CC BY 2.0 That teeth-jangling noise you can hear are the fingernails of nuclear power corporations scraping across window ledges in a last, desperate attempt to cling on. It’s a lost cause. […]
