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The Big Short is a Great Movie, But…
The Big Short is a Great Movie, But… Paris — Michael Lewis is the chronicler of Wall Street. He takes the complexity behind which the inhabitants of the financial world hide and weaves a tale that is both understandable and compelling. Starting with the classic “Liars Poker” (1989), Lewis has produced a number of books about […]
This Is Canada’s Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks “And The Worst Is Yet To Come”
This Is Canada’s Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks “And The Worst Is Yet To Come” Back in March, we brought you “Drugs, Prostitution, Violence Plague Oil Boom Towns Gone Bust,” in which we detailed the plight of towns like Sidney and Bainville, Montana, where the slump in oil revenue has made it […]
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year It’s grim up north… and getting grimmer. Amid soaring suicide rates, Canada’s once-booming oil patch is rapidly accelerating its downward trajectory. “Canadians should be concerned in times like these,” warned Tim McMillan, president and chief executive of the Canadian Association of Petroleum Producers, noting […]
It Gets Ugly in the Toniest Parts of London
It Gets Ugly in the Toniest Parts of London Those once “awash with cash don’t have as much to spend.” It gets ugly for luxury homes in the toniest parts of London. The combined value of homes that were sold in prime central London, which includes Belgravia and Chelsea, plunged 24.5% in 2015, year-over-year, to […]
Suicides In Alberta Soar In Wake Of Canada’s Oilpatch Depression
Suicides In Alberta Soar In Wake Of Canada’s Oilpatch Depression Over the past year, we have extensively chronicled the tragic story of Alberta – Canada’s once booming oilpatch – disintegrate slowly at first, then very fast, into an economic and financial wasteland: “Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years” “Canada’s Biggest […]
Sweden Warns Of Dire “Consequences” From Massive Housing Bubble, Heavily Indebted Households
Sweden Warns Of Dire “Consequences” From Massive Housing Bubble, Heavily Indebted Households Late last month, Sweden tripled down on QE, as the Riksbank announced it would expand its asset purchases by SEK65 billion. Or, visually: The recent history of Swedish monetary policy is viewed by some as a cautionary tale about what can happen when a […]
“It’s A Bloodbath” – Here Is The Biggest Casualty Of Canada’s Recession
“It’s A Bloodbath” – Here Is The Biggest Casualty Of Canada’s Recession In the past year, we have extensively profiled the collapse of ground zero of Canada’s oil industry, Calgary, as a result of the plunge in the price of oil, in posts such as the following: “Canada Crude Contagion: Calgary Home Prices Drop Most […]
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi Over the last six months, we’ve documented Sweden’s descent into the Keynesian Twilight Zone in great detail. Once upon a time, the Riksbank actually tried to raise rates, only to be lambasted by a furious Paul Krugman who accused the central bank of […]
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 […]
Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies
Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies On several occasions this year we’ve profiled Norway where the central bank, much like the Riksbank in neighboring Sweden, is walking a fine line between keeping rates low to support the economy (not to mention remain competitive in the global currency wars) […]
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick The Bank of Canada has been fretting about the ballooning debt of Canadian households. Last year, it repeatedly called it a risk to “financial stability,” perhaps in preparation for raising its benchmark interest rate. Then Canada’s economy tanked. In July, when the freaked-out Bank of Canada cut […]
Foreign buyers driving demand for luxury homes, Sotheby’s says
Foreign buyers driving demand for luxury homes, Sotheby’s says Luxury housing segment ($4M+) is hotter than the overall market in Vancouver, Toronto International demand is expected to keep driving luxury real estate sales in Canadian cities for the rest of the year, according to a report from Sotheby’s International Realty. A faltering Chinese economy and […]
“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. […]
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia A housing market set for the mother of all corrections. “I think it’s important that people don’t hyperventilate about these type of things.” With these words, Australian Prime Minister Tony Abbott tried to soothe the world’s rattled nerves today about the ongoing […]
TBTF Mega Banks Lowering Downpayments and Credit Standards to Keep High End Housing Market Going
TBTF Mega Banks Lowering Downpayments and Credit Standards to Keep High End Housing Market Going What do you do when even wealthy people begin to face an increasingly hard time purchasing a home in a vertical market completely disconnected from income trends? You reduce downpayments and lower credit standards, of course. Where have we seen this […]
