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An Epically Bad Week for US Brick-and-Mortar Retailers and Landlords
An Epically Bad Week for US Brick-and-Mortar Retailers and Landlords Winners in this crisis: Ecommerce – for retailers that don’t sell men’s office & formal wear – and for sure, lawyers. Tailored Brands, a holding company for men’s apparel stores, including Men’s Wearhouse and JoS. A. Bank, is considering filing for bankruptcy, according to sources cited by Bloomberg on June […]
America Convulses in Pain, Fed Bails Out the Wealthy
America Convulses in Pain, Fed Bails Out the Wealthy What’s so insidious about the Fed’s bailouts of investors in hedge funds, mortgage-REITS, stocks, bonds, leveraged loans, and other often risky assets? The destruction of capitalism. By Wolf Richter. This is the transcript of my podcast last Sunday, THE WOLF STREET REPORT. You can listen to it […]
Wow, That Was Fast: Debt Out the Wazoo
Wow, That Was Fast: Debt Out the Wazoo US National Debt Spiked by $1 trillion in 5 weeks to $26 trillion. Fed monetized 65%. Business debts spike to high heaven. Trillions are now whooshing by at a breath-taking pace. The US gross national debt – the total of all Treasury securities outstanding – jumped by […]
A Word About the Current Chaos in Prices and Inflation
A Word About the Current Chaos in Prices and Inflation Some prices collapsed, others skyrocketed, and the Consumer Price Index went haywire. Here’s what I’m seeing beyond the near term — and it’s not “deflation.” Amid soaring prices of meat, beverages, fruit, veggies, and other food at home, and surging costs of personal goods, medical […]
US National Debt Spiked by $1.5 trillion in 6 Weeks, to $25 trillion. Fed Monetized 90%
US National Debt Spiked by $1.5 trillion in 6 Weeks, to $25 trillion. Fed Monetized 90% I’d never imagined I’d ever see this sort of spike, though in recent years I added an upward arrow with “Debt out the wazoo” to my charts, not realizing just how factually accurate this technical term would become. The […]
THE WOLF STREET REPORT: Nothing’s Fixed – What’s Behind the Corporate Debt Bailout
THE WOLF STREET REPORT: Nothing’s Fixed – What’s Behind the Corporate Debt Bailout Over the past two years, nobody knew what would trigger the next financial crisis, but just about everyone knew it would involve the record pile of corporate debt. And so it happened. Now the Fed fixed it…
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel It started in mid-February for jet fuel and in mid-March for gasoline. Oil companies are reporting financial fiascos every day: Today Exxon reported its first quarterly loss since 1999 ($610 million), on a “market-related” $2.9 billion write-down. “We’ve never seen […]
Fed Drastically Slashed Helicopter Money for Wall Street. QE Down 86% From Peak Week in March
Fed Drastically Slashed Helicopter Money for Wall Street. QE Down 86% From Peak Week in March Fed shed MBS. Loans to “SPVs” flat for fifth week. Repos in disuse. Fed still hasn’t bought junk bonds, stocks, or ETFs. But it sure sent Wall Street dreaming. Total assets on the Fed’s balance sheet rose by only $83 billion […]
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line The US Energy Information Agency (EIA) dissects the historic event. “It’s not often that we’re served up a WTF moment like this,” I wrote on April 20, when the May contract for crude-oil benchmark-grade West Texas Intermediate (WTI) plunged to […]
Fed Cut Back on Helicopter Money for Wall Street & the Wealthy
Fed Cut Back on Helicopter Money for Wall Street & the Wealthy Tapered QE-4 Further, Still Hasn’t Bought Junk Bonds or ETFs, Was Just Jawboning. Total assets on the Fed’s balance sheet rose by $205 billion during the week ending April 22, to $6.57 trillion. Since the week ending March 11, when the bailout of the Everything […]
How Far Will the U.S. Economy Plunge During Lockdown?
How Far Will the U.S. Economy Plunge During Lockdown? “Three times deeper than the Great Recession?” No one has ever been through an economy where enormous shifts have occurred, from one day to the next, shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before. Monthly or […]
QE-4 Cut in Half this Week. Fed’s Helicopter Money for Wall Street & the Wealthy Hits $1.8 Trillion in 4 Weeks
QE-4 Cut in Half this Week. Fed’s Helicopter Money for Wall Street & the Wealthy Hits $1.8 Trillion in 4 Weeks Regular folks need not apply. Total assets on the Fed’s weekly balance sheet jumped by $272 billion in one week, to $6.08 trillion, according to the Fed’s release Thursday afternoon. Since the Fed started this spree of […]
The Great American Shale-Oil Bust Turns into Massacre
The Great American Shale-Oil Bust Turns into Massacre Shares of shale oil drillers collapsed by 25%-50% today. Their bonds got massacred. Saudi-Russia price-war strategy appears successful in wiping out investors in the US shale-oil sector. It was so chaotic and brutal in the crude oil market today that the EIA, which is part of the […]
