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Squeezing The Consumer From Both Sides

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, The Federal Reserve raised the Federal Funds rate on December 13, 2017, marking the fifth increase over the last two years.  Even with interest rates remaining at historically low levels, the Fed’s actions are resulting in greater interest expense for short-term and floating rate borrowers. The effect of […]


Canadian Homeowners Take Out HELOCs To Fund Subprime Purchases

Authored by Steve Saretsky via VanCityCondoGuide.com, The HELOC (Home Equity Line of Credit) has been a blessing and a curse for Canadian households. While it has helped spur house prices and simultaneously provided consumers the ability to tap into their new found equity, it has also crippled many Canadian households into a debt trap that seems […]


What’s In The Final Republican Tax Bill: Goldman Explains

While we published both the full text(1,097 pages) and the “explanatory” statement (only 570 pages) released by the House-Senate conference committee on the final Republican Tax Bill, also known as the Tax Cuts and Jobs Act (TCJA), we are confident not many readers – or anyone else for that matter – will read the full […]


“It’s In The Mania Phase”: Securities Regulator Warns That “Mortgages Are Being Taken Out To Buy Bitcoin”

As the investing world continues to argue back and forth over whether Bitcoin is an acceptable store of value or nothing more than a massive bubble that has only been rivaled by the Dutch tulip mania of the 1600's, new information revealed by the President of the North American Securities Administrators Association would tend to […]


Here Are The Negatives In The Republican Tax Plan, According To Wall Street

Judging by the market’s euphoric reaction this morning, the Senate’s passage of the tax bill on Saturday is nothing but good news for stocks (well, maybe not the Nasdaq). And indeed, banks – whose effective tax rate is around 30% – and other tax-sensitive companies are surging, with banks are outperforming and  sending the KBW […]


Stockman: Debt, Taxes, Growth, And The GOP Con Job

Authored by David Stockman via Contra Corner blog, During more than four decades in Washington and on Wall Street it is quite possible that we never picked up any useful skills. But along the way we did unavoidably acquire what amounts to a survival tool in those fair precincts – namely, a nose for the con job. And what a […]


US Home Prices Surge At Fastest Pace Since July 2014

As the latest housing data shows an uptick in sales, Case-Shiller's 20-City Composite index surged 6.19% YoY in September – the fastest rate of gain since July 2014. As Bloomberg notes, the residential real-estate market is benefiting from steady demand backed by a strong job market and low mortgage rates. The ongoing scarcity of available houses […]


So Why Did Capital One “Suddenly” Exit Mortgage Lending??

Last week, Capital One Financial (COF) announced that is was formally withdrawing from the residential mortgage loan market.  Some observers mistook this announcement for news, thinking that COF had actually been engaged in residential lending in a serious way.  Housing Wire, for example, reported that COF had “suddenly” exited the mortgage and home equity business. […]


The Fed Issues A Subprime Warning As Household Debt Hits A New All Time High

After we first reported last week that US credit card debt once again rose above $1 trillion, despite a recent sharp downward revision to the data, while both student and auto loans rose to a fresh record high… … it would probably not come as a surprise that according to the just released latest quarterly […]


Goldman Still Sees 65% Chance Of Tax Reform Passing; Expects Senate To Make These Changes…

After a wave of GOP defections in recent days and waffling on timing, Goldman’s economics team apparently still sees a 65% chance of a tax reform bill being enacted by “early 2018,” but warns that the final bill may look nothing like the one recently proposed by the House. As we pointed out yesterday (see: […]


“Dear Fed, Hike Slower… Shrink Faster…”

Authored by Peter Tchir via Brean Capital LLC, Dear Fed, Stop with Rate Hikes and Reduce Balance Sheet We think that the Fed should focus on steepening the yield curve.  That keeping short term rates constant while focusing on balance sheet reduction would benefit the most people and the economy. Effectively, it is time for […]


What If The Tax Donkeys Rebel?

Authored by Charles Hugh Smith via OfTwoMinds blog, I would hazard a guess that an increasing number of tax donkeys are considering dropping out as a means of increasing their happiness and satisfaction with life. Since federal income taxes are in the spotlight, let's ask a question that rarely (if ever) makes it into the […]


Household Wealth Hits A Record $96.2 Trillion… There Is Just One Catch

In the Fed's latest Flow of Funds report, today the Fed released the latest snapshot of the US "household" sector as of June 30, 2017. What it revealed is that with $111.4 trillion in assets and a modest $15.2 trillion in liabilities, the net worth of US households rose to a new all time high […]


Government By Goldman

Authored by Gary Rivlin and Michael Hudson via The Intercept, in partnership with The Investigative Fund, Steve Bannon was in the room the day Donald Trump first fell for Gary Cohn. So were Reince Priebus, Jared Kushner, and Trump’s pick for secretary of Treasury, Steve Mnuchin. It was the end of November, three weeks after Trump’s […]


Wasserman Schultz Aide Pleads ‘Not Guilty’ As Prosecution Drops Hints About A Broader Probe Of Awan

By Jamie Dupree of PBP. Former U.S. House IT aide Imran Awan pleaded not guilty Friday to federal charges that he and his wife lied on an application for a home equity loan, as prosecutors dropped hints about a broader probe of Awan and his family members related to their computer work in recent years […]