Mortgage Loans

China's $9 Trillion Shadow Banking System Shrinks For The First Time In 9 Months

For the first time in 9 months China's $9 trillion Shadow Banking Industry - defined as the sum of Trust Loans, Entrusted Loans and Undiscounted Bank Loans - contracted, which begs the question: will the biggest deleveraging ever attempted in Chinese history be smooth and contained, or lead to another financial crisis?

UBS Explains Why The Next Credit Unwind Will Be Unlike Anything We've Seen Before

Several weeks ago, Janet Yellen boldly declared "I don't believe we will see another crisis in our lifetime."  For the rest of us who live in reality there is little doubt that the latest Fed-fueled credit bubble will eventually burst in epic fashion and once again lay waste to the personal balance sheets of millions of Americans.  The question isn't so much 'if', but rather 'how' and 'when.'

The Secret History Of The Banking Crisis

"Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?"

John Mauldin Warns "Prepare For Turbulence"

"I’d love to be wrong. Nothing would make me happier than having to eat all these words. But without significant changes, and soon, the economy will drift sideways and down... Any outside shock – and several may be in the offing – could push us into recession."

More Bad News For Autos: Wells' Auto Loan Originations Crash To An All Time Low

While Wells Fargo's overall earnings report was passable despite another decline in overall loan growth, it contained another flashing red light: in an unexpected twist, Wells reported that auto loan originations crashed 45% Y/Y to only $4.5 billion, the lowest print since the bank started disclosing this item back in 2013.

Stockman: "We're On The Fast Track To 'Carmageddon'"

"...booming economic growth is exactly what is priced into the still soaring stock market averages. But the Carmageddon story is evidence of the rot which lies beneath today’s mutant economy and lunatic financial bubbles..."

Of Bunkers, Bankers, & Black Swans

And suddenly the storms of early Trumptopia subside, or seem to. Rest easy America… oh, and buy every dip... But be warned, a calm surface is exactly what Black Swans like to land on...

Frontrunning: May 1

  • Congress Inks Spending Deal That Jettisons Trump Priorities (BBG)
  • Trump Pushes for Vote on Health Bill but Hurdles Remain (WSJ)
  • Apple’s Cash Hoard Set to Top $250 Billion (WSJ)
  • Hamas to soften stance on Israel, Muslim Brotherhood in policy document (Reuters)
  • UPS Tries a New Twist on Surge Pricing (WSJ)