Real estate

Tyler Durden's picture

The Stench Of Freddie Mac Is Back - An $18 Billion Spree Of Crony Capitalist Thievery

Washington’s capacity to foster crony capitalist larceny and corruption never ceases to amaze. But as we recently noted, Wall Street’s shameless thievery from US taxpayers is about to get a whole new definition.

Tyler Durden's picture

The ECB Should Stop QE Before Draghi Causes A "Financial Crisis", German "Wise Men" Warn

"The ECB’s bond buying programme has created favourable financing conditions and provides member states with an incentive to defer much-needed budget consolidation and structural reforms. However, further structural reforms to strengthen markets and competitiveness are crucial for a self-sustaining economic recovery. In addition, monetary policy is leading to a build-up of risks to financial stability which could pave the way for a new financial crisis."

Tyler Durden's picture

Goldman Maps Fed's "Flight Path", Sees Steeper Trajectory For Rates

On the heels of placing its third former employee at the Fed this year alone, Goldman explains why the market is wrong about inflation and whyv a handful of ex-Goldmanites will hike by 200bps in the next two years.

Tyler Durden's picture

"It's A Bloodbath" - Here Is The Biggest Casualty Of Canada's Recession

"It is a bloodbath. We’re at the highest point of fear and uncertainty now.... God only knows what’ll happen if oil doesn’t rebound. I try not to let that penetrate my mind."

Tyler Durden's picture

Macy's Blames "Tepid Spending" On Revenue Miss: Same Store Sales Tumble; Slashes Guidance

The "unexpected" weakness among US consumption, that segment accountable for 70% of US GDP, continues this morning when moments ago Macy's reported a trifecta of weak data, reporting a miss on Q3 sales which came at $5.87 billion below the $6.1 billion expected, and down from the $6.2 billion a year ago, but also a plunge in comparable store sales which tumbled by 3.9%, far worse than the expected drop of -0.4%, and nearly three times as bad as the 1.4% drop a year ago.

Tyler Durden's picture

The World's Biggest Bond Bubble Continues To Burst As China Suffers More Defaults

“Debt wasn’t a problem during the boom years because profits kept growing. But it’s not sustainable when the economy slows."

Tyler Durden's picture

Billionaire Chinese "Beverly Hillbilly" Pays $170 Million For Naked Woman At Christie's

In what's being described as a "palpably tense" tense auction, a "Chinese Beverly Hillbilly" dubbed "The Eccentric Mr. Liu" paid the second highest price at auction in history for a Modigliani. 

Sprott Money's picture

Leaving the Eye of the Hurricane

Those who choose to distance themselves (and their wealth – however large or small) geographically from the centre of the hurricane will fare best.

Tyler Durden's picture

Frontrunning: November 9

  • Global Stocks Slip Lower (WSJ)
  • Dollar sits pretty, bond yields rise as Fed bets firm (Reuters)
  • Takeover Loans Have Few Takers on Wall Street (WSJ)
  • Chinese Buyers Seek Dollar Assets as Promise of Yuan Gains Fades (BBG)
  • Banking Giants Learn Cost of Preventing Another Lehman Moment (BBG)
  • Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece (WSJ)
Tyler Durden's picture

Emerging Markets Slide On Strong Dollar; China Surges On Bad Data, IPOs; Futures Falter

Once again, the two major macroeconomic announcements over the weekend came from China, where we first saw an unexpected, if still to be confirmed, increase in FX reserves, and then Chinese trade data once again disappointed tumbling by 6.9% while imports plunged 18.8%. So how did the market react? The Shanghai Composite Index rose for a fourth day and reached its highest since August 20because more bad data means more easing from the PBOC, and just to give what few investors are left the green light to come back into the pool, overnight Chinese brokers soared after Chinese IPOs returned after a 5 month hiatus. Elsewhere, Stocks and currencies in emerging markets slump on prospect of higher U.S. borrowing costs before year-end and after data underscored slowdown in Asia’s biggest economy. Euro strengthens.

Tyler Durden's picture

"The 2008 Crisis Didn't Come From Nowhere," Jim Grant Slams The Fed's Utopian World Of "Economic Sleepwalking"

"The Fed is a relic of the age of command and control. The Fed is an anachronism,” Grant tells Bloomberg TV in this excellent interview, "The Fed ought to get out of the business of masterminding ‘the American enterprise,’ what we call the U.S. economy." Central bankers, Grant adds, by pressing rates to nothing, have given rise to this "very pleasant kind of inflation we call bull markets." While bull markets are great insofar as they reflect what is actually going on, "they are very dangerous to the extent that they are the artificial creation of artificial interest rates."

Tyler Durden's picture

The Next Level of John Law Type Central Planning Madness

The cries for going totally crazy are growing louder... the lunatics are running the asylum. One shouldn’t underestimate what they are capable of. The only consolation is that the day will come when the monetary cranks will be discredited again (for the umpteenth time). Thereafter it will presumably take a few decades before these ideas will rear their head again (like an especially sturdy weed, the idea that inflationism can promote prosperity seems nigh ineradicable in the long term – it always rises from the ashes again). The bad news is that many of us will probably still be around when the bill for these idiocies will be presented.

Tyler Durden's picture

How The Easy-Money Boom Ends...

The funds have flowed in a torrent into stocks, bonds, and real estate, just as 1940's NY Fed President Allan Sproul predicted. That flood of easy-money created the delta of plenty in which we live today. Unfortunately, it’s not likely to continue, because funny things happen when you do funny things to money.

Tyler Durden's picture

World's Largest Steelmaker Reports Huge Loss, Suspends Dividend, Blames China

"This is essentially the result of very low export prices out of China that are impacting prices worldwide. It is obvious that we are operating in a very challenging market."

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