Foreclosures

Foreclosures

Nomi Prins On The Goldmanization Of President Trump

In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government.”  Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.

Live Stream: Steven Mnuchin Testifies As Democrats Go On The Offensive

In what is sure to be one of the fieriest confirmation hearings to date, Steven Mnuchin, Trump's pick for Treasury Secretary, is set to take questions from the Senate Finance Committee this morning as Democrats will undoubtedly being looking to score theatrical points with the working class folks of the Midwest by peppering the "Foreclosure King" with zingers on his time at Goldman Sachs and OneWest.

Senate Democrats Prepare For Their 2017 Theatrical Debut As Confirmation Hearings Loom

Starting Tuesday Americans will be subjected to what will feel like endless hours of torture as Senate Democrats get their opportunity to question Trump cabinet appointees.  Given that Republicans control a 52-48 majority in the Senate and that Democrats eliminated the 60-vote threshold in 2013, the Democrat theatrical displays will ultimately amount to nothing more than an attempt to discredit and shame Trump's appointees but should be fun nonetheless.

Donald Trump Has An Enormous And Very Dangerous Wall Street Blind Spot

A very large percentage of the American public (including myself), remain irate at the complete lack of any justice served with regard to finance criminals in the aftermath of the economic collapse of 2008/09. When it comes to greedy, unethical behavior in the wake of that tragic period, Steve Mnuchin is in a class of his own. To appoint such a toxic financial oligarch to Treasury Secretary is a serious slap in the face to all American citizens.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Frontrunning: December 6

  • For Europe’s Unity, 2017 Will Be a Year of Reckoning (WSJ)
  • Oil dips as OPEC, Russian output rises ahead of production cut (Reuters)
  • The Pessimist's Guide to 2017 (BBG)
  • Donald Trump’s Message Sparks Anger in China (WSJ)
  • Brazil’s Reform Plan in Disarray After Senate Chief Removed (BBG)

Germany's NordLB Bank: "40% Of Our Shipping Loan Book Is Non-Performing"

Germany's second-largest shipping lender, German Landersbank NordLB warned it was facing a loss of “more than €1bn” this year, as a result of the latest shoring up of reserves against losses on its portfolio of shipping loans, and that a whopping €8 billion, or 40%, of its shipping loan book was now non-performing.

Interview With Jim Bianco: "The Elite Opinion Does Not Count Anymore"

"The fundamental underpinnings of the long term bull market are at risk... interest rates have gotten way ahead of themselves... The market is banking on the idea that the Trump presidency is going to be a giant reflation trade... We will see if that’s what they get..."

What The Hell Is Suddenly Going On With Foreclosures?

The total number of homes with foreclosure filings jumped 27% in October from September, when they’d been at the lowest level since 2006. It was the biggest jump in monthly foreclosure filings since August 2007.

America Is The Poisoned Chalice

It’s private debt, consumer debt, that will offer the winner his or her poisoned chalice. With 94 million Americans not counted as part of the workforce, and untold million others in jobs that pay hardly or no living wage, with so many millions of jobs that no longer pay sufficient or even any benefits, consumer spending has nowhere to go but down. In an economy where that spending is good for 70% of GDP, taking spending power away from people is deadly. The only way people have been able to either keep up appearances or even just make ends meet is going into debt.