The auto loan subprime bubble may be the latest to burst (after student loans) as the rate of car repossessions jumped 70.2 percent in the second quarter, with much of that increase coming from finance companies not run by automakers, banks or credit unions. "The number of delinquencies and repossessions rising is what we would expect as the auto industry sells more vehicles," "But this slight uptick is one to keep an eye on." The surge in delinquencies and repossessions is being driven primarily by borrowers with subprime and deep subprime credit scores.
Nearly a decade after Countrywide was sold to Bank of America in what has become the worst M&A deal of all time, bar none, having resulted in tens of billions of legal charges for Bank of America shareholders, the most recent of which was revealed also minutes ago when Bank of America was said to reach a record $17 billion settlement with the government over the sale of mortgage-backed securities, moments ago Bloomberg announced that none other than Agent Orange himself, Angelo Mozilo, is about to be sued. Again, only this time the lawsuit may actually not be tossed or result in yet another DOJ trademark wristslap.
With events in Ferguson deteriorating from day to day, despite the arrival of the Missouri National Guard, some have asked what further escalation steps are possible. The answer is not pleasant.
Mainstream media business 'entertainment' appears to have been taken over by the #IceBucketChallenge, as they name-drop from CEO to CEO in the interests of ratings (as opposed to raising money for ALS). However, things took a much more serious turn today as not only did Alan Greenspan show us how he 'cools off' the economy but actor Vin Diesel issued the ultimate challenge to none other than Michelle Obama and Vladimir Putin...
Lately it is not just trains blowing up across the country in the ongoing effort to prove just how safer rail transport is for crude oil transit compared to pipelines: as citizens of Cincinatti found out this morning, their drinking water may come with an added kick after thousands of gallons of diesel fuel spilled out onto the Ohio River after an incident at a power plant early Tuesday. According to WCPO, the Coast Guard said it estimated about 8,000 gallons of fuel spilled out from Duke Energy’s W.C. Beckjord power station outside of Cincinnati.
The stock market is presently a roulette wheel with dimes on black and dynamite on red... The ‘buy the dip’ mentality can introduce periodic recovery attempts even in markets that are quite precarious from a full cycle perspective. Galbraith reminds us that the 1929 market crash did not have observable catalysts: “the crash did not come – as some have suggested – because the market suddenly became aware that a serious depression was in the offing... for it is in the nature of a speculative boom that almost anything can collapse it."
Now that the US is exhibiting all the tact of a neocon bull in a china world, and has resumed airborne assaults in Iraq (with US marines on the ground merely for decorative purposes) it is hardly surprising that the rest of the world - at least those who are supposedly allied ideologically with Washington (if only for the time being) - suddenly feels entitled to US assistance. Not surprisingly, the first one to knock on the door of US military handouts is none other than the Kiev, whose parliamentary speaker Oleksandr Turchynov, said in an interview with BNS, that the country needs "modern weapons, aviation, air-defense equipment from U.S., European partners."
Eager to move on from Friday's disinformation fiasco, Ukrainian military spokesmen said the bus convoy had been in an area of fierce fighting between government forces and the separatists. As Reuters reports, it had come under fire from rebel Grad and mortar launchers, they said, causing an unknown number of casualties. And in keeping with the endless flow of BS emanating from east Ukraine, where civilians are merely collateral damage to an epic information war, and just to confuse everyone if not the algos which today are stricly in "de-escalation" mode, the separatists promptly accused Ukraine of the attack, when a rebel leader denied his forces had the military capability to conduct such an attack, and accused Kiev forces of regularly attacking the area and also using Russian-made Grad missiles.
The farcical process and complete lack of transparency would have to make any fair minded person concerned about the new LBMA Gold Price. The Gold Anti Trust Action Committee (GATA) will allege that the LBMA and the western bullion banks are engaged in a rebranding and repackaging exercise in order to maintain a cosy gold and silver cartel of bullion banks and ultimately control over precious metal prices.
While there have been many socio-economic 'explanations for the recent events in Ferguson, many of which have exceeded the realm of the factual and have brazenly encroached on feelings, emotions, heartstrings, and so on, the unpleasant reality is that much of what has transpired not only in the small 21,000-person St. Louis suburban community, but what is taking place across all of America has to do with a far simpler phenomenon: the rise of poverty and the destruction of America's middle class.
I was left slack-jawed as I listened to an interview on financial media between the host and guest. I have always enjoyed as well as respected the host even though many times I may totally disagree. However, as for the guest being interviewed, not only did I disagree: I lost quite a bit of respect for. During the interview the questions were posed as to why people (investors et al) harbor these feelings of angst as to whether or not they should get in, get out, etc,, etc. The guest then went on to use data points, math, trend references, and any other metric available within a snake oil sales bag as to prove his point: Where people not believing in this market rally along with those who’ve not participated are, (and I quote) “Idiots.” I have only one answer to that statement: What you’ve just demonstrated is exactly why people with more than half a brain aren’t buying your message: You are insulting their/our intelligence.
It is the effective manipulation of our belief systems that enslaves us to the present day insanity.
Non-ideologically laden overview of the key issues shaping the investment climate in the week ahead.
Ferguson Protesters Refuse To Leave As Midnight Curfew Passes; Police In Riot Gear Present: Live FeedsSubmitted by Tyler Durden on 08/16/2014 23:56 -0400
As reported earlier, the governor of Missouri announced earlier his afternoon that starting midnight, a curfew will be imposed on Ferguson until 5 am as part of the state of emergency unviled by the governor. The only problem is that with about an hour to go, the protesters have filled the streets and are refusing to disperse, even as police in riot gear is present and roadblocks have been setup. So will this be another violent night, this time with mass arrests, as the Ferguson population violates the governor's curfew, or will everyone manage to get along? Track the events in real time as they are about to unfold with these three live feeds.
Why can't, or rather won't, the Fed let the bubble market collapse once again? Simple - as the following chart shows, the illusion of wealth is now most critical when preserving the myth of the welfare state: some 50% of all US pension fund assets are invested in stocks and only 20% in Treasurys.