Capital One

Consumerism 'Softens' The Reality Of Powerlessness

Consumerism is a simulacrum of real economic agency. It's a psychological balm for political and economic powerlessness, but it is no substitute for the ownership of capital that enables true economic agency.

This Recovery Isn't All That Resilient, Here's Why

Most economists today applaud the resilience of the current recovery, which has stretched into its eighth year, the third-longest in postwar history. Resilience and rising household defaults, though, don’t tend to go hand in hand.

Euro Surges, Yields And Stocks Rise As Central Banks Deliver Coordinated Message

The euro soared to the highest level in over a year while bond yields and global shares also climbed, as an ongoing barrage of coordinated hawkish comments from central banks signaled the era of easy money might be coming to an end for more than just the United States. S&P futures were fractionally in the green following the best day for US equities in two months.

Fed "Stress Test" Results Are Out: Everyone Passes Even As VIX Hits 70

Moments ago the Fed released the first phase of its annual stress test which, once again, found that all thirty-four of the US largest banks "passed", exceeding minimum projected capital and leverage ratios under severely adverse scenarios, based on their projected ability to withstand economic shocks

Credit Card Defaults Surge Most Since Financial Crisis

The steep increase in credit card defaults in 1Q’17 and 4Q’16 was the largest since 2009, according to a report by Moody's, which suggests that the US consumer is getting progressively weaker and is unable to support the spending needed to keep the US economy afloat.

What Keeps Bank of America Up At Night

"The last two weeks have further underpinned our belief that the market has had misplaced optimism in the new administration's reform agenda, while we find more and more evidence that suggests the macro environment echoes that of 2014 and 2015."