Fitch

Tyler Durden's picture

Is The Student Debt Bubble About To Witness Its 2007 Moment?





Moody's puts $3 billion in student debt-backed ABS on default watch leading us to wonder when 30% delinquency rates in a market where nearly $1.3 trillion in credit has been extended will finally result in the bursting of what is America's most spectacular debt bubble.

 
Tyler Durden's picture

The Weak Suffer What They Must: Yanis And The End Of Europe





Yanis Varoufakis’ publisher, Public Affairs Books, posted a promo for an upcoming book by the Greek Finance Minister, due out only in 2016 that reveals a few things that haven’t gotten much attention to date. Varoufakis simply analyzes the structure of the EU and the eurozone, as well as the peculiar place the ECB has in both. Some may find what he writes provocative, but that’s beside the point. It’s not as if Europe is beyond analysis; indeed, such analysis is long overdue. Indeed, it may well be the lack of it, and the idea in Brussels that it is exempt from scrutiny, even as institutions such as the ECB build billion dollar edifices as the Greek population goes hungry, that could be its downfall. It may be better to be critical and make necessary changes than to be hardheaded and precipitate your own downfall.

 
GoldCore's picture

Bank Deposits No Longer Guaranteed By Austrian Government





Emergency legislation can be drawn up over-night. While Austria may be the first in enacting bail-in legislation there is no guarantee that savers, particularly in the peripheral nations, will receive any indication that their deposits may be at risk.

 
Tyler Durden's picture

Greece Hints At Default, Russian Pivot:"Will Not Respect IMF Deadline" - What Happens Next





Update: GREECE GOVT DENIES PLAN TO DELAY APRIL 9 IMF PAYMENT: REUTERS

For now the algos can't decide if Greece is joking about making the payment or joking about not making the payment.

 

 
Tyler Durden's picture

AIG Lite: Margin Call Claimed First Foreign Casualty Of Austrian "Black Swan"





While we wait to see which “well capitalized” bank will be the next to crumble under the weight of mountainous writedowns occasioned by the sudden souring of “riskless” assets, we get to read the DuesselHyp post-mortem, which shows that the bank was effectively AIG’d by Eurex.

 
Tyler Durden's picture

Futures Jump On Chinese Easinng Speculation, False Rumor Of PBOC Rate Cut





With the rest of the developed world's central banks waiting for the Fed to admit defeat for one more year and delay its proposed rate hike (or launch NIRP/QE4 outright) it was all about China (the same China which a month ago we said would launch QE sooner or later) and hope that its central bank would boost asset prices, when over the weekend the PBoC governor hinted that more easing is imminent to offset the accelerating drag after he admitted that the nation’s growth rate has tumbled "a bit" too much and that policy makers have scope to respond. How much scope it really has now that its bad debt is rising exponentially is a different question. It got so bad, Shanghai Securities News leaked a false rumor earlier forcing many to believe China would announce an unexpected rate cut as soon as today, in the process sending the Shanghai Composite soaring by 2.6%.

 
Tyler Durden's picture

Black Swan 2: This Is "The Next Critical Chapter In The Austrian Banking System Story"





"A relatively low-profile entity in Austria – Pfandbriefbank Oesterreich AG (Pfandbriefbank) – is becoming the next critical chapter in the Austrian banking system story." - Daiwa

 
Tyler Durden's picture

US Taxpayers To Fund Ukraine Bailout With Bond Guarantee





CCC-rated Ukraine is preparing to issue more debt, debt with a Aa+/AAA rating because it will come with the explicit guarantee of the United States of America. In other words, after raiding Greek pensions with the IMF's blessing, the Kiev puppet government is now going after the "full faith and credit" of the US... backed by its taxpayers.  In yet other words, the latest Ukraine "bailout" is courtesy of you, dear US taxpaying reader.

 
Tyler Durden's picture

Dollar Demand = Global Economy Has Skidded Over The Cliff





Borrowing in USD was risk-on; buying USD is risk-off. As the real global economy slips into recession, risk-on trades in USD-denominated debt are blowing up and those seeking risk-off liquidity and safe yields are scrambling for USD-denominated assets. Add all this up and we have to conclude that, in terms of demand for USD--you ain't seen nuthin' yet.

 
Tyler Durden's picture

The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out





Moments ago we got confirmation that the next domino from the appearance of the Austrian black swan has tipped over, following a Reuters report that Germany's deposit protection fund will take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has "run into problems" due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta.

 
Tyler Durden's picture

No Laughing Matter: Fed Laughed As Bubble Burst





When we parsed the newly released 2009 Fed transcripts yesterday we were too busy looking to uncover things like a previously unreported plan to create a bad bank to look for signs of central planner levity, but fortunately, the research department at Bloomberg was looking for the important stuff. Thanks to their efforts we have the official Fed Chuckle Count for 2009.

 
Tyler Durden's picture

Frontrunning: March 5





  • China Lowers Growth Target to About 7% (WSJ)
  • Obesity Is Hurting the U.S. Economy in Surprising Ways (BBG)
  • Embattled Hillary Clinton urges State Department to release emails (Reuters)
  • Washington Strips New York Fed’s Power (WSJ)
  • U.S. Supreme Court split over Obamacare challenge (Reuters)
  • Citigroup Loses $800 Million as It Exits Turkey’s Akbank (BBG)
  • Justice Who Once Tried to Kill Obamacare Now Potential Savior (BBG)
  • Buyers of Espírito Santo Debt Face Financial Uncertainty (WSJ)
 
Tyler Durden's picture

Housing Bubble Redux: Subprime Auto Market Begins To Crack





The deterioration in the subprime auto market is perhaps the clearest sign yet that we have learned literally nothing from the crisis years. That is, this is precisely the same dynamic and it will end precisely the same way: defaults will rise, investors in assets backed by these loans will suffer outsized losses, and the assets themselves will become completely illiquid.

 
testosteronepit's picture

Housing Industry Frets About the Next Brick to Drop





Cashing out of the “Bet on America” might get messy.

 
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