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Bank of America Corp., the second-biggest U.S. bank, will stop lending to companies that run private prisons and detention centers. “We have decided to exit the relationship’’ with companies that … Read more
via forbes: By no means are banks immune to any downturn in leveraged lending. As pointed out in a very detailed research piece last week by Standard and Poor’s LCD … Read more
by WARREN MOSLER Interest-Rate Policy Is Backward, Modern Monetary Theory Pioneer Mosler Says Under consumption identity: for ever agent that spent less than his income, another must have spent more, … Read more
If the banks have restructured such that debt risk has been placed in the hands of (debt) holders rather then the banks why are the banks involved at all? This … Read more
by confoundedinterest This week, Turkey further roiled markets by preventing foreign banks from accessing the liras they need to close out their swap positions. That’s made it almost impossible for bankers to short … Read more
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter But deposit-taking banks have pulled back. Lovingly known as “shadow banks,” nonbanks have come to dominate the mortgage market. And they originate the riskiest mortgages. The … Read more
by WARREN MOSLER Chinese state company defaults offshore, first time in 20 years (FT) A Chinese state-owned enterprise from the country’s remote north-west has failed to repay a US dollar bond in Hong … Read more
by Keith Weiner of Monetary Metals Ayn Rand famously defended money. In Atlas Shrugged, Francisco D’Anconia says: “So you think that money is the root of all evil? . . . Have you ever … Read more
www.cnbc.com/2019/02/21/personal-loans-surge-to-a-record-138-billion-in-us-as-fintechs-lead-new-lending-charge.html Total outstanding U.S. consumer loans hit a new record last year, driven by digital-first lending options. Financial technology, or fintech, companies now make up 38 percent of the personal … Read more
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter What banks & housing markets in Sydney and Melbourne are facing in 2019. As investors are fleeing Australia’s housing bust, sales of new houses have plunged to … Read more
via MarketWatch: How low can they go? With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging. In the … Read more
by nealosis I was reviewing all the defaults and charged-off loans in my Lending Club portfolio earlier today and it just makes my blood boil. For Example consider this … Read more
by WARREN MOSLER Corporate Profit Crunch Looms as Stocks Slide (WSJ) In December, analysts cut their earnings forecasts for 2019 on more than half the companies in the S&P 500, … Read more
via CNBC: It’s only been five years since Americans hit a grand total of $3 trillion in consumer debt and yet, by the end of 2018, that figure is expected … Read more
This is how they manipulate words into believing in something that is not..We have been conned by the money manipulators There are lies everywhere! 5:30 h/t Tui-Yeah
by WARREN MOSLER Need more tariffs… Highlights Amid the unfolding of tariff effects, exports are moving in the wrong direction and look to be a big negative for third-quarter GDP. … Read more