The Curious Engineer

Wolf Street

2019–2020

1,217 posts

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2020 615

December 2020

  1. US Dollar as “Global Reserve Currency” amid Fed’s QE and US Government Deficits: Dollar Hegemony in Decline
  2. US Stimulus & Shifts in Consumer Spending Hit Trade Deficit
  3. The Most Splendid Housing Bubbles in America: December Update on House Price Inflation Gone Wild
  4. Flying During Christmas Travel Period? Still in Collapse Mode
  5. THE WOLF STREET REPORT: American Debt Slaves in the Weirdest Economy Ever
  6. What an Ugly Year for Manhattan Luxury Condos & Co-ops, But the Market Came Unglued in 2016
  7. Railroads Slashed Jobs Again in Nov, to Lowest in Many Decades, Traffic Down 17% since 2006, Stocks Soared to Record High
  8. Majestic Overshoot of Stimulus Money Ended. Faced with Second Wave, Americans Cut Back, Even on Durable Goods
  9. Housing Market Goes Crazy, Everyone Sees It Can’t Last, and then the First Dip Appears
  10. Another Piece of the Puzzle of Plunging Credit Card Balances
  11. Holy-Cow Spikes in China-US Container Freight Rates & US Consumer Spending on Goods Trigger Mad, Possibly Illegal Scramble for Empties. US Farmers Twist in the Wind
  12. Who Holds the $1.65 Trillion of Apartment Building Debt amid Eviction Bans and Plunging Occupancy Rates at High Rises?
  13. Biggest Share Buyback Queens in Q3: Tech and Buffett. The Banks Are Gone. But Share Buybacks Plunged 42% YoY
  14. As Short-Term Renters & Immigration Fizzle, and People Move Out to “Work from Somewhere Else,” London Apartment Vacancies Soar, Rents Drop
  15. Where Americans Splurged & Where They Cut Back in 13 Whiplash-Charts
  16. Congress to Pass $17 Billion Bailout of Airline Shareholders & Bondholders, to Top Off Prior Bailout. Industry Applauds, Airline Stocks Jump
  17. California “Techsodus”: Tech Companies, Billionaires, Millionaires, Tech Employees Flee San Francisco & Silicon Valley
  18. Bracing for Impact: My View as British Expat Just Before Brexit
  19. Tesla, Quadruple-WTF Chart of the Year: It Should Just Sell Shares on Autopilot at Huge Prices and Exit Sordid Business of Making Cars
  20. Update on the Fed’s QE
  21. For HSBC, Life Gets Very Complicated in Hong Kong & China, its Number One Market, as China Tightens the Screws
  22. The State of American Used Cars & Trucks: A Market Gone Haywire and Now in Process of “Normalizing”
  23. Occupancy Plunges to 70% at San Francisco Luxury Apartment Towers across from Twitter Headquarters: a Broad Phenomenon
  24. Record IPO & SPAC Bubble Fattened by Ridiculous DoorDash IPO. Airbnb Next
  25. How Many Renters Face Eviction when the Eviction Bans End? How Much Worse is it, Compared to the Good Times?
  26. Consumers Finally Getting Smart? Credit Card Balances in Steepest Drop Ever
  27. Manhattan Luxury Condos See Demand, But at Much Lower Prices with Big Losses for Sellers
  28. Three Big Retailer Casualties in One Week: UK Retail Landlords Reel after Worst Week of Nightmare Year
  29. US Air Passenger Traffic Skids Again, Delta & American Warn of Declining Bookings
  30. The Jobs Report is a Mess, December Will Be Messier
  31. Junk Bond Yields Hit Record Low: Most Distorted Markets Ever
  32. For Stocks & Bonds, Upside Surprise of Inflation and Interest Rates “Could Prove Nasty”: Dudley
  33. Here Comes the Trucking Boom in the Weirdest Economy Ever
  34. “Exodus” in Full Swing: November Rents Swoon in San Francisco, New York, Boston, Los Angeles… But Skyrocket in Other Cities
  35. The State of the American Office: Suddenly Emptying Out Again Under the Second Wave
  36. Just in Time for Holiday Shopping Season: UK Fashion Giant Arcadia Crashes into Bankruptcy
  37. Vacancy Rate at Iconic Manhattan Tower with 899 Apartments Hits 26%: This Shows How Fast & Massive the Exodus Has Been

November 2020

  1. The Sorry State of Fintech Privacy: Visa Wants to Buy Plaid, and with it, Bank Transaction Data for Millions of People. DOJ Sues
  2. The State of American Restaurants, by City: The Catastrophe of the Second Wave
  3. Vast Euro-Derivatives Market, Centered in London, Is Set to Fragment as End of Brexit Transition & Uncertainties Loom
  4. This Spike of New Businesses is a Doozie, on Several Levels
  5. My Thoughts on San Francisco’s “Exodus,” the Social-Life & Cost-Cutting Aspects of Work from Home, and the Truly Bizarre Split in the Real Estate Market
  6. The State of the American Consumer: Free Pandemic-Money Runs Low
  7. The Most Splendid Housing Bubbles in America: Nov. Update
  8. California Legal Cannabis Sales Exploded. And California is Cashing In
  9. “Monetizing Privacy”: The Fed Fans Out, Touting the “Digital Dollar.” This Time, How Consumers Would Benefit
  10. Taxpayers Face $435 Billion in Student-Loan Losses, Already Baked in: Leaked Education-Department Study
  11. Australian Construction & Real-Estate Development Giant Grocon Hits Wall, amid Industry Swoon that Started in Mid-2019
  12. The Mnuchin-Powell Affair over the Fed’s “Special Purpose Vehicles” in Dollars & Effects
  13. Here Are the 12 Financial-Market Metrics Mnuchin Listed as Reasons for Letting the Fed’s Bondholder-Bailout SPVs Expire on Dec 31
  14. Online Sales by Category, in Weirdest Economy Ever
  15. Doubts Surface about “Valuations” of London Office Properties amid Conflicts of Interest
  16. Who Bought the Monstrous $4.2 Trillion Added to the Incredibly Spiking US National Debt in 12 Months? Everyone but China
  17. No Payment, No Problem: In Rosy World of Forbearance, Official Delinquencies Plunge, Credit Scores of Delinquent Borrowers Jump
  18. Stimulus Fatigue? Retail Sales Wane at Many Brick & Mortar Stores. Department Stores Progress to Zombiehood. But Online Sales Surge to Record
  19. All Container Heck Breaks Loose amid Flood of Orders from US Retailers to Supply Stimulus-Stuffed Consumers, Cancelled Sailings by Carriers, and Record Spiking Freight Rates
  20. My Humble Site Is the Most Exciting Thing I’ve Ever Done. A Reminder: Please Donate to WOLF STREET
  21. How the Pandemic Scrambled Long-Term Driving Patterns: Americans Already Drove Less, Hidden by Population Growth
  22. Volkswagen to Throw $86 Billion at EVs over 5 Years. GM, Ford, Others Plow Mega-Bucks into Shift to EVs. Tesla Instigated It
  23. Wild Ride for Used Cars & Trucks in Weirdest Economy Ever
  24. How the Unemployment Fiasco in Europe Is Kept out of Official Unemployment Rates
  25. Southwest and Delta Douse Hopes for Recovery in Q4. TSA Checkpoint Screenings Already Agree
  26. Why Simon Property Group & Brookfield Property, #1 & #2 Mall Landlords, Bought J.C. Penney and Other Collapsed Retailers out of Bankruptcy
  27. WOLF STREET “Pickup Truck & Car Price Index” for 2021 Models Crushes Official “CPI for New Vehicles”
  28. Big City Exodus: Rents of Single-Family Houses Rise Across the US, Even as Apartment Rents in Expensive Cities Drop Sharply
  29. All Heck Broke Loose in the Markets on Vaccine Monday. Stocks Split in Two: Some Soared, Others Plunged
  30. Vaccine-Monday Again: Sure Could Use Some Hope Amid Spiking Covid-19 Infections
  31. Biogen’s Double-WTF Moment, After Trading Halt All Day Friday: The Elusive Alzheimer’s Money
  32. Spooked by Fishy Smells & Regulators, Investment Bank Natixis Dumps its 50% Stake in Formerly-$36-Billion Hedge Fund H2O
  33. State of the American Debt-Slaves, Q3 2020: The Stimulus & Forbearance Phenomenon
  34. Picture Emerges of Weird Recovery to Historically Awful Level
  35. Condo Prices Drop 13% in San Francisco, All-Time Record Inventory Glut Piles Up
  36. Tesla v. GM v. Ford: Sacrilege to Mention Them in the Same Breath, But Here We Go
  37. Interjet Runs Out of Runway. Six Other Latin-American Carriers Already Liquidated or in Bankruptcy
  38. Sales of New Cars & Trucks Through October Fell by 2.4 Million Vehicles, to 1985 Levels. Back to the Future
  39. For Stocks, Any Election Outcome is Now the Best Outcome, Disputed Election, Long Legal Mess, Split Government Without Stimulus, Whatever…
  40. US Apartment Market Splits in Two, 100 Cities: Where Rents Jumped or Dropped the Most, Are Highest or Lowest
  41. What Took so Long? After Years of Brick & Mortar Meltdown Punctuated by the Pandemic, Two Mall REITs File for Bankruptcy
  42. The State of American Restaurants, by City, November Update
  43. What Oil Companies Face: The WTF-Collapse of Consumption of Gasoline & Jet Fuel from Long-Term Weakness

October 2020

  1. High Times in the Plague Year: Booze & Cannabis Retailers Shine
  2. Do We Really Need More Stimulus to Print More Millionaires & Billionaires, Enrich Fraudsters, Balloon the Trade Deficit? Consumer Data Says, “No We Don’t”
  3. I’m in Awe of How Fast Rents Plunge in San Francisco, New York, Boston, Los Angeles, Other Expensive Cities. Rents Decline Even in Houston & Dallas. National Average Turns Negative
  4. WeWork Forerunner IWG/Regus Restructures its Business, Unleashing Mayhem on Landlords and Investors
  5. No, GDP Didn’t Jump “33.1%” in Q3, But 7.4%, after Plunging 9% in Q2: Time to Kill “Annualized” Growth Rates. Imports, Powered by Stimulus, Dragged on GDP
  6. My Random Walk Down Junk-Bond Minefield: How I Lost 77% after Buying DNR’s Unsecured Bonds at Rock-Bottom 8 Cents on the Dollar
  7. Unlocked Shareholder Value, so to Speak: Job Cuts at Boeing to Reach 30,000. Commercial Airplane Revenue -56%. $5 Billion Go Up in Flames in Q3, $22 Billion since 737 Max Fiasco.
  8. Americans Are Super-Gloomy About Holiday Spending, But Industry Ramps Up for Blockbuster Christmas
  9. Jingle Mail Haunts Commercial Mortgage-Backed Securities as Property Values Get Slashed Below Loan Amounts
  10. How Fast Can a “Shortage” of Office Space Turn into a “Glut?” San Francisco Shows How Fast
  11. US, Global Corporate Giants Not Amused Mexico Finally Forces Them to Pay the Taxes They Owe
  12. Housing Market Goes Nuts, Everyone Sees it, But it Can’t Last
  13. Fed Assets Eke Out New Record for First Time Since June 10. But Repos, Dollar Liquidity Swaps, SPVs Mothballed
  14. Sorting through the Data Chaos in Unemployment Claims: Week 31 of U.S. Labor Market Collapse
  15. Down-to-Earth View of the “Recovery” in Near-Real Time, Eight Months into the Pandemic
  16. “Creative Destruction” or Just “Destruction?”
  17. Synchrony Financial Disclosed Radical Work-from-Home Plan, Layoffs, and “Office Footprint” Reduction
  18. Trucking, Container Carriers, FedEx, UPS, Other Freight Firms Warn of “Capacity Shortage,” Expect Americans to Keep Splurging Despite Jobs Crisis
  19. Amid Eviction Moratorium, Wiggle Room Tightens for Retail Landlords & Tenants in the UK
  20. Worst Recovery Ever: To Soothe Investor Pain, Government Agency TSA Hypes Airline Stocks in Chilling PR Stunt
  21. THE WOLF STREET REPORT: “Creative Destruction” or Just “Destruction”?
  22. Stimulus & Debt-Deferral Economy: Americans Splurged. Huge Price Increases Boosted Auto Sales. Liquidation Sales Pumped up Department Stores
  23. Extend-and-Pretend Caused Bankruptcies to Plunge in Germany, France, Spain. Now Central Banks Tell Banks to Prepare for Bankruptcy Surge
  24. Airlines Raised $$$-Billions via Frequent Flier Programs. Delta alone Raised $9 billion via SkyMiles as Collateral. How?
  25. The Great American Oil & Gas Massacre: Bankruptcies Hit New Milestone as Bigger Companies Let Go
  26. “Daily Cash Burn” to Continue till Further Notice: US Air Travelers Still -65%, Ticket Prices -25%, a Toxic Mix. Delta Q3 Passenger Revenues -83%
  27. Highly Leveraged Commercial Real Estate Bets that UK Local Authorities Took to Meet Budget Shortfalls Begin to Unravel
  28. Crazy Times Not Only for Consumers Trying to Buy a Used Car but also for Dealers Grappling with the Distortions
  29. Disney Struck. Cinemas, Landlords Live Nightmare in Brick-and-Mortar-Meltdown Series as Movie Debuts Shift to Streaming
  30. Two San Francisco Hiltons Add to Woes of Commercial Mortgage-Backed Securities. Special Servicing Rate of Hotel CMBS Spiked to 26%
  31. Status of the Social Security Trust Fund, Fiscal 2020: Beware of Vicious Dog
  32. Astounding Distortions & Historic Price Spikes in Used-Vehicle Wholesale Market Begin to Unwind
  33. Microsoft Offers Permanent Work-from-Home Option with Pay-Cuts if Employees Move to Cheaper Cities or Countries
  34. Touting the Success of Jawboning, Fed Steps Away from Corporate Bond Market, Having Bought Almost No Bonds & Bond ETFs
  35. The Big Boys Are Back: Financializing Single-Family Houses
  36. Now Everything Depends on US Stimulus, from Billionaires to China’s Manufacturers, as US National Debt Blows Out
  37. Condo Boom Turns to Historic Condo Glut in San Francisco
  38. Private-Equity Firm Blackstone, Spain’s Largest Landlord, Tries to Unload its Properties
  39. Twisted Bailout Economy: Chapter 11 Bankruptcies Surged, But Commercial Chapter 13 Bankruptcies Plunged. 420,000 Small Businesses Closed Quietly, Highest Rate Ever
  40. Cinema Chains Near Collapse: The Problem Beyond the Pandemic
  41. THE WOLF STREET REPORT: The Big Boys Are Back Financializing Single-Family Houses
  42. Wolf Richter on “Coffee with Lynette,” Discussing Business, Finance, Money (well, the Fed’s Digital Dollar), and the “Reset”
  43. Commercial Real Estate Office Sector Crushed by Work-from-Home, Tsunami of Supply in Q3: Manhattan, San Francisco, Houston, Chicago, Los Angeles
  44. Small-Business Emergency Loan Program in the UK Threatens to Descend into Chaos
  45. The Flight of the Techies
  46. What’s Behind the Fed’s Project to Send Free Money to People Directly?
  47. San Francisco Rents in Free-Fall. New York Rents Swoon. Expensive Cities, College Towns, Cities in Texas, Other States Sag. But in 16 Cities, Rents Jump Double-Digits
  48. Americans Still Running on Fumes of Stimulus, Now Vanishing
  49. What Does the Fed See Heading at Big Banks? Blocks Share-Buybacks, Slaps on Dividend Caps Due to “Economic Uncertainty” and “Cushion Against Loan Losses”

September 2020

  1. Hong Kong’s Overleveraged Commercial Real Estate Tycoons Unravel, Prices Plunge, Creditors Begin to Take Over
  2. How Has the US Dollar Held Up as “Global Reserve Currency” During Q2 Turmoil?
  3. Powered by Stimulus & Rent/Mortgage Payments “Not Made,” US Trade Deficit Hits Record Worst Terrible Level Ever
  4. California Sales Ban of New Gasoline & Diesel Vehicles Jolts Half-Dead Business Model of Electric Utilities & Power Producers, Including in Other States
  5. Facing Crappiest Recovery Ever, Airlines Demand New $25-Billion Bailout, for $50 Billion Total, after Having Burned $45 Billion on Share Buybacks
  6. THE WOLF STREET REPORT: What’s Behind the Fed’s Project to Send Free Money to People Directly
  7. Commercial Real-Estate Fallout Even Douses the Queen of England
  8. Subprime, No Problem? FHA Mortgage Delinquencies Hit Record 17.4%, as Fed Triggers Mad Land-Rush in Split Housing Market
  9. The Shift from City Centers to Suburbs: New House Sales Soar for 3rd Month, +46% YoY, to Highest Since 2007
  10. California Tries to Stem the Unemployment Insurance Chaos: Week 27 of U.S. Labor Market Collapse
  11. “Robinhood Traders” Trigger Massive Idiocy on Scheme by Nasdaq-Listed Chinese Penny Stock that Skyrocketed 4,387% & Collapsed by Two-Thirds in Just One Day
  12. Grim Summer Turns to Long Cold Winter for European Airlines as Passenger Traffic Dives Again
  13. Who Got the $33 Billion in Farm Subsidies for the US-China Trade-War and Coronavirus Payments?
  14. How the Pandemic Upended the Video Game Industry
  15. There Will Be Permanent Changes: Apple CEO Tim Cook Weighs in on Working from Home
  16. Hit from All Sides, European Bank Stocks Swoon to 1988 Low
  17. Nikola Hype Collapses, Shares Plunge Further, Founder/CEO Pushed Out. GM Swoons
  18. Asset Class of Vintage Cars During the Pandemic: Sales at High End on Ice, After Steep Price Drops Earlier in the Year
  19. “Giant 5 Stock Index” (AAPL, AMZN, GOOG, MSFT, FB) -16% from High, Apple -20%. And Rest of the Market?
  20. Who Bought the $3.3 Trillion Piled on the Incredibly Spiking US National Debt Since March?
  21. On Concerns about Turkey’s Financial Health, Lira Dives to New Low, Cost of Insuring Turkish Sovereign Debt Nearly Doubles
  22. Great Time to Turn a Nest Egg into Scrambled Eggs
  23. How Life Changed During the Pandemic: Still Loaded with Stimulus Cash, Americans Went Shopping. But Where?
  24. Down-to-Earth Aspects of the US Economy in Near-Real Time
  25. Why the Hoped-for Solution to Out-of-Control Government Debts Won’t Work This Time
  26. What’s to Be Done Now with All These Zombie Companies?
  27. “Remote Learning” Sinks Student-Housing CMBS, After Delinquencies Had Already Spiked in 2019
  28. THE WOLF STREET REPORT: Great Time to Turn a Nest Egg into Scrambled Eggs
  29. Subprime Auto-Loan Delinquencies, Loan Deferrals & Stimulus Curdle into Curious Phenomenon
  30. How Spain Became a Squatter’s Paradise
  31. The Wild Ride of the FANGMANTIS Stocks v. Rest of Market
  32. Junk-Bond Frenzy Set Records in August, as Everyone Tried to Front-Run the Fed
  33. “Don’t Fight the Fed?” Fed’s Assets in Week 13 Since Peak-QE
  34. Unemployment Crisis Going in Wrong Direction: Week 25 of U.S. Labor Market Collapse
  35. Unprecedented Stimulus Is Fueling an Explosion of Fraud, Governments Begin to Admit
  36. Have You Noticed How Push-Back Against Powell-Fed’s Actions Is Getting Louder in the Mainstream Media, from NPR to CNBC?
  37. The Fed Bought No Bond ETFs (None, Zero, Zilch) in August. ETF Holdings Actually Fell. Bought Almost No Corporate Bonds
  38. Used-Vehicle Market Digs Out from Supply-and-Demand Chaos that Caused Enormous Distortions in Wholesale Prices
  39. On Fumes of Stimulus: California Starts Sending Out $900 Lump-Sum FEMA-Funded Unemployment Payments on Labor Day
  40. “Prolonged Period of Risk to Institutional and Retail Investors of Further – Possibly Significant – Market Corrections”
  41. THE WOLF STREET REPORT: This Tech-Stock Sell-Off Is a Sign Something Broke
  42. The Wild Ride of the Giant 5 Stocks (APPL, MSFT, AMZN, GOOG, FB) v. the Rest of the Market
  43. Tesla Not Added to S&P 500 Index, Shares Plunge After-Hours: Triple-WTF Chart of the Year Turns into Sharp Spike
  44. Wall Street’s New Meme: Selloff is “Good News for Tech Stocks” after Robinhood Call-Options Traders Are Properly Wiped Out
  45. San Francisco Unicorn Juul to Lay Off Over Half its Remaining Staff: Altria’s $12.8 Billion Go to Heck, But Not in a Straight Line
  46. Work from Home Gets Entrenched: Embraced by Workers & Businesses in the UK, it’s Upending Real Estate, Retail, Restaurants, Bars, Cafés
  47. Big Setback for the Unemployment Crisis: Week 24 of U.S. Labor Market Collapse
  48. The Second Wave of Layoffs is Here, Now Hitting Well-Paid Jobs
  49. Landlords, Please Chime in: After CDC Eviction Moratorium & State Eviction Bans, How Big is Nonpayment of Rent, amid Sharply Conflicting Household Surveys & Landlord Data
  50. Rents Plunge in San Francisco, New York. Other Expensive Cities, College Towns, Texas Oil Patch also Hit. Incentives Surge. But in 18 Cities: Double-Digit YoY Rent Increases
  51. Tesla, the Triple-WTF Chart of the Year: Just Put Your Brain on Tesla Autopilot and Believe in It

August 2020

  1. €22Bn Hedge Fund H2O, Majority-Owned by Natixis, Ordered to Freeze Funds. Fishy Smells Emanate
  2. THE WOLF STREET REPORT: Second Wave of Layoffs Is Here, Now Hitting Well-Paid Jobs
  3. The State of the American Restaurant, City by City
  4. Office Towers in Hong Kong Battered from All Directions: Big Haircuts for Investors amid Falling Rents and Rising Vacancies
  5. Twisted Picture of a Consumer Economy Running on Fumes of Stimulus
  6. Subprime Mortgages Fall Massively Delinquent. Taxpayers on Hook. Housing Market Splits in Two
  7. Fed’s Total Assets Fall Again, Week 11 Since Peak-QE: Crazy Charts for Crazy Times
  8. Unemployment-Data Chaos: Labor Dept. Admits “Seasonal Adjustments” Went Haywire During Pandemic (why I stopped using them in May): Week 23 of U.S. Labor Market Collapse
  9. The Zombie Companies Are Coming
  10. Airlines, Trying to Dodge Bankruptcy with Air Travel Still Down 70%, Threaten Oct. Jobs Massacre Unless they Get 2nd Bailout
  11. Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore”
  12. “Pent-up Supply” in San Francisco Turns into Record Glut of Houses & Condos for Sale. Prices Weaken
  13. Jingle Mail for Malls: Even Biggest Landlords Walk from Malls as Stores Go Bankrupt, Refuse to Pay Rent, Mall Values Slashed Brutally. But those Shorting Mall CMBS Made a Killing
  14. THE WOLF STREET REPORT: The Zombie Companies Are Coming
  15. Haunting Photos of San Francisco’s Desolate Financial District During Morning “Rush Hour”: Visual Effects of Work-from-Home
  16. Shell’s Colossal Miscalculation in 2011 of Today’s LNG Price: Largest-Ever $12-$17-Billion “Floating Facility” Shut Down, Months After Shipping First LNG. Done in by Long Price Collapse
  17. Australia’s Construction Industry Faces “Bloodbath,” Says Lobbying Group Clamoring for Bailout, after Riding up the Housing Bubble
  18. The Fed’s Asset Purchases: Week 10 Since Peak-QE
  19. Disconcertingly, Both State & Federal “Initial” Unemployment Claims Jump. 28 Million People on Unemployment Insurance, 17.5% of Labor Force: Week 22 of U.S. Labor Market Collapse
  20. California Cannabis Tax Revenues Soar as Industry Gets Going, But Black Market Still Dominates
  21. The Rich Got Richer During the Pandemic, Bailed Out by the Fed. How it Happened and Why That’s Bad for the Economy
  22. How Negative Interest Rates Sap Consumer Spending by an Ever Larger Part of Consumers
  23. Ecommerce Sales Spike 44% in Q2: Even Groceries, Building Materials, Garden Supplies, and Furniture
  24. Who Bought the Gigantic $4.5 Trillion in US Government Debt Added in the Past 12 Months? Everyone but China?
  25. Mortgage Delinquencies Jump by Most Ever. 60-Day Delinquencies Hit Highest Level Ever. Record 16% of FHA Mortgages Delinquent. What a Mess
  26. THE WOLF STREET REPORT: The Rich Got Richer in the Pandemic. Why?
  27. Alarm Bells Ring over Refinance Mortgage Boom: Why Refis Are so Risky
  28. Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank
  29. Fired up by Stimulus Money & Debt Deferrals, Americans Went Shopping. But Where? How Life Changed During the Pandemic
  30. Week 9 Since Peak-QE: Update on the Fed’s Assets
  31. Toronto Rental Market Hit by 82% Spike in Apartments for Rent
  32. Number of People on State or Federal Unemployment Insurance Falls Below 30 Million, First Time Since June: Week 21 of U.S. Labor Market Collapse
  33. Used Car & Truck Market Turmoil Mauls Freshly IPO-ed Unicorn Online Car Dealer Vroom. Shares -20%
  34. Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks
  35. Foot Traffic to “Places of Commerce,” Office Occupancy Hit by Covid Resurgence, Persistent Work-from-Home: Real-Time Data
  36. Corporate Bond & Junk Bond Markets Driven into Foaming-at-the-Mouth Exuberance by Fed Jawboning about Huge Purchases. But it Actually Bought Just Tiny Amounts
  37. No, Americans Aren’t Suddenly Flying Again, Despite What the Media Said Today to Boost Stocks of Airlines and Boeing
  38. Bailout Air Europa, to Be Acquired by IAG — Owner of British Airways and Spain’s Top 2 Airlines — Doesn’t Pass Smell Test
  39. Tesla Gets Crushed in Germany by EVs from Volkswagen, Renault, and Hyundai Group: It Woke Up the Giants
  40. The State of the American Debt-Slaves Q2 2020: The Credit Card Phenomenon
  41. Bite the Bullet or Extend & Pretend? Unemployment in Europe
  42. No Payment, No Problem: Bizarre New World of Consumer Debt
  43. End of QE, Week 8: Fed’s Assets Fall by -$4 Billion for the Week, Down -$224 Billion Since June 10
  44. Number of People on State or Federal Unemployment Insurance Jumps to 32.1 Million, Second Highest Ever: Week 20 of U.S. Labor Market Collapse
  45. U.S. Stocks at the Swiss National Bank Balloon to Record: Gains, Bought, Sold, and How it Keeps that Racket Going
  46. US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2
  47. Making Money Coming and Going: Why Wall Street Loves Serial Defaulter Argentina
  48. Why’s the ECB Buying the Debt of So Many Non-EU Companies?
  49. The Census Bureau’s Grim Take on the Employment Shock During the Pandemic: Not Improving Yet
  50. Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases
  51. A Vaccine for Retail? My View from the Trenches
  52. Average Age of Cars & Trucks on the Road Sets Record, Will Jump During Pandemic as New-Vehicle Sales Plunge to 1970s Level

July 2020

  1. Turkey in 2nd Currency Crisis in 2 Years. Lira Hits Record Low
  2. Nobody Knows How to Ever Get Out of This Mess
  3. Fed’s Assets Fall by $16 Billion, -$220 Billion Since June 10: Week 7 of Balance Sheet Shrinkage
  4. No, GDP Didn’t Plunge “32.9%” in Q2, it Plunged a Still Terrible 9.5%: Time to Kill “Annual Rates”
  5. #TheZooHasGoneNuts: Kodak — after its Crypto-Scheme in 2018 Caused Shares to Surge 300% Before Recrashing — Gets Trump-Pump Worth 2,190% Before Recrashing
  6. Confession Time for Big Banks in Europe: Banco Santander Reports $12.7 Billion Loss
  7. Going to Be Tough for Airlines, Full Recovery Moved to 2024: IATA
  8. Don’t Try This at Home? 60%-80% of Retail Traders, Depending on Broker, Lost Money Trading Forex CFDs
  9. Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal
  10. A Midsummer Nightmare for Tourism: UK, Other Countries Impose Quarantine Requirements on Returnees from Spain as Virus Cases Surge
  11. Google Extends Work-from-Home to July 2021. Other Firms to Follow. Condo, Apartment, Office Markets in Silicon Valley, San Francisco, Manhattan to Take Further Hit
  12. THE WOLF STREET REPORT: Nobody Knows How to Ever Get Out of This Mess
  13. Coca-Cola Confronted by Big Problem in its Second Largest Market. For Once, Political Connections Failed. Oct 1 is the Date
  14. Brick & Mortar Retailers, Malls, Mall-REITs, and their Debts: The Whole Schmear is Coming Apart
  15. Shift from Condos to Houses and from Big Cities to Suburbs? New House Sales Rose 6.9% fr. June Last Year, to Highest Level since July 2007
  16. Week Six of Fed’s Lumpy Shrinkage of its Assets
  17. Media Continues to Misreport Unemployment: 31.8 Million People on State & Federal Unemployment Insurance. Week 18 of U.S. Labor Market Collapse
  18. Update on the WTF-Collapse of Consumption of Gasoline, Jet Fuel & Diesel
  19. Work-from-Home Unleashes Nightmare for Office Landlords & Surrounding Businesses. Global Banks at the Forefront
  20. Home Sales Down -11% from Year Ago, Condos -23%, but Bounce off Lockdown-Lows
  21. “Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders
  22. Bailout of Trucking Company YRC, Near Bankruptcy Before Covid-19, Ripped by Congressional Watchdog
  23. #TheZooHasGoneNuts: “Fraudulent” Press Release of Buyout Nearly Triples Stock of Soon-to-be-Bankrupt Oil & Gas Producer, Briefly
  24. Recovery of Collapsed Air Passenger Traffic in the US Backtracks
  25. “Giant 5 Index” – AAPL, MSFT, AMZN, GOOG, FB – Sagged All Week, Rest of Market Rose, Still 2.5-Year Wild Ride to Nowhere
  26. How Work-from-Home Impacts Commercial Real Estate & Cities. Can Airlines Survive? Can We Now Get Deals on New Cars?
  27. “Pent-up Supply” Floods San Francisco Housing Market, Most Since Housing Bust
  28. “Uneven” Freight Recovery after New Covid Outbreaks: Daily Truck Trips Already Fell 10% Since June 25
  29. 32 Million People on State & Federal Unemployment, 2nd Highest Ever: Week 17 of U.S. Labor Market Collapse
  30. Streets and Plazas in Barcelona Still Eerily Quiet as Covid-Chaos Upends Tourism
  31. Work-from-Home & Covid Resurgence Maul Office Occupancy
  32. It Starts: Mortgage Delinquencies Suddenly Soar at Record Pace
  33. Delta’s Passenger Revenue -94%. How it Plans to Stay Alive till “Demand Returns.” Confirms United’s Warning About Newly Waning Demand
  34. Subprime Auto-Loan Delinquencies, After April Fiasco, Miraculously Healed by “Forbearance” & Stimulus Money
  35. These Airlines, Financial Black Holes for Years, Now Face the Pandemic
  36. Moving the Iron amid Sagging Demand: Tesla Cuts Price of Model Y, after Cutting Prices of Model 3, S & X, as Other Automakers Offer Record Incentives.
  37. What Happens If Most Businesses & Consumers Tighten Their Belts at the Same Time?
  38. “Wild Ride to Nowhere”: APPL, MSFT, AMZN, GOOG, FB Soar to New High. Rest of Stock Market is a Dud, Has Been for Years
  39. The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas
  40. QE Unwind Speeds Up: Fed’s Assets Drop $85 Billion. Four-Week Total -$248 Billion. Big Chunk in a Short Time
  41. Unemployment Claims Hit New Record: 32.9 Million State & Federal. Week 16 of U.S. Labor Market Collapse
  42. No V-Shaped Recovery for Airlines. Ticket Sales Slide Again. United Announces 36,000 “Involuntary Furloughs”
  43. Pandemic Compresses Brick & Mortar Meltdown: Brooks Brothers Files for Bankruptcy, Ascena (Ann Taylor, etc.) Prepares to File, Tailored Brands (Men’s Wearhouse, etc.) Not Far Behind
  44. US House Prices to Drop 6.6% by May 2021, First Annual Decline since Jan. 2012: CoreLogic, Owner of the Case-Shiller Index
  45. Huge Debt Payments at Worst Time for Canadian Oil Drillers
  46. Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices
  47. A Word About that Historic Bounce in US Services PMIs: No, the Service Sector Didn’t Hit New Highs. It Stopped Plunging
  48. Mall and Hotel Loans Are Blowing up Commercial Mortgage-Backed Securities
  49. As the Biggest Restaurant Chains in the UK Fall into Bankruptcy, Attention Turns to KKR & Other PE Firms that Own Them
  50. QE Unwinds: Fed’s Assets Drop for 3rd Week, Another -$76 Billion. 3-Week Total: -$163 Billion
  51. Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. Labor Department Nails It
  52. Despite New Gigafactory in China, Tesla’s Global Deliveries Drop 4.8% in Q2, Much Worse Than I Expected
  53. Massive Shifts Underway, Rental Market Reacts in Near-Real Time: Rents Plunge in San Francisco & Oil Patch, Drop in Expensive Cities. But Long List of Double-Digit Gainers
  54. Double-WTF Chart of the Year Update: Tesla Becomes Most Valuable Automaker, Blows by Toyota
  55. UK House Prices in June Fall for First Time Since 2012, Mortgage Approvals Slump to Record Low Despite Reopening

June 2020

  1. There Sure’s a Lot of Brain-Dead Misreporting About the Case-Shiller Home Price Index this Morning
  2. Who Will Get Hit When Collateralized Loan Obligations (CLOs) Blow Up? Banks or Unsuspecting “Market Participants”?
  3. Negative-Interest Rate Champion Bank of France Now Frets About Ballooning Corporate Debt
  4. Pending Home Sales Bounce Off Brutal Low, Still -11% from February, -5% from May Last Year
  5. Fed Discloses it Bought Tiny Amounts of Corporate Bonds, Including a Whopping $15.5 Million (with an M) in Junk Bonds
  6. What’s in Beijing’s Mystery Security Law Will Be a Giant Tell about Hong Kong’s Future
  7. World Trade Plunges. Here’s Why it’s Even Worse in Reality: China’s Deep-Fake Data Comes to Light
  8. Mall Giant Intu Collapses Into Bankruptcy
  9. A Federal-Money-from-the-Sky Story
  10. Plagued Retail: My View from the Trenches
  11. “V-Shaped” Recovery Not Now: It Gets Worse, 30.55 Million on Unemployment. Week 14 of U.S. Labor Market Collapse
  12. Business Uncertainty About Sales Goes Haywire
  13. Barcelona’s Epic Tourism Boom Is Over, Now the Crisis Begins: My Walk to the Beach
  14. Wild Ride to Nowhere Since Jan 2018: What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB
  15. Sales of New Houses Rose Off Multi-Year Low, as Sales of Existing Houses & Especially Condos Plunged. What Gives?
  16. Massive Credit Losses to Hit European Banks in Q2 and into 2021, Particularly When Debt Moratoriums Are Lifted
  17. Plot Thickens on End of QE & Start of Shedding Assets
  18. Home Sales Plunged Most since 2008, Condos -41%. First-Ever April-May Price Drop in Normally Red-Hot Spring Selling Season
  19. Latin-America’s Airlines Are Crashing, But There May Be No Bailouts. Aeromexico Denies Filing for US Bankruptcy
  20. Alitalia, Lufthansa, Condor, Norwegian, Other European Airlines Try to Survive, But it Gets Complicated
  21. I, Who Hates Shorting, Just Shorted the Entire Stock Market. Here’s Why
  22. Fed Ends QE, Total Assets Drop. Liquidity Injection Ends
  23. Week 13 of the U.S. Labor Market Collapse: Week 3 of Recovery at Snail’s Pace Amid Data Chaos
  24. Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel
  25. Italy Once Again on the Eurozone Worry List
  26. This Better Be the Bottom for the Goods-Based Sector in the US
  27. Retail Sales by Segment in 12 Hair-Raising Charts
  28. But Who Bought this Huge Pile of US Government Debt?
  29. Asset Class of Classic Cars Sinks, High-End Hits 5-Year Low, Priciest Ferraris Drop the Most. American Muscle Cars Fall to 2007 Level
  30. Commercial Real Estate Sellers Expecting Pre-Virus Prices “Are Smoking Dope,” Says UK Fund Manager
  31. An Epically Bad Week for US Brick-and-Mortar Retailers and Landlords
  32. Europe’s Fashion Industry Faces Nightmare
  33. Wow, That Was Fast: Debt Out the Wazoo
  34. America Convulses in Pain, Fed Bails Out the Wealthy
  35. A Word About the Chaos in the Unemployment Data: Week 12 of the U.S. Labor Market Collapse
  36. The Chilling Things Delta Said about the Airline Business, the 90% Collapse in Q2 Revenues, and Why Some Demand Destruction May Be “Permanent”
  37. Tsunami of “Unsustainable” Business Loans to Hit Banks, City of London Grandees Warn
  38. Collapse in Gambling Totally Crushes Macau’s Overall Economy
  39. Illinois is the First Entity to Borrow from the Fed’s New Facility. But “Insolvent” Entities Are Not Supposed to be Eligible
  40. Tesla’s Double-WTF Chart of the Year
  41. The 53 Companies Bailed Out by the Bank of England: Johnson Controls, Carnival, PACCAR, Honda, Toyota, BASF, Bayer…
  42. THE WOLF STREET REPORT: America Convulses in Pain, Fed Bails Out the Wealthy
  43. I was asked: “Are Stocks as Safe a Bet Going Forward as They’ve Been in the Past Couple of Months?”
  44. Crude Steel Production: China Blows the Doors off Rest of the World During Pandemic After Already Huge Surge in 2019
  45. Powered by Restaurants, Bars & Retailers, Jobs Bounce Off Bottom. Some Industries & Governments Continue to Shed Jobs
  46. Treasury Market Smells a Rat: Steepest Yield Curve Since 2017 Despite QE
  47. HSBC Embraces China’s Crackdown on Hong Kong, Goes All-In on Asia Pivot
  48. Week 11 of the U.S. Labor Market Collapse: Signs of Having Hit Bottom, Finally
  49. This is What Heavy-Truck Manufacturers Face After a 19-Month Order Collapse to Historic Lows
  50. The “Post-Plague” Office: There Could be Quite a Run on the Suburbs
  51. CMBS Delinquency Rate Spikes by Most on Record
  52. International Tourist Arrivals & Spending in Tourism-Dependent Spain Collapsed to “Zero” in April. May Likely Similar
  53. Rents in the Most Expensive Cities Drop. Oil Patch Gets Hit Too. But Massive Gains in Other Cities
  54. Head of Canada’s Mortgage & Housing Agency Warns Home Buyers to Question Motives of Those Saying Prices Will Rise
  55. San Francisco, Epitome of the “Everything Bubble,” Faces Fiscal Chaos. Boom-and-Bust, Always. Now is the Bust

May 2020

  1. Automakers’ Finance Divisions Lobby BoE & UK Gov for Bailout. Auto Sales Collapse 97%, Consumers Apply for Payment Holiday
  2. From Ice-Cold to Hot: Daily Pending Home Sales in May so Far, 15 Cities Around the US
  3. After Decade of Retail Investors Getting Systematically Wiped Out, SEC & CFTC Investigate Oil ETF USO Investor Risk Disclosure
  4. Fed Tapered QE Helicopter Money for Wall Street Further: MBS Fell. Treasuries Barely Rose. Liquidity Swaps & Repos Stalled.
  5. No, Homes Did Not Sell Like Hotcakes: “Pending Home Sales” Plunged 34% in April, a Preview of “Closed Sales” in May
  6. Week 10 of the U.S. Labor Market Collapse: Still Getting Worse at Gut-Wrenching Pace, But Signs of Bottom Appear
  7. Commercial Real Estate in the Plague Year: The Office Tower Landscape is About to Be Remade
  8. 4th-Largest US Rental Car Company, Advantage, Files for Bankruptcy: 3rd Time in Decade, Hertz & Private Equity Written All Over It
  9. College Enrollment in the Spring Fell for 9th Year in a Row, and Now Comes Covid
  10. Despite Record-Low Mortgage Rates, New House Prices Drop to Lowest April since 2015, Sales to Lowest April since 2017
  11. It Starts: The Corporate Mega-Bailout Bonanza in Europe, Germany on Top
  12. US Air Passenger Traffic over Memorial Day Weekend Down 87%, Amid Signs of Slow Recovery
  13. Hertz Bankruptcy & Fleet Liquidation Threaten to Make Mess of Used-Vehicle Prices with Burst of “Pent-Up Supply”
  14. Student Housing, One of the Most Hyped Asset Classes, Runs Out of Students
  15. Catastrophic Plunge in Jobs & Labor Force in Los Angeles, San Francisco/Silicon Valley Smacks into Housing Bubbles
  16. What Horrified Fund Managers, Banks & UK’s Pension Minister Said About the Bank of England’s Sudden “We Don’t Rule Out” Negative Interest Rates
  17. The Unemployment Rate for Each State, from 7.9% in Connecticut to 28.2% in Nevada
  18. Median Home Price Does Classic Head-Fake as Home Sales Plunge and Condo Sales Collapse
  19. Week 9 of the Collapse of the U.S. Labor Market: Still Getting Worse at a Gut-Wrenching Pace
  20. Used-Vehicle Market Starts to Unfreeze, “Pent-up Supply” Looms
  21. Green-Energy Zombie Abengoa Threatens to Default 3rd Time Since Enron-Style Collapse, Blames Covid, Begs for Fresh Bailout
  22. What Unicorn Money-Sinkholes Actually Disrupt
  23. During the Last Financial Crisis, Even Ecommerce Sales Plunged. Not This Time
  24. Shares of Mall REITs Jumped 12% Today, But Have Collapsed So Far It’s a Barely Visible Blip
  25. Canadian Home Sales See Worst April Since 1984, Montreal And Toronto Lead Lower
  26. With No Mainland Chinese Buyers, Hong Kong’s Commercial Real Estate Dives
  27. The WOLF STREET REPORT: What Unicorn Money-Sinkholes Actually Disrupted
  28. Third Mega-Crisis in 12 Years: Eurozone Economy Plunges at Fastest Rate on Record
  29. Zombie J.C. Penney Finally Files for Bankruptcy, in Deal with Distressed Debt Funds. Stock and Some Bonds Wiped Out
  30. Here’s What Collapsed, Spiked, or Hung On in 12 Charts of Retail Sales (Yes, Department Stores Were Already Toast)
  31. After Two Months of Jawboning and Media Hype that Triggered a Huge Rally, the Fed Finally Buys a Whopping $305 Million in Corporate Bonds
  32. Non-Paying Tenants Trip Up Land Securities, Once UK’s Largest Commercial Property REIT. Stock Plunges
  33. Week 8 of the Collapse of the U.S. Labor Market: Nearing a Previously Unthinkably Deep Bottom?
  34. First the Freight Recession, Now Covid-19: Trucking & Rail Freight Collapses. Is This the Bottom?
  35. What Powell said About Negative Interest Rates, Their Effect on Banks, Jawboning, and Why the Fed Might Not Buy a Lot of Junk Bonds
  36. A Word About the Current Chaos in Prices and Inflation
  37. Airbnb Gets Disrupted. Hosts, “Super-Hosts” Try to Survive. Apartments in Prime Locations Suddenly Flood Rental Market
  38. “Pent-up Supply” is Building up in the Housing Market: Example of San Francisco Bay Area’s North Bay
  39. US Commercial Real Estate Prices Plunged in April, Mall Prices Collapsed
  40. It Gets Rough for US Airlines: Why Buffett Dumped His Airline Stocks Though There Was Blood on the Tarmac, Which Should Have Been a Buy Signal
  41. The State of the American Debt Slaves, Q1 2020: How Are Consumers Positioned Going into the Crisis?
  42. Collapse of the Labor Market in 5 Charts: Employment Plunged to 1999 Level. Everything’s a Gut-Wrenching Record
  43. Fed Cuts QE Helicopter Money for Wall Street Further. Still Hasn’t Bought Junk Bonds or ETFs. Was Just Jawboning
  44. Uber Lost $3 Billion on $3.5 Billion in Revenues. Fake “Profitability” Delayed. Another Quarterly Horror-Show. Markets Eat it Up
  45. Another SoftBank Unicorn Gets in Trouble: “Reverse Factoring” Specialist Greensill
  46. Week 7 of the Collapse of the U.S. Labor Market
  47. US National Debt Spiked by $1.5 trillion in 6 Weeks, to $25 trillion. Fed Monetized 90%
  48. Nothing’s Fixed: What’s Behind the Corporate Debt Bailout
  49. Service Sector Falls Off Cliff in the Eurozone, Manufacturing Not Far Behind
  50. Subprime Auto Loans Blow Up, Get Very Messy
  51. Retail Landlords Reel as Big Luxury Brands Threaten to Close Stores if Rents Aren’t Slashed
  52. The ISM Non-Manufacturing Business Activity Index Shows to What Unfathomable Extent the US Economy Has Collapsed
  53. Commercial Real Estate Already Gets Hit in Europe: Prices for Retail Properties Plunge, Office Prices Sink
  54. Facing the Crisis Aftermath: Boeing and the Airlines
  55. THE WOLF STREET REPORT: Nothing’s Fixed – What’s Behind the Corporate Debt Bailout
  56. Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel
  57. European Banks Reveal Scale & Complexity of Crisis. Shares Hammered Back to 1987 Level
  58. Fed Drastically Slashed Helicopter Money for Wall Street. QE Down 86% From Peak Week in March

April 2020

  1. Week 6 of the Collapse of the U.S. Labor Market
  2. Mortgage Forbearance Balloons, Home Sales Plunge
  3. Life Under Draconian Lockdown: I Can Barely See the Light at the End of this Long, Dark Tunnel
  4. Can Macy’s Survive this Crisis Without Filing for Bankruptcy?
  5. Dividend Massacre in This Crisis is Already Breaking Records, But it Just Started
  6. What Manufacturing Executives Said About Their Business in this Economy
  7. The LNG Market Is “Imploding”
  8. Wolf Richter Rails Against Mexican Companies that Borrow in Dollars and then Get Bailed Out When it Blows Up, Which is Now
  9. How the Unicorn Blowup & Oil Bust Bleed into Commercial Mortgage-Backed Securities
  10. Supermarket Sales Jumped, Alcohol Sales Spiked 33% & Online Grocery Sales 100%, But “Non-Food” Sales Collapsed
  11. Used-Vehicle Wholesale Volume Collapsed, Prices Drop: Mega-Pain for Automakers, Leasing Companies, Rental-Car Companies, Banks, Bondholders, Stockholders
  12. Tourism in Southern Europe, Accounting for 13%-21% of GDP, is on its Knees. When Will it Get Back Up Again?
  13. Fed Cut Back on Helicopter Money for Wall Street & the Wealthy
  14. Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line
  15. Week 5 of the Collapse of the U.S. Labor Market
  16. Housing Market under COVID-19: Regular Folks Retreat, Foreign Investors Blocked, Large US Investors Gone, iBuyers Frozen
  17. U.S. Shale Faces Largest Ever Drop in Fracking Activity
  18. Market Mayhem Meets Liquidity Mismatch: “At Least” 76 Mutual Funds in Europe Were “Gated” in March
  19. How Far Will the U.S. Economy Plunge During Lockdown?
  20. Mainland Chinese Stop Buying Hong Kong Residential Properties, Try to Unload What They Have, Prices Follow
  21. Holy WTF Moly: WTI May Contract Collapses to Negative -$37
  22. US Crude Oil Gets Annihilated Under Targeted Saudi Attack
  23. Munger: “Nobody Knows What’s Going to Happen.” And This Time, Berkshire Is Not Piling into Stocks & Companies
  24. Demand for Bank Notes in Dollars & Euros Spikes Despite Fears of Covid-19 Contaminated Cash
  25. What U.S. Cruise Lines Are Up Against. And No Bailout Money
  26. Coronavirus Drives Barrage of New Lobbying Activity
  27. There’s a Significant Risk of Cascading Defaults in Form of a “Debtors’ Strike”
  28. Fed Massively Tapered QE-4. Hasn’t Bought Any Junk Bonds, Was Just Jawboning
  29. How Will Covid-19 Lockdowns Hit the Housing Market? It Gets a Little Clearer
  30. Week Four of the U.S. Labor Market Collapse
  31. Here’s Where Retail Sales Spiked and Collapsed in 11 Mind-Blowing Charts of Lockdown Land
  32. U.S. Oil Drilling Grinds to Halt at Key Shale Hotspots
  33. From Panic-Buying to Lockdowns of Eateries & Manufacturing: Truckers, Railroads Face Supply Chain Turmoil, Spikes & Plunges
  34. “Something Has Gone Wrong”: UK Government, Banks Screw Up Coronavirus Loans, Small Firms Near Collapse. Better Results in Other Countries
  35. SoftBank’s Fake Startup “Valuations” Come Unglued
  36. Farm-Labor Crisis under COVID-19 Sends Countries Scrambling
  37. Going to be Tougher for Lots of People to Even Get a Mortgage. Expensive Housing Markets Most Affected
  38. COVID-19 vs. the Economy: When is it Time to Reboot?
  39. “Mortgage Forbearance” is Suddenly Hot, Hits Shadow Banks, which Clamor for Bailout from Taxpayers and the Fed
  40. QE-4 Cut in Half this Week. Fed’s Helicopter Money for Wall Street & the Wealthy Hits $1.8 Trillion in 4 Weeks
  41. Week 3 of the Collapse of the US Labor Market
  42. Now in Lockdown, Mexico’s Economy Slides. Banks & Companies Clamor for Bailout. Government Refuses
  43. Week 3: How Lockdowns Impact Housing & Mortgage Markets
  44. How Lockdowns Hit U.S. New & Used Vehicle Sales: Beyond Ugly
  45. Construction Activity Plunges in Germany, France, & Italy
  46. Another U.S. IPO of a Chinese Company Goes Bust in 11 Months
  47. Preparing for the Aftermath: China’s Airlines Try to Exit Crisis, Alitalia is Nationalized, Qantas Plans 21-Hour Direct Flights
  48. New York Fed, FDIC Tout “Opacity in a Banking Crisis” to Keep Corporations, Hedge Funds, PE Firms & Counterparties in the Dark about Weak Banks
  49. Lockdown Hits UK Commercial Real Estate, Retail Landlords & Their Investors: Most Property Mutual Funds Suddenly “Gated”
  50. The Fight Against COVID-19: “Bending the Curve” & Then What?
  51. Trucking Skids Off the Road Entirely
  52. Services Sector Falls off Cliff: First Data Points from the Eurozone where Lockdowns Started Earlier
  53. $1.5 Trillion Helicopter Money for Wall Street in 3 Weeks of Fed Bailouts
  54. Week Two of the Collapse of the Labor Market
  55. Week Two: How COVID-19 Lockdowns Impact US Housing Market. Mortgages Give Clues: It Gets Uglier
  56. A Word About Hong Kong’s Retail Sales Collapse: It’s a Mess
  57. Foretaste of the Lockdown-Driven Collapse in the Services & Retail Sectors: Holy Moly, What a Catastrophic Mess

March 2020

  1. Estimates About the Collapse of Share Buybacks Emerge
  2. Post-Lockdown New Normal: Many Brick & Mortar Stores Will Not Reopen, CMBS will Default, Mess to Ensue
  3. The $1.5 Trillion Global Tourism Industry Faces $450 Billion Collapse in Revenues, Based on Optimistic Assumptions
  4. How Will COVID-19 Impact US Manufacturing? First Indications Are Ugly. Exacerbated by Underlying Conditions
  5. Corruption in the Time of Coronavirus
  6. “Not All Airlines Will Go Bankrupt”: How Will Coronavirus Travel-Bans Impact Airbus, Suppliers, and Airlines?
  7. CoronaWar Battlegrounds: New York Leads in Growth, Minnesota Bends it Best. California Hot Spots v. Italy & South Korea. Pain in Spain
  8. The Downgrade Massacre Has Started
  9. Latin America Was Already Steeped in Economic Problems. Now Come the External & Internal Shocks of COVID-19
  10. Helicopter Money for Wall Street
  11. A Word About the Horrid Spike in Unemployment Claims and Why it’s Even More Horrid Than it Appears
  12. How Will Coronavirus Lockdowns Impact the US Housing Market? First Data Points Are Out. They’re Ugly
  13. Self-Employed Left Hanging after Spanish Government Promised to Protect Them from Worst of Covid-19 Fallout
  14. Four Mortgage REITs Collapse After Chaos Hit Markets for Residential & Commercial Mortgage-Backed Securities
  15. Share Buybacks Are Toast for 2020: Oops, that was the $4.6 Trillion Driver of the Stock-Market-Bubble
  16. Coronavirus May Deliver Coup de Grace to Overrated Commercial Mortgage-Backed Securities (CMBS)
  17. What Are All the Fed’s Corporate & Investor Bailout Programs and SPVs? Here’s the Whole Shitload of Them
  18. New Currency Crisis Dawns: Mexican Peso Plunges to Record Low Against the Dollar
  19. Leveraged Loans Blow Out. Distressed Corporate Debt Spikes
  20. Australia’s Construction Industry “On Brink of Collapse”: Started Going to Heck Last Year, Now Comes COVID-19
  21. Hottest Battlegrounds in the CoronaWar: Is “Social Distancing” Kicking In?
  22. It’s Just Day 22 of CoronaCrash, and It’s Already Such a Mess
  23. Fed’s Balance Sheet Spikes as “Everything Bubble” Morphs into Financial Crisis 2
  24. After Epic “Run on the Funds,” 10 More Real Estate Mutual Funds Shuttered as COVID-19 Batters UK Property Values
  25. Junk-Bond Spreads & BBB-Bond Spreads Blow Out Past Lehman-Bankruptcy Levels
  26. How a Landlord of Neighborhood Malls Deals with the Lockdown Crisis his Tenants Face
  27. Tesla, the WTF Chart of the Year
  28. European Banks Face Financial Crisis 2, Shares Hit 1988 Lows
  29. Treasury Market, Gold Go Haywire as Fed Struggles to Contain What’s Turning into Financial Crisis 2
  30. After Blowing $4.5 Trillion on Share Buybacks, Airlines, Boeing, Many Other Culprits Want Taxpayer & Fed Bailouts of their Shareholders
  31. Welcome to Dystopia: My Life Under Lockdown in Spain
  32. Lockdown in San Francisco, Silicon Valley & the East Bay: We’re to “Shelter in Place.” What it Means Now & Long Term
  33. S&P 500 Plunged Most Since 1987, Gave Up in 18 Days the 42% Gains of Past 3 Years. Boeing Shares Collapsed
  34. First US Economic Data of the COVID-19 Era Emerges. It’s Ugly
  35. How Our Business Got Hit by COVID-19 Event-Cancellations Whose Effects Now Cascade Through the Industry
  36. Panicked Fed Slashes Rates to Near 0%, Throws $700 Billion QE on Top, after $1.5 Trillion Shock-and-Awe Repos Fizzled. Stock Futures Plunge 5%, Hit Limit Down
  37. Mall Giant Intu Warns of Bankruptcy: First, the Meltdown of Brick & Mortar Retail, Now COVID-19
  38. To Win the CoronaWar, Defense Is The Only Offense
  39. Historic Volatility Tells Me This Stock Market is in the Middle of an Equally Historic Crash
  40. No One Knows How the Coronavirus Will Impact Canadian Real Estate, But Here Are My Thoughts
  41. As Everything Bubble Implodes, Frazzled Fed Rolls Out Fastest Mega-Money Printer Ever, up to $4.5 Trillion in Four Weeks
  42. Stocks Crashed. I Covered My Short Positions (SPY, QQQ) Because “Nothing Goes to Heck in a Straight Line.” Out of Spite, Bought Some Crap for a Bear-Market Bounce
  43. First Enron of 2020: Muddy Waters’ Short-Target NMC Health Just “Discovered” $2.7 Billion Undisclosed Debt
  44. Boeing Crashes: $43 Billion in Share Buybacks Turn into Existential Threat
  45. My Conversation with MarketWatch About my Hair-Raising Contrarian Short Positions Taken Out (and Published) on Dec 30 During Peak Market Euphoria
  46. I Live in Italy’s “Orange Zone”: What it’s Like Inside the Lockdown
  47. The Collapse of Pot Stocks: Refreshingly, Not COVID-19’s Fault
  48. European Bank Stocks Collapse to March 2009 & 1988 Levels
  49. The Great American Shale-Oil Bust Turns into Massacre
  50. We Anticipate a Period of Severe Market Turbulence that Will Create New Opportunities for Patient Investors
  51. Good Morning America, All Heck Broke Loose in the Markets Overnight
  52. It’s Crazy in the Treasury Market, But the Corporate Bond Market is Starting to Dial in the Coronavirus
  53. Tourism is 10% of GDP in France, 13% in Italy, 15% in Spain. And Now it’s in Free Fall
  54. Stock Market Volatility Jangles Nerves. Something’s Afoot
  55. What Sequoia Capital’s “Black Swan” Memo Means for Unicorn-Hotspots Like San Francisco, Silicon Valley & Others
  56. US Airline Stocks Crushed. Southwest Warns on US Domestic Demand. UK Airline Collapses, Abandoned by Its Coronavirus-Spooked Owners
  57. Out-of-Funds Chinese Property Developer Oceanwide Tries to Shed its Mega-Money-Pits in San Francisco, Los Angeles, and Manhattan at a Loss, But it’s Hard
  58. “COVID-19 Added to this Uncertainty:” Orders & Sales of Heavy Trucks & Medium-Duty Trucks Plunge in the US
  59. Yield Curve Gets Ugly, 10-Year Treasury Yield Falls Below 1% for First Time Ever, 30-Year at Record Low, on Rising Inflation
  60. Stocks Sag as Fed Cures Coronavirus by Cutting Rates ½ Percentage Point
  61. “Wall Street Biggest Banks Shamelessly Try to Use Coronavirus to Get Federal Reserve to Weaken Rules”: Better Markets
  62. Just How Bad Is It Going to Get for US Airlines?
  63. China’s Non-Manufacturing & Manufacturing PMIs Show to What Unfathomable Extent the Economy Has Collapsed

February 2020

  1. Muddy Waters’ Short-Target NMC Health, a FTSE 100 Company, Admits Doctoring Accounts on Massive Scale. Shares Suspended
  2. “Nothing Goes to Heck in a Straight Line,” Not Even Stocks Today
  3. Has the Coronavirus Hit US Consumer Spending Yet?
  4. Airline Stocks, Battered by Coronavirus & Boeing 737 MAX, Plunge to Four-Year Low
  5. Epic Construction Downturn Grips Australia
  6. How a Coronavirus Case in Korea Instantly Hit a Small Business in the US
  7. Los Angeles Housing Market Carved Up by Unaffordability & Divergence in Demand
  8. The Most Splendid Housing Bubbles in America, Feb. Update
  9. Unicorns & Non-Unicorns Hung Out to Dry: As SoftBank Licks its Wounds, Startup Funding Fizzles, Shutdowns & Layoffs Spread
  10. Stocks Plunge (or Dip?), Traders Confused: This Wasn’t Supposed to Happen. Complacency Exacts its Toll
  11. Hong Kong’s Real Estate – Housing, Office & Retail Properties – Face “Tsunami-Like Shocks”
  12. Subprime Credit Card Delinquencies Spike to Record High, Past Financial-Crisis Peak, as Other Consumers Relish the Good Times. Why?
  13. So That’s the End for Air Italy. And More Airline Money-Pits
  14. California Auto Woes: New-Vehicle Registrations Fall for 3rd Year, -9.5% from 2016. Bay Area Hit Hardest. Q4 Was Ugly, with Tesla Plunging 46%. But Used-Vehicle Market Grows
  15. Ecommerce Spikes by Most Ever. Brick & Mortar Melts Down. Department Stores are Toast
  16. Coronavirus Slams Airbnb, Airlines, Hotels, Casinos, San Francisco, Other Hot Spots
  17. It Gets Surprisingly Ugly: US Freight Shipments Plunge 9.4%, Steepest since 2009
  18. Who Bought the $1.3 Trillion in Debt the US Government Added to its $23-Trillion Pile in 12 Months?
  19. HSBC Announces Mass Job Cuts, Huge Write-Down, Asset Sales, Halt of Share Buybacks. Warns of Coronavirus Impact on Credit Losses & Revenues in China & Hong Kong
  20. GM Better Figure Out How to Stop Shrinking, I Mean Globally & Pronto, Before It’s Too Late
  21. Is Private Equity Having its WeWork Moment?
  22. It Starts: Apple Throws Revenue Guidance Out the Window, on Supply Chain Woes & Sales Collapse in China
  23. THE WOLF STREET REPORT: Coronavirus Slams Airbnb, Airlines, Hotels, Casinos, San Francisco, Other Hot Spots
  24. Ex-CEO of Pemex Arrested for “Looting Mexico”
  25. “Speculative Energy in the Market is Incredibly out of Control”
  26. Median CPI Runs Hot, Fed Averts Eyes
  27. Credit-Card Interest Rates Soar to Record High, Bond Yields Drop to Record Low: What Gives?
  28. Coronavirus Fears Sink World’s Biggest Mobile Trade Fair After US & Global Tech Giants Pull Out
  29. Subprime Auto Loans Explode, “Serious Delinquencies” Spike to Record. But There’s No Jobs Crisis, These Are the Good Times
  30. OK, it Gets Sticky: Job Openings Plunge the Most Since the Great Recession
  31. Shares of Bedding Unicorn Casper Collapsed by 72% from Magical Pre-IPO Valuation
  32. Who Stole Americans’ Personal Data in Equifax Hack? China’s Military & How They Did it: US DOJ in 9-Count Indictment
  33. HELOC Balances Plunge to 15-Year Low. What’s Going on Here?
  34. The State of the American Debt Slaves, Q4 2019
  35. WeWork Debris Hits Bystanders: Two More Real-Estate Mutual Funds “Gated,” This Time in Ireland. Fitch Warns of Contagion
  36. End of QE-4: Fed’s Repos Drop Below Oct 2 Level, T-Bills Balloon, MBS Fall, Total Assets Down to Dec 25 Level
  37. Ford Better Figure Out How to Sell Vehicles, And I Mean Globally & Pronto, Before it’s Too Late
  38. What Will the Coronavirus Do to the US & Chinese Economy?
  39. US Imports from China Plunged Most Ever in 2019, Shifted to Other Countries, and the Goods Trade Deficit Improved Only a Tad from Worst Level Ever
  40. Another Major Employer Leaves San Francisco, 1,000 Jobs Vanish: Macy’s Shuts Tech Center in Broad “Optimization”
  41. I’m in Awe of How Tesla is Now a Supernatural Phenomenon
  42. After Coronavirus Measures, China’s Crude Oil Demand Plunges 20%: Industry Sources
  43. Why Has UK Auto Manufacturing Collapsed 24% in Three Years?
  44. THE WOLF STREET REPORT: What Will the Coronavirus Do to the US & Chinese Economy?
  45. Brexit Moment: Nigel Farage’s Dramatic Final Speech at the European Parliament (Video)
  46. Real Estate Developer: Why I Value my Properties Conservatively
  47. “In Aggregate,” Consumers Are Doing Pretty Good, But America’s Vast Income Disparity Skew the Data

January 2020

  1. Global Slowdown, Internal Issues Hit Mexico: GDP Drops for First Time Since 2009
  2. Student Enrollment Dropped 11% Since 2011, Student-Loan Balances Surged 74%. Why?
  3. US GDP Rose by $850 Billion in 2019 as US National Debt Surged by $1.2 Trillion. Debt-to-GDP Ratio Hit 108%
  4. Tesla’s Revenues +2%, Auto Revenue +0.7%. Net Income Plunges 25%. Without “Regulatory Credits,” it Would Have Lost $28 Million. Annual Loss Hits $862 Million. Shares Spike 12%
  5. What Happens When Investors Stop Fueling Cash-Burn Machines: At MoviePass Parent, Everything Goes to Zero
  6. The Most Splendid Housing Bubbles in America, January Update
  7. Ring Doorbell App Packed with Third-Party Trackers to Surveil its Own Customers
  8. Startup Unicorn Casper Sets IPO Price Range to Dish Out 36% Loss to Prior Investors
  9. THE WOLF STREET REPORT: What’s Behind the Screwed-Up Student Loan Fiasco?
  10. Gift Turns into Kafkaesque Ordeal: How My Two WOLF STREET Beer Mugs “Were Disappeared” in Spanish Customs
  11. Tesla’s Global Deliveries Compared to the Top 10: Volkswagen, Toyota, GM, Ford, Honda, FCA, Mercedes… Here’s the Chart
  12. Australian Construction Giant CIMIC Writes Off Disastrous Arabian Adventure, After Being Bludgeoned over Opaque Debts
  13. Fed’s Repos Drop to Oct Level, T-Bills Surge, But MBS Fall, and Total Assets Decline Further
  14. Union Pacific Cut 17% of its Workers, Will Cut 8% in 2020. Revenue Fell 9.5%, Income 10%. Bought Back $5.8 Bn in Shares. Stock Hits New High
  15. The Great American Shale Oil & Gas Bust: Fracking Gushes Bankruptcies, Defaulted Debt, and Worthless Shares
  16. Housing Bubble 2 in San Francisco & Silicon Valley Has Lost its Mojo. Why?
  17. Housing Blues in the Heart of California’s “Wine Country”
  18. What to Do with Malls? Teetering UK Mall Giant Intu Asks Investors for £1 Billion. Shares Drop to Near-Nothing
  19. After Blowing $43 Bn on Share-Buybacks in 6 Years, Boeing Scrambles to Borrow $10 Bn, on Top of a $9.5 Bn Credit Line in Oct, to Fund its 737 MAX Fiasco
  20. THE WOLF STREET REPORT: Housing Bubble 2 in San Francisco & Silicon Valley Lost its Mojo. Why?
  21. Where the Heck is “Kitten Lopez?”
  22. Brick-and-Mortar Melts Down in the UK, Worst Decline Since 2009, as Big Retailers Collapsed, 14,500 Stores Closed
  23. Railroad Pain: CSX Revenues Fall Below 2014. Workforce -7%. But Hey, $3.4 Billion in Share Buybacks
  24. Tesla, Hit by Sagging US Sales, Goes Full-China with Design Center, Loans & Factory
  25. US Freight Shipments Plunge at Fastest Rate since 2009, Hit 2011 Level: This is Getting Surprisingly Ugly
  26. Nutty Bond Wonderland in Europe Just Reached New Heights of Madness
  27. US Demand for Electricity Declined in 2019 & Stagnated for a Decade, but 2020 Capacity Additions Are Wild
  28. EQT, Giant Natural Gas Producer, Takes $1.8 Billion Write-Down, Admits it Can’t Succeed in Low-Price Shale-Gas Environment
  29. 32 Misinformation Schemes & Other Tactics Used by Wall Street, Corporate America & the Media, as Pointed Out Hilariously by WOLF STREET Commenters
  30. China’s Consumers Slam Automakers, Sales Drop Hard, 2nd Year. GM Sales Plunge. Ford Sales Collapse. But Luxury is Hot
  31. Fed Pays $35 Billion to Banks, $6 Billion to Reverse-Repo Counterparties in Interest for 2019, Remits $55 billion to US Treasury
  32. It’s Time to Pay Attention to Commercial & Industrial Loans
  33. US Auto Imports from Mexico Hit Record, but Mexico’s Global Auto Exports Fall for First Time since 2009
  34. The Wall Street Journal (and Other Media) Should Stop Lying About Repos
  35. Fed Drains $45 Billion from Repo Market, back to Oct Level. T-Bill Purchases Continue. Assets Shrink by Most Since QT
  36. How Much Money Have Folks Already Lost Who Bought that Negative-Yielding 30-Year German Government Bond last August?
  37. Average Mileage on “Rental Risk” Vehicles Sold to Used Car Market Spikes. But Prices Soar Too. What Gives?
  38. Truckers Take “Wait and See Approach”: Equipment Orders, After Having Plunged, Stall at Low Levels
  39. Australia’s New-Vehicle Sales Drop to Lowest Since 2011
  40. Brick & Mortar Meltdown at the Movies: Neither Extra-Comfy Chairs Nor Bars Can Reverse the Trend
  41. US New Car & Truck Sales in 2019 Fell Below Year 2000 Level, 3rd Year in a Row Below 2016 Peak
  42. 2020, Already the Year of Zombie Airlines
  43. Carmageddon Spreads to Canada
  44. More ECB Bond Holdings Get in Trouble: Infrastructure Giant Atlantia, Infamous for Collapsed Genoa Bridge, Could Lose its Core Business
  45. Manufacturing Employment, New Orders & Production Fall Fastest Since Apr-Aug 2009
  46. What the Fed Did to Calm Year-End Hissy-Fit of its Crybaby Cronies on Wall Street
  47. Status of US Dollar as Global Reserve Currency v. Euro, Yen, Chinese Renminbi, & Others
  48. The Most Splendid Housing Bubbles in America, Dec. Update

2019 602

December 2019

  1. I, Who Vowed to Never-Ever Short Stocks Again, Just Shorted the Entire Market
  2. How Ratings Agencies Inflate Credit Ratings to Get Deals & Fees
  3. Six of My Predictions in 2019 and How They’ve Fared
  4. Dallas Fed Outlines Somber Oil & Gas Industry, “Flaring” of Natural Gas Comes into Focus
  5. The Costs of Surviving in Ecommerce
  6. How Amazon Gains Control & Domination
  7. What Options Do Mall Landlords Have When Brick & Mortar Retail Melts Down on Them?
  8. Turmoil in the Heavy-Truck Market as Seen by a Truck Dealer
  9. THE WOLF STREET REPORT: How Amazon Gains Control & Domination
  10. Young People Still Crushed by Housing Bust, Banking & Economic Crisis: Bank of Spain
  11. Below-the-Surface Struggles in Manhattan Housing Bust Seep to the Surface
  12. US Freight Shipments Fall Below 2014 Level. Answers Emerge
  13. First Central Bank Exits Negative Interest Rates
  14. Four Banks & Three Tech Companies Blow $56 Billion in Q3 to Prop up Their Own Shares
  15. Here’s What Gets Me about the Fed’s Warnings of “Excesses and Imbalances that Are Hard to Deal with Later”
  16. College Enrollment Skids for 8th Year in a Row in 2019, But Student Loans Skyrocket. What Gives?
  17. Mall Shooting Highlights Folly of AAA-Rating of CMBS Backed by a Single Mega-Mall
  18. My “Pickup Truck Price Index” Crushes “CPI for New Vehicles”
  19. The State of the Canadian Debt Slaves, How They Compare to American Debt Slaves, and the Bank of Canada’s Response
  20. REITs Pull Back from Housing Market in Spain as Rental Boom Runs Out of Gas
  21. This is How the Biggest Sector of the US Economy Is Doing
  22. Is the Corporate-Debt Bubble Ripe Yet?
  23. Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant
  24. The Chilling Thing Subprime Retailer Conn’s Said About the Sudden Deterioration in New Accounts
  25. PayPal, Western Union Named & Shamed for Overcharging the Most on Money Transfers to Mexico
  26. I Just Dealt with a “Security Freeze,” the Most Effective Tool for Credit Security: It’s Become Super-Easy & Free, after the Equifax Hack Two Years Ago
  27. Accounting Fraud & Freight Recession Topple Celadon, Largest Truckload-Carrier Bankruptcy in US History
  28. THE WOLF STREET REPORT: Is the Corporate-Debt Bubble Ripe Yet?
  29. When Losses Don’t Matter: How Japanese Conglomerate Mitsubishi Blows Billions on a Jet Nobody Really Wants
  30. What’s Driving the Decline in the Goods-Based Sector, After the Boom of 2018?
  31. Fed Goes Hog-Wild with T-Bills, But Repos Drop from a Month Ago, and MBS Shrink by $22 Bn
  32. US Targets Wage-Repression Model in Mexico, Demands Inspections, Industry Has a Cow
  33. What Worries me About “Hedonic Quality Adjustments”
  34. Inflation Is Coming: All the Trends That Were Deflationary Are Slowly Going in Reverse
  35. Another UK Mutual Fund Leaves Investors Twisting in the Wind
  36. Trucking “Thrives on Stability, But We’re Now on a Rocky Road”
  37. HNA Gets Chopped Up, its Many Airlines Buckle & Get Bailouts to Dodge Messy Collapse, but its Hong Kong Airlines?
  38. Crude Oil Could Fall to $40 if OPEC+ Fails to Deepen Cuts
  39. US Manufacturing Stuck in Dour Mood, After the Boom Last Year
  40. THE WOLF STREET REPORT: What Worries me About “Hedonic Quality Adjustments”

November 2019

  1. Another Negative-Interest-Rate Central Bank Laments What Negative Interest Rates Have Wrought
  2. Momentous Change in US Crude Oil Market, with Global Impact
  3. Over-Indebted European Telecom Giant Tries to Dump its Latin American Empire
  4. What’s Behind the Subprime Consumer Loan Implosion?
  5. Brick & Mortar Rent Meltdown, Manhattan Style
  6. Despite Startup Millionaires, the Most Splendid Housing Bubbles in America Deflate. Crushed Markets Scramble Higher
  7. After Years of Threats, Schwab Joins Exodus, to Move Headquarters from San Francisco to Texas
  8. THE WOLF STREET REPORT: What’s Behind the Subprime Consumer Loan Implosion?
  9. Fracking Blows Up Investors Again: Phase 2 of the Great American Shale Oil & Gas Bust
  10. Brick & Mortar Melts Down as Ecommerce Jumps by Most Ever
  11. Negative Interest Rates Bite: Bundesbank Warns of Risks to Financial Stability, Moody’s Downgrades Outlook for German Banks
  12. Chinese Stock Collapses 98% in Hours After MSCI Flip-Flops: How Index Providers Saddle US Pension Funds with Stock Scams
  13. The Fed Slaps Down Negative Interest Rates
  14. Fed Switches from Mid-Cycle “Adjustment” to Wait-and-See, Pending “Material Reassessment” of its Economic Outlook
  15. Fear of “Reversal Rates” Sets in, Says the Fed
  16. Canada’s Most Splendid Housing Bubbles v. Its Other Markets, October Update
  17. US National Debt Spiked by $1.3 Trillion in 12 Months, to $23 Tn. But Who Bought This Pile of Treasury Securities?
  18. I’m Just the Little Guy Between the Boots of Giants, but WOLF STREET has a Fairly Big Readership Now (for a little guy) and I Thank All of You for It
  19. THE WOLF STREET REPORT: Fear of “Reversal Rates” Sets in, Says the Fed
  20. As Bad Loans Explode in Turkey, Government Tries to Recreate Debt-Fueled Boom that Led to its Financial & Currency Crisis
  21. Meals on Broken Wheels: Uber Eats, GrubHub, DoorDash & Postmates
  22. US Freight Shipments Skid Below 2014 Level, Hit by the Slowdown in Industrial, Manufacturing & Construction
  23. Is SoftBank’s Bailout of WeWork Already in Trouble?
  24. Screwed Investors Still Stuck in Woodford’s Imploded Mutual Fund Get a Glimpse of Their Losses
  25. The Holy-Cow Moment for Subprime Auto Loans; Serious Delinquencies Blow Out
  26. Mexico’s Cancelled $13-Billion Zombie-Airport Refuses to Die
  27. How the Fed Boosts the 1%: Even the Upper Middle Class Loses Share of Household Wealth to the 1%. Bottom Half Gets Screwed
  28. Swiss National Bank’s Monetary Racket, US Stock Holdings & the Wild Ride of its Own Shares
  29. Murky Business of Chinese Merchandise on Amazon’s US Site
  30. THE WOLF STREET REPORT: How the Fed Boosts the 1%, as Told by the Fed
  31. Negative Yielding Bonds Turn into Punishment Bonds
  32. The State of the American Debt Slaves, Q3 2019
  33. Fed Goes Nuts with Repos & T-Bills but Sheds Mortgage Backed Securities
  34. What’s Going on in the Used Cars & Trucks v. Carmageddon?
  35. Months After Takeover, European Supermarket Giant Dia Discloses Huge Losses, Plunging Revenues, Soaring Debt
  36. Where You Pay the Mostest and Get Approved the Leastest, so to Speak: Mortgage Rates, Fees & Denial Rates Differ Bigly by State
  37. What’s Behind the Fed’s Bailout of the Repo Market?
  38. Yield Curve Un-Inverts, 10-Year Yield Spikes, Middle-Age Sag Disappears
  39. What Heavy Trucks Are Saying
  40. Leveraged-Loan Downgrades Spike, Collateralized Loan Obligations Get Cold Feet, Selloff in B-Rated Loans Ensues
  41. Uber Loses Another $1.2 billion, Stock Dives Again
  42. THE WOLF STREET REPORT: What’s Behind the Fed’s Bailout of the Repo Market?
  43. US National Debt Passed $23 Trillion, Jumped $1.3 Trillion in 12 Months
  44. Manufacturing in the US vs. China, Germany, Japan, South Korea
  45. Panama Canal: Slowdown in US-Asia/China Trade?
  46. Rents Fall Southern California, Seattle, Miami, San Francisco, San Jose, Chicago, Honolulu & Others

October 2019

  1. Global Slowdown? Mexico’s GDP Declines Year-Over-Year for First Time Since 2009
  2. What Will Stocks Do When “Consensual Hallucination” Ends?
  3. Dallas, Minneapolis, Chicago, Charlotte, Atlanta, Detroit, Cleveland: From Smaller Housing Bubbles to Crushed Markets
  4. The Most Splendid Housing Bubbles in America, October Update
  5. Tesla Discloses US Revenues Collapsed 39%. Americans Sour on its Cars, Pent-Up Demand Exhausted
  6. “Run on the Fund”: The Big Risk of Bond Mutual Funds. What to Look For and What to Do
  7. Redemptions Rip Through UK Equity Funds as Fallout from Woodford Collapse Grows
  8. THE WOLF STREET REPORT: What Will Stocks Do When “Consensual Hallucination” Ends
  9. The Crisis in Catalonia & What I Saw in Our Neighborhood in Barcelona
  10. Subprime Auto Loans Blow Up, 60-Day Delinquencies Shoot Past Financial Crisis Peak
  11. SoftBank to Book Loss of up to $7 Billion on WeWork, Uber, Others, after Showering $1.7 Billion on Neumann and Hanging his Employees Out to Dry
  12. Despite Ultra-Low Mortgage Rates, New House Prices Drop to Multi-Year Low
  13. “It’s Different This Time” Takes Root in the Junk-Bond Market Amid Parallels to Post-Lehman 2008
  14. Here’s What I’m Worried About with the Everything Bubble
  15. Why Online Shoppers Face Peculiar Results on Black Friday
  16. Oilfield Services Face Crisis as Shale Slowdown Worsens
  17. Cash-Flow Zombie Netflix Extracts Another $2 Billion from Befuddled Investors. Here’s How it Tricks Up its Earnings
  18. THE WOLF STREET REPORT: Here’s What I’m Worried About with the Everything Bubble
  19. Canada’s Most Splendid Housing Bubbles v. its Other Markets, September Update
  20. Another Chinese Mega-Construction Project in California Is Halted, this one in San Francisco. List of Troubled or Scuttled Chinese Projects in California Grows
  21. There Are a Couple of Things Not Coming Together Here
  22. Housing Bubble in Silicon Valley & San Francisco Bay Area Turns to Bust Despite Low Mortgage Rates & Startup Millionaires
  23. Braindead or Willfully Manipulative? How the Media Reported Retail Sales
  24. Why Banks Didn’t Lend to the Repo Market When Rates Blew Out: JPMorgan CEO Dimon
  25. JPMorgan, BofA, Citi, Barclays, Deutsche Bank, BBVA, Santander Accused of Rigging Government Bond Auctions in Mexico. Bank of Mexico Implicated
  26. Dual-Track Economy: Slowdown in Industrial Sectors Hits Truckers & Railroads. But Consumers Are Still Buying Stuff
  27. The WOLF STREET Beer Mugs Are Here
  28. Without the Outliers, Inflation Is Running Hot. Fed Has Started Mentioning these Measures in the Minutes
  29. Will Social Security Be There for You? Status of the Social Security Trust Fund in Fiscal 2019
  30. Just Weeks After the Collapse of Thomas Cook, Spain Launches First Bailout of its Huge Tourism Industry
  31. Global Air Freight Sinks into Longest Recession since 2008
  32. 10-Year Yield Jumps, Yield Curve Steepens, on Fed’s Plan to Buy $60 Billion a Month, But Only Short-Term Treasury Bills
  33. How the Crybabies on Wall Street Try to Force the Fed into QE-4
  34. Carmageddon for General Motors in China: Q3 Sales Collapse 30% from 2 Years Ago
  35. Twitter “Unintentionally” Used Your Phone Number for Targeted Advertising
  36. The Day When Repo Rates Blew Out: Fed Recounts a Fiasco that Occurred as the FOMC Was Meeting, and How it Reacted
  37. Fed Didn’t See Economic Reasons to Cut Rates, Admits Cutting for Other Reasons: My Fancy-Schmancy “Fed Hawk-o-Meter”
  38. How the SoftBank Scheme Rips Open the Startup Bubble
  39. When Was Peak-Insanity of the Unicorn-Startup Bubble That’s Now Imploding?
  40. Sticker Shock & Hedonic Quality Adjustments: How Much Have New-Car Prices Really Risen over Three Decades?
  41. THE WOLF STREET REPORT: How the SoftBank Scheme Rips Open the Tech Bubble
  42. GM, Ford, BMW, VW, Honda Shift More Production to Mexico. Auto Imports Surge Despite Decline in US Sales
  43. WeWork CMBS Cause Jitters, Bonds Hit Record Low
  44. Repos Boost Fed’s Assets by $181 Billion
  45. Orders of Heavy Trucks Collapse, Layoffs Start
  46. Carmageddon for Tesla in Q3, GM Pulls Out All Stops, Ford Withers, Auto Sales at 1999-2000 Level
  47. Low & Negative Interest Rates Get Broadsided by the BIS
  48. IPOs Crash & Burn, Debris Hits Housing, Office Markets
  49. US Gross National Debt Jumps by $1.2 Trillion in Fiscal 2019, to $22.7 Trillion, Hits 106.5% of GDP
  50. Tariff-Front-Running Hits US Manufacturing, after Causing Biggest Surge since 2004
  51. US Dollar Status as Global Reserve Currency Slides

September 2019

  1. Silicon Valley Is Slowing, Whether for a Quick Breather or Extended Time-Out, I Have No Idea (Guessing the Latter)
  2. THE WOLF STREET REPORT: IPOs Crash & Burn, Debris Hits Housing, Office Markets
  3. Treasury’s Weak Denial Acts as Confirmation: US Weighs Crackdown on Capital Flows to Chinese Companies, Stocks & Bonds, Listed in the US or China
  4. Rents in the USA: from the Priciest ZIP Codes to the Cheapest
  5. Metro Bank Teeters after Bond Sale Fails. Shares Collapsed 95%
  6. Nearly out of Cash, WeWork Shifts into Shrink & Survive Mode
  7. Miami Real Estate Is About To Collapse… This is About Condos, and it Would Be Funny if it Weren’t so Serious
  8. How Employees & Employers Get Bled by Health Insurance
  9. Less-Splendid Housing Bubbles & Crushed Markets in America, September Update
  10. The Most Splendid Housing Bubbles in America, Sep. Update
  11. The September Airline Massacre in Europe
  12. Altria Rues the Day it Plowed $13 Billion into Super-Unicorn Juul
  13. Thomas Cook Collapses, up to 600,000 Travelers Stranded in Hotel & Airline Chaos, Triggers “Biggest Peacetime Repatriation in UK History”
  14. Asset Class of Vintage Cars Drops into Bear Market, Down by More than in 2008/2009
  15. Use of “Hidden Debt Loophole” Spreads Among Australian Corporations
  16. Fed Admits Failure of ‘Plan A’ to Control Money Market Rates, Shifts Back to Repos (which was ‘Plan A’ till 2008)
  17. Unstoppable Negative Yields Suddenly Become Stoppable
  18. Canada’s Most Splendid Housing Bubbles, August Update: Vancouver Spirals Lower
  19. Interest Rate Derivatives Trading Explodes to $6.5 Trillion/Day
  20. Fed’s Powell: No Negative Interest Rates at Next Crisis
  21. Foreign Exchange Trading Soars to $6.6 Trillion a Day, US Dollar is Total King
  22. Debt-Wracked Chinese Companies Dump US & Other Foreign Assets, Become Net Sellers Overseas for First Time
  23. Drama in the Oil Markets, But This Isn’t 2007 Anymore
  24. How Currency Controls Affect Doing Businesses in Argentina
  25. THE WOLF STREET REPORT: Snapback Bloodletting in the Overripe Bond Market
  26. Light at End of Tunnel or Oncoming Train for the Goods-Based Economy?
  27. The Unemployed Shadow Labor Force
  28. WeWork IPO, the Straw that Breaks the Stock Market’s Back? Valuation Plunged by up to 79%
  29. Who’ll Rescue Thomas Cook, the Collapsing Vacation-Travel-Airline Giant with 21,000 Employees?
  30. Palace Revolt at the ECB, Legitimacy of Policy out the Window
  31. “Core” Inflation Rises Most Since Sep 2008, Powered by Services and Now Even the Peculiar Case of Durable Goods
  32. What to Do About the Student-Loan Fiasco: Is “Debt Forgiveness” Really the Answer?
  33. Why Argentina Will Never Dollarize
  34. Men’s “Real” Earnings Below 1973 Level: Census Bureau
  35. Used-Car Market Profits from Carmageddon. For Many Americans, New Cars Cost Too Much
  36. Here Are Photos of Some of the Dilapidated Equipment San Francisco Wants to Buy from Bankrupt PG&E for $2.5 billion
  37. THE WOLF STREET REPORT: What to Do About the Student-Loan Fiasco?
  38. Delinquency Rates of Student-Housing CMBS Spike
  39. Contagion from Liquidity Crunch at Junk-Bond Funds to Trigger “Material Second Round Effects”: EU Securities Regulator
  40. The Financialization of the US Economy
  41. Fed Sheds $20 Billion in Assets in August, Relentlessly Sloughs Off MBS, Adds Some Treasuries, Starts Shift to Short-Term T-Bills
  42. Orders for Heavy Trucks Plunged 80% in August
  43. These Incidents Raise New Questions about the Security & Operability of the Banking System in Mexico
  44. Here’s What I’m Worried About. And It’s Not a Recession
  45. Bank of Mexico Raises Alarm About Mexico’s Economy
  46. THE WOLF STREET REPORT: Here’s What I’m Worried About, and It’s Not a Recession

August 2019

  1. My Dream is to Become a Farmer (Ha!)
  2. China Imposes New Capital Controls, Targets Foreign Real Estate Purchases, as Yuan Falls to 11-Year Low
  3. Negative Yields Not Required: Even “Low” Interest Rates Screw Up the Economy
  4. From Less-Splendid Housing Bubbles to Crushed Markets in America, August Update
  5. The Airline Fiasco in Argentina as Peso Collapses and New Plan Goes Awry
  6. The Most Splendid Housing Bubbles in America, August Update: West Coast Markets “See the Dip”
  7. Lenders Fear Ascena with 3,519 Stores May File for Bankruptcy: Source
  8. Woodford’s Shuttered Fund Crushed Further by Plunging Stocks in its Holdings, such as Muddy-Waters Target Burford Capital
  9. THE WOLF STREET REPORT: How Even “Low” Interest Rates Screw Up the Economy
  10. World Trade Skids for First Time Since Financial Crisis
  11. Liquidity Crunch Mangles UK Equity & Real Estate Funds
  12. Near-Record Low Mortgage Rates No Relief for Dropping New House Prices
  13. Suddenly Leveraged Loan Issuance Gets Rough
  14. Repo Market Problems & Ballooning Inventories of Treasuries at Primary Dealers Make it into the Fed’s Minutes. My Fancy-Schmancy “Fed Hawk-o-Meter” Jumps
  15. How Negative Interest Rates Screw Up the Economy
  16. Canada’s Most Splendid Housing Bubbles, July Update
  17. How the Ecommerce Boom Crushes “Mall Retailers” One by One
  18. HSBC Runs into Buzzsaw in Hong Kong & China, its Home Market Generating 75% of its Profits
  19. THE WOLF STREET REPORT: How Negative Interest Rates Screw Up the Economy
  20. US National Debt Spiked $363 billion in Two Weeks, $1 Trillion in 12 months. But Who Bought This Pile of Treasury Securities?
  21. Freight Shipments Suffer Steepest Drops since Financial Crisis, Overcapacity Balloons
  22. It Starts: First Truck Maker Cuts Production
  23. Housing Bubble 2 in San Francisco Bay Area & Silicon Valley Pops Despite Startup Millionaires & Low Mortgage Rates
  24. Argentina Crisis Slaps Foreign Banks & Companies Operating in the Country
  25. In Hilarious IPO Filing, WeWork Dreams of $3 Trillion in Revenue But Has Billions in Losses. Red-Ink Massacre to Come in 2nd Half
  26. Fuel for the Next Mortgage Bust?
  27. Subprime Auto Loans Blow Up, Delinquencies at 2009 Level, Biggest 12-Month Surge Since 2010
  28. Inflation Data Shows Tariffs Are Not a Tax on Consumers but on Foreign & US Corporations
  29. Brain-Dead Investors Get Crapped on Again by Argentina
  30. THE WOLF STREET REPORT: Fuel for the Next Mortgage Bust?
  31. Why Have Global Semiconductor Sales Plunged & Gotten Stuck at These Levels for 5 Months Now?
  32. Brick & Mortar Meltdown’s Ugly Week in Record-Ugly Year
  33. One of World’s Construction Giants Admits Using Risky Hidden-Debt Loophole “Across Group.” Australian Subsidiary Crushed
  34. How Can a Company Lose $5.2 Billion on $3.2 Billion in Revenue? Uber Shows How
  35. Is the Everything Bubble Ripe Yet?
  36. The State of the American Debt Slaves, Q2 2019
  37. Trade War Effect: Video-Game Console Makers Microsoft, Sony & Nintendo Prepare to Move Production out of China
  38. Financial World Gone Nuts: $15 Trillion Negative Yielding Debt
  39. Investor Sentiment Goes to Heck After Draghi’s Easing Promise
  40. What Plunging Global Semiconductor Sales Just Said about Autos, IT & How the Economy Reacts to Uncertainties
  41. Oil Price Correction Triggers Shale Meltdown
  42. THE WOLF STREET REPORT: Is the Everything Bubble Ripe Yet?
  43. Heavy-Truck Orders Collapse Stunning 81%. Lowest Since 2010
  44. Hottest, Most Expensive Rental Markets Unwind
  45. UK Auto Production Plunges to 7-Year Low on Slumping Global Demand & “No Deal” Brexit Fears
  46. The Biggie that Used to Be Strong: Nonresidential Construction Spending Suddenly Sags
  47. From Less-Splendid Housing Bubbles to Crushed Markets in America, July Update

July 2019

  1. Two Fed Governors Defy Wall Street, the Media & Trump. Eight Buckle: Powell Tries to Explain, Confusingly Throws “Couple of Rate Hikes” into Mix. Stocks Tank
  2. The Giant Sucking Sound of Financial Repression
  3. The Most Splendid Housing Bubbles in America, July Update: Year-Over-Year Declines Spread to Seattle
  4. ECB’s NIRP-Forever Policy “Destroys Banks’ Profitability Equation”: Bankia CEO. Spanish Banks Reel. Problems Stack Up
  5. Fake Cash & Fake Accounting: Chinese Regulators Suddenly Halt 46 IPOs and Bond Offerings
  6. THE WOLF STREET REPORT: The Giant Sucking Sound of Financial Repression
  7. Hit by Epic Construction Downturn, Mexico Faces Reality: New President Tries to Get Folks to Play by the Rules, and Everything Stalls
  8. The Companies with the Most Debt in America
  9. I Hope the Fed Won’t See This: Red-Hot Consumer Spending Powers GDP Growth
  10. World Trade in Face of Tariffmageddon, Trade Wars & Manufacturing Slowdown
  11. I Got it, Nothing Matters. Tesla, Boeing, Other Stocks: It’s Like the Whole Market Has Gone Nuts
  12. Up to Their Neck in Inventory, Homebuilders Cut Prices to November 2015 Level to Boost Sales
  13. Californians Sour on Tesla Model S and Model X
  14. Ultra-Low Mortgage Rates No Relief for Home Sales
  15. Who Holds the $3.2 Trillion in “Leveraged Loans” and CLOs?
  16. Canada’s Most Splendid Housing Bubbles, June Update
  17. Is Digital Bling Propping up China’s Stock Market?
  18. WOLF STREET Beer Mugs Are Coming. Here’s the Design for the Soon-Infamous “Nothing Goes to Heck in a Straight Line” Mug
  19. I’m in Awe of How Long Zombies Like J.C. Penney Keep Getting New Money to Burn. But Bankruptcy Beckons
  20. Another UK Fund Just Slammed its Doors Shut on Investors
  21. Housing Bubble 2 Lost its Mojo in the San Francisco Bay Area: House Prices Drop 8%
  22. US Home Purchases by Chinese, Other Foreigners Plunge Below 2012 Level. And the (for me) Chilling “Chinese Reaction” to it from the Largest Chinese Portal for US Homes for Sale
  23. London Housing Bust: Prices Fall, Sales Plunge to 2009 Level
  24. The Victims of Inflation
  25. Everything’s Fine Until Suddenly it Isn’t: How a “Leveraged Loan” Blows Up
  26. “Transportation Recession” Gets Uglier
  27. Fracking in California is About to Get a Lot More Difficult
  28. Not Helpful for Crushed European Bank Stocks: Stress Test a Sham, European Court of Auditors Warns
  29. THE WOLF STREET REPORT: The Victims of Inflation
  30. My Advice to the Fed on “Low Inflation”: Use a Different Index for Crying Out Loud and Tell the BLS to be Less Aggressive with “Hedonic Quality Adjustments”
  31. “Where the American Dream Goes to Die”: Changes in House Prices, Rents, and Incomes since 1960 by Region & Metro
  32. Liquidity Crisis at Woodford Equity Fund Is Symptomatic of Systemic Problem, Bank of England Warns
  33. China Auto Sales Spiral Down, But This Time It’s Different: Government Refuses to Bail Them Out with Big-Fat Incentives
  34. With all this Money Printing, Where’s the Huge Inflation?
  35. Vehicle Sales Plunge amid India’s Shadow-Bank Debt Crisis & Contagion Fears
  36. What My Fancy-Schmancy “Fed Hawk-o-Meter” Says About the Fed’s Next Rate Move
  37. In Escalation of Trade War With Switzerland, EU Risks Balkanizing Europe’s Financial Markets
  38. Negative-Yielding Junk Bonds Have Arrived in Europe
  39. Truck Makers Are Going to Have to Fess Up Soon
  40. Update on the Worsening Housing Bust in Vancouver, Canada: Spring Hopes Got Crushed
  41. Liquidity Fears Hit Other UK “Equity Funds” as Investors Remain Trapped in Woodford Fund
  42. THE WOLF STREET REPORT: After All This Money Printing, Where’s the Huge Inflation?
  43. Boeing, Airbus and Airline Overcapacity in Asia & Europe
  44. Fed Sheds $38 Billion in Treasuries and MBS in June, Dumps MBS at Record Pace, Exceeding “Cap” for First Time
  45. UK Auto Sales Drop to Five-Year Low in First Half
  46. I Just Hope the Fed Doesn’t See This Jobs Report
  47. When the Music of the “Wealth Effect” Stops
  48. New-Vehicle Sales Fall to 1999 Levels: How to Grow Revenues After 20 Years of Stagnation (Yup, You Guessed It)
  49. Trucking is Infamously Cyclical, But This is a Tad Extreme
  50. Bank of Japan Stealth-Tapers Further
  51. Apartment Rents Fall in Seattle, Southern California, New York, Oakland, San Jose, Chicago, Honolulu
  52. And the US Dollar’s Status as Global Reserve Currency?
  53. THE WOLF STREET REPORT: When the Music of the “Wealth Effect” Stops

June 2019

  1. Why Investors Call any Business Dominated by a Tech Giant the “Kill Zone”
  2. Average Miles Driven per Vehicle Drop to 1992 Level: Automakers Not Amused
  3. Markets Might Hafta Grapple with “Patient”: Fed Rate Cut in July After This Inflation?
  4. This is What Happened Next After Special Interests at U.C., Berkeley Retrieved their Power
  5. Average Age of Vehicles Sets Record, New-Vehicle Sales Drop to Where They Were 20 Years Ago. What Are Automakers Doing?
  6. The Fed’s Stealth Stimulus Has Arrived
  7. From Less-Splendid Housing Bubbles to Crushed Markets in America, June Update
  8. What if They Run Out of Juice: Biggest Share-Buyback Queens
  9. The Most Splendid Housing Bubbles in America: First Year-Over-Year Drops Since Housing Bust 1
  10. California Panics about Losing Businesses and People (to Texas): What the Housing Market Fears Most is Cropping Up in the Data
  11. Federal Disability Policy Poses Insidious Problems for Disabled People Who Want to Generate Income
  12. THE WOLF STREET REPORT: Stealth Stimulus Has Arrived
  13. Latest Act in the Crisis of the Enormous Korean Shipbuilders
  14. Crude Steel Production: China Knocks the Socks off Rest of the World
  15. Turkish Financial Crisis Hammers Home Sales & Mortgages
  16. Bring on Higher Oil Prices: They’ll Boost the US Economy. Powell Sees it Too. A New Experience for the US
  17. What Powell Really Said about the Economy and What Would Trigger a Rate Cut
  18. Brick-and-Mortar Meltdown Gets Costly for Big Retailers, and Results May Vary
  19. The Most Splendid Housing Bubbles in Canada, May Update
  20. No, Rate Cuts Were Not Discussed: ECB Insiders Out Draghi as Fabricator & Schemer, and Talk to Reuters
  21. Trucking Swerves Deep into Slump, from Red-Hot Boom. Smaller Truckers Hit Hardest
  22. Cesspool of Corruption Odebrecht Files for Bankruptcy, Largest Ever in Latin American History
  23. Who Bought the Nearly $1 Trillion of New US Government Debt over the Past 12 Months?
  24. Bad Loans Still Too High at Eurozone Banks, ECB Warns
  25. THE WOLF STREET REPORT
  26. Inspired by Deutsche Bank Death Spiral, European Banks Sink to Dec 24, 2018 Level – First Seen in 1995
  27. My Perspective on the Murk of Official Retail-Sales Inflation, with Some Surprising Illustrations
  28. The State of the Canadian Debt Slaves, and How They Compare to the American Debt Slaves
  29. UK Government Blew Billions on “Help to Buy” Scheme that Enriched Home Builders and Drove Up Home Prices. Taxpayers on the Hook When Prices Sink, New Report Warns
  30. Walmart’s Desperate $3.3 Billion Acquisition of Jet.com Fails. But it Now Discloses its US Online Sales, and They’re Big
  31. The Fed Calls it “Collateral Stripping.” These PE Firms Took it to the Next Level and Just Got Away With It
  32. “The Market is Almost Always Wrong About What the Fed Will Do”: Chart
  33. About this Biggest Plunge Since 2002 in Manufacturing in the UK
  34. Was this the Very Minute of Peak-Insanity in IPO Stocks?
  35. The Countries with the Most Monstrous Corporate Debt Pileups: US Fizzles in 24th Place! Canada Shines in 11th Place
  36. Used-Car Wholesale Prices Surge, Retail Volume Drops. New Cars Sink Deeper into Carmageddon
  37. A ‘’Gusher Of Red Ink’’ for US Shale
  38. Amazon Gets Booted by FedEx
  39. Fitch Cuts Pemex to Junk, on Track for Largest “Fallen Angel” in History. Cuts Mexico to Near Junk
  40. Fed Balance Sheet Drops by $42 Billion in May, Sheds MBS at Fastest Pace, Starts the Reverse of Operation Twist
  41. Here’s My Prediction: If the Fed Doesn’t Cut Rates 3 or 4 Times by Dec 11, Markets Are Going to Crap
  42. The Gas Flaring Crisis in the US Oil Patch
  43. What Collapsing Orders for Heavy Trucks – Down 71% from a Year Ago – Say about the U-Turn in Trucking
  44. Crucial US Service Sector Growth Sends Conflicting Signals
  45. Another UK Outsourcing Giant Teeters, Collapsed Shares Add to Woes of Woodford Fund that Just Froze Withdrawals
  46. Global Semiconductor Sales Plunge 24% from Peak, Deepest % Plunge since Financial Crisis, Deepest $ Plunge Ever. Here’s Why
  47. Treasury Market Acts Like the Economy is in a Death Spiral, But Wait…
  48. FANGMAN Stocks Crushed by Potential “Unprecedented, Wide-Ranging Probe” into Google, Apple, Facebook, Amazon
  49. US Cleanest Dirty Shirt Among Manufacturing Giants: Germany at Crisis Level. China, Japan, South Korea Contract
  50. THE WOLF STREET REPORT
  51. The Engines of Large Airliners and the Costly Challenges Manufacturers Face
  52. Dow 25,000! Oops…

May 2019

  1. American Consumers Prop Up the Economy. Wall Street Clamors for Multiple Rate Cuts. Fed Blows Off Wall Street
  2. Yield-Curve Spaghetti: “Middle-Age Sag” Gets Fatter, May Serve Up Surprises
  3. “Largest Foreign Bribery Case in History” Claims New Scalp: Former Pemex CEO
  4. OK, I Get it, Markets Have Gone Nuts: Junk-Bonds Are in Party Mood, Treasuries Clamor for Doom & Rate Cuts
  5. From Less-Splendid Housing Bubbles to Crushed Markets in America in 9 Charts
  6. Italian Banks Are At It Again, Shares Re-Crushed
  7. The Most Splendid Housing Bubbles in America: Seasonal Upticks Too Small
  8. How a Low Share Price Would be Fatal for Tesla, and Why Musk Has to Pump It Up, Come Hell or High Water
  9. Busted Housing Bubble 1 Morphs into Housing Bubble 2 in Spain?
  10. THE WOLF STREET REPORT
  11. US-Traded Chinese Stocks & ADRs Totally Crushed, Many by 50% or 60% or More
  12. Lousy Durable Goods Data Sink GDP Forecasts for Q2
  13. Here’s How I think E-Commerce Is Wiping Out Brick & Mortar
  14. Suddenly US Service-Sector Growth Dives, Manufacturing Gets Even Weaker
  15. My Fancy-Schmancy “Fed Hawk-o-Meter.” And the Fed Says It’ll be “Patient” with Rate Cuts, Even at “Low Inflation”
  16. Subprime Profit-Machine Hiccups: Credit-Card Charge-Offs Rise Across Banking System
  17. US Home Sales Drop, Drop, Drop Despite Lower Mortgage Rates. But Mortgage Applications Jump. What Gives?
  18. Jaguar Land Rover Books its Biggest-Ever Annual Loss. Sales Collapse in China
  19. Deutsche Bank Death Spiral Hits Historic Low. European Banks Get Re-Hammered
  20. Carmageddon Sinks Tesla’s Bonds
  21. THE WOLF STREET REPORT
  22. This Is What Happens When Retailer Asks Landlord for a Rent Reduction
  23. E-Commerce Crushes Mall Retailers One by One. Here’s the Data
  24. What Should We Make of the Global Slowdown in Manufacturing?
  25. How Did the US Service Sector Do in Q1?
  26. Vacation Giant & Airline Thomas Cook Verges on Collapse
  27. Brick & Mortar Meltdown, Manhattan Style
  28. UK Banks Double Down on High-Risk Mortgage Products to Prop Up Housing Market
  29. Subprime Bites: Auto-Loan Delinquencies Spike to Q3 2009 Level, Despite Strongest Labor Market in Years
  30. The Most Splendid Housing Bubbles in Canada Deflate Further
  31. Trucking & Rail Shipments Sink as US Goods-Based Sector Slows
  32. Amazon Butts in on Google-Facebook “Duopoly” in the Huge Business of Internet Advertising. Publishers Hung Out to Dry
  33. After Shares Collapse, Mini Bank-Run Begins as UK Lender Counts Cost of Broken Trust
  34. Nasdaq Drops 6.3% in 6 Days, as Uber & Lyft IPOs Turn into Colossal Flops. S&P 500 Chart Not Pretty
  35. Boeing, Airbus Carve up Embraer & Bombardier, Chinese Aircraft Makers Still Learning the Ropes
  36. THE WOLF STREET REPORT
  37. QE Party Over, Bank of Japan Stealth-Tapers Further
  38. Inflation by City, from Hot to Cool, from San Francisco to Chicago
  39. Veil Over Money Laundering in Real Estate Lifted in BC, Canada
  40. House Flipper Zillow Lost $109K (37%) Per Flip, Net Loss Triples, Shares Soar
  41. In July, I Stuck My Neck Out to See a Housing Market Turning Point in San Francisco Bay Area’s Sonoma County: Here’s an Update on My Neck
  42. US Senator Aims at Big Gaming, Tries to Ban “Loot Boxes” & “Pay-to-Win,” Puts $50 Billion in Revenues at Risk. Here’s How Gamers Reacted
  43. Fed Launches ‘Rate Peg Instead of QE’ Trial Balloon for Next Crisis
  44. Perhaps It’s Time to Start Worrying About Global Corporate Debt, Suggests Bank of England
  45. The State of the American Debt Slaves, Q1 2019
  46. While I Was Away from My Desk, Dow Drops 473 Points
  47. Businesses in “Critical Distress,” Bankruptcies Surge in the UK
  48. Vancouver Housing Bust Steepens, Bank of Canada Welcomes “Froth” Coming Off
  49. Manufacturing and Services Out of Sync, Not Just in the US
  50. THE WOLF STREET REPORT
  51. Trucking Skids into Downturn after Phenomenal Boom
  52. Ad-Free Subscription Option of WOLF STREET? I Need Feedback. And the San Francisco WOLF STREET Meetup Photos Are Here
  53. More Airline Woes: Avianca Brazil Gets Dismembered, Korea’s Asiana Airlines Gets Taxpayer Bailout, Air India Gets Rumors of Default
  54. Fed’s QE Unwind Continues at Full Speed in April
  55. Update on the Less-Splendid Housing Bubbles & Crushed Markets in America
  56. Global Foreign Direct Investment Flows Collapse
  57. Construction Spending Turns South, Driven by Big Drops in Residential & Retail

April 2019

  1. The Most Splendid Housing Bubbles in America, April Update
  2. Did Someone Turn Off the Spigot? Global Semiconductor Sales Plunge Most Since the Financial Crisis
  3. Tesla Discloses Record Pollution Credits for Q1: Without Them, it Would Have Lost $918 Million and Bled $1.14 Billion in Cash
  4. San Francisco WOLF STREET Meetup, April 30: Last Details
  5. How the Inventory Pileup Boosted Q1 Blowout GDP and What Carmageddon Has to Do with It
  6. Unemployment in Spain Still Miserably High Despite Six Years of Economic Growth. Now it Ticked Up Again
  7. China Tries to Muscle in on Dollar as Dominant ‘Payments Currency,’ But It’s a Thankless Slog
  8. I Just Hope the Fed Won’t See This: US Economy Has Blowout First Quarter
  9. China, Other Emerging Asia Sink World Trade
  10. Tesla Reports Another Doozie
  11. How a Little Money Laundering Can Have a Big Impact on Real Estate Prices
  12. US Auto Imports from Mexico Surge 10% in Q1 to New Record, Despite Dropping Sales in the US
  13. Cut the Price and They Will Come: New House Prices Drop to December 2014 Level
  14. Stock-Market Margin Debt, after Plunging in Q4, Has Not Bounced Back Despite S&P 500 Historic Surge
  15. Lower Mortgage Rates No Relief for US Home Sales
  16. THE WOLF STREET REPORT
  17. London Home Prices Had Biggest Monthly Drop Since Lehman
  18. California’s Housing Bubble Counts on Blistering Population Growth, But it’s Fizzling
  19. Retail’s Existential Threat? Private Equity Firms
  20. Here Are Sears Holding’s Five “Fraudulent Transfers” and Why “Culpable Insiders” Lampert, Mnuchin, et. al Got Sued
  21. Threat of Contagion to Eurozone from Spanish Banks’ Huge Bet on Emerging Markets: UBS
  22. WOLF STREET Meetup in San Francisco Etched in Stone: April 30
  23. More Airlines Collapse: Jet Airways India, Alitalia, WOW Air
  24. House Prices in 12 of California’s Most Expensive Coastal Counties Fell in March from a Year Ago. Here are the Charts
  25. What J.B. Hunt Just Said About the U-Turn in Trucking
  26. Who Bought the Huge $1.26 Trillion of New US Government Debt over the Past 12 Months?
  27. China EV Manufacturing Bubble Faces Getting Bludgeoned
  28. Pemex, World’s Most Indebted Oil Company, Gets Government Bailout as Suppliers Gripe About Unpaid Bills
  29. THE WOLF STREET REPORT
  30. What’ll Happen to Home Prices in Silicon Valley & San Francisco after IPOs Shake Loose All These Startup Millionaires? Last Two Times, We Got a Housing Bust
  31. The Most Splendid Housing Bubbles in Canada Deflate
  32. Whole Foods’ Existential Threat?
  33. Uber Discloses 3-Yr $10-Billion Loss from Operations, Stalling Rideshare Revenue & 50 Pages of “Risk Factors” that Are Not for the Squeamish
  34. Big Old Problem Just Re-Erupted on Eurozone’s Southern Flank
  35. Carmageddon at Tesla-Panasonic Gigafactory in Nevada and Shanghai
  36. My Fancy-Schmancy “Fed Hawk-o-Meter” Jumps 18%, “Patient” Gets Slashed, “Moderated” Disappears
  37. How Big or Tiny of an Apartment Can the Median Household Income Afford to Rent in the 100 Largest US Cities?
  38. This is How Stocks Get Hit When BBB-Rated Companies Try to Dodge a Downgrade to “Junk”
  39. UK-Based Multinational Department Store Debenhams Collapses, After 200 Years of Trading
  40. What Would Stocks Do in “a World Without Buybacks,” Goldman Asks
  41. A Simon Property Group Mall Generates Largest Loss Ever for Retail CMBS
  42. THE WOLF STREET REPORT: Why the Wave of Mega-IPOs Won’t Bail Out the San Francisco & Silicon Valley Housing Bubbles
  43. Update on the Deepening Housing Bust in Vancouver, Canada
  44. Used-Car Market Profits from Carmageddon
  45. Facebook Got Caught Phishing for Friends
  46. UK Auto Sales Now Down 15% in Q1 from 2 Years Ago. Diesels in Death Spiral
  47. Fed’s QE Unwind Reaches $535 Billion, Balance Sheet Drops to $3.94 Trillion, Old Autopilot Still Engaged
  48. Currency-Trading Algos “Flummoxed” by Rapid-Fire Brexit Headlines
  49. Next Phase in Trucking Boom-Bust Cycle Has Started
  50. Market is Delusional: This is Not a Rate-Cut Economy
  51. Q1 Carmageddon for GM, Fiat-Chrysler, Toyota, Nissan, Mercedes, Mazda…
  52. Update on the Spreading Housing Bust in Australia, and Why it’s Happening
  53. US Still Cleanest Dirty Shirt Among Manufacturing Giants, Germany Drops to Debt Crisis Levels, Japan Contracts, China Counts on Government Bailout of Private Sector
  54. US Dollar Status as Global Reserve Currency Edges Down Further

March 2019

  1. THE WOLF STREET REPORT
  2. What the Heck’s Going on in China’s Video-Game Market, the Largest in the World?
  3. Lyft Shares Plunge 10% in 4 Hours from “Pop” to Close
  4. Consumers Revert to “Normal” Range, after Red-Hot mid-2018
  5. Apartment Rental Market: Houston Rents Plunge Most; Southern California Lose Grip. New York, Washington DC, Chicago Down. “Mid-Tier” Cities Red-Hot
  6. And the Less-Splendid Housing Bubbles & Crushed Markets in America?
  7. Deutsche Bank Seeking a “Guarantee of Existence” with Monster-Merger?
  8. Yield-Curve Spaghetti: Weird Sag in the Middle May Dish up Surprises
  9. The Most Splendid Housing Bubbles in America Deflate Further
  10. How Can a Company with $1.8 Billion in Revenue Lose $1.9 Billion? WeWork Shows How
  11. What’s So Hilarious When a Millennial WSJ-Reporter Says What an App Does is New & Life-Changing Though We’ve Been Doing It for 3 Decades
  12. THE WOLF STREET REPORT
  13. The Countries with the Most Monstrous Corporate Debt Pileups. US Wimps out in 25th Place!
  14. Bay Area WOLF STREET Readers: Meetup in San Francisco?
  15. Worsening Inventory Pileup Rattles Goods-Based Economy
  16. Finance & Insurance Hit it Out of the Ballpark, No Slowdown in the Huge Services Sector
  17. Billions in Toronto Real Estate Bought Anonymously, with Funds of Unknown Origin
  18. Fed’s New Balance Sheet Plan: Get Rid of MBS
  19. Risks of Financial Instability “Appear to Be Elevated But Contained”: Australia’s Central Bank on Housing Bust
  20. What FedEx Just Said About Europe and China
  21. Views of “Current Economic Conditions” in Germany Drop to Euro Debt-Crisis Level
  22. US Freight Volume Drops
  23. That Didn’t Last Long: Cboe Bails on Bitcoin Futures Trading
  24. Just Get Brexit Over With? Businesses Fear Prolonging the Uncertainty
  25. THE WOLF STREET REPORT
  26. Steinhoff Committed $7.4 Billion in Fraud (at least). Here’s How
  27. Tesla’s Mess at the Top: Moody’s Gets Nervous
  28. Outsourcing Giant Interserve with 65,000 Employees Collapses
  29. The Most Splendid Housing Bubbles in Canada Deflate
  30. Transition to Cashless Society Could Lead to Financial Exclusion and System Vulnerability, Study Warns
  31. E-Commerce is Wiping Out Mall Retailers One by One. Here’s the Data
  32. Video Game Industry Stalls, Stocks Plunge. What’s Going On?
  33. US Banks Report $251 billion of “Unrealized Losses” on Securities Investments in 2018, the Most Since 2008: FDIC
  34. Toll-Road Giant Abertis Just Doubled its Debt to €22 Bn to Pay a Special Dividend to the Companies that Acquired it Last Year
  35. Demand for HELOCs Collapses to 15-Year Low
  36. Kremlin Vies with China to See Who Controls the Internet Better
  37. Formerly Red-Hot Retail Sales Fizzle Back to Normal
  38. THE WOLF STREET REPORT
  39. Time’s Running Out for World’s Most Indebted Oil Company
  40. State of the World’s Biggest Debt Slaves: Americans Wimp Out in 11th Place
  41. Why I’m Not in Panic Yet About the Lousy “20,000 Jobs Created”
  42. Fed’s QE Unwind Reaches $501 Billion, Balance Sheet Falls Below $4 Trillion. “Autopilot” Engaged
  43. US Dollar Hits 52-Week High in Cleanest-Dirty-Shirt-Syndrome on New ECB Stimulus, as Old ECB Stimulus Fails to Stimulate
  44. Tesla Falls from Grace with Americans, Facebook Plunges to the Ignominious Level of Goldman, Wells Fargo, Sears
  45. Good Lordy, What a Banner Year 2018 was for China, Other Countries, and Corporate America
  46. Trucking Boom U-Turns
  47. Sharply Lower Prices Help Sell New Houses, But it’s Not Enough
  48. More Lousy Data Emerges after Government Shutdown: Construction Spending
  49. THE WOLF STREET REPORT
  50. US is Cleanest Dirty Shirt Among Manufacturing Giants. China, Japan & Germany Sink
  51. Automakers in the UK Are Not Amused
  52. The Biggest Retailers Are Too Scared to Disclose this Data. But Nordstrom Just Did
  53. Balance Sheet “Error” Wreaks Havoc on UK’s Fastest Growing, Most Popular Bank
  54. Home Prices in Sydney & Melbourne Spiral Down, Bust Spreads. IMF to Regulators: “Reinforce Financial Crisis Management”

February 2019

  1. GDP Rose by $1.0 Trillion in 2018, US Gov. Debt by $1.3 Trillion
  2. “Shadow Banks” Dominate Mortgage Lending by Piling on Risks. Federal Housing Administration (FHA) on the Hook
  3. The Most Splendid Housing Bubbles in America Get Pricked
  4. All Heck Breaks Loose After Spanish Banks Block Thousands of Accounts with Chinese Names & Folks Can’t Get to Their Money
  5. Oops, Imports by China, Emerging Asia Plunge Most Since 2008
  6. Inventory Pileup Sounds Alarm for Goods-Based Economy
  7. Consequences of “Leaving Interest Rates Very Low for a Long Time”: Bank of Canada Governor Poloz
  8. THE WOLF STREET REPORT
  9. “New Economic or Financial Crisis” in the Eurozone Could Start in Italy: French Government Frets
  10. Carmageddon for Ford in the US, China, and Europe
  11. Disorderly Brexit Increasingly Likely, EU Blinks on Derivatives-Clearing in London
  12. The US Housing Market Begins to Feel the Pain
  13. What the Fed Actually Said About Ending the QE Unwind
  14. My Fancy-Schmancy “Fed Hawk-o-Meter” Ticks Down, Still Red-Lines. In Passing, Fed Plants Seed for Removing “Patient”
  15. Forced End of “Ponzi-Like Leverage” & “Fraudulent Lending” Turns Australia’s House Price Bubble into “Property Bloodbath”
  16. What Trucking & Freight Just Said About the Goods-Based Economy in the US
  17. London Housing Meltdown Spreads as Pre-Brexit Angst Batters Market Sentiment
  18. Why WOLF STREET is Still Free and Not Behind a Paywall Though You Have to Put Up with Ads and I Make (Maybe) Less Money
  19. THE WOLF STREET REPORT
  20. Next in the Bankruptcy & Restructuring Saga of European and Asian Airlines
  21. I Was Asked About J.P. Morgan’s Blockchain-Based “JPM Coin.” I Ruthlessly Expand it to Other Payment Systems
  22. This Retailer Bankruptcy Will Lead to the Largest Liquidation by Store Count in the US. Liquidation Sales to Start Next Week
  23. Just How Huge Are Mexico’s Auto Exports to the US? How Fast Have they Grown?
  24. Worried about Costs & Slowdown? Amazon Scuttles HQ2 Altogether, Plunges NY City Real Estate Industry “Into Despair”
  25. Why I’m Not in Panic Just Yet over the “Dreadful” Retail Sales that “Fell Most Since 2009,” But Nervously Look at the Trend
  26. Reverse Sticker Shock? No Inflation for New Vehicles for 22 Years, Says Consumer Price Index, as Taurus Prices Soared 55%
  27. Mortgage Applications Drop Despite Lower Mortgage Rates: Industry is Baffled
  28. Subprime Arrives: Auto-Loan Delinquencies Spike to Great Recession Levels
  29. Bond Funds Are “Potential Source of Financial Instability,” after Years of Global QE and Low Interest Rates: Fitch
  30. Liquidity in New York City’s Housing Market Dries Up
  31. THE WOLF STREET REPORT
  32. Carmageddon for Tesla Model 3: US Deliveries Plunge 55% to 60% from Q4, Laid-off Delivery Employees tell Reuters
  33. The State of the American Debt Slaves, Q4 2018
  34. Spanish Grocery Giant Unveils Big Losses, Teeters on Brink of Bankruptcy, after Allegations of Accounting Fraud
  35. Fed’s QE Unwind Reaches $434 Billion, Remains on “Autopilot”
  36. German Industrial Production Falls the Most Since 2009. New Orders Plummet
  37. Phenomenal Trucking Boom Ends, Trucking Bust Starts
  38. Mexico’s Cash Cow: Remittances from the US & Other Countries Surge to New Record
  39. Oops: Low Interest Rates a “Factor” in Slowdown of Economic & Productivity Growth: NBER
  40. New Trucks are Hot, Prices Surge. But Cars Face Carmageddon. And Total Sales Fall
  41. QE Party Goes Dry, Bank of Japan Tries to Confuse the Markets
  42. THE WOLF STREET REPORT
  43. Italy Guns For Glass-Steagall-Type Law to Break Up Banks, Cut Bailout Costs for Taxpayers
  44. What the CEO of America’s Largest Mall REIT, Simon Property Group, Just Said about the Brick & Mortar Meltdown and How it’s Trying to Manage It
  45. I’m in Awe of How Fast the Housing Markets in Sydney & Melbourne Are Coming Unglued
  46. Who Bought the Gigantic $1.5 Trillion of New US Government Debt Issued over the Past 12 Months?

January 2019

  1. New House Prices Drop 12% as Supply Surges
  2. Home Sales to Get Even Uglier in Near Future
  3. Fed’s QE Unwind to Continue on Autopilot, Rate Hikes on Hold for “Common-Sense Risk Management”: Powell
  4. Lloyds Bank Resurrects 0%-Down Adjustable-Rate Mortgages for First-Time Buyers to Prop Up UK’s Housing Market
  5. The Most Splendid Housing Bubbles in America Shrink
  6. Is China’s Debt Crackdown Hitting California’s Commercial Real Estate Bubble?
  7. Preparing for a Coming Winter Storm? WeWork Pivots to Minimize Risk for Itself
  8. The Chilling Thing Nvidia Just Said about China & Tech
  9. THE WOLF STREET REPORT
  10. Low-Cost Airlines Are Crashing into Bankruptcy One After the Other as Financial Conditions Tighten in Europe
  11. “Worst December in 10 Years”: Brick-and-Mortar Retail in the UK Faces Overindebted Consumers
  12. We’re Flying with Eyes Partially Closed into Turbulent Markets & Economy
  13. Big Exporters are Losing It: US Manufacturing Gains. Germany, Japan, China not so Lucky
  14. Uber, Cabify “Evicted” from Barcelona as Turf War with Taxi Drivers Gets Ugly
  15. What an Investment Fund, Forced to Take a Big Loss, Said about the Housing Bust in Prime Central London
  16. Record Defaults by Chinese Companies: Fake “Cash” & Fake Accounting
  17. Prepping for Bankruptcy, PG&E Secures $5.5 Billion in “Debtor-in-Possession” Financing. What is “DIP” Financing?
  18. US Home Sales Get Uglier
  19. As Investors Flee Australia’s Housing Bust, Sales of New Houses Plunge to Record Low
  20. Huge Backlog Could Trigger New Wave Of Shale Oil
  21. Canada’s Majestic Housing Bubble Deflates, Media Hype U-Turns
  22. THE WOLF STREET REPORT
  23. Brexit’s Ironic Twists Hit Spain’s Biggest Industry
  24. Bottom Suddenly Falls Out of Demand in China in Many Sectors
  25. Stock-Market Margin Debt Plummets Most Since Q4 2008
  26. Another Retail Chain Bought & Stripped Bare by Sun Capital Goes Bankrupt
  27. Boom Fizzles: Shipments Fall for 1st Time Since Transportation Recession
  28. 4 Months of Carmageddon in the EU Wipe Out Gains for 2018
  29. Yield Curve Spaghetti
  30. Turkey’s Debt Crisis Deepens, Erdogan Bails out Banks His Way
  31. What Truck Drivers Say about “Driver Shortage” & Pay Increases
  32. China’s Consumers Rattle Global Automakers as Sales Plunge
  33. Bankruptcy Next, PG&E Says. Shares Down 90% in 15 Months. From “Investment Grade” to “Default” in Three Weeks?
  34. THE WOLF STREET REPORT
  35. The Brick & Mortar Meltdown at Movie Theaters. But a Few Movies Still Make it Big
  36. Automakers Prepare for “No-Deal” Brexit
  37. Oops, SpaceX to Lay Off 10% of its Employees after Funding Fiasco in November
  38. Fed’s Powell: Balance Sheet to be “Substantially Smaller.” How Small? He Gave Big Clues. My Dive into the Dynamics & Charts
  39. At Taxpayers’ Expense, Fed Paid Banks $38.5 Billion in Interest on “Reserves” in 2018. Here’s How
  40. Italy’s New Government Eats Its Words, Joins Bank Bailout Club
  41. Rally in Stocks Takes Heat Off Fed, Now They Talk Rate Hikes Again, Market Expectation of a Rate Hike Spikes
  42. My “Fed Hawk-O-Meter” Speaks
  43. Housing Bubble Trouble in the Seattle-Bellevue Metro
  44. Brexit Moment in 80 Days, No One Knows What’ll Happen, London’s Finance Industry on Tenterhooks
  45. Germany Heads for a Technical Recession
  46. Housing Bubble Trouble in Silicon Valley & San Francisco
  47. Carmageddon in the UK: Auto Sales Plunge 12% in 2 Years, Diesels in Death Spiral. Consumers, Businesses, Fleets Cut Back
  48. THE WOLF STREET REPORT
  49. Trucking Boom Ends, Next Phase in Cycle Starts
  50. Fed’s Balance Sheet Reduction Reaches $402 Billion
  51. Carmageddon for GM, Ford & Toyota: 3rd Down-Year in a Row. Industry Sales Below 2015. Hyundai-Kia Drop 11% in 2 Years. BMW & Mercedes-Benz Fizzle
  52. Markets Are in a Tizzy. So What Will the Fed Do?
  53. iPhone Sales Croak, China’s Economy Deteriorating Faster than Expected, Apple Warns. Shares Plunge
  54. The Housing Bust in Sydney & Melbourne, Oh My!
  55. Long-Term “Buy & Hold” Crushed Stockholders in Largest Markets Except US & India. But for the US, Luck’s Running Out
  56. Mexico Kicks Off War on its Vast Black Market for Oil

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