Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are : id handle category description 1 housing_finance "Housing Finance News/ML-Implode Main" 2 hedge_funds "Hedge Funds News" 3 fed "The Fed, Central Banking and fin. reg." 4 foreclosures "Foreclosures (News)" 5 chavez "Hugo Chavez Watch (News)" 6 builders "Home Builders News" 7 banks "Banks News" 8 credit_bubble "Credit Bubble and Crash (News)" 9 peak_oil "Peak Oil and Energy Security (News)" 10 BRIC_v_us "BRIC countries vs. U.S. (News)" 11 gov_bk "Government Bankruptcy (News)" 12 mediawatch "Mainstream Media Watch" 13 Our commentary "IEHI Original Commentary" 14 rebalancing "Economic Rebalancing (News)" 15 pm "Precious Metals News" 16 inflation "Inflation and Deflation News" 17 nr "Natural Resources News" 18 consumer "Consumer Capitulation/Issues and Populism" 20 pe "Private Equity Implosion (News)" 21 recession "Recession/depression News" 22 ML_implosion "Mortgage Lender IMPLOSIONS" 23 HF_implosion "Hedge Fund IMPLOSIONS" 24 HB_implosion "Home Builder IMPLOSIONS" 25 Bank_implosion "Bank IMPLOSIONS" 26 ML_update "Mortgage Lender UPDATES" 27 HF_update "Hedge Fund UPDATES" 28 HB_update "Home Builder UPDATES" 29 Bank_update "Bank UPDATES" 30 RFWS "Radio Free Wall Street" 31 FHA "FHA and Mtg Regulation (News)" 32 martial_law "Martial Law/Big Brother/NWO Watch" 33 pension "Retirement Implosion (News)" 34 mtgindustry "Mortgage Industry (News)" 35 econlists "Econ insider lists" 36 iehi_fb "IEHI facebook feed" 37 robin_fb "robin facebook" 38 IEHItwitter "IEHI Twitter Feed" 39 ak_linkedin "akrowne LinkedIn (mtg industry)" en-us iehi-feed-62649 Tue, 25 Jul 2017 02:02:52 GMT Japan's sex problem might be due to the gig economy Anne Allison, a professor of cultural anthropology at Duke University in North Carolina, said the reason could be that men are finding it harder to find well paying jobs which enable them to support a family.


In a society where women are still expected to give up work when they marry, and where sex outside marriage remains taboo, men are increasingly finding it hard to find stable work. 

Despite the country having an unemployment rate of under 3 per cent, and a notorious "salaryman" culture where people work at the same company for decades, among the younger generation there has been a huge rise in the number of irregular workers. 

According to Jeff Kingston, a professor at Temple University Japan campus, around 40 per cent of the modern Japanese workforce are in low-paid "irregular" jobs and only about 20 per cent of these workers can expect to have a stable career.

iehi-feed-62648 Tue, 25 Jul 2017 02:00:42 GMT Loan market rejects find a home in high-yield (AND "COVENANT-LITE" NOW STANDARD!!) Companies with troubled histories in the loan market are turning to junk bonds for financing, taking advantage of high-yield fund managers' need to deploy a wall of cash that has been returned to them this year.


Such a deal goes against the grain of most high-risk debt sales in Europe this year, as the loan market has typically offered better terms than the bond market for highly leveraged companies.

Interest rate margins on European leveraged loans are typically just 3 to 4 per cent, and new deals are now "covenant-lite" as standard, meaning they lack the protections lenders traditionally demanded to lend to riskier companies.

"A company moving from the loans to bonds is usually a red flag these days," said Azhar Hussain, head of global high yield at Royal London Asset Management.

"You really have to ask why they haven't been able to reprice their loans, as pretty much everyone with leveraged loans has done that this year."

The European sub-investment grade market has this year seen 12 bond-to-loan refinancings totalling €4.7bn, according to S&P Global's unit LCD.


"I can only describe these recent deals as FILTHY: Failing In Loans, Trying High-Yield," said one bond fund manager.

The European high-yield market has seen a rush of riskier deals this month, with Hema and Klöckner Pentapast both pricing triple-C rated bonds at chunky 8.5 per cent yields, for example.

"They're getting the crap the loan market doesn't want," said one manager of collateralised loan obligations, which primarily buy leveraged loans.

iehi-feed-62647 Tue, 25 Jul 2017 01:56:39 GMT McCain's return to Senate injects momentum into GOP health-care battle The Senate plans to vote Tuesday to try to advance a sweeping rewrite of the nation's health-care laws with the last-minute arrival of Arizona Sen. John McCain (R), who could provide the critical vote to start debate on the bill even as he announced last week that he is suffering from brain cancer.

In a bit of drama, McCain said Monday night that he will return to the U.S. Capitol on Tuesday to vote on whether to start debate on the health-care bill. The senator had been recuperating from surgery in Arizona.


It is unclear, however, if McCain's return will improve Republicans' prospects of passing a key procedural hurdle to move the health-care bill forward. Senate Majority Leader Mitch McConnell (R-Ky.) has insisted he intends to hold a vote to start debate on health care on Tuesday -- even though it's prospects are murky at best.

iehi-feed-62646 Tue, 25 Jul 2017 01:05:59 GMT Here's what it looks like when the foreclosure ‘pig' moves through the housing-crisis ‘python' iehi-feed-62645 Tue, 25 Jul 2017 01:04:44 GMT U.S. Existing Home Sales Decline 1.8% in June (VIDEO) iehi-feed-62644 Mon, 24 Jul 2017 22:02:15 GMT Alphabet beats Wall Street estimates; revenue up 21 percent (BUT FALLS ANYWAY) On a consolidated basis, revenue rose about 21 percent to $26.01 billion in the second quarter ended on June 30, beating the analysts' average estimate of $25.65 billion, according to Thomson Reuters I/B/E/S.

Earnings per share was $5.01, beating an average estimate of $4.49, and would have been $8.90 if not for the EU antitrust fine announced last month, Alphabet said. Earnings per share was $7 in the second quarter of 2016.

But the company's shares, which closed up in regular trading on Monday, fell about 3 percent to $968 after the bell.


"You're seeing some profit-taking after a pretty good run," FBN Securities analyst Shebly Seyrafi said in an interview.''

Profit-taking... or is good new now "bad news"? Hmm... Anyways, here's more thorough commentary from TechCrunch -- including a note about Google's now-rising traffic acquisition cost.

iehi-feed-62643 Mon, 24 Jul 2017 21:58:22 GMT Samsung (YES, THAT SAMSUNG) releases its first "biosimilar" drug in U.S. iehi-feed-62642 Mon, 24 Jul 2017 15:10:43 GMT A coup in the House of Saud? What has been an open secret across the Arab world is not a secret anymore even in the US: What happened last month in the deep recesses of the House of Saud with the ascension of Crown Prince Mohammad bin Salman, aka MBS, was in fact a white coup.


Now, almost a month later, confirmation of the white coup/regime change in Riyadh has been splashed on the front page of The New York Times, attributed mainly to the proverbial "current and former United States officials".

iehi-feed-62641 Sun, 23 Jul 2017 13:32:40 GMT German Automaker Emissions-Evasion Scandal Morphs and Expands to Antitrust Growing awareness of the harmful effects of diesel fumes has prompted European cities to consider bans of diesel cars and has led consumers to reject cars with diesel engines, a largely German innovation that traditionally accounted for half the market.

The backlash could take on a new, far broader dimension if it turns out that the excess emissions were the result of illegal collusion by a de facto cartel. The investigation could also lead to billions of euros in fines.

In a statement on Saturday, the European Commission partially confirmed a report in Germany's Der Spiegel magazine that said the authorities were investigating evidence that representatives of the automakers met regularly to agree on technical specifications for everything from brakes to clutches to emissions systems. The collusion began in the mid-1990s and continued until recently, according to Der Spiegel, which said it had seen documents that were part of an antitrust investigation.


In 2006, according to the magazine, the German carmakers agreed to limit the size of the tanks used to hold a chemical solution that helps neutralize diesel emissions. Volkswagen and its Audi division have previously admitted in court documents that the tanks they installed in their cars did not hold enough of the solution, known as AdBlue, to last between oil changes. The company did not want the tanks to take space from the cars' sound systems, according to a criminal complaint against an Audi engineer filed earlier this month in the United States.

iehi-feed-62640 Sun, 23 Jul 2017 13:14:03 GMT Pittsburgh Gets a Tech Makeover In 2015, Monocle magazine, a favorite read of the global hipsterati, published an enthusiastic report on Lawrenceville, the former blue-collar neighborhood here filled with cafes, hyped restaurants and brick rowhouses being renovated by flippers.

Last year, in a much-publicized development, Uber began testing self-driving cars on the streets, putting this city at the forefront of the autonomous-vehicle revolution.

Also last year, in a less publicized development, Jean Yang, 30, returned to this city after more than a decade of living in Boston, finding a Pittsburgh she hardly recognized from her 1990s childhood.

And four months ago, Caesar Wirth, a 28-year-old software engineer, moved from Tokyo to work for a local tech start-up, Duolingo.

These seemingly unrelated events have one thing in common: Carnegie Mellon University's School of Computer Science.

A Revitalized Pittsburgh Says the President Used a Rusty Metaphor JUNE 2, 2017

Much has been made of the "food boom" in Pittsburgh, and the city has long had a thriving arts scene. But perhaps the secret, underlying driver for both the economy and the cool factor -- the reason Pittsburgh now gets mentioned alongside Brooklyn and Portland, Ore., as an urban hot spot for millennials -- isn't chefs or artists but geeks.

In a 2014 article in The Pittsburgh Post-Gazette, Mayor Bill Peduto compared Carnegie Mellon, along with the University of Pittsburgh, to the iron ore factories that made this city an industrial power in the 19th century. The schools are the local resource "churning out that talent" from which the city is fueled.

Because of the top students and research professors at Carnegie Mellon, tech companies like Apple, Facebook, Google and Uber have opened offices here.

The big tech firms, along with their highly skilled, highly paid workers, have made Pittsburgh younger and more international and helped to transform once-derelict neighborhoods like Lawrenceville and East Liberty.

iehi-feed-62639 Sat, 22 Jul 2017 16:15:24 GMT Jared Kushner's White House connection still being used to lure Chinese investors iehi-feed-62638 Sat, 22 Jul 2017 15:36:52 GMT Wells Fargo: Too Big To Succeed? iehi-feed-62637 Sat, 22 Jul 2017 15:30:32 GMT Bank of America picks Dublin for EU base following Brexit iehi-feed-62636 Sat, 22 Jul 2017 12:44:47 GMT Kushner failed to disclose dozens of financial holdings, new document shows iehi-feed-62635 Sat, 22 Jul 2017 12:28:28 GMT Bond Boom Fizzles Out Amidst Uncertainty; Low Volumes Dhaval Joshi, chief European investment strategist at BCA Research, said the bond boom had come to an end as the fog around the course of interest rates, made worse by Brexit and the election of Donald Trump, intensified.

"When the Federal Reserve signalled that it would begin to raise interest rates, it changed the story. Since then there hasn't been a clear path," he said.

Major bond investors got burned by this turn of events and while their initial reaction was to instruct the banks to switch their portfolios -- prompting a rise in trading fees -- they are now reluctant to take big bets.

Joshi says the long-run trend for low inflation and low interest rates is about to reassert itself. This might mean a few more fees for the bank's bond departments as asset managers adjust their holdings again. But in the longer term, it means a loss of business as investors go back to just holding long-term positions.

iehi-feed-62634 Sat, 22 Jul 2017 12:23:22 GMT U.S. drops case against 'London Whale' alleged compatriots In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case.

Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile."

Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013.

iehi-feed-62633 Sat, 22 Jul 2017 00:07:28 GMT Bill Gross worried that central banks will lead world into recession iehi-feed-62632 Fri, 21 Jul 2017 23:41:56 GMT Walking-Back Tough Talk, Draghi Holds on to Central Bank Easing-Baton Yet Longer The European Central Bank left its ultra-easy monetary policy stance unchanged as expected on Thursday, keeping rates at record lows and even leaving the door open to more asset buys if the outlook worsens.


He stressed that the bank's governing council were unanimous both on the decision to keep its guidance unchanged and to avoid setting a precise date for a discussion of future policy, noting only that it would occur in the autumn.


Still, the ECB is unable to kick the can down the road indefinitely as its asset buys are set to run until the end of the year and policymakers argue that a decision on an extension or a gradual wind down must be taken in September or October.

This has no doubt been a force behind gold and silver (and maybe bitcoin?) in the last day...

iehi-feed-62631 Fri, 21 Jul 2017 22:34:00 GMT Why did Deutsche Bank give Donald Trump loans when no one else would trust him? iehi-feed-62630 Fri, 21 Jul 2017 20:22:28 GMT Bitcoin Soars as Upgrade Backers Hoist Beers to Armistice - Bloomberg

The community, which had been split on how best to make the cryptocurrency more manageable, rallied behind a code upgrade known as SegWit2x, which aims to increase the network's transaction capacity. That fueled a rally on in bitcoin's price against the dollar, which had plummeted from a peak in June as concerns grew about its future in what has been called a civil war.


More than 93 percent of miners who function as the backbone of the digital tokens network locked in support for BIP91, the first necessary step in implementing SegWit2x, according to Coin Dance, a website tracking adoption. Bitcoin's miners are independent groups that verify and process bitcoin's transactions by solving complex computational problems, in order to be rewarded by fees and creation of the digital currency.