Implode-Explode Heavy Industries news feed http://implode-explode.com/ 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-64300 Wed, 17 Oct 2018 20:06:58 GMT Trump to ask for Across-the-Board 5% Spending Cut; Still Touts Tax Cuts and Hiked Military Spending http://implode-explode.com/viewnews/2018-10-17_TrumptoaskforAcrosstheBoard5SpendingCutStillToutsTaxCutsandHiked.html ``. After approving the $1.3 trillion budget plan Congress sent him in March, Trump threatened he will "never sign another bill like this again."

Trump's ask comes as the Treasury Department reports that the federal budget deficit rose this year to $779 billion. That amounts to a 17 percent increase over the previous year, and is the highest deficit in six years.

Trump has previously called for deep, double-digit percentage reductions for some federal departments that were rejected by Congress. His first proposed budget last year included the complete elimination of 62 agencies, which lawmakers ignored.

More: The national debt and the federal deficit are skyrocketing. How it affects you

But the president has also come under fire on two fronts recently: Conservatives have grown increasingly restive about budget deficits, an issue that has received far less attention from Republicans lately than it did during the Obama administration.

Trump has also blamed Democrats in Congress for seeking increased spending on domestic programs in exchange for Trump's desire to build up the military. Unwilling to threaten a shutdown before the midterm election, Trump has indicated in recent weeks that he felt compelled to go along with spending bills to secure his desired increases for the Pentagon.

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Earlier this week, Treasury Secretary Steven Mnuchin suggested that the rising deficit was the "dire consequences of irresponsible and unnecessary spending."

But a report from the nonpartisan Congressional Budget Office, released earlier this month, said tax cuts Congress approved last year partially led to the deficit jump.

Budget analysts said Trump's demand is very unlikely, and would have little impact on the budget deficit in any event.

Stan Collender, a professor of public policy at Georgetown University, said if you cut the entire annual federal budget by 5%, it would be only $200 billion to $300 billion -- and the federal budget deficit for next year is projected at $1.1 trillion.

Trump has bragged about his defense hikes, and presumably isn't interested in cutting that budget, Collender noted. And he hasn't said anything about reducing the real drivers of federal spending, entitlement spending like Social Security and Medicare.

"This really shows Trump is not ready is not ready for prime time," Collender said.

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iehi-feed-64299 Wed, 17 Oct 2018 19:35:15 GMT Red Neck Sex Offender Convicted In Planned Bombing Spree Of Target Stores http://implode-explode.com/viewnews/2018-10-17_RedNeckSexOffenderConvictedInPlannedBombingSpreeOfTargetStores.html iehi-feed-64298 Wed, 17 Oct 2018 14:00:42 GMT Canada Makes Marijuana Legal, and a National Experiment Begins http://implode-explode.com/viewnews/2018-10-17_CanadaMakesMarijuanaLegalandaNationalExperimentBegins.html Canada on Wednesday became the first major world economy to legalize recreational marijuana use, beginning a national experiment that will alter the country's social, cultural and economic fabric, and present the nation with its biggest public policy challenge in decades... Canada is only the second country in the world, after Uruguay, to legalize it.

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Under Canada's new federal cannabis act, adults will be allowed to possess, carry and share with other adults up to 30 grams of dried cannabis, enough to roll roughly 60 regular-size joints. They will also be permitted a maximum of four homegrown marijuana plants per household.

Marijuana for medical purposes has been legal in Canada since 2001, and about 330,000 Canadians, including cancer patients, are registered to receive it from licensed producers.

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To ensure that prices remain competitive with the black market, one gram of cannabis can be purchased for as low as about $4, or $5.25 Canadian dollars.

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As with cigarettes, the cannabis is clearly marked with health warnings like "One in eleven people who use cannabis will become addicted."

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The government's stated rationale for legalizing cannabis is to tame an illegal trade estimated at $6.2 billion. But from Toronto to Winnipeg to Vancouver, hundreds of illegal shops have indicated they have no intention of shutting down, and the black market supply chain remains deeply entrenched.

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iehi-feed-64297 Tue, 16 Oct 2018 15:29:17 GMT Why New York Has So Many Empty Storefronts http://implode-explode.com/viewnews/2018-10-16_WhyNewYorkHasSoManyEmptyStorefronts.html Separate surveys by Douglas Elliman, a real-estate company, and Morgan Stanley determined that at least 20 percent of Manhattan's street retail is vacant or about to become vacant... From 2010 to 2014, commercial rents in the most-trafficked Manhattan shopping corridors soared by 89 percent, according to ­CBRE Group, a large real-estate and investment firm. But retail sales rose by just 32 percent. In other words, commercial rents have ascended to an altitude where small businesses cannot breathe.

... the 2018 landlord waiting game is denuding New York of its particularity and turning the city into a high-density simulacrum of the American suburb. The West Village landlords hoping to lease their spaces to national chains are turning one of America's most famous neighborhoods into a labyrinthine strip mall. Their strategy bodes the disappearance of those quirky restaurants, curious antique shops, and any coffee shops that aren't publicly traded on the NYSE.

In Jane Jacobs's famous vision of New York, the city ideally served as a playful laboratory, which nursed new firms and ideas and exported its blessedly strange culture to the world. Today's New York is the opposite: a net importer of the un-weird, so desperate to bring in national chains to pay exorbitant leases that landlords are willing to sit on barren blocks.

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iehi-feed-64296 Tue, 16 Oct 2018 15:06:29 GMT Nationstar Executive Admits Aurora Bank Forged Note Endorsements http://implode-explode.com/viewnews/2018-10-16_NationstarExecutiveAdmitsAuroraBankForgedNoteEndorsements.html iehi-feed-64295 Tue, 16 Oct 2018 01:33:08 GMT The Great American Health Care Panic http://implode-explode.com/viewnews/2018-10-15_TheGreatAmericanHealthCarePanic.html iehi-feed-64294 Mon, 15 Oct 2018 22:29:39 GMT Stocks fall, led by tech, as Wall Street fails to bounce back from last week's rout http://implode-explode.com/viewnews/2018-10-15_StocksfallledbytechasWallStreetfailstobouncebackfromlastweeksrou.html iehi-feed-64293 Mon, 15 Oct 2018 15:36:33 GMT 1 Trick Pony: Without Corporate Buybacks, Market Plunges http://implode-explode.com/viewnews/2018-10-15_1TrickPonyWithoutCorporateBuybacksMarketPlunges.html To avoid tripping insider trading rules, companies typically avoid buyback shares during the two weeks prior to reporting earnings. Last week's market storm -- the Nasdaq's worst week since March -- occurred during the darkest part of these so-called "blackout" windows.

"Right now, we're pretty much at a trough in corporate liquidity," said Keith Parker, head of US equity strategy at UBS.

Parker said that previous market tailspins, including the scary sell-offs in February as well as the one in April, coincided with buyback blackouts. "Almost to the day," he said.

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iehi-feed-64292 Mon, 15 Oct 2018 15:32:04 GMT Beware! Fed Will Continue To Suck Until Something Implodes | The Wall Street Examiner http://implode-explode.com/viewnews/2018-10-15_BewareFedWillContinueToSuckUntilSomethingImplodesTheWallStreetEx.html iehi-feed-64291 Mon, 15 Oct 2018 13:41:21 GMT Foreclosed Homes Appreciating Faster than Typical Home http://implode-explode.com/viewnews/2018-10-15_ForeclosedHomesAppreciatingFasterthanTypicalHome.html iehi-feed-64290 Sun, 14 Oct 2018 19:58:57 GMT Gundlach says the global stock market is signaling 'something bad' is happening http://implode-explode.com/viewnews/2018-10-14_Gundlachsaystheglobalstockmarketissignalingsomethingbadishappeni.html iehi-feed-64289 Sun, 14 Oct 2018 19:39:43 GMT GOP Candidate Bill Schuette Has Campaign Stunt Blows Up In His Face http://implode-explode.com/viewnews/2018-10-14_GOPCandidateBillSchuetteHasCampaignStuntBlowsUpInHisFace.html iehi-feed-64288 Sun, 14 Oct 2018 19:07:00 GMT Why Entrepreneurs Will Turn To The Crowd For Funding http://implode-explode.com/viewnews/2018-10-14_WhyEntrepreneursWillTurnToTheCrowdForFunding.html ``More investors are participating in funding rounds, and per equity crowdfunding regulations, those shares and debt agreements can actually be traded on public secondary markets (pending at most a one-year lock up period). The larger the investment community participating in these seed rounds, the greater the secondary market for those rounds. Investors no longer have their money locked up in a startup for 5-10 years as they wait for that startup to either be acquired in an M&A or to go public via an IPO. They can trade their investment for profit or loss much sooner than was possible before. With that liquidity, there is what is known as a "liquidity premium."

Investors are willing to pay more for liquid asset because they are safer investments (investors can get out quicker). There's also a psychological element to it. People are averse to risk, and long-term holding is risky. Traditionally, with these types of assets, there is an illiquidity discount in today's market, in which you may invest $40,000 in a startup, but you may have to give anywhere between a 20-30% discount off your investment to get another accredited investor interested enough to buy your shares.

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iehi-feed-64287 Sun, 14 Oct 2018 18:17:06 GMT Trump-Supported MBS Goes Rogue in Saudi Arabia As Reforms Fail To Materialize http://implode-explode.com/viewnews/2018-10-14_TrumpSupportedMBSGoesRogueinSaudiArabiaAsReformsFailToMaterializ.html ... increasingly it seems that the crown prince, better known as M.B.S., orchestrated the torture, assassination and dismemberment of an American-based journalist using diplomatic premises in a NATO country.

That is monstrous, and it's compounded by the tepid response from Washington. President Trump is already rejecting the idea of responding to such a murder by cutting off weapons sales. Trump sounds as if he believes that the consequence of such an assassination should be a hiccup and then business as usual.

Frankly, it's a disgrace that Trump administration officials and American business tycoons enabled and applauded M.B.S. as he imprisoned business executives, kidnapped Lebanon's prime minister, rashly created a crisis with Qatar, and went to war in Yemen to create what the United Nations calls the world's worst humanitarian crisis there. Some eight million Yemenis on the edge of starvation there don't share this bizarre view that M.B.S. is a magnificent reformer.

Trump has expressed "great confidence" in M.B.S. and said that he and King Salman "know exactly what they are doing." Jared Kushner wooed M.B.S. and built a close relationship with him -- communicating privately without involving State Department experts -- in ways that certainly assisted M.B.S. in his bid to consolidate power for himself.

The bipartisan cheers from Washington, Silicon Valley and Wall Street fed his recklessness. If he could be feted after kidnapping a Lebanese prime minister and slaughtering Yemeni children, why expect a fuss for murdering a mere journalist?

M.B.S. knows how to push Americans' buttons, speaking about reform and playing us like a fiddle. His willingness to sound accepting of Israel may also be one reason Trump and so many Americans were willing to embrace M.B.S. even as he was out of control at home.

In the end, M.B.S. played Kushner, Trump and his other American acolytes for suckers. The White House boasted about $110 billion in arms sales, but nothing close to that came through. Saudi Arabia backed away from Trump's Middle East peace deal. Financiers salivated over an initial public offering for Aramco, the state-owned oil company, but that keeps getting delayed.

The crackdown on corruption is an example of M.B.S.'s manipulation and hypocrisy. It sounded great, but M.B.S. himself has purchased a $300 million castle in France, and a $500 million yacht -- and he didn't buy them by scrimping on his government salary.

... . In the United States, we also must investigate whether Saudis bought influence with spending that benefited the Trump family, such as $270,000 spent as of early 2017 by a lobbying firm for Saudi Arabia at the Trump hotel in Washington. The Washington Post reported that Saudi bookings at Trump Chicago increased 169 percent from the first half of 2016 to the first half of this year, and that the general manager of a Trump hotel in New York told investors that revenues rose partly because of "a last-minute visit to New York by the Crown Prince of Saudi Arabia."

Trump loves teh swaggering "strongmen"; all they need is to pay a little lip service to progressive policies.

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iehi-feed-64286 Fri, 12 Oct 2018 15:49:54 GMT Google kills bid for $10 billion Pentagon contract after employee protests http://implode-explode.com/viewnews/2018-10-12_Googlekillsbidfor10billionPentagoncontractafteremployeeprotests.html Google has dropped a bid for a $10 billion Pentagon cloud computing project, the company announced Monday. The about-face comes after Google employees protested and resigned at what they perceived as their company's enabling of warfare technology, and demanded a corporate policy to prevent Google from working on harmful technologies in the future.

Earlier this year, Google decided not to renew another defense contract called Project Maven, which provided artificial intelligence for the assesement of drone imagery. After details of Google's involvement with Project Maven came to light, thousands of Google employees signed a petition asking for Google to bow out of the project, and dozens more resigned in protest.

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iehi-feed-64285 Fri, 12 Oct 2018 15:14:10 GMT Here's how much damage has been done to the stock market during a powerful rout http://implode-explode.com/viewnews/2018-10-12_Hereshowmuchdamagehasbeendonetothestockmarketduringapowerfulrout.html For example, the S&P 500 index finished Thursday below its 200-day moving average for the first time since April 2, after going 134 days without breaching that long-term bullish line in the sand. The S&P 500 SPX, gave up 57.31 points, or 2.1%, to 2,728.37 on Thursday. Market technicians use moving averages as the demarcation between bullish and bearish momentum in an asset.

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he warned that "it's the longer term that we're more concerned about now given the technical breakdown we've seen. Expect a rally soon, but don't go loading up on cyclicals with the expectation that the pain is over once we bounce. There is likely more volatility to come in the weeks ahead."

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iehi-feed-64284 Fri, 12 Oct 2018 15:09:51 GMT Crypto ICO Funding Dropped in September to Lowest in 17 Months http://implode-explode.com/viewnews/2018-10-12_CryptoICOFundingDroppedinSeptembertoLowestin17Months.html Startups raised less than $300 million in September, the smallest amount since May 2017, according to data complied by Autonomous Research. That's down 90 percent from the peak amount of about $3 billion accumulated through digital-token sales in January.

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The decline could also be due in part to savvy investors increasingly showing interest in buying equity instead of tokens in startups, Autonomous said. Some projects may also be gearing up to issue so-called security tokens, which are at least expected to be more compliant with existing regulations.

Calm before the STO (security token offering) storm?

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iehi-feed-64283 Fri, 12 Oct 2018 15:04:39 GMT Fact-checking Donald Trump's op-ed against Medicare for All in USA Today http://implode-explode.com/viewnews/2018-10-12_FactcheckingDonaldTrumpsopedagainstMedicareforAllinUSAToday.html ... Trump is citing a study by the Mercatus Center of George Mason University of a health care plan proposed by Sen. Bernie Sanders, I-Vt. The study predicted a $32.6 trillion rise in federal spending over a 10-year period ending in 2031. The same study also forecast, however, that total health care spending would fall by about $2 trillion.

... and where Trump says "The Democrats' plan that would eviscerate Medicare.", Trump's link goes to a New York Times article that says the opposite.

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iehi-feed-64282 Fri, 12 Oct 2018 14:57:51 GMT Stopping Queens Foreclosures http://implode-explode.com/viewnews/2018-10-12_StoppingQueensForeclosures.html iehi-feed-64281 Fri, 12 Oct 2018 14:55:07 GMT Stopping Bronx Foreclosures http://implode-explode.com/viewnews/2018-10-12_StoppingBronxForeclosures.html