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-64881 Mon, 19 Aug 2019 09:14:16 GMT Trump goes on attack as economy fears cloud 2020 hopes http://implode-explode.com/viewnews/2019-08-19_Trumpgoesonattackaseconomyfearscloud2020hopes.html ``the President, who dispatched his top economic advisers to Sunday talk shows, is also dishing out a mixture of accurate and misleading commentary and blaming the Federal Reserve and the media in case there is trouble ahead.

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Uncertainty about the economy is fomented partly from conflicting signs. Jobs growth remains strong in the US and consumer spending is robust, according to the latest data.

But the slowest growth in China in three decades, imminent recession fears in big European economies and bearish signals sent last week by the bond markets could be early warning signs of a 2020 economic headache for Trump.

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"We don't know yet, are we headed for a recession? That's not my base case scenario," Minneapolis Federal Reserve President Neel Kashkari told CNN's Brianna Keilar on Friday. "But the risks have increased quite a bit."

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iehi-feed-64880 Thu, 15 Aug 2019 15:26:28 GMT Tri-State Businesses Join Conga Line Of Businesses Fleeing To Florida http://implode-explode.com/viewnews/2019-08-15_TriStateBusinessesJoinCongaLineOfBusinessesFleeingToFlorida.html iehi-feed-64879 Wed, 14 Aug 2019 15:22:19 GMT Reality TV Stars Todd and Julie Chrisley Indicted On Tax Evasion Charges http://implode-explode.com/viewnews/2019-08-14_RealityTVStarsToddandJulieChrisleyIndictedOnTaxEvasionCharges.html iehi-feed-64878 Mon, 12 Aug 2019 22:05:08 GMT Florida Cops Bust Drug and Sex Trafficker Exposed In MFI-Miami Article http://implode-explode.com/viewnews/2019-08-12_FloridaCopsBustDrugandSexTraffickerExposedInMFIMiamiArticle.html iehi-feed-64877 Sun, 11 Aug 2019 23:03:03 GMT Buffett's Blunder: Berkshire Hathaway Has Lost $5B on Kraft Heinz in 2019 http://implode-explode.com/viewnews/2019-08-11_BuffettsBlunderBerkshireHathawayHasLost5BonKraftHeinzin2019.html The company that makes Oscar Mayer hot dogs, Kool-Aid, Heinz ketchup and Velveeta took charges in excess of $1 billion in the first half due in part to the "perceived risk" to the value of the company during a very rough year in which its stock has been cut in half.

Kraft earned 37 cents per share generating $6.4 billion in revenue during the fiscal second quarter, but analysts were expecting earnings to be around 75 cents and $6.58 billion revenue, according to Refinitiv.

...

Its 325 million shares represent 26.7% of Kraft Heinz, and the value of those stocks has dropped from just over $14 billion to around $8.7 billion in 2019 alone. That's roughly 37% in losses on one investment.

It doesn't help, either, that Kraft Heinz has such a prominent place in Berkshire Hathaway's portfolio where it is currently the sixth-largest holding, according to CNBC. Buffett admits that he made a mistake when Berkshire teamed up with 3G to purchase Heinz for $23 billion back in 2013.

"I made a mistake in the Kraft purchase in terms of paying too much," Buffett said.

Warren, we coulda' told you in 2013 that Kraft/Heinz/et al were turkeys for being past their prime, food-culture-wise...

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iehi-feed-64876 Sun, 11 Aug 2019 19:55:06 GMT Realtor Gives Attacker The Annie Oakley Treatment During Open House http://implode-explode.com/viewnews/2019-08-11_RealtorGivesAttackerTheAnnieOakleyTreatmentDuringOpenHouse.html iehi-feed-64875 Fri, 09 Aug 2019 15:09:09 GMT Major Mortgage Servicers Rank At The Bottom Of JD Power Survey http://implode-explode.com/viewnews/2019-08-09_MajorMortgageServicersRankAtTheBottomOfJDPowerSurvey.html iehi-feed-64874 Thu, 08 Aug 2019 21:42:24 GMT Is Pimco Right That Negative Yields Make Sense? http://implode-explode.com/viewnews/2019-08-08_IsPimcoRightThatNegativeYieldsMakeSense.html ``It's still too soon to say his final conclusion -- that people are "willing to accept a negative interest rate" to transfer purchasing power to the future -- will stand the test of time. It's true that bonds with sub-zero yields have been around for years and that the pile has now grown to a staggering $15 trillion. But as I wrote recently, much of that debt was issued with a positive interest rate, and those buyers have seen sharp price appreciation as a result. The true test is still to come when countries and even companies try to sell securities that pay no interest at a price above face value, guaranteeing a loss if held to maturity.''

This argument is logical in the sense that, with financial economies so unstable, people might actually be able to pay a premium to "transfer purchasing power into the future". After all, that's pretty much the same as paying the carrying costs to hold cash (i.e., a bank account fee on a zero-yield checking account, or vault fees for cash), or storage fees for gold that, on average "goes nowhere". But what about inflation? This all assumes there's no inflation -- but at a minimum, the premium people are willing to pay implicitly must have an inflation rate subtracted from it. So if one is willing to take a 2% negative interest rate, one is likely assuming 0% inflation (or perhaps one would really be willing to pay a 4% negative interest rate, if it were not for 2% assumed inflation). The point being: if inflation really starts heating up in a general sense, these consumer-accepted negative interest rates will disappear real fast.

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iehi-feed-64873 Thu, 08 Aug 2019 13:54:00 GMT Students For Trump Founder Pleads Guilty To Running Law Firm Scam http://implode-explode.com/viewnews/2019-08-08_StudentsForTrumpFounderPleadsGuiltyToRunningLawFirmScam.html iehi-feed-64872 Wed, 07 Aug 2019 18:35:41 GMT Is Judge Frank Caprio Bankrupting The City Of Providence? http://implode-explode.com/viewnews/2019-08-07_IsJudgeFrankCaprioBankruptingTheCityOfProvidence.html iehi-feed-64871 Wed, 07 Aug 2019 00:21:17 GMT Can the Fed Prop Up The "Everything Bubble" Forever? http://implode-explode.com/viewnews/2019-08-06_CantheFedPropUpTheEverythingBubbleForever.html iehi-feed-64870 Tue, 06 Aug 2019 23:43:46 GMT Barneys to close Seattle store and several others, files for bankruptcy http://implode-explode.com/viewnews/2019-08-06_BarneystocloseSeattlestoreandseveralothersfilesforbankruptcy.html ``Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online.

The iconic clothier founded almost a century ago will keep the doors open at its 10-story Madison Avenue store, but it has secured $75 million in financing to pay employees and vendors as it seeks a buyer.

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Barneys, controlled by New York hedge fund Perry Capital, listed more than $100 million in debt and more than $100 million in assets in its bankruptcy filing in the Southern District of New York.

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A strong economy has traditionally boosted luxury sales but like retailers across the spectrum, Barneys and other high-end stores have struggled to entice people through the door. They're seeing younger shoppers migrate online to sites like Net-a-Porter, which offers same-day delivery for luxury goods, or resale sites like The RealReal.com. Moreover, wealthy shoppers are going directly to luxury brands' online sites or shops.

Nordstrom has reported slowing sales. And Neiman Marcus Group, which also operates Bergdorf Goodman, posted a loss and a sales decline in its most recent quarter.

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iehi-feed-64869 Tue, 06 Aug 2019 22:53:08 GMT Today From the "What We All Already Knew" File: Jared Kushner Saw Trump Presidency As Chance to 'Dig Himself Out Of' Debt: Report http://implode-explode.com/viewnews/2019-08-06_TodayFromtheWhatWeAllAlreadyKnewFileJaredKushnerSawTrumpPresiden.html iehi-feed-64868 Tue, 06 Aug 2019 15:18:41 GMT Is a US Recession Coming? Yield Curve Loudest Warning Since 2007 http://implode-explode.com/viewnews/2019-08-06_IsaUSRecessionComingYieldCurveLoudestWarningSince2007.html iehi-feed-64867 Mon, 05 Aug 2019 16:36:13 GMT Dow plunges 600 points after China devalues its currency http://implode-explode.com/viewnews/2019-08-05_Dowplunges600pointsafterChinadevaluesitscurrency.html iehi-feed-64866 Mon, 05 Aug 2019 14:23:24 GMT Equifax Victims Swarm To Collect Settlement Checks http://implode-explode.com/viewnews/2019-08-05_EquifaxVictimsSwarmToCollectSettlementChecks.html iehi-feed-64865 Sat, 03 Aug 2019 15:24:37 GMT Trump Administration Racism Now Kicking Down The Door At HUD http://implode-explode.com/viewnews/2019-08-03_TrumpAdministrationRacismNowKickingDownTheDoorAtHUD.html iehi-feed-64864 Sat, 03 Aug 2019 14:38:41 GMT MIT's AI Lab Analyzed 200,000 Bitcoin Transactions. Only 2% Were 'Illicit' http://implode-explode.com/viewnews/2019-08-03_MITsAILabAnalyzed200000BitcoinTransactionsOnly2WereIllicit.html Blockchain analytics firm Elliptic collaborated with researchers from the Massachusetts Institute of Technology (MIT) to publish a public dataset of bitcoin transactions associated with illicit activity... Only 2 percent of the 200,000 bitcoin transactions in the data set were deemed illicit as part of Eliptic's initial work. While 21 percent were identified as lawful, the vast majority of the transactions, roughly 77 percent, remained unclassified. (To date, there have been an estimated 440 million bitcoin transactions since the network's launch in 2009.)...

Sometimes, Robinson added, software was able to find patterns that would be difficult to describe yet still matched with known entities, based on pre-existing data from darknet markets, ransomware attacks and other criminal investigations.

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iehi-feed-64863 Fri, 02 Aug 2019 17:24:32 GMT Who Will Hold The Bag For the Treasury As Social Security Runs Out? http://implode-explode.com/viewnews/2019-08-02_WhoWillHoldTheBagFortheTreasuryAsSocialSecurityRunsOut.html Ten years later, the Board of Trustees now projects that Social Security's primary trust fund will run out money in 2034.

That's five years earlier than they projected back in 2009. And it's only 15 years away....

Every worker who is legally employed in the United States currently pays roughly 15% of his/her wages each month to help fund Social Security and pay benefits to retirees.

But there are now so many people receiving Social Security benefits that all the payroll tax revenue is no longer enough.''

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iehi-feed-64862 Fri, 02 Aug 2019 17:22:30 GMT Why Was Trumponomics a Flop? http://implode-explode.com/viewnews/2019-08-02_WhyWasTrumponomicsaFlop.html Obviously Powell couldn't say in so many words that Trumponomics has been a big flop, but that was the subtext of his remarks. And Trump's frantic efforts to bully the Fed into bigger cuts are an implicit admission of the same thing.

To be fair, the economy remains pretty strong, which isn't really a surprise given the G.O.P.'s willingness to run huge budget deficits as long as Democrats don't hold the White House. As I wrote three days after the 2016 election -- after the shock had worn off -- "It's at least possible that bigger budget deficits will, if anything, strengthen the economy briefly." And that's pretty much what happened: There was a bit of a bump in 2018, but at this point we've basically returned to pre-Trump rates of growth.

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And there's a good case to be made that Trump's tariffs have actually hurt U.S. manufacturing. For one thing, many of them have hit "intermediate goods," that is, stuff American companies use in their production processes, so the tariffs have raised costs.

Beyond that, the uncertainty created by Trump's policy by whim -- nobody knows what he'll hit next -- has surely deterred investment. Why build a manufacturing plant when, for all you know, next week a tweet will destroy your market, your supply chain, or both?

... think of the missed opportunities. Imagine how much better shape we'd be in if the hundreds of billions squandered on tax cuts for corporations had been used to rebuild our crumbling infrastructure. Imagine what we could have done with policies promoting jobs of the future in things like renewable energy, instead of trade wars that vainly attempt to recreate the manufacturing economy of the past.

... pundits who think that Trump will be able to win by touting a strong economy are almost surely wrong. He most likely won't face a recession (although who knows?), but he definitely hasn't made the economy great again. So he's probably going to have to do what he's already doing, and clearly wants to do: run on racism instead.

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