Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-58317 Sun, 29 Nov 2015 19:46:18 GMT Common Foreclosure Mill Practice Shot Down by FL 4th DCA iehi-feed-58316 Sun, 29 Nov 2015 02:18:29 GMT Florida Statute Of Limitations Law Cited In 5th DCA Ruling iehi-feed-58315 Thu, 26 Nov 2015 13:07:59 GMT Good thing Native Americans didn't treat the Pilgrims like we treat Syrian refugees iehi-feed-58313 Thu, 26 Nov 2015 13:04:37 GMT Greek residential property price slide accelerates in third quarter iehi-feed-58310 Wed, 25 Nov 2015 22:38:28 GMT Consumer spending barely rises again iehi-feed-58309 Wed, 25 Nov 2015 22:21:07 GMT Black Friday Falters as Consumer Behaviors Change ``Seven decades later, Black Friday has lost its distinctive edge. Sure, tens of millions of Americans will still hit the malls this Friday. But the relentless race for holiday dollars has blunted the day's oomph, as stores offer deep discounts weeks before Thanksgiving and year-round deals in stores and online are breeding sales fatigue. Some fed-up shoppers cheered this year when the outdoors retailer, REI, declared it was opting out of Black Friday sales altogether.


But contrary to doom-and-gloom predictions this holiday season, dwindling sales for the long Thanksgiving weekend (which now begins on Thursday afternoon) do not necessarily signal a cautious consumer. Americans are generally spending just as much of their hard-earned dollars as in the past... "They're online," Mr. Canally said. "And they're spending more on experiences. A day at the spa, a baseball game, the ballet -- rather than a sweater or a pair of socks that no one wants."

Of course, as the chart in the article shows, Black Friday + Cyber Monday sales are still way down from a peak in 2012. So the "don't worry, everything is still actually the same" mantra of the article (a NY Times staple theme) is obviously not accurate. The best they could muster is that consumer spending was up 3% in the last year... but that seems to be little more than inflation keep-up to us...

iehi-feed-58305 Wed, 25 Nov 2015 15:44:20 GMT EU Refugee Numbers Drop for First Time In Wake of Paris Attacks; Onset of Cold The pressure on Merkel increased this month when jihadists who attacked restaurants and a music venue in Paris. At least two of the assailants are thought to have entered the EU as refugees. On Friday EU nations agreed to bolster controls on frontiers around the bloc. They agreed to start carrying out systematic registration, including fingerprinting of all migrants entering into the Schengen area...

The number of migrants crossing the Mediterranean Sea to reach the EU this month fell to 116,579 through Nov. 23 compared with a record 220,535 in October, according to the United Nations refugee agency.

iehi-feed-58297 Tue, 24 Nov 2015 02:49:53 GMT Yellen Defends Seven Years of Low Interest Rates in Letter to Nader iehi-feed-58296 Mon, 23 Nov 2015 20:20:45 GMT Masters of the Finance Universe Are Worried About China iehi-feed-58295 Mon, 23 Nov 2015 20:18:55 GMT Greece - Disposable income shrinks twice as fast as GDP iehi-feed-58294 Mon, 23 Nov 2015 20:17:50 GMT Five years into austerity, Britain prepares for more cuts iehi-feed-58292 Mon, 23 Nov 2015 18:50:54 GMT Tight inventories, rising prices hurt U.S. home sales iehi-feed-58289 Mon, 23 Nov 2015 13:57:55 GMT Hang Onto Your Wallets: Negative Interest, the War on Cash and the $10 Trillion Bail-in iehi-feed-58286 Sun, 22 Nov 2015 16:05:58 GMT Global Trade Just Snapped: Container Freight Rates Plummet 70% In 3 Weeks iehi-feed-58281 Sat, 21 Nov 2015 16:52:28 GMT Surge in Subprime Auto Lending Draws Attention Subprime auto lending is shifting into higher gear, raising some concerns in Washington where top financial regulators have sounded alarms about this category of loans. Over the six months through September, more than $110 billion of auto loans have been originated to borrowers with credit scores below 660, the bottom cutoff for having a credit score generally considered "good," according to a report Thursday from the Federal Reserve Bank of New York. Of that sum, about $70 billion went to borrowers with credit scores below 620, scored that are considered "bad."

... The sum in that category has nearly reached the same level as in 2006, raising questions about the health of the nation's auto-lending portfolio and drawing uncomfortable comparisons to the rise in subprime mortgages that helped fuel the housing collapse, financial crisis and recession.

There are now more subprime auto loans than there were subprime mortgage loans in the last crisis (though the total dollar value is of course much lower).

iehi-feed-58280 Sat, 21 Nov 2015 16:45:24 GMT BOJ to publish new indicators showing prices rising iehi-feed-58278 Sat, 21 Nov 2015 16:30:59 GMT Angela Merkel Changes her Stance on Refugee Limits Even though she is still publicly sticking to her rhetoric, Merkel has been on the retreat for about two weeks. Leading CDU parliamentarians received the first signs of her change of heart in early November, when they met with her at the Chancellery. In the meeting, the chancellor clearly promised that she would support a reduction in refugee numbers, says one of the attendees. "I cannot guarantee that you will already see a change in the coming weeks," the attendee said, quoting Merkel. But she also said that the current situation could not continue as it was.

... the quota solution only makes sense if Europe's external borders so tightly controlled that hardly anyone can get through... In return, the borders within Europe could remain open. This is important to Merkel. She has said repeatedly that she is determined to save the Schengen system of border-free travel within the EU. The price would be to largely seal off the EU external border. The unpleasant scenes Merkel is determined to avoid at the German border would then unfold on the very fringes of Europe instead.

iehi-feed-58276 Sat, 21 Nov 2015 15:23:06 GMT Here's How the Boring German Housing Market Turned Piping Hot iehi-feed-58275 Sat, 21 Nov 2015 15:01:09 GMT Goldman eyes $20 oil as glut overwhelms storage sites The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned. Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called ‘cash cost' that forces drillers to abandon production. "Risks of a sharp leg lower remain elevated," it said.

The US investment bank said the overall glut in the commodity markets may take another twelve months to clear. It cited ‘red flag' signals on the Shanghai Future Exchange over recent days. Copper contracts point to "imminent weakening" in China's ‘old economy' of heavy industry and construction, it said.

iehi-feed-58272 Fri, 20 Nov 2015 23:16:39 GMT Fat Lady Sings In Ted Visner's Wagnarian Opera