Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-65025 Mon, 21 Oct 2019 16:24:30 GMT Residential Foreclosure Rates Drop 20 Percent In 3rd Quarter Across USA http://implode-explode.com/viewnews/2019-10-21_ResidentialForeclosureRatesDrop20PercentIn3rdQuarterAcrossUSA.html iehi-feed-65023 Mon, 21 Oct 2019 01:39:35 GMT Bank Of America Warning! Can BofA Validate Your Debt? http://implode-explode.com/viewnews/2019-10-20_BankOfAmericaWarningCanBofAValidateYourDebt.html iehi-feed-65021 Sun, 20 Oct 2019 18:20:53 GMT Trump's (Now-Cancelled) Doral G7 Move, Even if Gratis, Would Have Likely Boosted Ailing Property http://implode-explode.com/viewnews/2019-10-20_TrumpsNowCancelledDoralG7MoveEvenifGratisWouldHaveLikelyBoostedA.html iehi-feed-65020 Sun, 20 Oct 2019 17:44:05 GMT AARP Launches New Fear Campaign! Your Family Is Going To Rob You! http://implode-explode.com/viewnews/2019-10-20_AARPLaunchesNewFearCampaignYourFamilyIsGoingToRobYou.html iehi-feed-65019 Sun, 20 Oct 2019 15:34:34 GMT Brexit vote postponed: Here's what could happen now http://implode-explode.com/viewnews/2019-10-20_BrexitvotepostponedHereswhatcouldhappennow.html U.K. Prime Minister Boris Johnson was thwarted by a cross-party group of politicians who voted to postpone the "meaningful vote" on his new divorce deal and force him to ask Brussels for an extension to the current Oct. 31 Brexit deadline. The developments in Parliament set up a complicated week with just 11 days left until the U.K. is still due to leave the world's largest trading bloc.

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Johnson grudgingly asked for an extension to the deadline late on Saturday night, but EU leaders don't necessarily have to accept it. Some have ruled out giving Britain more time, piling pressure on U.K. lawmakers to accept the current deal. But it's unlikely they would want a no-deal scenario and the potential economic hit it could mean for both sides of the English Channel.

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iehi-feed-65017 Sun, 20 Oct 2019 14:59:15 GMT Without Unicorns, The Millennial Lifestyle Is About to Get More Expensive http://implode-explode.com/viewnews/2019-10-20_WithoutUnicornsTheMillennialLifestyleIsAbouttoGetMoreExpensive.html Starting about a decade ago, a fleet of well-known start-ups promised to change the way we work, work out, eat, shop, cook, commute, and sleep. These lifestyle-adjustment companies were so influential that wannabe entrepreneurs saw them as a template, flooding Silicon Valley with "Uber for X" pitches.

But as their promises soared, their profits didn't. It's easy to spend all day riding unicorns whose most magical property is their ability to combine high valuations with persistently negative earnings--something I've pointed out before. If you wake up on a Casper mattress, work out with a Peloton before breakfast, Uber to your desk at a WeWork, order DoorDash for lunch, take a Lyft home, and get dinner through Postmates, you've interacted with seven companies that will collectively lose nearly $14 billion this year. If you use Lime scooters to bop around the city, download Wag to walk your dog, and sign up for Blue Apron to make a meal, that's three more brands that have never recorded a dime in earnings, or have seen their valuations fall by more than 50 percent.

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iehi-feed-65015 Fri, 18 Oct 2019 21:11:47 GMT Ray Dalio says the world is in a 'great sag' and echoes the 1930s http://implode-explode.com/viewnews/2019-10-18_RayDaliosaystheworldisinagreatsagandechoesthe1930s.html "This cycle is fading, we are now in the world in what I would call a ‘great sag'," said Dalio, adding that monetary policy, and especially interest rate reductions, were unlikely to offer much stimulus.

"Europe is at the limitation of that, Japan is (too) and the U.S. doesn't have much to go on for that," he told CNBC's Geoff Cutmore.

Dalio said the world was also experiencing the biggest wealth gap since the 1930s and that was creating political stress.

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iehi-feed-65014 Fri, 18 Oct 2019 21:03:43 GMT American Youth Impoverished and Disenfranchised: Solutions http://implode-explode.com/viewnews/2019-10-18_AmericanYouthImpoverishedandDisenfranchisedSolutions.html The geographically based idiosyncrasies of American democracy that the founders put in place compound the problem. On average, ballots cast by older people hold more weight and are less frequently "wasted" than those of the young. (Wasted votes are those garnered in excess of what a candidate needs to win; in our winner-take-all systems that means anything over 50 percent.) Clustered in sparsely populated states and counties, voters who are older, whiter and wealthier get a boost: Older Americans wield disproportionate sway over the Electoral College, the Senate and a gerrymandered Congress.

Migration patterns worsen these trends. A growing percentage of young people now dream of city life, but their preferences inadvertently reduce their political clout: "18 percent of rural residents are 65 or older versus 15 percent in suburban and small metro counties and 13 percent in cities," the Pew Research Center reported last year. Millennials, concentrated in metropolitan areas, are the predominant generation of potential voters in only 86 congressional districts, while boomer voters predominate in 341. By 2040, 70 percent of Americans are expected to live in the 15 most populous states; that would mean that 70 percent of America will be represented by only 30 senators.

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The other critical divide is the economy. The boomers who came of age in the 1950s and '60s benefited from boom times while millennials and Generation Z have been dogged by the aftermath of the mortgage meltdown, an underwhelming recovery and Gilded Age levels of inequality. One generation enjoyed a comparatively high minimum wage, affordable college tuition and reasonable costs of living; for everyone after, stagnating wages, ballooning student debt and unaffordable housing have become the norm.

"Millennials are less well off than members of earlier generations when they were young," a 2018 report by economists from the Federal Reserve Board bluntly states. Other economists have shown that a household headed by someone born in 1970 has a quarter less income and 40 percent less wealth than one headed by a comparable person born in 1940. In contrast, between 1989 and 2013, only the cohort of families headed by people at least 62 saw an increase in median wealth. Older people are more likely to own property, stocks and other assets -- and, consequently, to prefer policies that will keep the values of those assets high. No wonder so many young people have pivoted left, rejecting conventional wisdom about the virtues of unfettered capitalism.

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iehi-feed-65012 Thu, 17 Oct 2019 22:19:09 GMT Holding G-7 at Trump's Doral resort is shameless - The Washington Examiner http://implode-explode.com/viewnews/2019-10-17_HoldingG7atTrumpsDoralresortisshamelessTheWashingtonExaminer.html iehi-feed-65010 Thu, 17 Oct 2019 12:22:50 GMT Housing Market Warning! Market Flashing Recession Signals http://implode-explode.com/viewnews/2019-10-17_HousingMarketWarningMarketFlashingRecessionSignals.html iehi-feed-65008 Wed, 16 Oct 2019 21:32:56 GMT Brookfield Reveals Pricey Makeover, Address Change For 666 Fifth Ave., Kushner's White Elephant http://implode-explode.com/viewnews/2019-10-16_BrookfieldRevealsPriceyMakeoverAddressChangeFor666FifthAveKushne.html iehi-feed-65007 Wed, 16 Oct 2019 21:15:39 GMT CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain http://implode-explode.com/viewnews/2019-10-16_CoinSharesBlockchainLaunchGoldTokenNetworkonaBitcoinSidechain.html Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making.

According to CoinShares, the network launches today with more than $20 million in gold held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce.

CoinShares chairman Danny Masters said the product's network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network.

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iehi-feed-65006 Wed, 16 Oct 2019 21:04:56 GMT Never-Before-Seen Trump Tax Documents Show Major Inconsistencies (MANAFORT-ESQUE BANK FRAUD BY TRUMPIE) http://implode-explode.com/viewnews/2019-10-16_NeverBeforeSeenTrumpTaxDocumentsShowMajorInconsistenciesMANAFORT.html Documents obtained by ProPublica show stark differences in how Donald Trump's businesses reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities. The discrepancies made the buildings appear more profitable to the lender -- and less profitable to the officials who set the buildings' property tax.

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A dozen real estate professionals told ProPublica they saw no clear explanation for multiple inconsistencies in the documents. The discrepancies are "versions of fraud," said Nancy Wallace, a professor of finance and real estate at the Haas School of Business at the University of California-Berkeley. "This kind of stuff is not OK."

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iehi-feed-65003 Wed, 16 Oct 2019 12:59:34 GMT JPMorgan Chase CEO Blames Trump For Coming Recession http://implode-explode.com/viewnews/2019-10-16_JPMorganChaseCEOBlamesTrumpForComingRecession.html iehi-feed-65002 Tue, 15 Oct 2019 17:45:56 GMT Articles on the Fed's Secret Trillions in Loans to Wall Street During '08 Crisis Have Fallen Into Bloomberg's "Memory Hole" http://implode-explode.com/viewnews/2019-10-15_ArticlesontheFedsSecretTrillionsinLoanstoWallStreetDuring08Crisi.html At the time of Pittman's death, the Fed was still refusing to release the details of its secret loans, despite losing its court battle at the Federal District Court. The appellate court decision against the Fed would not come until March 19, 2010, four months after Pittman's death. Even then, the Fed did not release the data. First it asked for a rehearing by the Second Circuit Court of Appeals. When that was rejected, a Wall Street consortium of banks, that were the recipients of the trillions of dollars in secret loans, appealed the case to the U.S. Supreme Court. That appeal failed as well and the Fed was forced to release its data in 2011. When all of its bailout programs were tallied up, the tab came to a staggering, cumulative $29 trillion -- all transacted without the involvement or awareness of anyone elected to office by the American people. Congress remained in the dark throughout this period as trillions of dollars were sluiced to Wall Street, foreign banks, insolvent banks, even hedge funds that were shorting (betting against) the market.

Now the Fed has turned on its unaccountable money spigot to Wall Street once again and is attempting to pass it off as part of its normal open market operations --  keeping Congress and the American people in the dark. To date, the Fed has refused to name which Wall Street firms are taking the hundreds of billions of dollars in revolving loans and how much each is receiving.

... To our shock and dismay, many of Pittman's articles that we found referenced in academic journals about the Fed have been purged from Bloomberg News. (We asked Bloomberg via email to explain its removal of these articles but have yet to hear back. We'll update this article should we receive a response.)

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iehi-feed-65000 Tue, 15 Oct 2019 14:48:11 GMT Citibank Slapped With $30 Million Fine For Neglecting Foreclosed Homes http://implode-explode.com/viewnews/2019-10-15_CitibankSlappedWith30MillionFineForNeglectingForeclosedHomes.html iehi-feed-64999 Mon, 14 Oct 2019 22:43:08 GMT Trump's Trillion-Dollar Hit to Homeowners http://implode-explode.com/viewnews/2019-10-14_TrumpsTrillionDollarHittoHomeowners.html iehi-feed-64998 Sat, 12 Oct 2019 18:34:54 GMT Specialized Loan Servicing Warning! Can SLS Validate Your Debt? http://implode-explode.com/viewnews/2019-10-12_SpecializedLoanServicingWarningCanSLSValidateYourDebt.html iehi-feed-64997 Fri, 11 Oct 2019 20:42:09 GMT Treasury will again borrow $1 trillion to pay for tax cuts, spending http://implode-explode.com/viewnews/2019-10-11_Treasurywillagainborrow1trilliontopayfortaxcutsspending.html For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts, Bloomberg reports.

The big picture: Treasury borrowing surpassed $1 trillion during President Obama's first term as government spending soared amid the stimulus to combat the 2008 financial crisis, but it has steadily declined in the years since, settling down to $519 billion in 2017 before nearly doubling last year.

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iehi-feed-64996 Fri, 11 Oct 2019 14:18:38 GMT Manhattan Foreclosures Skyrocket By 118% In Past Year http://implode-explode.com/viewnews/2019-10-11_ManhattanForeclosuresSkyrocketBy118InPastYear.html