Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64598 Thu, 21 Feb 2019 16:18:17 GMT Racist Non-Profit Director Pleads Guilty To Ripping Off FEMA http://implode-explode.com/viewnews/2019-02-21_RacistNonProfitDirectorPleadsGuiltyToRippingOffFEMA.html iehi-feed-64597 Thu, 21 Feb 2019 04:03:04 GMT Sellers are taking huge losses on Billionaires' Row. These are some of the biggest http://implode-explode.com/viewnews/2019-02-20_SellersaretakinghugelossesonBillionairesRowThesearesomeofthebigg.html Whereas just 7.7 percent of the 16,000 apartments resold in New York from 2014 to 2018 sold for an outright loss, that percentage rose to 39 percent -- 26 out of 66 -- for luxury apartment resales in Midtown.

"One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it's not a very lucrative asset class," StreetEasy senior economist Grant Long told the New York Post.

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iehi-feed-64596 Wed, 20 Feb 2019 21:13:05 GMT Fed loses last shreds of credibility as it throws in towel on balance sheet reduction http://implode-explode.com/viewnews/2019-02-20_Fedloseslastshredsofcredibilityasitthrowsintowelonbalancesheetre.html Federal Reserve officials discussed at their meeting three weeks ago ending the reduction of bonds on the central bank's balance sheet before the end of 2019, according to minutes released Wednesday.

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The minutes showed extensive discussion of market conditions, particularly on the emphasis that Fed actions were having on prices of risky assets like stocks and corporate bonds.

"Bottom line, while the Fed I believe clearly had room for the current pause because of the economic slowdown going on overseas, it should also be clear to everyone that they are mostly beholden to asset prices, both the stock market and credit spreads with that driving policy," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note.''

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iehi-feed-64595 Wed, 20 Feb 2019 20:54:34 GMT Supreme Court Puts Limits on Police Power to Seize Private Property http://implode-explode.com/viewnews/2019-02-20_SupremeCourtPutsLimitsonPolicePowertoSeizePrivateProperty.html The Supreme Court has ruled that the Eighth Amendment, which bars "excessive fines," limits the ability of the federal government to seize property. On Wednesday, the court ruled that the clause also applies to the states.

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The case concerned Tyson Timbs, who pleaded guilty to selling $225 of heroin to undercover police officers. He was sentenced to one year of house arrest and five years of probation, and he was ordered to pay $1,200 in fees and fines.

State officials also seized Mr. Timbs's vehicle, which he had bought with the proceeds of his father's life insurance policy; authorities said he had used it to commit crimes. Justice Ginsburg wrote that the vehicle was worth "more than four times the maximum $10,000 monetary fine assessable against him for his drug conviction."

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iehi-feed-64594 Wed, 20 Feb 2019 15:00:40 GMT Illegal SCRA Foreclosure Alert: Combat Vet Gets $125,000 In Damages http://implode-explode.com/viewnews/2019-02-20_IllegalSCRAForeclosureAlertCombatVetGets125000InDamages.html iehi-feed-64592 Tue, 19 Feb 2019 14:48:21 GMT FHFA Inspector General Says Mel Watt Sexually Harassed A Woman http://implode-explode.com/viewnews/2019-02-19_FHFAInspectorGeneralSaysMelWattSexuallyHarassedAWoman.html iehi-feed-64591 Mon, 18 Feb 2019 14:20:43 GMT Chrysler Building Goes On The Market For Undisclosed Figure http://implode-explode.com/viewnews/2019-02-18_ChryslerBuildingGoesOnTheMarketForUndisclosedFigure.html iehi-feed-64590 Sun, 17 Feb 2019 23:18:13 GMT Why America's New Apartment Buildings All Look the Same http://implode-explode.com/viewnews/2019-02-17_WhyAmericasNewApartmentBuildingsAllLooktheSame.html iehi-feed-64588 Sun, 17 Feb 2019 19:07:37 GMT JPMorgan Has Its Own Cryptocurrency http://implode-explode.com/viewnews/2019-02-17_JPMorganHasItsOwnCryptocurrency.html JPMorgan Chase this morning announced the first cryptocurrency to be rolled out by a major U.S. bank. How will it be used? The new tokens, each of which represents a U.S. dollar, will help settle some payments between the bank's clients. CNBC reports that the new digital coin will enter testing "in a few months." It will facilitate a "tiny fraction" of its wholesale payments business.

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The bank has come a long way on crypto. Its C.E.O., Jamie Dimon, famously declared Bitcoin a "fraud" in 2017 and said he would fire any employee caught trading it. (He later regretted his comments and added that he believed in the value of blockchain, the technology behind cryptocurrencies.)

Some 17 days before this news came out, JP Morgan was saying that cryptocurrencies would only be useful in a "dystopia" outcome (we wonder if it occurred to them that we may already be in a sufficiently-dystopic scenario...)

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iehi-feed-64587 Sun, 17 Feb 2019 19:05:40 GMT Amazon Not Paying Federal Income Taxes on $11.2 Billion Profits -- Trump Tax Cuts Largely to Thank http://implode-explode.com/viewnews/2019-02-17_AmazonNotPayingFederalIncomeTaxeson112BillionProfitsTrumpTaxCuts.html This tax-free break comes even though Amazon almost doubled its U.S. profits from $5.6 billion to $11.2 billion between 2017 and 2018. To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate--making its tax rate -1%.

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ITEP notes that its non-existent federal tax payment is a result of the Trump Administration's corporation-friendly tax cuts. The think tank writes that the 2017 Tax Cuts and Jobs Act not only decreased corporate tax rates from 35% to 21%, but it also didn't close "a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits."

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iehi-feed-64586 Sat, 16 Feb 2019 18:43:27 GMT Former Fannie Mae Employee Found Guilty In REO Foreclosure Scam http://implode-explode.com/viewnews/2019-02-16_FormerFannieMaeEmployeeFoundGuiltyInREOForeclosureScam.html iehi-feed-64585 Fri, 15 Feb 2019 21:18:10 GMT Former LandCastle Title CEO Gets 15 Years In Prison http://implode-explode.com/viewnews/2019-02-15_FormerLandCastleTitleCEOGets15YearsInPrison.html iehi-feed-64584 Thu, 14 Feb 2019 16:48:52 GMT Sierra Pacific Mortgage Fined $3.67 Million For FHA Lending Violations http://implode-explode.com/viewnews/2019-02-14_SierraPacificMortgageFined367MillionForFHALendingViolations.html iehi-feed-64583 Wed, 13 Feb 2019 00:05:58 GMT A record number of Americans are 90 days behind on their car payments http://implode-explode.com/viewnews/2019-02-12_ArecordnumberofAmericansare90daysbehindontheircarpayments.html iehi-feed-64582 Wed, 13 Feb 2019 00:03:52 GMT Bill Gates: Alexandria Ocasio-Cortez wealth tax idea misses the point (+SICK MMT BURN) http://implode-explode.com/viewnews/2019-02-12_BillGatesAlexandriaOcasioCortezwealthtaxideamissesthepointSICKMM.html Instead, he said, lawmakers should focus on things like the estate tax, taxes on capital and Social Security. His view may be more closely aligned with Sen. Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million.

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Gates.. also ripped the increasingly popular modern monetary theory... The theory, also known as MMT, dismisses concerns about sovereign debt since countries that print their own currency can't really run out of money. "That is some crazy talk," Gates told The Verge.

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iehi-feed-64581 Tue, 12 Feb 2019 23:54:29 GMT Trump made $5.7 billion synonymous with border security. That was a mistake. (NOW MUST TAKE 1/20th ORIG. OFFER) http://implode-explode.com/viewnews/2019-02-12_Trumpmade57billionsynonymouswithbordersecurityThatwasamistakeNOW.html He refused to support a bipartisan compromise in February 2018 that would have given him $25 billion over 10 years, including $2.5 billion that year. Trump then rejected a stopgap spending bill in December that would have prevented a shutdown and left more time for lawmakers to reach a deal.

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Now, with the deadline to fund the government coming up once again, lawmakers on Monday night worked out a compromise to avert another painful and wasteful shutdown.

That deal would keep the government open and give Trump a chunk of money, $1.375 billion to be precise, for his border wall. It's certainly not what the White House wanted, but it would prevent another costly shut down and get some of his wall built.

Trump should take it while he can. He should make a show of accepting the compromise, hold himself up as a leader, and then do a nice photo op as soon as construction starts at the border.

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iehi-feed-64580 Tue, 12 Feb 2019 20:04:38 GMT Ditech Files Bankruptcy For The 2nd Time In 14 Months. Is This The End? http://implode-explode.com/viewnews/2019-02-12_DitechFilesBankruptcyForThe2ndTimeIn14MonthsIsThisTheEnd.html iehi-feed-64579 Tue, 12 Feb 2019 09:28:22 GMT Reason #437 to own gold: The Fed wants Negative Interest Rates http://implode-explode.com/viewnews/2019-02-12_Reason437toowngoldTheFedwantsNegativeInterestRates.html ... after a 20% drop in US stocks, the Fed has taken its foot off the pedal. But the people still want more... Both the European Central Bank and the Bank of Japan were supposed to start tightening policy and raising rates... now, they are both considering cutting interest rates even deeper into negative territory.

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The President of the Federal Reserve Bank of St. Louis thinks current interest rates are "too restrictive." He too wants lower rates.

The San Francisco Fed agrees -- they were singing the praises of negative interest rates in a recent research paper, saying they would have helped the economy recover even faster after 2008.

And SocGen economist Albert Edwards thinks the US will see negative interest rates and helicopter money (meaning central banks will print money and give it directly to the people) during the next recession.

Now that the public is once again being reminded that the Fed and its cohorts have no credibility, let's see if hard assets come back, as they should...

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iehi-feed-64578 Mon, 11 Feb 2019 16:13:07 GMT BB&T Bank Buys Suntrust Bank For $66 Billion http://implode-explode.com/viewnews/2019-02-11_BBTBankBuysSuntrustBankFor66Billion.html iehi-feed-64576 Fri, 08 Feb 2019 17:11:23 GMT 3rd Vanguard Funding Executive Admits Guilt In Embezzlement Scheme http://implode-explode.com/viewnews/2019-02-08_3rdVanguardFundingExecutiveAdmitsGuiltInEmbezzlementScheme.html