Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64542 Mon, 21 Jan 2019 16:09:28 GMT Ditech Holding Corporation Continues To Dodge Creditors http://implode-explode.com/viewnews/2019-01-21_DitechHoldingCorporationContinuesToDodgeCreditors.html iehi-feed-64539 Thu, 17 Jan 2019 17:59:11 GMT Metropolitan Property Group Accused of Illegal Airbnb Rentals http://implode-explode.com/viewnews/2019-01-17_MetropolitanPropertyGroupAccusedofIllegalAirbnbRentals.html iehi-feed-64538 Wed, 16 Jan 2019 22:13:37 GMT Anxiety and burnout: I work with kids. Here's why they're consumed with worry. http://implode-explode.com/viewnews/2019-01-16_AnxietyandburnoutIworkwithkidsHereswhytheyreconsumedwithworry.html Kids today have to constantly consider the perils of work and career with enough specificity to worry about it. At the same time that they stress about the future that's so very far off, they live with technology that keeps that anxiety consistently in the front of their minds.

... I rarely heard them frame any of this work and stress in terms of future success or even just stability. They usually didn't talk about their lives according to the myth so many parents, teachers, and community members raised Gen X and millennials with, the one that promises that if you work hard, you'll get a good job and have a nice, stable life or at least do better than your parents did. When they brought up their futures, if they weren't talking about careers, they understood that student debt was inevitable.

It later dawned on me: Why would they believe this myth? People in their 20s, 30s, and 40s teach and raise these kids. Those generations now know from experience that the idea that hard work and a little luck pays off isn't true. Between 30 years of stagnant wages, the rising costs of housing, health care, and education, and a recession just as many of us graduated from college, it's no wonder that millennials are on course to do financially worse than previous generations, just as Gen X did before us.

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iehi-feed-64537 Wed, 16 Jan 2019 22:12:01 GMT Bridgewater's Ray Dalio: Capitalism is not working for most people http://implode-explode.com/viewnews/2019-01-16_BridgewatersRayDalioCapitalismisnotworkingformostpeople.html "We're in a situation when the economy is at a peak, we still have this very big tension. That's where we are today," he said in November. "We're in a situation where, if you have a downturn, and we will have a downturn, I believe that -- I worry that that polarity will become greater."

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"If I was doing it, I think that you have to call that a national emergency," said Dalio. Then, reasoned Dalio, the President could "[take] responsibility for changing those metrics. I think there's a lot that can be done in private-public partnerships and so on to be able to change it, but I fear that that probably will not be done by the next time we have a downturn, and I fear for what that conflict is going to be like that."

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iehi-feed-64534 Wed, 16 Jan 2019 14:09:20 GMT Democrats To Protect Unpaid Government Employees From Foreclosure http://implode-explode.com/viewnews/2019-01-16_DemocratsToProtectUnpaidGovernmentEmployeesFromForeclosure.html iehi-feed-64532 Wed, 16 Jan 2019 01:34:49 GMT British pound strengthens after parliament rejects Brexit plan http://implode-explode.com/viewnews/2019-01-15_BritishpoundstrengthensafterparliamentrejectsBrexitplan.html Parliament on Tuesday struck down the divorce deal that Prime Minister Theresa May had negotiated with the rest of the European Union by a record margin. The defeat was expected, but the size of the loss -- 432 votes to 202 -- was a surprise.

The pound, which had fallen below $1.27 earlier on Tuesday, erased its losses after the vote and strengthened to $1.28. Some analysts had predicted the pound would rally if May suffered a major defeat because that would raise the chance of Brexit being delayed.

The crushing loss means parliament may now wield greater control over the process. Capital Economics said lawmakers could move to delay Brexit while they work on alternatives.

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iehi-feed-64531 Wed, 16 Jan 2019 01:32:35 GMT Why mortgage lending at Wells Fargo, Chase and Citi plunged http://implode-explode.com/viewnews/2019-01-15_WhymortgagelendingatWellsFargoChaseandCitiplunged.html With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging. In the fourth quarter, mortgage originations at Citi C, +4.16%   were down 23% compared to a year ago. At Wells Fargo WFC, -1.55%  , they were 28% lower, and at JPMorgan Chase JPM, +0.73%  , they were down 30%.

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What's going on? Here's how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: "Home Lending revenue was down 8%, driven by lower net reduction revenue in a low volume highly competitive environment."

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Mortgage lending is down, mostly because there aren't enough houses for people to buy to sustain a healthy housing market -- although rising rates aren't helping either. Also thanks to those higher rates, the long refinance boom is over

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iehi-feed-64530 Sat, 12 Jan 2019 00:10:28 GMT The story behind the biggest price chop in NYC trophy-property history (TAG: ALSO NOT STEVE COHEN'S SHINING MOMENT) http://implode-explode.com/viewnews/2019-01-11_ThestorybehindthebiggestpricechopinNYCtrophypropertyhistoryTAGAL.html After reducing the price a painful eight times, the unit at 151 East 58th Street has now been relisted at $45 million. That's a whopping $70 million discount from its original 2013 listing price of $115 million.

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Cohen's troubles started in November 2013, when he pleaded guilty to insider trading and agreed to pay a penalty of $1.2 billion.

It was that April that he first listed the apartment for sale at $115 million, but by the end of 2013 he had dropped the price to $98 million.

In 2014, he went down to $82 million, then $79 million in 2015, and $72 million in 2016. By January 2017, the price was at $67.5 million, according to StreetEasy, and by the fall of that year it was $57.5 million, or $6,389 per square foot.

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iehi-feed-64528 Thu, 10 Jan 2019 21:49:34 GMT NYC Blockchain Center Opens As City Sticks With Crypto Plan http://implode-explode.com/viewnews/2019-01-10_NYCBlockchainCenterOpensAsCitySticksWithCryptoPlan.html New York isn't giving up on the digital-ledger technology that makes Bitcoin and other tokens work even after last year's collapse of the cryptocurrency market.

The New York City Economic Development Corporation said its Blockchain Center in Manhattan will open Thursday a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, a trade organization. The city may also start testing the use of blockchain technology in the fall.

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iehi-feed-64526 Wed, 09 Jan 2019 14:31:18 GMT REALTOR ALERT: Home Sales Down 25% Due To Government Shutdown http://implode-explode.com/viewnews/2019-01-09_REALTORALERTHomeSalesDown25DueToGovernmentShutdown.html iehi-feed-64525 Tue, 08 Jan 2019 15:50:11 GMT ELDER FRAUD ALERT: Hamptons Couple Indicted for Ripping Off Seniors! http://implode-explode.com/viewnews/2019-01-08_ELDERFRAUDALERTHamptonsCoupleIndictedforRippingOffSeniors.html iehi-feed-64524 Mon, 07 Jan 2019 23:32:44 GMT The Men Peddling the 'Secrets' to Getting Rich on Amazon http://implode-explode.com/viewnews/2019-01-07_TheMenPeddlingtheSecretstoGettingRichonAmazon.html It may seem obvious to an outsider that most people aren't going to become rich by selling things on Amazon. But that's the thing about gold rushes: Some people do find gold, and it is sometimes hard to tell what distinguishes the people who make it from those who don't. Travis Tolman, the travel-product seller, is about to launch his second product on Amazon, and said he thinks he'll be able to make about $8,000 a month. When I asked him why he succeeded while so many others at the seminar failed, he said he wasn't quite sure. "I think I just did a really good job of following directions," he told me.

There's something uniquely American about believing that with a little bit of hard work, anybody can make money fast. In the 19th century, advertisements promised people exclusive selling rights to a certain product, for a fee. They'd pay the money, and then find out that the product didn't exist, or that dozens of other people were selling it. "In the U.S., the depth of commitment to social mobility and uplift seems to give some degree of distinctiveness to how fraud operates," said Edward J. Balleisen, a professor at Duke University who has written a book on the history of fraud in America.

The success of the Amazon-coaching market says something about the current state of the economy. As the American middle class disappears, many people feel as if they've lost their financial footing and are seeking an easy shortcut back to stability. "The best indicator of whether someone will be amenable to being defrauded has to do with financial insecurity," David Vladeck, the former director of the Federal Trade Commission's Bureau of Consumer Protection, who is now a professor at Georgetown, told me.

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It's not low-income people who fall victim to online frauds, Vladeck said--they don't have the thousands of dollars needed to pay scammers in the first place. It's people who have a little bit of extra money, and want to invest it to get more breathing room. When, during the Great Recession, millions of families lost jobs or saw their income reduced, business-opportunity scams proliferated, he said. Many of the people I talked to at the seminar said they just wanted a little bit more money than they had--to build a bigger retirement fund, work less, buy a vacation home.

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iehi-feed-64522 Sun, 06 Jan 2019 15:10:38 GMT Wyoming, DATA and the Gold Rush of coming Crypto Regulations http://implode-explode.com/viewnews/2019-01-06_WyomingDATAandtheGoldRushofcomingCryptoRegulations.html Steven Lupien, Executive Director of DATA noted that "DATA, which is a non-profit, had its' bank account closed" and that "The Compliance departments of traditional banks will not allow for the banking of crypto, because they worry their FDIC insurance will be pulled".

However DATA, and a number of Wyoming legislators are championing SPDIs -- a special purpose bank that eschews FDIC insurance, in order to allow for the creation of US banks that are both crypto friendly and allow for the growth and proliferation of Blockchain businesses.

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iehi-feed-64521 Sat, 05 Jan 2019 22:34:15 GMT Georgia "Deportation" Senator Turns Himself In For Insurance Fraud http://implode-explode.com/viewnews/2019-01-05_GeorgiaDeportationSenatorTurnsHimselfInForInsuranceFraud.html iehi-feed-64517 Fri, 04 Jan 2019 22:12:52 GMT The Rise of Gold-Backed Cryptos http://implode-explode.com/viewnews/2019-01-04_TheRiseofGoldBackedCryptos.html iehi-feed-64516 Fri, 04 Jan 2019 18:40:07 GMT Dow surges 700 points after Powell says the Fed will be patient with rate hikes http://implode-explode.com/viewnews/2019-01-04_Dowsurges700pointsafterPowellsaystheFedwillbepatientwithratehike.html "As always, there is no preset path for policy, " Powell said. "And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves."

Powell also said the central bank would not "hesitate" to change its balance-sheet reduction plan if it was causing problems. Fears that the Fed may be making a policy error by tightening too fast have contributed to the recent skittishness in financial markets, according to several market experts.

"I think he did what the market hoped he would do," said Tom Essaye, founder of The Sevens Report. "What he did with these comments is he acknowledged that they need to be more flexible."

"This is worth a bounce, but at the same time, the major issues facing the market are not resolved. We have a potential earnings problem in this market; we have a potential economic growth problem in this market," Essaye added. "Today's rally is more a result of the overextended downside from yesterday."

"Coincidentally," this is all exactly what Trump wants.

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iehi-feed-64515 Fri, 04 Jan 2019 16:25:16 GMT Dementia Victim's Family Files Lawsuit Against Wells Fargo http://implode-explode.com/viewnews/2019-01-04_DementiaVictimsFamilyFilesLawsuitAgainstWellsFargo.html iehi-feed-64514 Fri, 04 Jan 2019 00:16:15 GMT Dow slides after Apple delivers bombshell China warning; ISM Plunges http://implode-explode.com/viewnews/2019-01-03_DowslidesafterAppledeliversbombshellChinawarningISMPlunges.html Apple, among the world's most widely held stocks, plummeted 10% in its darkest day in six years. The former king of the stock market fell to the fourth-biggest public company, behind Amazon, Microsoft and Alphabet.

The news sent shudders through global markets. The Nasdaq plunged 3%, closing back in bear market territory. The S&P 500 shed 2.5%, led lower by tech and industrial stocks. The market ended near the lows of the day.

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Beyond Apple, investors were also rattled by the biggest one-month decline in US factory activity since the Great Recession. The closely-watched ISM manufacturing index tumbled to a two-year low, providing further evidence of slowing growth and pain from the US-China trade war. ISM said manufacturing activity is still growing, but suffered a "sharp decline" last month.

"Awful, and worse to come," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote to clients on Thursday. "Trade wars are not easy to win."

The "since the Great Recession/2008" comparables are coming at an increasing pace...

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iehi-feed-64512 Thu, 03 Jan 2019 23:29:22 GMT Celink Settles Department Of Justice Lawsuit For $4.25 Million http://implode-explode.com/viewnews/2019-01-03_CelinkSettlesDepartmentOfJusticeLawsuitFor425Million.html iehi-feed-64510 Thu, 03 Jan 2019 01:18:00 GMT Real Estate inventory is piling up - Dr. Housing Bubble http://implode-explode.com/viewnews/2019-01-02_RealEstateinventoryispilingupDrHousingBubble.html