But today on CNBC, Joseph Borg said, "We've seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines."
What happened in Detroit is a harbinger of things to come. While state and local officials have their heads in the sand, “total unfunded pension liabilities have reached $3.85 trillion. That’s $434 billion more than last year. Amazingly, of that $3.85 trillion, only $1.38 trillion was recognized by state and local governments,” writes Oliver Garret for Forbes.
Ms. Garcia should have a look at Venezuela where socialism is starving its population. Three of every four people lost weight last year in a country that was once the fourth-richest per-capita in the world.
“Economists said the decision to tie up so much liquidity in a home is puzzling at a time when mortgage rates are near all-time lows,” Laura Kusisto and Christina Rexrode for the Wall Street Journal. But then again, most economists are Keynesians.
Trump may have made some political hay out of all this, but one only has to follow the money to learn the real reason pro football ratings are down--competition from college football. The fact is, “Their product isn’t very good these days,” Nick Bogdanovich told the Las Vegas Sun
Certainly, for those of us not playing in the crypto space, Tucker provides an apt description, “It was as if a Maserati had sudden driven up alongside a fleet of Model Ts.”
However, the current bubble craze is Bitcoin and while more can be made--up to 21 million--the current boom is just getting started according to Former Fortress hedge fund manager Michael Novogratz.
Law schools used Grad Plus more than any other higher-education sector, according to Education Department data.
So we have France’s Veolia Environnement S.A.floating €500 million of debt, rated just 2 notches above junk, with a three year maturity priced to yield negative 0.026%.
Meanwhile in another area of bubbleland, as I write cryptocurrency brand numero uno trades over $7,900. In July 2010, Bitcoin traded for 6 cents. That is a CAGR of over 595%.
Since there is no opposition on campus, the professoriate can call anyone who opposes their ideas, “racists,” and “fascists.” Thus, speakers who are not necessarily controversial, like Ben Shapiro, Ann Coulter, Charles Murray, even FEE’s Lawrence Reed, are demonized and booed off the stage or forced to cancel their talks due to threats of violence.
However, financial management skills in an age of inflation ripe with asset boom and busts is very rare among humans. As Jason Zweig writes on his blog about Sir Isaac Newton, who had more candlepower upstairs than most of us.
“We believe alcohol could be under pressure for the next decade, based on our data analysis covering 80 years of alcohol and 35 years of cannabis incidence in the U.S.,” the Cowan team noted. “Consumer survey work suggests [about] 80% of consumers reduce their alcohol consumption with cannabis in the mix.”
Isn’t wage stagnation really price inflation?
So, with FASB shocking the banks back to life with their rule-changing paddles, and the Fed offering banks a place on its bloated balance sheet to park cash and earn a risk-free 25 basis points, a few canny investors scooped up the warrants and waited for the Fed’s cheap money to raise all boats, even the comatose bank boats.
So don’t believe that Game 5 is an indication of the shape of things to come. It likely reflects a peak in social optimism that will begin to head the other direction.
So bankers who have trillions in derivative bets dependent on the direction of Libor, participate in the setting of the rate. What could go wrong?
Stock promoters where more ingenious then; today all that is needed is “blockchain” in the company name.
The econ department is out-of-step with young people, they claim. Capitalism is for old folks these two write, “according to a Harvard University study, ‘only the age group above 50 years old contains a majority that supports capitalism.’”