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User Profile: FollowClick to Follow wolfofwolfstWolf Richter@wolfofwolfstPublisher of finance and econ site http://wolfstreet.comSan Franciscowolfstreet.comJoined July 20116,788 Following23.8K Followers
Wolf Richter@wolfofwolfst 4hSoftBank Lost $39 Billion in 6 Months, Wiping Out the Bubble Gains of the Vision Funds Since 2017: Easy Come, Easy Go. Now trying to avoid a blow that would be irreversible. https://wolfstreet.com/2022/08/08/softbank-lost-39-billion-in-6-months-wiping-out-all-of-the-bubble-gains-of-the-vision-funds-since-2017/ 32049 Wolf Richter@wolfofwolfst Aug 8THE WOLF STREET REPORT: Housing Bubble Getting Ready to Pop The Big Boys Leave, Waiting for Reset. Biggest investors in single-family houses: We need to be patient and allow the market to reset wolfstreet.comTHE WOLF STREET REPORT: Housing Bubble Getting Ready to Pop The Big Boys Leave, Waiting for ResetBiggest investors in single-family houses: We need to be patient and allow the market to reset. 1836 Wolf Richter@wolfofwolfst Aug 7Are Federal Student Loans Even Loans? From Forbearance to Forgiveness to Taxpayer Expense. Fairer: Allow Bankruptcy. The educational-industrial complex is laughing all the way to the bankwolfstreet.comAre Federal Student Loans Even Loans? From Forbearance to Forgiveness to Taxpayer Expense....The educational-industrial complex is laughing all the way to the bank.21834 Wolf Richter@wolfofwolfst Aug 6The Under-Demanded Office Market. There s almost no liquidity in the office market. No one knows where pricing will be when one of these towers finally sells. wolfstreet.comThe Under-Demanded Office Market There s almost no liquidity in the office market. No one knows where pricing will be when one of these towers finally sells. 111 Wolf Richter@wolfofwolfst Aug 5Recession Mongers Shocked & Horrified by this Surge in Employment. They re praying for a recession to force the Fed to pivot. But it s tough to have an official recession with employment growing, wages surging, unemployment falling to lowest since dotcom https://wolfstreet.com/2022/08/05/recession-mongers-shocked-horrified-by-this-surge-in-employment/ 9936 Wolf Richter@wolfofwolfst Aug 5Fed s QT: Total Assets Drop by $91 Billion from Peak (QE created money, QT Destroys Money). What the Fed did in details and charts https://wolfstreet.com/2022/08/04/feds-qt-total-assets-drop-by-91-billion-from-peak-qe-created-money-qt-destroys-money/ 51730 Wolf Richter@wolfofwolfst Aug 4Trip Back to Reality Starts: Mortgages, HELOCs, Delinquencies, and Foreclosures in Q2. Forbearance and pandemic cash run out. But a lot of fun was had by all. https://wolfstreet.com/2022/08/04/trip-back-to-reality-starts-mortgages-helocs-balances-delinquencies-foreclosures-in-q2/ 1931 Wolf Richter@wolfofwolfst Aug 4People Trying to Dodge Legal Usury: Credit Card Balances, Delinquencies, Third-Party Collections, and Bankruptcies in Q2. Buy-Now-Pay-Later Lenders Face Tougher Reality . Among the charts: Dwindling importance of credit cards as form of consumer debt: https://wolfstreet.com/2022/08/03/people-trying-to-dodge-legal-usury-credit-card-balances-delinquencies-third-party-collections-and-bankruptcies-in-q2/ 311 Wolf Richter@wolfofwolfst Aug 4Cox Automotive, owner of Manheim auto auction house: "Auto Loan Defaults Are Increasing, But We Are Not Heading Into A Repo Crisis"coxautoinc.comAuto Loan Defaults Are Increasing, But We Are Not Heading Into A Repo Crisis - Cox Automotive Inc.As I noted after their July meeting, the Federal Open Market Committee has moved the target rate more in the past two months than at any point since 1981, and they are not done yet. The Fed s...313 Wolf Richter@wolfofwolfst Aug 3Markets Are Fighting the Fed. One of the most important dictums in finance is this: Don t fight the Fed. And this could get ugly.wolfstreet.comMarkets Are Fighting the Fed One of the most important dictums in finance is this: Don t fight the Fed. And this could get ugly.31135 Wolf Richter@wolfofwolfst Aug 3Nope, Auto-Loan Delinquencies and Repos Are Not Exploding : They Rose from Record Lows and Are Still Historically Low. The balance of loans & leases outstanding rose on much higher vehicle prices but much lower sales volume https://wolfstreet.com/2022/08/02/auto-loan-delinquencies-and-repos-are-not-exploding-they-rose-from-record-lows-and-are-still-historically-low/ 2843 Wolf Richter@wolfofwolfst Aug 2Layoffs, Discharges, Quits, Job Openings, and Hires: Still Massive Churn & Job Hopping, but Losing Some Steam. Weirdest labor market ever gets a little less weird https://wolfstreet.com/2022/08/02/layoffs-discharges-quits-job-openings-and-hires-still-massive-churn-job-hopping-but-losing-some-steam/ 317 Wolf Richter@wolfofwolfst Aug 2SPAC Zombie Mergers: Nikola, Whose Shares Collapsed 92%, Buys Battery-Pack Maker Romeo whose Shares Collapsed 98% Romeo, battery-pack supplier to Nikola, reached end of runway. Nikola, which reported $0 revenues from truck sales, is trying to raise cashwolfstreet.comSPAC Zombie Mergers: Nikola, Whose Shares Collapsed 92%, Buys Battery-Pack Maker Romeo whose Shares...Romeo, battery-pack supplier to Nikola, reached the end of its runway. Nikola, which reported $0 revenues from truck sales, is desperately trying to raise cash.818 Wolf Richter@wolfofwolfst Aug 1Australia s Housing Downturn Accelerates: In Sydney, Sharpest Price Drops in Almost 40 Years. Sales volume plunged in Sydney and Melbourne. Rate hikes bite, yet the Reserve Bank of Australia just started hiking https://wolfstreet.com/2022/08/01/australias-housing-downturn-accelerates-in-sydney-sharpest-price-drops-in-almost-40-years/ 32546 Wolf Richter@wolfofwolfst Jul 31THE WOLF STREET REPORT: Markets Are Fighting the Fed. One of the most important dictums in finance is this: Don t fight the Fed. And this could get uglywolfstreet.comTHE WOLF STREET REPORT: Markets Are Fighting the Fed One of the most important dictums in finance is this: Don t fight the Fed. And this could get ugly.51541 Wolf Richter@wolfofwolfst Jul 30Meta Plunged from 5th Most Valuable Stock to 11th, behind Visa. In 10 Months, $647 Billion Vanish. From ridiculously overvalued to troubled https://wolfstreet.com/2022/07/29/meta-plunged-from-5th-most-valuable-stock-to-11th-behind-visa-in-10-months-647-billion-in-market-cap-vanish/ 32775 Wolf Richter@wolfofwolfst Jul 29American Consumers Are Tough: Inflation Eats Their Income, But No Problem, They Still Outspend Inflation. Though spending is slowly shifting back to services, consumers still binged on durable goods https://wolfstreet.com/2022/07/29/american-consumers-are-tough-inflation-eats-their-income-but-no-problem-they-still-outspend-inflation/ 2717 Wolf Richter@wolfofwolfst Jul 29Would be a Hoot If Regulators Cracked Down on Companies BEFORE They Freeze Customer Deposits & Cryptos and File for Bankruptcy. Bankrupt Voyager gets slapped with a cease-and-desist order from the Fed and the FDIC after it s way too latewolfstreet.comWould be a Hoot If Regulators Cracked Down on Companies BEFORE They Freeze Customer Deposits &...Bankrupt Voyager gets slapped with a cease-and-desist order from the Fed and the FDIC after it s way too late. 1420 Wolf Richter@wolfofwolfst Jul 28GDP Sunk by Plunge in Private Investment, Drop in Government Spending. Consumer Spending Rose Despite Raging Inflation. Consumers hung in there, amid strong labor market, sharply rising wages. But private investment plunged, incl -14% in residential https://wolfstreet.com/2022/07/28/gdp-sunk-by-plunge-in-private-investment-drop-in-government-spending-consumer-spending-rose-despite-raging-inflation/ 2520 Wolf Richter@wolfofwolfst Jul 27Powell Puts 75-Basis-Point Hike on Table for Sept, Fed Determined to Get Inflation Down, Come Heck or High Water: Most Hawkish FOMC Press Conference I Ever Watched. People at the lower income spectrum are suffering from high inflation : Powellwolfstreet.comPowell Puts 75-Basis-Point Hike on Table for Sept, Fed Determined to Get Inflation Down, Come... People at the lower income spectrum are suffering from high inflation : Seems Powell wants markets to come out of denial.1621 Wolf Richter@wolfofwolfst Jul 27Big Tech & Startups Getting Ready for Reality: Shedding People, Offices, and Warehouses. It s kind of sobering. Reality has that effect, after a drunken binge https://wolfstreet.com/2022/07/27/big-tech-startups-getting-ready-for-reality-shedding-people-offices-and-warehouses/ 413 Wolf Richter@wolfofwolfst Jul 27The Most Splendid Housing Bubbles in America, July Update: Whittling Down the Crazy Price Spikes. First Signs the juice is coming out, with several months lag https://wolfstreet.com/2022/07/26/the-most-splendid-housing-bubbles-in-america-july-update-whittling-down-the-crazy-price-spikes/ 12657 Wolf Richter@wolfofwolfst Jul 26Prices of New Houses Plunge, Sales Crater to Lockdown Levels, Inventories Pile Up to Highest since 2008. No folks, there is no housing shortage. There s over 9 months supply, highest since the Housing Bust. But prices are still way too high https://wolfstreet.com/2022/07/26/prices-of-new-houses-plunge-sales-crater-to-lockdown-level-inventories-pile-up-to-highest-since-2008/ 41966 Wolf Richter@wolfofwolfst Jul 26Walmart Raises Sales Outlook, Lowers Earnings Outlook, as Inflation Bites: Shares -10% Afterhours. Target, Amazon Sag. Food sales are hot, but some other merchandise, particularly apparel, requires markdowns to get moving.wolfstreet.comWalmart Raises Sales Outlook, Lowers Earnings Outlook, as Inflation Bites: Shares -10% Afterhours....Food sales are hot, but some other merchandise, particularly apparel, requires markdowns to get moving.1821 Wolf Richter@wolfofwolfst Jul 25Vacant New Condo Tower in San Francisco: Tentacles of China s Collapsing Property Developers Reach Deep into US Cities. As condo market goes south on you, you can try to sell the tower to an investor to convert to rental apartments. But that s tough toowolfstreet.comVacant New Condo Tower in San Francisco: Tentacles of China s Collapsing Property Developers Reach...As the condo market is going south on you, you can always try to sell the tower to an investor to convert to rental apartments. But that s tough too.1920 Wolf Richter@wolfofwolfst Jul 24THE WOLF STREET REPORT: Big Tech & Startups Getting Ready for Reality. Shedding jobs , offices, and warehouses. It s kind of sobering. Reality has that effect, after a drunken binge.wolfstreet.comTHE WOLF STREET REPORT: Big Tech & Startups Getting Ready for RealityShedding jobs, offices, and warehouses. It s kind of sobering. Reality has that effect, after a drunken binge.11325 Wolf Richter@wolfofwolfst Jul 23The Startup and Venture-Capital Barometer Plunges: Silicon Valley Bank Today v. Dotcom Bust. The startup and VC bubble is tied to a booming stock market, but stocks are unraveling, and that strangles the money flow https://wolfstreet.com/2022/07/22/the-silicon-valley-startup-and-venture-capital-barometer-plunges-silicon-valley-bank-svb-financial-today-v-dotcom-bust/ 1835 Wolf Richter@wolfofwolfst Jul 22US Natural Gas Prices Re-Spike, after the Big Plunge. Just when we thought the plunge in natural gas prices might take pressure off inflation, it starts all over again https://wolfstreet.com/2022/07/22/us-natural-gas-prices-re-spike-after-the-big-plunge/ 11326 Wolf Richter@wolfofwolfst Jul 21ECB Exits Negative Interest Rates, Hikes by 50 Bpts, Double its Promise, Bigger Hikes on Tap, Shows Off New Glue Gun to Prevent Sovereign Debt Crisis During Rate Hikes & QT. Raging inflation finally forces the ECB to abandon reckless and absurd policieswolfstreet.comECB Exits Negative Interest Rates, Hikes by 50 Bpts, Double its Promise, Bigger Hikes on Tap, Shows...Raging inflation finally forces the ECB to abandon its reckless and absurd monetary policies and turn hawkish.3827 Wolf Richter@wolfofwolfst Jul 21It Starts: Reverse Stock Splits for Collapsed SPACs & IPO Stocks. Bankruptcy for Others. Reverse stock splits keep them from getting delisted. But some didn t even get that far and filed for bankruptcy, like, WOW that was fastwolfstreet.comIt Starts: Reverse Stock Splits for Collapsed SPACs & IPO Stocks. Bankruptcy for OthersReverse stock splits keep them from getting delisted. But some didn t even get that far and filed for bankruptcy, like, WOW that was fast.1029 Wolf Richter@wolfofwolfst Jul 20Housing Bubble Woes: Sales of Homes Below $500K Plunge, Total Sales Drop to Lowest since Lockdown, Supply Jumps. The magic of ridiculously inflated home prices meeting moly-moly mortgage rates https://wolfstreet.com/2022/07/20/housing-bubble-woes-sales-of-homes-below-500k-plunge-total-sales-drop-to-lowest-since-lockdown-supply-suddenly-jumps/ 51341 Wolf Richter@wolfofwolfst Jul 19San Francisco Bay Area, Southern California Home Sales Crater, Prices Begin to Drop. California Pending Sales Collapse 40%. Year-over-year price declines are cropping up as the crazy California housing market normalizes amid holy-moly mortgage rateswolfstreet.comSan Francisco Bay Area, Southern California Home Sales Crater, Prices Begin to Drop. California...The first year-over-year price declines crop up as the crazy California housing market normalizes amid holy-moly mortgage rates.1829 Wolf Richter@wolfofwolfst Jul 19Leverage v. Stock Market Events : Margin Debt Plunged in June. Few took the warning seriously that margin debt issued last year.wolfstreet.comLeverage v. Stock Market Events : Margin Debt Plunged in JuneFew took the warning seriously that margin debt issued last year.1516 Wolf Richter@wolfofwolfst Jul 18Housing Bubble Getting Ready to Pop: Traffic of Prospective Buyers of New Houses Plunges, Homebuilders Cut Prices, Sentiment Dives. Homebuilder stocks have been wobbling lower all year, now down between 24% and 40% https://wolfstreet.com/2022/07/18/housing-bubble-getting-ready-to-pop-traffic-of-prospective-buyers-of-new-houses-plunges-homebuilders-cut-prices-sentiment-dives/ 42199 Wolf Richter@wolfofwolfst Jul 18Front Loading: Canada s Mortgage Rates & Housing Market amid Monster Rate Hikes. Over 50% of mortgage originations have been variable rate this year. Other mortgages are fixed rate typically for 2 to 5 years, after which they adjustwolfstreet.comFront Loading: Canada s Mortgage Rates Hit Housing Market amid Monster Rate HikesOver 50% of mortgage originations have been variable rate this year. Other mortgages are fixed rate typically for 2 to 5 years, after which they adjust.1913 Wolf Richter@wolfofwolfst Jul 18What Freight Volume and Freight Rates Say About the Shift of Consumer Spending from Goods to Services. Freight volume is down from the red-hot levels last year, but remains relatively high, after the grotesquely overstimulated demand last year https://wolfstreet.com/2022/07/18/what-freight-volume-and-freight-rates-say-about-the-shift-of-consumer-spending-from-goods-to-services/ 1224 Wolf Richter@wolfofwolfst Jul 16New Vehicle Inventory Stuck Near Record Low, Shortages Shift to Fuel-Efficient Cars, Prices Hit Record. But Used Vehicle Price Spike Runs out of Fuel amid Plenty of Supply. Still the strangest auto market ever. https://wolfstreet.com/2022/07/16/new-vehicle-inventory-stuck-near-record-low-shortages-shift-to-fuel-efficient-cars-prices-hit-record-but-used-vehicle-price-spike-runs-out-of-fuel-amid-plenty-of-supply/ 1931 Wolf Richter@wolfofwolfst Jul 15Americans Not in the Mood for a Recession: Splurging on Goods, Flocking to Restaurants. But inflation is eating everyone s lunch. https://wolfstreet.com/2022/07/15/americans-not-in-the-mood-for-a-recession-splurging-on-goods-flocking-to-restaurants/ 21346 Wolf Richter@wolfofwolfst Jul 15Large-scale Gasoline Demand Destruction Hits Sky-High Prices in Peak Driving Season: Gasoline Consumption Drops to July 1999 Level. Some demand destruction is behavioral, may bounce back; some is structural, growing, and long term: decline of an industry https://wolfstreet.com/2022/07/14/large-scale-gasoline-demand-destruction-hits-sky-high-prices-in-peak-driving-season-gasoline-consumption-drops-to-july-1999-level/ 21523