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Headwinds that are starting to assail deep structural flaws in the US and global economies form the basis for my 2017 economic forecast, which looks like an all-out economic crisis building throughout the world. Some of these headwinds are global; some more locally focused within the United States, but that which brings down the US economy wounds the world anyway. […]
As we enter 2017, housing bubbles are showing signs of bursting all over the world. I know I’ve been promising I would lay out the economic headwinds for 2017, but 2017’s headwinds are building so fast and furious that I’m having to break that promised article out into several articles, as I’m accumulating material faster than I have time to cover. […]
Since Trump’s election, the US stock market has climbed unstoppably along a remarkably steep path to round off at a teetering height. Is this the irrational exuberance that typically marks the last push before a perilous plunge, or is the market reaching escape velocity from the relentless gravity of the Great Recession?
The Federal Reserve is, at last, acknowledging at top levels that its economists are completely baffled, its recovery is failing, that the Fed cannot raise interest and may even have to heat up its stimulants … or we may end up with a permanently scarred and stagnant economy.
Here’s a scary chart. Over the past three years, U.S. housing prices have risen as quickly as they did when the Federal Reserve was fueling the housing bubble with cheap and easy credit. That blew up in a housing market collapse in 2007-2009. Prices are also nearing the same peak price as their earlier crash […]
Tiny Bubbles Make Me Warm All Over – European housing bubbles, student loan bubbles, even China bubbles
Actually, these bubbles aren’t tiny like the ones Don Ho sang about, and they don’t make me feel warm and fuzzy either. They’re great big bubbles that make me pop….
While the Obama’a administration touted the news of the largest class-action payoff since the $350 billion tobacco settlement, I say the payoffs by banks for their mortgage foreclosure fraud are the largest travesty of justice in history. The corks are popping and so are banker’s buttons over the feast they will celebrate tonight. See why […]
Apparently, experts never learn. Larry Summers writes: “The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.” (The Financial Post) What he really means is […]
The economy collapsed into a great recession because it was fundamentally flawed in the first place. The U.S. housing market, which underpinned the old economy, boomed because the government deregulated banks. The deregulation that began with Reagan widened under George Bush the First. It widened a little more under William Jefferson Clinton, and it broadened even further […]
During the winter of our discontent, which was January and February of 2008, the Bush administration fiddled as the U.S. was falling. While the Gurus of Government played happy music on their violins, singing that the economy was “fundamentally sound,” I was telling friends that we had entered a recession that had all the makings […]