Pity the rich: households earning more than $125,000 have seen their incomes and discretionary spending decline faster during the current economic malaise than those of households classified as low-income, according to Bank of America (BoA).
Category: 16 May 2023
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POTENTIAL HOMEBUYERS: LITTLE FOR SALE
Homeowners who might want to sell their houses feel trapped by the low interest rates they have on their mortgages and are unwilling to have to start a new mortgage with today’s far higher rates, The Wall Street Journal reported.
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HOME PRICES FALL IN ALMOST A THIRD OF U.S. CITIES IN FIRST QUARTER
In this year’s first quarter, home prices fell in 31 percent of the 221 metro areas monitored by the National Association of Realtors (NAR).
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INSURING U.S. TREASURIES AGAINST DEFAULT NOW COSTS MORE THAN FOR BRAZIL OR MEXICO
The price of credit default swaps, which insure holders against government default, are now more expensive for U.S. treasury securities than for the same protection in Brazil, Greece, or Mexico, Bloomberg reported.
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COVID-19 VACCINES ESSENTIALLY WORTHLESS WITHIN 9 MONTHS: STUDY
The COVID-19 vaccines that were sold during the COVID-19 War as the panacea for the outbreak with a 94–95 percent efficacy in preventing symptomatic infection.
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BUSINESS AS USUAL: SHUTDOWN OR NOT, THE POLICE STATE WILL CONTINUE TO FLOURISH
Once again, the police state is up to its old tricks, stoking tensions over whether or not the government is forced to shut down, even partially, due to a default on the national debt.
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RECESSION COULD THROW $1 TRILLION OF DEBT INTO DISTRESS
A U.S. recession would tighten the credit market and could throw more than 8 percent of corporate bonds—about $920 billion worth—into distress, the last step before default, according to a client note from Bank of America (BoA) analysts.
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THIS WEEK IN SURVEILLANCE
When Joe Biden claimed “White supremacy” was “the most dangerous terrorist threat” facing Americans during his speech at Howard University’s commencement proceedings this past week, he earned widespread scorn for stirring racial division.
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BLACKROCK ESG INVESTING GETS MORE STATE AG SCRUTINY
BlackRock is trying to grab large stakes in public utilities, even as it has pledged itself to radical ESG investing and carbon zero goals. That’s a problem, as a large group of state Attorney Generals see it, and this past week they filed a motion with FERC to challenge BlackRock’s attempts to buy up those stakes.
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MOVING TO ENERGY AND TECH THAT “ISN’T THERE”
There is no electric grid capacity in place to handle the radical energy transition that the Biden Administration, and state governors like Kathy Hochul are pushing via misnamed laws, mandates and regulations.