The SPAC bust on Wall Street last year wiped billions of dollars from speculators’ accounts but made billions for SPACs’ executives and early investors, a Wall Street Journal investigation of more than 460 SPAC-related companies found.
Tag: U.S. economy
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ECONOMIC UPDATE – MARKET OVERVIEW
In the U.S., its service industry, which accounts for nearly 70 percent of Gross Domestic Product, fell from 51.9 in April to 50.3 in May, according to data released yesterday by the Institute for Supply Management’s non-manufacturing PMI. Barely in positive territory, a reading above 50 indicates growth.
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ECONOMIC UPDATE – MARKET OVERVIEW
In dumbed-down America, where nearly 45 percent of the people get what they call “news” from mainstream corporate TV and swallow the crap spewing out of the mouths of Presstitutes—media whores who get paid to put out by their corporate pimps and government whore masters—the vast majority have no clue of what in the world is going on.
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ECONOMIC UPDATE – MARKET OVERVIEW
Now here this, now here this: The Greatest Recession has begun and the banking crisis that Jamie Dimon of JPMorgan Chase said was over after the Feds made a sweetheart deal with him to buy out First Republic Bank will worsen.
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SPOTLIGHT: INFLATION
Last month, overall U.S. inflation came in at 4.9 percent. While it is the slowest since April 2021, it is still above the 2 percent Fed target rate. Inflation clocked in at 5 percent in March.
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ECONOMIC UPDATE – MARKET OVERVIEW
It’s a global economic freak show. Add up the numbers. Take a trip to Argentina. With inflation running at over 100 percent and its peso down 23 percent against the U.S. dollar, Argentina’s central banksters raised its key interest rate yesterday by six percentage points to 97 percent.
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ECONOMIC UPDATE—MARKET OVERVIEW
It’s a numbers game. And of course like most games, those dealing the cards can rig the game. Oh what wonderful news last week. With more jobs created than The Street anticipated, equity markets soared on the “news” that despite the Bankster Bandits raising interest rates for the 10th time in a row, nonfarm payrolls increased 253,000 for April.
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ECONOMIC UPDATE – MARKET OVERVIEW
The big news on The Street is that after yesterday’s collapse of First Republic Bank, the second largest bank failure in U.S. history which followed the third largest bank failure in U.S. history when Silicon Valley Bank went bust on 10 March—two days before the fourth largest bank failure in U.S. history when Signature Bank went under—is that Happy Days are Here again... and everything is just fine.
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SPOTLIGHT: OFFICE BUILDING BUST
The combination of the remote-work revolution and rising interest rates “could be worse than anything corporate landlords have experienced before,” The New York Times said in a 26 April analysis.
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ECONOMIC UPDATE – MARKET OVERVIEW
Last Friday, Moody’s Investors Service downgraded regional lenders, including U.S. Bancorp, Zions Bancorp, Bank of Hawaii Corp., Washington Federal Inc., Western Alliance Bancorp, Associated Banc-Corp., Comerica Inc., UMB Financial Corp., First Hawaiian Inc., Intrust Financial Corp., and First Republic.