Wolf Richter

The Last Two Times This Happened, The Stock Market Crashed

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It happened in 2000 and in 2007. With spectacular consequences. Now, it happened again. And hidden beneath the blue-chip highs, parts of the market are already crashing.

Housing in Six Cities in the West

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That’s how it always starts: with a deadly mix. Home sales are collapsing while inventories are soaring in six housing markets that had been white-hot just a few months ago.

Putin Parties With German Ex-Chancellor, Sanctions Be Damned

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Putin is a master at this game. Even as the sanction spiral is supposed to strangle his ambitions for the Ukraine, he set up a photo op of incomparable ingenuity. And his confidant, ex-Chancellor of Germany Gerhard Schröder stepped in it with gusto.

LEAKED: Draghi’s Sudden Switcheroo On QE

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It happened at a private meeting with top lawmakers in Germany during a two-day shindig.

Who Is Getting Crushed in This Bull Market?

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By now, this wondrous bull market constantly gets benchmarked against the dotcom bubble. It’s different this time, we’re told, even on NPR. But the wholesale destruction of financial assets has already started, one pocket at a time.

This Chart Is A True Picture of The Bank Credit Bubble In America, Now Bigger Than The Last One (Which Blew Up)

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For a while, rumor had it that banks weren’t lending, and that this was the reason the recovery has been so crummy. There was no demand for loans, and banks were too tight with their lending standards. Or so the story went.

Biggest Credit Bubble in History Runs Out Of Time

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Yield investors, driven to insanity by the Fed’s interest-rate repression, hold their noses and close their eyes to scrape up even the crappiest paper just to get a little extra yield. “On the way in, there’s insatiable demand.” Alas, “it’s going to be a disaster on the way out.”

Richest 200 Moguls Made $13.9 Billion Today

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Bernanke doesn’t regret any of the Fed’s actions, he said, except not explaining them to the people. They “really don’t understand why we did what we did,” he said. But there are a few people who do understand.