How much have Americans received of the nearly $3 trillion the Fed printed since the financial crisis? The recipients included JPMorgan, now negotiating to settle its various mortgage scams for $11 billion; it made $53.2 billion in profits over the last three years. American consumers weren’t so lucky. And Wal-Mart shoppers have been hit the hardest.
Investors Of Japan’s Most Hated Corporation, TEPCO, To Be Bailed Out Forever
by Wolf Richter • • Comments Off on Investors Of Japan’s Most Hated Corporation, TEPCO, To Be Bailed Out Forever
TEPCO, owner of the Fukushima nuke, whose lackadaisical handling of the fiasco is a fiasco itself, was bailed out by taxpayers after the disaster. It got another bailout as the government decided to deal itself with the radioactive groundwater leaking into the ocean. TEPCO should be bankrupt. But to add insult to injury, the government said, let’s not hurt investors!
Any “Government Is Evil To A Certain Extent” – Russian Deputy Prime Minister Shuvalov About The Troubled Economy
by Wolf Richter • • Comments Off on Any “Government Is Evil To A Certain Extent” – Russian Deputy Prime Minister Shuvalov About The Troubled Economy
Global investors, whose money Russia needs to develop its economy, are staying away in droves. They have lots of reasons to just say no – political risks, judicial nightmares, legal bogs, corruption, an economy spiraling into a slowdown…. “There are questions about the future stability of the Russian economy,” said First Deputy PM Shuvalov. But he has a plan.
Whose Capital Will Get Destroyed? Wall Street Tries To Cash Out Of Newfangled “Asset Class”
by Wolf Richter • • Comments Off on Whose Capital Will Get Destroyed? Wall Street Tries To Cash Out Of Newfangled “Asset Class”
Oaktree Capital and Carrington Mortgage are trying to dump a portfolio of 500 single-family homes they’d bought out of foreclosure. They’re trying to get the heck out of the once hot buy-to-rent trade. Blackstone, which gobbled up 32,000 of these homes, is trying to get its money out. They all are. That trade is turning sour. Trouble in the housing market!
iPhone 5nSa
by Wolf Richter • • Comments Off on iPhone 5nSa
Mostly Cloudy With Occasional Drones In The Afternoon
by Wolf Richter • • Comments Off on Mostly Cloudy With Occasional Drones In The Afternoon
Marseille has a problem: “account settlements” – a guy machine-gunned at close range for a drug deal gone awry. So the city is getting drones to keep an eye on hot neighborhoods. It’s not the only city. One more element in how privacy is traded in for corporate profits, governmental controls, spookily personalized ads, and harebrained hype about security.
Was The Fed Scared Of This Graph?
by Wolf Richter • • Comments Off on Was The Fed Scared Of This Graph?
Trade Is Supposed To Save Japan, According To The Gospel Of Abenomics, But In Reality…
by Wolf Richter • • Comments Off on Trade Is Supposed To Save Japan, According To The Gospel Of Abenomics, But In Reality…
Trade is one of the aspects that Abenomics designated as critical. So the Bank of Japan has embarked on a radical money-printing program to devalue the yen and make exports more competitive. It would also render imports so expensive that buyers would cut back. The resulting trade surplus would save Japan. In theory. In reality, the opposite is happening.
Just Replace The Whole Kit And Caboodle With Asset Bubbles
by Wolf Richter • • Comments Off on Just Replace The Whole Kit And Caboodle With Asset Bubbles
Fed digs in its heels, refuses to taper, though it could still start later this year, soon-to-be-ex Chairman Bernanke said. It would continue doing exactly what hasn’t worked for five years, in the hope that even more of the same might finally do the trick, rather than admitting, tail between its legs, that all QE has done is create asset bubbles.
The Other Reason Why IBM Throws A Billion At Linux (With NSA- Designed Backdoor)
by Wolf Richter • • Comments Off on The Other Reason Why IBM Throws A Billion At Linux (With NSA- Designed Backdoor)
IBM announced today that it would throw another billion at Linux, the open-source operating system, to run its Power System servers. It may be making hay of the revelations that the NSA has roped in American tech companies to perfect a seamless spy network. Linux, being free of NSA influence, would be a huge competitive advantage for IBM. Or so it would seem.