Eleven Months After Going Public via SPAC, Texas-Based Bitcoin Miner Core Scientific Files for Bankruptcy by Wolf Richter • Dec 22, 2022 • 134 Comments Consensual-hallucination stocks and crypto just keep on giving.
Home Sales Melt Down Nationally to Depths of Housing Bust 1. Prices -10% in 5 Months. Cash Buyers, Investors Massively Pull Back by Wolf Richter • Dec 21, 2022 • 115 Comments The seller-buyer standoff.
Fed Tightening Reduces Horrendous Wealth Disparity that QE and Interest Rate Repression Have Wrought: Fed Data by Wolf Richter • Dec 21, 2022 • 172 Comments The vast wealth of the top 1% households declined, the minuscule “wealth” of the bottom 50% increased a tad.
Bank of Japan, Last Holdout of “Free Money,” Begins to Tighten: Raises Cap of 10-Year Yield Peg, Paves Way for NIRP Exit by Wolf Richter • Dec 20, 2022 • 65 Comments Yen and 10-year yield spiked. BOJ cited bond market dysfunction, didn’t mention elephants in room: raging inflation & yen’s plunge.
San Francisco & Silicon Valley Housing Markets Puke Huge Price Drops, as Startups, Crypto, Tech, Social Media Make Total Mess by Wolf Richter • Dec 19, 2022 • 210 Comments In California overall, prices dropped year-over-year, as sales collapsed, supply more than doubled. No dear, this isn’t just a seasonal dip.
THE WOLF STREET REPORT: The Price of Easy Money Now Coming Due by Wolf Richter • Dec 18, 2022 • 188 Comments The Crazy Stuff & Asset Prices that arose during Easy Money are coming unglued as Easy Money ended.
The Most Splendid Housing Bubbles in Canada: December Update on a Housing Bust by Wolf Richter • Dec 16, 2022 • 109 Comments The ridiculous spikes, fueled by the Bank of Canada’s interest rate repression and QE, unwind metro by metro, some lightning fast, others more leisurely.
Ford Jacks Up Price of F-150 Lightning for 3rd Time since EV Incentives: What You Get for Subsidizing Products Already in Hot Demand & Short Supply by Wolf Richter • Dec 16, 2022 • 135 Comments Since the $7,500 EV incentives in the Inflation Reduction Act last August, Ford hiked the Lightning price by $16,000.
Stocks Open Eyes, See Fed Pivot Hawkish; ECB Hike into Recession, Start QT; BoE Hike into Recession; SNB Hike, Sell Foreign Currency Assets by Wolf Richter • Dec 15, 2022 • 149 Comments ECB’s assets drop by €800 billion. Mexico hiked too today, way ahead of the Fed, keeps peso from falling against USD.
Retail Sales Hit by Price Drops in Durable Goods, Gasoline. But Sales Rose where Prices Rose: Restaurants, Grocery & General Merchandise Stores by Wolf Richter • Dec 15, 2022 • 32 Comments Unwound less than half the big jump in October, zig-zagging higher, which is why one month doesn’t make a trend.
