First Republic Zombie Bank Dismembered, Pieces Handed to JP Morgan, Uninsured Depositors Bailed Out. Stockholders, some Bondholders Bailed in. Cost to FDIC Fund: $13 Billion by Wolf Richter • May 1, 2023 • 135 Comments FDIC Board Member McKernan laments “our country’s bailout culture that privatizes gains while socializing losses.”
Remember the Lithium Shortage & Huge Price Spike? In the Four Months since, Lithium Collapsed 70% amid Talk of Lithium Glut by Wolf Richter • Apr 29, 2023 • 152 Comments Fits with Tesla’s big price cuts, aimed at internal-combustion-engine vehicles.
This Inflation is Stuck, Churns from Product to Product: Core PCE Price Index Moves Sideways for 9 Months, Stubbornly High Near 5%. To Top it Off, February Was Revised Higher by Wolf Richter • Apr 28, 2023 • 231 Comments It’s just not encouraging at all. Inflation is just shifting around.
Fed’s Balance Sheet Plunges $171 Billion in Five Weeks since Peak Bank Bailout as QT Continues and Liquidity Support Cools by Wolf Richter • Apr 27, 2023 • 156 Comments First Republic, is this you?
Spring Selling Season Already Goes to Heck, Pending Home Sales Plunge. Banking Crisis to Blame? by Wolf Richter • Apr 27, 2023 • 101 Comments A harbinger for closed sales in April and May.
Consumers, Governments Spent like Drunken Sailors in Q1. Private Investment Plunge & Inventory Change Dogged GDP by Wolf Richter • Apr 27, 2023 • 71 Comments Americans came out of their funk they’d been in late last year. They’re 70% of GDP. They blew money left and right; spending on durable goods spiked!
What Are We Going to Do with All these Unicorns? by Wolf Richter • Apr 26, 2023 • 91 Comments Another Easy-Money hangover.
And if the Most Clamored-for Recession Ever Fails to Appear? How a Higher Inflation Target Would Hit Markets, Banks’ Exposure to CRE, Blowups of Subprime Auto Dealers-Lenders… by Wolf Richter • Apr 26, 2023 • 61 Comments And other Goodies. Wolf Richter on This Week in Money.
The Most Splendid Housing Bubbles in America, April Update: Year-over-Year Price Drops Worsen in San Francisco, Seattle, San Diego, Portland, Las Vegas, Phoenix, Los Angeles, Denver by Wolf Richter • Apr 25, 2023 • 254 Comments Even Miami lost ground. Spring selling season is a dud so far. And the banking crisis hasn’t even made it into the data yet. That’s still to come.
First Republic Discloses it’s a Zombie by Wolf Richter • Apr 24, 2023 • 126 Comments Shares, after jumping 12% during the day in anticipation of something wonderful, plunged 22% after-hours, now within a hair of the low in March.
