Seattle House prices fall year-over-year, as do New York & San Francisco Bay Area condo prices. Los Angeles, San Diego tick up. Denver, Boston hit highs. Las Vegas, Miami, Phoenix aspire to the crazy peaks of Housing Bubble 1.
Murk everywhere. There isn’t even an agreement what “leveraged loans” are. No, banks are not off the hook. That was wrong too. They hold 57% of these instruments, the Bank of England found.
In 2013, I called Goldman Sachs a “snake-oil salesman” for underwriting a $1 billion J.C. Penney stock offering. Investors got wiped out. Now the longer-dated bonds, including a 100-year bond, have collapsed.
