158 search results for "wells fargo"

German Exporters Fire Warning Shot About Russia “Sanction-Spiral,” Banks At Risk

by Wolf Richter •  • Comments Off on German Exporters Fire Warning Shot About Russia “Sanction-Spiral,” Banks At Risk

It took a while. But it had to come, the public warning shot – after some ferocious lobbying behind closed doors. No one in Germany is allowed to get in the way of the sacrosanct exporters. The German economy, to the chagrin of neighboring countries, is based on them.

Cracks In The Tech Bubble (That Doesn’t Exist)

by Wolf Richter •  • Comments Off on Cracks In The Tech Bubble (That Doesn’t Exist)

It’s “a technology everyone is going to have,” said a Bay Area real estate broker as he explained why realtors use drones to shoot aerial videos of high-end properties. And it’s illegal. But no one is going to be able to stop it, he implied.

The Exquisitely Reengineered Frankenstein Housing Monster

by Wolf Richter •  • Comments Off on The Exquisitely Reengineered Frankenstein Housing Monster

It’s back, a new and improved contraption, a synthetic structured security that on its polished surface looks like that triple-A rated mortgage-backed toxic waste that helped blow up the banks and your 401(k) in 2008. But this time, it’s different. It’s even worse.

Housing Bubble 2.0 Hits Messy Resistance In California

by Wolf Richter •  • Comments Off on Housing Bubble 2.0 Hits Messy Resistance In California

The salary you must earn to be able to buy the median home in San Francisco is $125,071. That home costs $705,000 – up 24% from a year ago. San Francisco tops the list of the most unaffordable cities. Households earning the median income of $51,000, well, forget it.

Bernanke’s Delirious Praise For His Handiwork, The Concentration Of Power At the Top Banks

by Wolf Richter •  • Comments Off on Bernanke’s Delirious Praise For His Handiwork, The Concentration Of Power At the Top Banks

Bernanke wanted to reflect on the “accomplishments of the past eight years,” demolish the “sceptics” that still doubted the Fed was the best thing since sliced bread, and pat himself on the back. His policies “have helped promote the recovery,” he said. The “recovery” of what?

Financial Engineering Wildest Since The 2007 Bubble

by Wolf Richter •  • Comments Off on Financial Engineering Wildest Since The 2007 Bubble

Financial engineering had a glorious year. Now finally, after five years, the crazy fun is back, and the good thing is: this time, it’s different. This time, the smart money is selling!

“Confessions” Of A Master Of Revolving Door Between Wall Street And The Fed

by Wolf Richter •  • Comments Off on “Confessions” Of A Master Of Revolving Door Between Wall Street And The Fed

We’ve known it all along, but now a former Fed insider confirmed it. QE, despite the Fed’s relentless efforts “to spin it as a tool for helping Main Street,” was “the greatest backdoor Wall Street bailout of all time.” But it’s complicated. He’s a revolving-door Wall-Street banker.

On The Surface, There’s Nothing Perturbing In The Challenger Job Cut Report

by Wolf Richter •  • Comments Off on On The Surface, There’s Nothing Perturbing In The Challenger Job Cut Report

In terms of announced mass layoffs, 2013 is shaping up to be the best year since 1997. Overall, employers aren’t shedding lots of jobs. But glitter in some sectors covers up aggressive, permanent job destruction in other sectors – where the sky used to be the limit.

Why The Wall Street Casino Lives On

by David Stockman •  • Comments Off on Why The Wall Street Casino Lives On

David Stockman lashes out at the LBO of Extended Stay, a scam that made Blackstone billions, and saddled taxpayers with the detritus. It’s perhaps the most brilliant explanation ever as to why the Fed bailouts of Wall Street were an asinine idea that benefited the “0.0001%” but hurt everyone else, including taxpayers and the main-street economy.

Bubble Trouble: Record Junk Bond Issuance, A Barrage Of IPOs, “Out Of Whack” Valuations, And Grim Earnings Growth

by Wolf Richter •  • Comments Off on Bubble Trouble: Record Junk Bond Issuance, A Barrage Of IPOs, “Out Of Whack” Valuations, And Grim Earnings Growth

When Blackstone’s global head of private equity, Joseph Baratta, said Thursday night that “we” were “in the middle of an epic credit bubble,” the likes of which he hadn’t seen in his career, he knew whereof he spoke. Junk bond issuance hit an all-time record in September. IPOs are flying off the shelf. But earnings growth is grim – and plunging. What gives?