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After the worst Christmas Eve in the history of the stock market, the Santa Clause rally came late. Markets bounced back in the short trading week after Christmas. The Dow started with a 1,000-plus point gain, then dropped nearly 600 points the next day, before rallying late to close in the green. The rally had […]
Pending home sales hit the lowest level in nearly five years in November, a sign that the US housing market will continue to get uglier in the near future. Not too long ago, we reported that the air was starting to come out of housing bubble 2.0. As just one example, home sales in California hit […]
What can we do when the federal government exceeds its constitutional authority? Thomas Jefferson answered that question in 1798. He said, “nullification is the rightful remedy.” But what in the world is nullification? And how do you do it?
How are you weathering the great government shutdown of 2018? We’re in day seven now. It’s been tough here in Lexington. I’m pretty sure I saw some kid setting up an unauthorized lemonade stand. I’m not sure we will survive the plague that’s sure to follow without the FDA to put a lid on such things.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
We often criticize the Federal Reserve for its three rounds of quantitative easing. Coupled with artificially low interest rates, Fed QE stimulus — essentially money creation –pumped up all kinds of asset bubbles. Now that the US central bank is trying to tighten, we’re beginning to see the air seep out of those bubbles. But […]
Student loan debt has grown to over $1.5 trillion. And that just accounts for loans held by Federal Student Aid. It doesn’t include private loans. Meanwhile, the Department of Education says 43% of those government-backed loans are considered “in distress.” In a speech last month, Education Secretary Betsy DeVos put the current level of student […]
Between Christmas 2017 and Christmas 2018, the US government added a staggering $1,370,760,684,441.54 to the national debt, according to Treasury Department figures. If you split that up between all American, your share of Uncle Sam’s 2018 spending spree comes to about $4,178.10. Merry Christmas! You’re welcome.
There was no Santa Clause rally on Christmas Eve. Instead, US stock markets continued to tank. The Dow Jones dropped 653 points. The S&P 500 fell another 2.7% and officially entered into bear territory. It was the worst Christmas Eve’s on Wall Street in history. The Washington Post put it in stark terms. By the […]
As WolfStreet put it, the $1.3 billion leveraged loan market has come unglued. “Leveraged loans” are made to firms already deeply in debt. Think subprime loans for corporations. As with any risky loan, they could be difficult to either collect or resell in a downturn, putting both the borrower and lender at risk.
