Money
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Services Inflation Rages at Worst Rate since 1984, Keeps “Core PCE” (Fed’s Yardstick) in High Range. Energy & Goods Cool
Nearly two-thirds of consumer spending goes to services. That’s where the inflation action is.
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Population Drops Even More in California, San Francisco Bay Area, Coastal Southern California. San Francisco -8% from Peak! But 19 Inland Counties Grow
Where is demand for homes supposed to come from when the population keeps declining?
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How 3% Mortgages Altered the Housing Market for Years to Come: A Lot Smaller but More in Balance than it Seems, Hence Dropping Prices Despite Low Inventories
Lot of demand and supply gone in equal, with no net impact on inventory, but huge impact on sales, commissions,…
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Don’t Let the Headlines Fool You about a Tiny Month-to-Month Uptick in Pending Home Sales: Still -21% from a Year Ago, -25% from 2 & 3 Years Ago. Have a Look at the Chart
Spring selling season volume lowest since Housing Bust 1.
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The Most Splendid Housing Bubbles in America, March Update: Biggest Monthly Price Drops Now in Las Vegas, San Francisco, Seattle, Phoenix, Dallas, Denver
Double-digit drops from peak in San Francisco Bay Area, Seattle, San Diego, Phoenix, Las Vegas.
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Battle for Deposits: Tired of Getting Screwed by Banks, People Yank their Cash Out, Forcing Banks to Pay Higher Interest Rates. Treasury Yields Are a Mess Though
That’s how it should have been all along. But the Fed’s interest rate repression killed competition for deposits.
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FDIC Sells Much of Silicon Valley Bank to First-Citizens Bank. Total Cost of SVB Collapse to Deposit Insurance Fund: $20 Bn
Even collapsed banks have lots of assets that the FDIC sells to cover the costs to the Fund. Signature Bank…
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My Company Ended Up with Some Exposure to Silicon Valley Bank: I Warned about Monogamy’s Downside Years Ago
In 2011, I published an essay on the need for multiple banking relationships that hits the SVB coffin nail on…
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Free Money Turned Brains to Mush, Now Some Banks Fail
The Fed’s rate hikes and QT didn’t break anything except consensual hallucination.
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The Fed Should Be Fired as Bank Regulator. Powell’s Discussion of Silicon Valley Bank & Regulatory Failure Shows Why
The Fed is structurally too conflicted to regulate banks. The FDIC is not, but it needs tiger teeth to bite…
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