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Wolf Richter
russian-banking-crisis-marketexpress-in

Russian Banking Crisis: 3rd Major Bank Topples in 4 months

It’s Friday, and another Russian bank gets taken over and most of its creditors get bailed out by the Central Bank, this time the 10th largest bank in Russia, Promsvyazbank – with the top six...

Global-Debt-Bubble-US-marketexpress-in

Whose Private-Sector Debt Will Implode Next: US, Canada, China, Eurozone, Japan?

The Financial Crisis in the US was a consequence of too much debt and too much risk, among numerous other factors, and the whole house of cards came down. Now, after eight years of experimental...

US-Used-cars-trucks-value-Manheim

What the Heck’s Going on With Used Cars and Trucks?

Manheim, the world’s largest wholesale auto-auction company, reported that prices of used vehicles that went through its auctions jumped again in October. Its Used Vehicle Value Index – which is adjusted for mix, mileage, and...

snap-marketexpress-in

How Can a Company Once Worth $30B Lose $443M on Just $208M in Revenues? Here’s How

Snap Inc., the parent company of Snapchat, reported late Tuesday that its revenues in the third quarter rose 62% from a year ago, to $208 million, while its net loss more than tripled to $443 million. How?...

housing-markets-north-america-marketexpress-in

The Most Unaffordable Housing Markets in North America

There are a lot of them. It’s called “crisis” for a reason. What is the most severely unaffordable housing market in North America as measured by local household incomes in relationship to local home prices?...

The Big Amazon Subsidy is Doomed

Amazon battled states for years to avoid having to collect sales taxes. Walmart was on the other side of the fight, along with state revenue offices. Walmart had to add sales taxes to all its...

equifax-marketexpress-in

Beware – the Equifax Scams Are Coming

OK, this had to happen. It’s not a surprise. It’s just a fact of life. We live in a world of scammers, and when there is a crisis, for them, here’s opportunity. There are scams and...

toys-r-us-bankruptcy-marketexpress-in

Brick & Mortar Meltdown: Toys R Us Hires Bankruptcy Law Firm

Brick-and-mortar retail meltdown strikes again – this time, Toys R Us. In what is a classic sign, the company has hired mega law firm Kirkland & Ellis, whose bankruptcy-and-restructuring practice is considered a leader in the now...

us-national-debt-ceiling-marketexpress-in

US Gross National Debt to Spike by $800 Billion in October?

“There is zero chance, no chance we won’t raise the debt ceiling,” swore Senate Majority Leader Mitch McConnell (R., Ky.) at an event in Louisville, Kentucky, on Monday. He who couldn’t get his Republican ducks...

US-rideshare-v-Taxis-rental-cars-for-business-travel-marketexpress-in

Uber, Lyft Mangle Rental Cars & Taxis. Other Sectors Next

Rideshare companies – mostly Uber, but now also Lyft elbowing into the scene – are changing the way business travelers look at ground transportation. In the process, these worker bees, who’re spending their company’s money,...

US-bankruptcies-consumer-2011-2017-06-marketexpress-in

Consumers and Businesses Buckle under their Debts

Commercial Chapter 11 bankruptcies – an effort to restructure the business, rather than liquidating it – jumped 16% year-over-year in June to 581 filings across the US. Total commercial bankruptcies of all types, by large...

Hong-Kong-Housing-Index-marketexpress

Hong Kong Warns: Its Housing Bubble is a “Dangerous Situation”

The HK financial system is “very strong” and “can withstand an adjustment in the property market.” The Hong Kong dollar is pegged to the US dollar. Hong Kong’s monetary policy is follows the Fed’s monetary...