First a few excerpts from the WaPo: Federal government has dramatically expanded exposure to risky mortgages The federal government has dramatically expanded its exposure to risky mortgages, as federal officials over the past four years took steps that cleared the way for companies to issue loans that many borrowers might not be able to repay.…Taxpayers […]
On Saturday evening, Oct. 20, 1973, US President Richard Nixon ordered Attorney General Elliot Richardson, Deputy Attorney General William Ruckelhaus, and Solicitor General Robert Bork to fire independent special prosecutor Archibald Cox, resulting in the resignations of Richardson and Ruckelhaus and the dismissal of Cox. In the month after this so-called “Saturday Night Massacre,” the […]
Here is another monthly update on framing lumber prices. Lumber prices declined from the record highs in early 2018, and are now mostly unchnaged year-over-year. This graph shows two measures of lumber prices: 1) Framing Lumber from Random Lengths through Aug 16, 2019 (via NAHB), and 2) CME framing futures.
Black Knight released their Mortgage Monitor report for August today. According to Black Knight, 3.45% of mortgages were delinquent in August, down from 3.52% in August 2018. Black Knight also reported that 0.48% of mortgages were in the foreclosure process, down from 0.54% a year ago. This gives a total of 3.93% delinquent or in […]
According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market: “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” When potential homebuyers think they need a 20% down […]
I loved this from the Jersey Evening Post this morning: We’ve long known that! This was the home of the Sark Lark, for heaven’s sake. But now they’re just drunk, high or doing a bit of smuggling it would seem. Paradise, eh?
I share this post from the Tax Justice Network, published by them this morning, which shows (amongst other things) the value of country-by-country reporting, even at an early stage of data being available: The OECD’s highly anticipated proposal for reform of international tax rules will likely further intensify global inequalities and fail to curb rampant […]
In the light of my previous post on tax and modern monetary theory I thought it worth sharing again the podcast I made with John Christensen and Naomi Fowler of the Tax Justice Network on the subject of modern monetary theory, earlier this year. In the related post John said: For the tax justice movement […]
I had a paper published by the Real World Economic Review in the last few days. This is on modern monetary theory and taxation. The link is here: I would add that signing up to get access is not that straightforward in my experience, but that might just be me or my browser. The abstract […]
As the days – and even hours now – tick down towards Brexit deadlines there appears one obvious solution available to the EU that I have seen little talked about. It is very clear that Boris Johnson wants to leave the EU and blame Brussels for this happening. The reasons are readily apparent, with a […]
Over the past several months, I have been fielding more questions about the state of the BBB-rated bond market. (BBB is the lowest tier of investment grade.) As this credit cycle has lengthened, investors are concerned about the potential for a large amount of bonds being downgraded to junk, a status known as “fallen angels.” […]