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Well, as predicted, here come the corporate insolvencies. "No sign of recession" some still say. Deary me. Talk about waiting for a car to hit you to know that it hurts. I have been saying for a few weeks now that interest rates will keep shooting up, and eventually, it is not mortgage borrowers we need to worry about, but the corporate markets.
https://www.ccmb.co.uk/showthread.ph...interest+rates
https://www.ccmb.co.uk/showthread.ph...=1#post5431826
Commercial real estate. Small companies going bust. Some big companies going bust. Shares. Private equity's bottom being smacked. Corporate credit being hit. Well, a few days ago, research from a major credit agency confirmed that in the US they have just recorded the worst amount of annual bankruptcies since the Great Financial Crisis.
https://www.spglobal.com/marketintel...-2010-76444770
Where the US goes, we will soon follow. And UK fixed rate mortgages now hitting 7%. I suspect the markets this week will continue their trajectory down, as the miserable news continues. Europe already in recession, US and UK soon following the dog lead.
Arse on the floor. Nipples pointing North.
Most bankruptcies in the US are private citizens who can't pay their medical bills. Restaurants and bars are packed. Tourism is booming. And the unemployment rate is 3.6%. The Dow Jones Industrial Average is at almost 34,000. 10,000 up in the last 5 years. If it goes tits up over there, it won't be our fault.
@cyril evans awaydays
Hey Cyril, can you confirm that any talk about a financial collapse is just another conspiracy theory? Thanks!
Where I work they've just announced redundancies due to external factors, haven't said how many specifically but I reckon about 15% of the work force.
I'm safe fortunately but feel really bad for my colleagues. The company I'm with are pretty great so it must be bad for them to do this.
I know you like code so is it blue when you are craving attention from me and red when I am draining and people should put me on ignore?Originally Posted by Wales-Bales
Anyway, enough of that. You seem to have found another doom-monger in chief to pin your hopes of financial catastrophe for the masses on. In this instance the website he references tracks back to 2010 and not 2007-08 as he so alarmingly professed.
It's also worth noting that pitching forward in the year of similar bankruptcies 2010 there was 2.7% GDP and between 1.5 and 2.5 in the following few years.
https://data.worldbank.org/indicator...G?locations=US
The economic conditions around inflation are different this time but what is clear is that corporate bankruptcies alone are no indicator of financial collapse.
And Biden had the cheek to criticise Trussenomics
California feeling the effects of Bidenomics too
California Democrat Rep. Barbara Lee nukes "Bidenomics":
— RNC Research (@RNCResearch) July 9, 2023
"Job growth and wages have not kept up with the cost of living ... people cannot afford to continue to live here because the cost of living is so high." pic.twitter.com/6DjLzbK4ME
"Jobs and wages not keeping up with the cost of living?"
How is that possible? The cause for that is the UK government who have no control over Californian politics. Weird
been out in the west coast of America for a few weeks now and the cost of living is insane
lots of people mostly youngsters are getting out of California and moving to nearby states what I,m seeing
renting of apartments / flats are way out of reach for the majority and owning anything is impossible for most
you will own nothing and be happy ................
Perhaps it's all relative. So when Californians think they are suffering it's because they have wage inflation of 5% but real inflation is marginally higher and jobs growth is at 4% whilst in the UK wage inflation is at 6.5% against an inflation rate of 8.7% and a jobs growth of barely half that!
Explain Bidenomics, Mozz and what are your biggest issues with it? I have seen some slogans like build from the bottom up and the middle out but I have no idea what that means. It sound different to Trump and Truss giving massive tax breaks to the rich and hoping it trickles down but what is your big beef other than you love the Don?
Starting point is a bit different though. I don't have the stats to hand but I would guess that UK wages for median income and below haven't kept up with inflation for the best part of 20 years now, you might not mind being 40% poorer than people were 20 years ago but I don't think its a great thing. Granted there are some areas in the USA with astronomical living costs but for the majority in stable work, they have significantly more disposable income.
Bidenomics, happy to help, the replies
For all of you wondering “What is Bidenomics?”
— Karine Jean-Pierre (@PressSec) July 10, 2023
13.2 million jobs created.
Unemployment has remained below 4% for the longest stretch since the 1960s.
Inflation cut in half.
Almost 800k manufacturing jobs created.
There’s your answer.
Cocaine at the White housewadda you rekon reckon then Cills any clues ?
apparently old bill are stuck and doesn't think the culprit will be caught
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