While most asset managers have been growing increasingly skeptical and gloomy in recent weeks (despite a few ideological contrarian holdouts), joining the rising chorus of bank analysts including those of Citi, JPM, BofA and Goldman all urging clients to "go to cash", none have dared to commit the cardinal sin of actually predicting when the next crash will take place.
After years of fire and brimstone sermons, also known as the Bank of International Settlements' annual reports delivered with doom and gloomy aplomb by Jaime Caruana (the 2014 report, in which the BIS was shocked at how broken the market has become, was a particular favorite) who year after year warned about the adverse side-effects of central bank intervention, today the BIS released its most upbeat reports in years, in which it praised the recent rebound in global growth and predicted that GDP may soon revert to long-term average levels after the sharp improvement in sentiment over the pa
Last night we noted that yet another luxury condo at Manhattan’s One57 tower, a member of “Billionaire’s Row,” a group of high-end towers clustered along the southern edge of Central Park, had gone into foreclosure - the second in the span of a month. The 6,240-square-foot, full-floor penthouse in question, One57’s Apartment 79, sold for $50.9 million in December 2014, making it the eighth-priciest in the building and likely the largest residential foreclosure in Manhattan's history.
Authored by MN Gordon via EconomicPrism.com,
Dear Mr. Dudley,
Your recent remarks in the wake of last week’s FOMC statement were notably unhelpful.
In particular, your excuses for further rate hikes to prevent crashing unemployment and rising inflation stunk of rotten eggs.
Crashing Unemployment
Quite frankly, crashing unemployment is a construct that’s new to popular economic discourse, and a suspect one at that.
With tuition at private colleges routinely eclipsing the $60,000 mark, it’s more important than ever for recent graduates to settle in cities where circumstances allow them to start paying down their massive debt piles as quickly as possible.
That means a city with strong job offers, but where the cost of living isn’t so high as to siphon off a young worker’s earnings.