Credit Bubble Bulletin
Presented by Doug Noland since 2012
Credit Bubble Daily
[Politico] Trump clings to filibuster demand as shutdown drags on
[AP] What to know about the flight cancellations at US airports caused by the government shutdown
[AP] Republicans swat down Democratic offer to end shutdown as impasse continues into 38th day
[Axios] Trump scrambles for minerals to break dependence on China
[Yahoo/Bloomberg] Trump Orders DOJ to Probe Meatpackers as Beef Prices Soar
[Reuters] Trump says no US government official will attend G20 summit in South Africa
[Yahoo/Telegraph] Britain faces worst decade of growth in a century
[Bloomberg] How Affordability Became the Year’s Defining Political Issue
[Bloomberg] What Will Trump Buy Next? Hunt Is On for White House Stock Picks
[NYT] Debt Has Entered the A.I. Boom
[NYT] A.I. Isn’t the Only Thing Pushing Up Electricity Bills. (But It’s Mostly A.I.)
[WSJ] The Week the AI Boom Got a Reality Check on Wall Street
[FT] ‘A perfect storm’: how New York’s affordability crisis reshaped its politics
[FT] BlackRock to wind down fund that invested in failed car lender Tricolor
[FT] Non-bank lenders may be fair-weather friends
[FT] Corporate America posts best earnings in 4 years despite tariffs
[FT] The AI boom comes to America’s loneliest place
[Politico] Trump clings to filibuster demand as shutdown drags on
[AP] What to know about the flight cancellations at US airports caused by the government shutdown
[AP] Republicans swat down Democratic offer to end shutdown as impasse continues into 38th day
[Axios] Trump scrambles for minerals to break dependence on China
[Yahoo/Bloomberg] Trump Orders DOJ to Probe Meatpackers as Beef Prices Soar
[Reuters] Trump says no US government official will attend G20 summit in South Africa
[Yahoo/Telegraph] Britain faces worst decade of growth in a century
[Bloomberg] How Affordability Became the Year’s Defining Political Issue
[Bloomberg] What Will Trump Buy Next? Hunt Is On for White House Stock Picks
[NYT] Debt Has Entered the A.I. Boom
[NYT] A.I. Isn’t the Only Thing Pushing Up Electricity Bills. (But It’s Mostly A.I.)
[WSJ] The Week the AI Boom Got a Reality Check on Wall Street
[FT] ‘A perfect storm’: how New York’s affordability crisis reshaped its politics
[FT] BlackRock to wind down fund that invested in failed car lender Tricolor
[FT] Non-bank lenders may be fair-weather friends
[FT] Corporate America posts best earnings in 4 years despite tariffs
[FT] The AI boom comes to America’s loneliest place
[CNBC] Stocks fall Friday with tech shares weak again, Nasdaq headed for big weekly loss: Live updates
[Yahoo/Bloomberg] Stocks Face ‘Critical Tipping Point’ as Key Thresholds Tested
[AP] Travelers face cancellations and frustration as the FAA orders flight cuts due to the shutdown
[Reuters] Impact of US government shutdown far worse than expected, White House adviser says
[AP] ‘No hire’ job market leaves unemployed in limbo as threats to economy multiply
[Yahoo/Bloomberg] How New US Tariff Doubts Will Play Out Among Trade Partners
[Yahoo/Reuters] US to block Nvidia's sale of scaled-down AI chips to China, The Information reports
[Yahoo/Bloomberg] Fed’s December Rate Decision Won’t Come Easy, Even if Shutdown Ends Soon
[Yahoo/Reuters] Fed's Williams: Fed may soon need to expand balance sheet for liquidity needs
[Yahoo Finance] Fed’s Jefferson supported last week’s rate cut, but wants to move slowly on further cuts
[Axios] The affordability crisis, once Biden's, is now Trump's
[CNBC] China’s exports unexpectedly contract in October as shipments to U.S. drop 25%
[Yahoo/Reuters] Japan PM Takaichi fills panel posts with advocates of big spending
[AP] China seeks to project power far beyond its coast with the new Fujian aircraft carrier
[Axios] "Against humanity": World leaders slam Trump at COP30 climate summit
[Bloomberg] Jefferson Says Fed Should Proceed Slowly as It Nears Neutral
[Bloomberg] Fed’s Williams Says Bank Reserves Close to Key ‘Ample’ Level
[Bloomberg] US Shutdown Compounds Worst Year for Currency Trading Since 2005
[Bloomberg] Japan’s PM Takaichi Says Nation’s Economic Policy Has Changed
[Bloomberg] Ukraine Says Drones Hit Petrochemical Plant in Russia’s Urals
[NYT] The Fed’s Recent Rate Decisions Have Been Divisive. It Is Likely to Get Worse.
[NYT] Lawsuits Blame ChatGPT for Suicides and Harmful Delusions
[NYT] China Suspends Some Export Controls on Critical Minerals but Retains Others
[WSJ] Fed’s Williams Expects Central Bank to Return to Asset Purchases Soon
[WSJ] OpenAI CEO Says U.S. Shouldn’t Bail Out AI Companies
[WSJ] How the Lowly Soybean Got Trapped in the Crossfire of the U.S.-China Trade Wars
[FT] Tett: Beware the three Ls: leverage, liquidity and lunacy
[FT] Why American-style polarisation is spreading across the west
[CNBC] Stocks are steady as traders eye AI trade, Supreme Court on tariffs: Live updates
[AP] Shutdown progress in doubt as Democrats grow emboldened from election wins
[Reuters] Supreme Court's 'major questions' doctrine looms over fate of Trump's tariffs
[AP] Trump has other tariff options if the Supreme Court strikes down his worldwide import taxes
[CNBC] Job cuts in October hit highest level for the month in 22 years, Challenger says
[Axios] Why the AI executives are mad at their investors
[Yahoo/Bloomberg] Mamdani’s ‘Trump-Proofing NYC’ Campaign Sets Up Fight With White House
[Reuters] Bank of England holds rates in knife-edge vote that hints at December cut
[Reuters] Russia's Volgograd oil refinery halts operations after Ukrainian drone attack, sources say
[Bloomberg] The Fed’s New Patience Recognizes Reality
[Bloomberg] UBS Boss Is Right on Private Credit Rating Risks
[Bloomberg] The AI Bubble Has Sucked in France and Germany, Too
[Bloomberg] Ukraine Claims Drone Attack at Lukoil Oil Refinery in Russia
[NYT] What a Rough Day in Court Means for Trump’s Tariffs
[WSJ] U.S. to Reduce Flight Traffic by 10% at 40 Airports Because of Shutdown
[WSJ] A Justice-by-Justice Breakdown on Trump’s Tariffs
[WSJ] Employers Cut More Than a Million Jobs This Year
[WSJ] Economic Anger Once Again Punishes the Party in Power
[WSJ] AI Is Accelerating Tech Giants’ Dominance of the Ad Market
[WSJ] Trump’s Tariffs Are a Massive Money Grab. That’s Why They Are in Trouble.
[WSJ] Trump Expresses Reservations Over Strikes in Venezuela to Top Aides
[FT] Utah’s First Brands whale even leased the office furniture
[FT] US adds ‘poison pills’ to Asia trade pacts to counter China
[FT] Leverage creeps into gilts market as insurers seek to boost returns
[FT] Life insurer Brighthouse agrees to $4.1bn takeover by Aquarian
[FT] China borrows as cheaply as US in dollar bond market
[CNBC] Stocks are little changed, but AMD and some other tech stocks remain under pressure: Live updates
[Reuters] Futuristic quantum computing stocks take speculators on roller-coaster ride
[Reuters] World Economic Forum chief warns of three possible 'bubbles' in global economy
[CNBC] Private payrolls rose 42,000 in October, more than expected and countering labor market fears, ADP says
[Reuters] Supreme Court weighs legality of tariffs in major test of Trump's power
[AP] Voters prioritize the economy above immigration and crime in Election 2025, AP Voter Poll finds
[AP] Zohran Mamdani wins NYC mayor’s race, capping a stunning ascent
[Yahoo/Bloomberg] Democrats Score Biggest Wins Since Trump Returned as 2026 Looms
[Axios] How new Virginia, New Jersey governors will deal with energy
[Yahoo/Bloomberg] ‘Casino-Like’ Market Powers Robinhood to 450% Gain in Trump Era
[Yahoo/Bloomberg] China Services Gauge Extends Growth Streak Even as Economy Slows
[Axios] America's military might bears down on Venezuela
[Reuters] Wildfires, rising temperatures imperil northern hemisphere forests, UN says
[Bloomberg] Longest Shutdown Tests Air Travel, Federal Workers and Patience
[Bloomberg] Crypto Hit by Bitcoin Whales Dumping $45 Billion in Bets
[Bloomberg] US to Keep Note, Bond Sales Steady for at Least Several Quarters
[Bloomberg] Japan’s Nikkei Slumps Most Since April on Tech Valuation Worries
[Bloomberg] Private Equity Must Sell More Assets — at Whatever Price
[Bloomberg] Hedge Fund Wannabes Are Opting to Start With Just One Client
[WSJ] Lawmakers See Hope for Ending Record-Setting Shutdown
[WSJ] How China’s Chokehold on Drugs, Chips and More Threatens the U.S.
[FT] Blackstone’s alternative narratives
[CNBC] S&P 500 slides 1% on Palantir decline, rising concerns about AI stock valuations: Live updates
[Yahoo Finance] Bitcoin Slips Below $104K as Crypto Market Extends Losses
[Bloomberg] Bitcoin Falls to Lowest Since June as Risk-Off Mood Hits Crypto
[Yahoo/Bloomberg] Oil Tumbles Along With Equities as Market Weighs Glut Outlook
[Reuters] Asia stocks retreat from record highs on profit taking; US dollar gains
[Reuters] US government shutdown ties record, as congressional inaction takes toll
[Reuters] Goldman, Morgan Stanley CEOs warn of pullback in global equity markets
[The Hill] 5 things to watch as Supreme Court considers Trump’s tariffs
[Politico] What if Trump’s tariffs are illegal? It’s everybody’s problem.
[Reuters] Japan's factory activity falls at fastest pace in 19 months, PMI shows
[Reuters] Ukraine attacks petrochemical plant in Bashkortostan with drones, Russia says
[Bloomberg] The Fed’s Wait-and-See Approach to AI Can’t Last
[Bloomberg] First Brands Owner Wants Examiner to Expand Probe to Funders
[Bloomberg] Losses From Car Loan Fraud Soars Above Other Debt: Study
[Bloomberg] Why ‘Payment-In-Kind’ Debt Is So Appealing — and Risky
[Bloomberg] China Urges US to Avoid ‘Red Lines’ After Reaching Trade Truce
[Bloomberg] Amazon Says Berkshire Utility Failing to Power Data Centers
[Bloomberg] New World, Vanke Debt Moves Shake Up China’s Property Sector
[Bloomberg] South Korea’s Lee Puts AI Center Stage in First Budget Speech
[NYT] China Started Separating Its Economy From the West Years Ago
[WSJ] Wall Street Intensifies Scrutiny of Fraud After Spate of Loan Losses
[WSJ] First Brands’ New Management Accuses Founder Patrick James of Fraud
[WSJ] What Happened When Small-Town America Became Data-Center, U.S.A.
[FT] UBS chair warns of ‘looming systemic risk’ from private credit ratings
[FT] Apollo shrugs off rate fears with surge in private credit loans
[FT] How many ‘bragawatts’ have the hyperscalers announced so far?
[FT] Private equity investor body sounds alarm over rush of retail money
[FT] China offers tech giants cheap power to boost domestic AI chips
Q4 Review - 2023 Preview
Thursday, January 19, 2023 – 4:00pm Eastern / 2:00pm Mountain
David McAlvany
Doug Noland
Credit Bubble Weekly
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