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Not a good situation for the banks holding commercial property loans. Their collateral is falling in value as their borrowers have trouble repaying or refinancing their loans.
Yesterday, the major indexes rose; the bounce continues. But it won’t save the disruptors. They’re getting disrupted anyway. Bankman is bankrupt. Carvana crashed when used car prices went back to normal. Zillow, the real estate database, was wrecked when its algorithm failed to notice mortgage rates heading back to normal. Meme stocks — like GameStop — are being un-memed. And Beyond Meat — the turkey’s great hope — is almost beyond hope.
A lot of red on the screen last Thursday. The latest inflation readings were worse than expected. The Dow dropped 500 points. Remember, we’re only in the very first stage of what we believe will be a multistage disaster
What’s great about the US is that anyone can grow up to be president…or win a Nobel Prize.Donald Trump proved the first point. Now, Ben Bernanke has proved the second.
The great bubble distorted markets. It distorted the economy. It distorted politics and government. It distorted everything.