We’ve seen this all before. Taking way too much risk. Highlighting the apparent dangers in the system and the obvious fact that this cannot be sustained. There’s no alternative to this. They need more yield, better returns. But bonds are practically worthless, so the mad scientists create products from garbage and attempt to call it modern art. Call it what you want, either way, it stinks.
Cerberus Is Repackaging Near-Junk CMBS Into Top-Rated Securities – Bloomberg
Mortgage: Ultra-Rich Use Giant Home Loans to Access Cheap Credit From Banks – Bloomberg
Zumper National Rent Report: October 2020
Expensive Markets Slide Further Expensive cities continued to decrease in rental prices last month, with yearly drops largely led by the nation’s seven most expensive cities: San Francisco; New York; Boston; San Jose; Oakland; Los Angeles; and Washington D.C. The growth rate in median 1-bed prices averaged -12.7% in these seven cities compared to -10.4% last month.
San Francisco one-bedroom rent dropped 20% from Sept. 2019 to 2020
Rent prices continued to plunge across the U.S. last month, with San Francisco leading the decline, according to data from Zumper, a real-estate start-up. The median rent for a one-bedroom apartment in San Francisco dropped more than 20% from a year ago, to $2,830, according to the report.
Department of Labor Acknowledges Bounced Checks, Says Affected Persons Should Redeposit
Residents earlier this week were reporting to the Consortium that unemployment insurance checks provided to them by the Dept. of Labor were worthless. One resident, whose check was for over $300, said he realized the check had bounced Tuesday. “People here suffering and you’re telling me they are sending out checks and don’t have any money in the account,” he said.
During pandemic, The Food Basket is serving 80,000 people a month | Hawaii Tribune-Herald
One year has made quite a difference for The Food Basket. This time last year, Hawaii Island’s food bank was providing assistance to about 14,000 individuals a month.
Texas Taxpayers Face $117 Billion Bill For Orphaned Oil Wells | OilPrice.com
The state of Texas and its taxpayers could be on the hook for paying up to US$117 billion for the cleaning-up of abandoned wells as a growing number of U.S. oil companies go bust, and the guarantees for paying for the cleanup cover only 1 percent of estimated costs, a report by climate finance think-tank Carbon Tracker showed on Thursday.
Cruise ship dismantling booms in Turkey after pandemic scuttles sector | Reuters
Business is booming at a sea dock in western Turkey, where five hulking cruise ships are being dismantled for scrap metal sales after the COVID-19 pandemic all but destroyed the industry, the head of a ship recyclers’ group said on Friday.
Regal Cinemas Likely Suspending Operations at All U.S. Locations – WSJ
The second-largest cinema chain in the U.S. is closing all of its locations nationwide after reopening in August, escalating the pandemic-driven crisis facing the entertainment industry. Cineworld Group PLC’s Regal Entertainment Group’s decision to suspend operations at its more than 500 locations this coming Thursday follows a cascade of postponements for big-budget Hollywood films, most recently the James Bond title “No Time to Die.”
AMC Entertainment to “Run Out of Liquidity” in 6 Months, Ratings Agency Warns | Hollywood Reporter
Debt ratings agency S&P Global Ratings has reduced AMC Entertainment Holding’s credit ratings on liquidity concerns as the impact on the mega-exhibitor’s theaters takes a toll on its available cash on hand.
Space bubbles ease New York restaurant troubles | Reuters
NEW YORK (Reuters) – Space bubbles are frothing up business at a New York bistro, offering fresh air in safe capsules on sidewalks for customers on guard against the coronavirus. The plastic tents, which take a minute to set up and take down, have become an attraction at Café du Soleil on Manhattan’s Upper West Side, especially as the weather gets colder and wetter in the fall.
Bear Robotics and SoftBank Robotics Group Announce New Food Service Robot | Business Wire
REDWOOD CITY, Calif.–()– Bear Robotics, a robotics and artificial intelligence company, and SoftBank Robotics Group, a leading robotics manufacturer and solutions provider, have collaborated to bring a new robot named Servi to the food service and hospitality field. This strategic partnership has brought together Bear Robotics’ unrivaled robotics technology and SoftBank Robotics Group’s vast experience in developing and commercializing service robots.
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
The real estate market has been rising along with equities. More people are buying homes. Debt, mortgages. We are at an all time record low for mortgage rates here in 2020.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.