Subprime Auto Loans Take a Hit

Posted on March 5, 2015


by Wolf Richter Wells Fargo, which originated $30 billion in auto loans last year, has for the first time put a cap on subprime auto loans, limiting the dollar volume of subprime loan originations to 10% of its total auto loan originations. The New York Times reported that the bank, “according to people briefed on […]

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Two Secret Managed-Trade Treaties

Posted on March 3, 2015


by Don Quijones Already many key economic decisions affecting our lives are being taken and implemented in complete secrecy behind hermetically closed doors. In the negotiations for the Trans Pacific Partnership (TPP), a trade agreement between 12 nations including the U.S., Mexico, Canada, Australia, Japan, Singapore and New Zealand, an army of over 600 corporate […]

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A Large Order of Carnage. Hold the Mao.

Posted on March 3, 2015


By David Stockman It is almost certain now that we are at the threshold of crossing the Rubicon which will result in a crackup of the EU and the euro.  There are just too many centrifugal forces blowing apart this experiment, which was misbegotten from the very beginning. That will then catalyze a thundering global […]

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Tennessee Temple University: Its Demise Is Imminent

Written by Gary North on March 3, 2015


Once a private college goes below 500 students, it’s a candidate for bankruptcy. Tennessee Temple University, with 468 undergraduates, is a likely candidate. Falling below the 500-student on-campus threshold indicates that a school will not survive. Its enrollment peak was 4,000. The school now looks terminal. A student can earn a B.A. degree from an […]

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The FED’s Recovery: Tepid, at Best

Posted on February 28, 2015


By David Stockman The most important number in today’s Q4 GDP update was 2.3%. That’s the year/year change in real final sales from Q4 2013. As an analytical matter it means that the Great Slog continues with no sign of acceleration whatsoever. Indeed, the statistical truth of the matter is that this year’s result amounted to a slight deceleration—since […]

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Leonard Nemoy and I Went Way Back

Written by Gary North on February 28, 2015


Leonard Nimoy’s first film was Kid Monk Baroni (1952). Unlike you, I saw it. In a theater. In 1952. I was living in Denver. Every Saturday morning, I went to the movies: the Esquire theater. It cost 25 cents. I had to spend money to ride the bus to get there. I always bought a […]

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The FCC Is Toothless and Feckless

Written by Gary North on February 27, 2015

The Federal Communications Commission is yesterday’s regulatory system. It is bureaucratic. It is slow. Think of it as a dial-up modem. Any time that you read that the FCC is about to take over the Internet, keep things in perspective. Click this: Alternatively, think of the FCC as the Post Office. It can announce new […]

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Deflation? No. Inflation.

Written by Gary North on February 27, 2015


The media announced that the CPI was down 0.7% in January. Why? Falling oil prices. I pay little attention to the CPI. I watch the Median CPI, which is published by the Federal Reserve Bank of Cleveland. It is less volatile than the CPI. The Median CPI was up 0.2% in January. Year to year, […]

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