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Car Repos Soar 70% As Auto Subprime Bubble Pops; "It's Contained" Promises Fed

The auto loan subprime bubble may be the latest to burst (after student loans) as the rate of car repossessions jumped 70.2 percent in the second quarter, with much of that increase coming from finance companies not run by automakers, banks or credit unions. "The number of delinquencies and repossessions rising is what we would expect as the auto industry sells more vehicles," "But this slight uptick is one to keep an eye on." The surge in delinquencies and repossessions is being driven...

zerohedge.com

2 hrs ago

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zerohedge.com

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Russian Convoy Crosses Border, Enters Ukraine Customs

Reports are coming in that, following Russian ministry urging this morning that the humanitarian mission start as soon as possible (following ongoing Ukrainian attacks on Donetsk and Eastern Ukraine), that the white humanitarian trucks of the Russian convoy are crossing the border into Ukraine customs.

zerohedge.com

2 hrs ago

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zerohedge.com

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"Worst. Recovery. Ever." Except For Bankers

For most (practically all) Americans, this is officially the worst recovery ever. As we pointed out previously, wage growth has never been slower in a post World War II recovery. However, not everyone is hurting... *GOLDMAN SACHS SAID TO RAISE JUNIOR STAFF'S SALARIES ABOUT 20% This comes just weeks after Morgan Stanley announced it would raise junior banker salaries by 25%. It appears President Obama's hopes for 'fair, livable' minimum wage is being heeded by the banking community - good...

zerohedge.com

4 hrs ago

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zerohedge.com

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It's Official: For Caterpillar, The "Great Recovery" Is Now Worse Than The "Great Recession"

In October 2008, the month after Lehman failed and the Great Recession started, industrial bellwether Caterpillar underwent a series of 19 consecutive, record, declines in Global dealer retail sales declines, finally emerging from its unprecedented funk in May of 2010, just in time to celebrate the start of financial and economic Greece's collapse which ended with a sovereign default. Well, as of July 2014, that record is no longer valid, because starting with a -1% drop in Global retail sales...

zerohedge.com

4 hrs ago

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zerohedge.com

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GMO: "There Is No Safe Place To Hide"

"Today’s environment, however, is quite distinct, as seen in the chart below, where we lay out the GMO seven-year forecasts in a volatility (an imperfect shorthand for risk) versus return format for the traditional asset classes, or betas. This beta desert is so challenging because not only are there no asset classes that we believe are priced to deliver 5% real return (the red line), there is also no safe place to hide and wait (the green circle)." - GMO

zerohedge.com

57 mn ago

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zerohedge.com

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Russia Shuts Moscow McDonalds Due To "Sanitary Breaches"

Sanctions blowback? Russian food safety watchdog Rospotrebnadzor has ordered the closure of four McDonalds restaurants in Moscow, according to Reuters, due to "numerous sanitary breaches." *MOSCOW TEMPORARILY CLOSES SEVERAL MCDONALD'S RESTAURANTS This was not entirely a surprise since Russia had previously raised concerns over McDonalds cheese and was angered when the fast-food restaurant ceased operations in Crimea. This also comes on the heels of McDonalds problems in China and Japan over food...

zerohedge.com

3 hrs ago

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zerohedge.com

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President Obama To Explain Why We're Gonna Need Moar Airstrikes In Iraq - Live Feed

While it is not clear what President Obama will discuss this morning in his daily dictation; we suspect, on the heels of yesterday's gruesome American journalist beheading video from ISIS, that he will explain why 'humanitarian' airstrikes in Iraq will continue until morale improves. Perhaps he will re-dip his toe back into the ongoing Ferguson riots - noting his right hand man Holder is on the case? Or finally, perhaps he will opine on the surge in US stocks recently as proof America is beating...

zerohedge.com

2 hrs ago

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zerohedge.com

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The World Comments On Ferguson

You know you’ve lost the plot when Egypt, Iran, China and the United Nations all feel so comfortable they have the moral high ground that they publicly chastise the U.S. about events in Ferguson.

zerohedge.com

5 hrs ago

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zerohedge.com

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