Independent thinking for complex markets and current events
California will be bankrupt by 2030. If you’re expecting a state pension, it is at risk. If you don’t believe it, check Grok or Gemini and explore how California politicians changed the reporting rules on your pension so they could hide how underwater it is. The middle class citizens of California will soon be asked …
Only in Canada does the party that governed over a decade of unprecedented economic ineptitude get rewarded for a fourth term in office. Less a case of there being a fresh face with Mark Carney, who previously served on the sidelines as Justin Trudeau’s external economic advisor,… — David Rosenberg (@EconguyRosie) April 29, 2025 In …
In early March, U.S. banks faced substantial unrealized losses, ominous figures hinting at potential disaster. At the end of 2022, these losses hit $1.7 trillion, nearly matching the total equity of U.S. banks, which stood at $2.1 trillion. Rising interest rates slashed the value of assets like U.S. Treasuries and mortgage-backed securities, mainstays in bank …
Here's an interesting trend: More than 60% of US federal spending is now deemed as "mandatory." This is more than DOUBLE the amount deemed as mandatory in the 1960s. Meanwhile, interest expense now accounts for 11% of the budget and is expected to reach 14% by 2029. In… pic.twitter.com/GqG2npgBT9 — The Kobeissi Letter (@KobeissiLetter) April …