Bidenomics? Existing Home Sales Crash -19% YoY In June, 23rd Straight Month Of Negative Growth (Median Price Falls To -1.16% YoY) Inventory For Sale STILL MIA

US existing home sales crashed by -19% in June, the 23rd consecutive month of declines.

At least the median price of existing home sales is decreasing as Fed stimultypto vanishes. Just like inventory for sale has vanished.

The face of Bidenomics, code for Federal government reckless green spending. And Biden family members receiving over $10 million from foreign agents.

Shot Through The Heart (Of The Economy)? US Debt UP By Same Amount In Last 4 Years Than It Did In First 221 Years (Minsky Moment When $192 TRILLION In Unfunded Liabilities Hits The Fan

Shot through the heart (of the economy), and they’re to blame. The Fed and Congress give government a bad name.

When I see the faces of Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell, all I think of is …. the Minsky Moment brigade!

From Zero debt in 1776 to $21 trillion in 1997 and just in the last 4 years, debt has gone up by that same $21 trillion. This graph shows the debt explosion, a 63x increase.

And then we have Congress promising >$192 trillion in entitlements (wealth transfers) that will likley be added to the already >$32 trillion in Federal debt.

Bidenomics Strikes! US Housing Starts 1-unit Plunges -7.4% YoY In June For 14th Straight Month Of Declines (Multifamily Starts Down -11.56% From May To June, Permits Down -13.52%)

Bidenomics strikes! Or as Klaus Schwab and the World Economic Forum sing “I’m going to make (the US) mine!”

Despite the open borders where millions of low wage workers and parasites pour across into the US, we still see 1-unit housing starts plunged -7.4% YoY in June as The Fed continues tightening.

Multifamily starts actually fell worse than 1 unit starts. 5+ unit starts were down -11.56% MoM. Multfamily permits were down -13.52%.

And it just isn’t little girls that Biden is creepy about (like the family member we all keep our kids away from), Biden is creepy towards adult women too! These guys, like most normal people, aren’t digging Old Joe’s creepiness.

The Fed’s Minsky Moment! Even Top 1% Of Net Worth Is Lower With Fed Tightening (US Industrial Production YoY Goes Negative)

The Federal Reserve, an organization that even George Orwell would find outrageous, is a Minsky Moment Machine!

A Minsky Moment refers to the onset of a market collapse brought on by the reckless speculative activity that defines an unsustainable bullish period. Minsky Moment crises generally occur because investors, engaging in excessively aggressive speculation, take on additional credit risk during bull markets.

And since Covid and the Great Monetary Expansion to fight it helped creates massive inflation and helps the 1% get wealthier and wealthier. BUT as M2 Money growth slows, the 1% are losing their position as top dogs in the economy. Not by much (see pink circle), but a little.

And The Federal Reserve helps create the monetary expansion through low rate policies, fueling credit and asset bubble expansion. Greenspan, Bernanke and Yellen were the masters at creating a Minsky Moment (named after Hymen Minsky, the late Washington University of St Louis economist).

Then we have the latest bit of bad news. US Industrial Production year-over-year of -0.43% as M2 Money growth evaporates.

After The Fed’s insertion of massive monetary in 2008, continued stimulus until the second massive stimulus burst in 2020, unfunded liabilities of pension funds have worsened. Another possible Minsky Moment created by the Kafkaesque Fed. Kafedesque??

The Fed’s Powell: Let’s play a game … and make the 1% even wealthier!!!

The Fed. The beauty of failure. When the economy starts failing, The Fed goes wild.

Alarm! The Global Credit Correction Is Here! US Gross Domestic Income Shrinking Awfully Fast As Liquidity Evaporates

Alarm!

The global credit correction has arrived. Or as Bill Paxton said in Twister, “It’s already here!”

The question is, how far into the economy will it extend?

US Gross Domestic Income YoY is still growing strong at 4.5%, but shrinking really fast as Fed monetary stimulypto wears off.

S&P Global Ratings’ Credit Cycle Indicator – forward-looking measure of credit conditions—shows that the momentum of the correction continues.

Source: S&P Global Ratings

Speaking of cycles … I give you the ultimate cycle killer, the US Federal Reserve.

Used Electric Vehicle Prices Crashing As Fed Pushes Auto Loan Rates Above 7% (60M Auto Loan Rates Up 74.4% Under Bidenomics)

Yes, one of the cornerstones of Bidenomics is the massive expansion of (impractical) electric vehicles (or EVs). You know, those mondo expensive cars that run out of power after a couple of hundred miles requiring a lengthy recharge (kind of makes long distance trips the domain of Internal Combustion Engine (ICE) cars.

But as Biden/Congress spent trillions on green energy (massive subsidies for anything green), we noticed that 1) inflation hit 40 year highs and 2) The Fed intervened to raise rates. So, now we see that 60-month auto loan rates are now around 7.36%, up 74.4% under “Middle Class Joe.”

And we see used EV prices collapsing like a week-old soufflé.

Speaking of green energy fraud, here is the leader of the green energy fraud movement, John F’ing Kerry. Aka, Heinz Planes Grifter.

Powell’d! Interest Expenses Soar At Big Banks As Fed Tightens Money (The Fed Is Playing A Game)

What screams may come! Actually, the aftermath of excessive monetary policies under Bernanke, Yellen and Powell are coming home to bit the big banks.

Interest expenses at big US banks are rising much more quickly than interest income. Across the six largest US banks, interest expenses are set to climb to roughly $78.7 billion from $15.5 billion in the same period last year.

There is still $8.3 Trillion in monetary stimulus sloshing around the monetary system.

The Fed played a game. And is still playing!!

Bidenomics! Nationwide Spike In Family Homelessness, UP 37.6% YoY (NYC Homeless Rate UP 66.4% YoY, Chicago UP 82.2%!)

Wasting away again in Bidenville, looking for my lost economy.

In June, the White House revealed a new public relations campaign called “Bidenomics” to define President Biden’s economic agenda ahead of the 2024 presidential election cycle.

“I don’t know what the hell that is, but it’s working,” Biden stated at a June 17 rally in Philadelphia, begging the question, is it actually working?

NO!!!!

Americans, particularly middle-class ones, have been crushed in the inflation storm. They’ve been battered by two years of negative real wage growth, forcing many to quickly draw down on savings while using credit cards in a high-interest-rate environment to make ends meet.

Washington DC saw a spike of 30% YoY in homelessness. Chicago at 82.2% YoY!

Bidenomics, a marketing ploy to sell trillions in monetary and fiscal stimulus for green nonsense. Highly directed, not bottom-up (or middle-out?) as Biden gloats.

New Bidenomics slogan! We helped move families from polluting houses into the fresh air and sunshine!!! Win, win! Living La Vida Bidenomics!

There Goes The Economy! US Producer Prices Approach Deflation With 0.1% Annual Rise (US Dollar Down -8.2% Since Sept ’22 As Fed Tightens The Noose) Silver UP >2% Today!

There goes the economy!

As The Federal Reserve is poised to continue it inflation-fighting crusade, the US economy is rapdily approaching DEFLATION. US Producer Price Index FINAL DEMAND fell to 0.1% YoY in June.

Bidenomics, the combination of insane monetary stimulus and insane directed Federal spending towards going green at all costs, is running out of steam. M2 Money growth was last measured to be -4% YoY and the US Dollar is down -8.2% since September 2022.

The good news? Silver is up over 2% today!

And Bitcoin is up almost a percent today.

Speaking of the Biden White House ….

Core Inflation Cools To 4.8% In June >2x Target, REAL Wage Growth Finally Goes Positive (1.2% YoY) While RENT Inflation Still Roaring At 8% YoY (Taylor Rule Now Implies A Fed Target Rate Of 10.42%)

As M2 Money growth has stalled, we are seeing inflation cool a bit. Core inflation YoY is now down to 4.8% (still >2x Fed target).

The good news? REAL average hourly earnings YoY is finally positive for the second time under Bidenomics. It is now 1.2% YoY. Too bad rent CPI, typically the largest expense for Americans, is still up 8% YoY.

The Taylor Rule, given 4.8% core inflation, gives us a Fed Funds Target rate of 10.42%. So, yes, it looks like Powell and the Gang have more work to do.