Daily Digest

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Daily Digest 7/4 - Four Big Risks After Lehman, Personal Loans Surge to a Record High

Wednesday, July 4, 2018, 10:16 AM

Economy

Grand jury finds high risk in Santa Maria, Lompoc pension plans

The report said Santa Barbara County population was 148,677 in 2018, it had 15 pension plans in its system, a staff of 4,218, paid 49 percent of payroll in contributions and had $2.7 billion in accrued liabilities, almost $2.2 billion in assets market value and nearly $585.8 million in unfunded liabilities.

China Set for Record Defaults, and Downgrades Tip More Pain

China is zooming to a record year of corporate-bond defaults, with the 2018 total already more than three-quarters of the previous high even before an expected economic slowdown bites.

Personal Loans Surge to a Record High

Such rapid growth has some analysts concerned about the potential for increased losses in consumer credit as interest rates rise. Total household debt in the U.S. hit a new peak in the first quarter, according to the Federal Reserve Bank of New York. Dean Athanasia, who runs Bank of America Corp.’s consumer banking business, said this month his firm is keeping an eye on consumers “layering” debt by tapping multiple lenders.

Equifax Says Canadian Delinquencies Will Probably Rise This Year

Household credit has ballooned to unprecedented levels in Canada, as in many other developed countries, amid historically low interest rates.

10 Years After Lehman, Four Big Risks

First, as the Bank of International Settlements has repeatedly warned, there is a record level of indebtedness in the global economy. It is not just the amount of public and private debt which is worrying, but also the deterioration in average quality. There is now $63 trillion of sovereign debt outstanding, with total debt at $237 trillion, a full $70 trillion above pre-Lehman levels.

Golden Gate Bridge tolls rising, some drivers to pay $8

The increase is the last of a fare hikes scheduled over the last five years by the Golden Gate Bridge District, which maintains the span. The district is facing a $3.9 million deficit and officials said additional increases are likely.

Pasadena Unified eyes school closures amid budget shortfall

“Our big costs are structural,” he said, pointing to items like pension costs, which are on the rise in general. “They are largely outside the control of this board and the superintendent.”

Nassau 'rainy day' fund $69 million in the red

Nassau County's rainy day emergency fund had a deficit of $68.8 million at the end of 2017, "severely limiting" the county's ability to cover an "unexpected, catastrophic event," Comptroller Jack Schnirman said Monday.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/3/18

Provided daily by the Peak Prosperity Gold & Silver Group

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1 Comment

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4210
universal basic income in Italy

Italy Sticks With Budget Plan, Won't Be Cowed by Market Threat

Bloomberg-6 hours ago
Italy's new government will have both tax cuts and a universal basic income in its very first budget to show financial markets the coalition isn't backing down from ...

Italy to Start Sweeping Economic Program With Upcoming Budget

Bloomberg-8 hours ago
Italy's new government will have both tax cuts and a universal basic income in its very first budget to show financial markets the coalition isn't backing down from ...

 

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