Toronto's insane real-estate bubble is finally bursting

Toronto's crazy-insane property prices stayed high even through the 2008 crash and its aftermath, but sales volumes of houses of all types plummeted by 40.4% for July 2017-vs-July 2016, new listings are up by 5% over the same period -- and the average selling price has fallen by 19% since April. Read the rest

Crash ahoy! London real-estate prices stagnate

In a world of expensive urbanization where the spiraling cost of basic shelter has forced ever-more people into debt and fuelled a speculative global bubble of criminal money-launderers who use luxury housing as empty safe-deposit boxes in the sky, London is ground zero. Read the rest

Bloomberg: Middle-class Americans were "fleeced" by neoliberalism

Noah Smith (previously) writes in Bloomberg (!) about the "fleecing" of the Gen-X and Boomer middle class -- a class that is growing continuously smaller and poorer, thanks to "financial deregulation, tax cuts and a lax attitude toward consumer protection and antitrust." Read the rest

It used to take 3 years for a British family to save for a home down-payment; now it takes 20 years

The Resolution Foundation's Living Standards 2017 is an eye-opening look at the current state of the British experiment in allowing wealth inequality to expand without any check, to use a combination of austerity, the elimination of protection for tenants, reckless lending, offshore money-laundering and public subsidies for speculators to turn the human necessity of shelter into the nation's leading asset-class. Read the rest

China's capital controls are working, and that's bursting the global real-estate bubble

More news on the Chinese crackdown on money-laundering and its impact on the global property bubble: the controls the Chinese government has put on "capital outflows" (taking money out of China) are actually working, and there's been a mass exodus of Chinese property buyers from the market, with many abandoning six-figure down payments because they can't smuggle enough money out of the country to make the installment payments. Read the rest

Companies' self-devouring buyback spree is finally slowing down

Stock buybacks are the preferred form of financial engineering in corporate America, through which companies borrow like crazy and give the money to their shareholders, artificially increasing their earnings-per-share ratio, massively reducing real economic growth, while enriching a tiny number of already-wealthy investors: but buybacks may finally be coming to an end. Read the rest

Microsoft will buy Linkedin for $26.2B

The all-cash deal is expected to close by the end of the calendar year, and will be one of the largest acquisitions in tech business history. Read the rest