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Well, THIS isn't ominous or anything:
"Bank of England chief warns of ‘worrying echoes’ of 2008 financial crisis"
"Andrew Bailey says a close look is needed at the private credit market after collapse of two big US firms"
(The BoE is about as staid and dull as they can possibly be: this is the equivalent of them setting their beard on fire and running screaming through the marketplace.)
@grammasaurus Tuesday is the new Friday!
@cstross NOOOOOOO!!!
Or as Maxwell Smart used to say, “I told you not to tell me that”
@cstross Quite. They see their job as ‘promoting market confidence’ so much, that coming out with very mild notes usually means they want it on record that they saw it coming, and did their duty, etc.
All arse-saving bollocks, of course.
@cstross Even the holdouts are admitting it's a bubble. I think they knew that two years ago but were afraid to be the odd ones out. I wish they had, though. It could have prevented a lot of pain.
@cstross How much time until the “Private” in “Private Credit Market” becomes “Taxpayer’s”?
https://www.theguardian.com/us-news/2025/may/14/republican-budget-bill-ai-laws
"Koch Network funded a massive disinformation campaign lying about 'free markets' and 'deregulation', and bankrolled a felon into a presidency.
Free markets are now monopolies & price gouging cartels owned by the same billionaires who corrupted the courts.
Deregulation means kneecapping the NLRB, SEC, FEC, DOJ, IRS, CFPB, EPA, ... leaving crooks free to fraud.
1/
@cstross the AI bubble is worse than the sub prime bs, and the pattern is roughly dot com collapse but 40x worse...
@cstross it's like these banks didn't learn their lesson the first time (probably because a lot of them were bailed out, at least in the US) and because regulation in the US only applied to subprime *home* loans, and not subprime *auto* loans.
@cstross gold under the mattress time...
@cstross and they're only talking about the collapse of a very blatant fraud with lots of crime (First Brands,) and a shady sub-sub-subprime lender.
Because they REALLY do not want people to look at the securitized (remember THAT shit from '08?) auto loans and delinquency rates there. Which are not following interest rates.
And unlike houses, basically everyone has 1+ cars, which are depreciating assets.
With over $1.6T worth of outstanding balances.
@rootwyrm @cstross I think tricolor is an after effect of the pandemic.
The used car market went crazy in the first part of the decade due to the pandemic shortages contracting the new car market and causing bunch of people to buy used instead.
If the used market is back to normal and tricolor's books were still built around an absurd market, that could be the cause of their bankruptcy. Which could mean it's an isolated event or a canary or a first domino.
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