PPCC: Pisitófilos Creditófagos. Invierno 2025

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13820971/03/26/la-gran-contradiccion-laboral-de-pedro-sanchez-el-40-del-empleo-publico-creado-desde-que-gobierna-es-temporal.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13820782/03/26/la-inspeccion-de-trabajo-afloro-122146-empleos-irregulares-en-2025-y-recupero-mas-de-51-millones-en-sueldos-no-abonados.html

https://www.europapress.es/economia/laboral-00346/noticia-cuatro-cada-diez-empresas-preven-aumentar-plantilla-largo-2026-infojobs-20260217172807.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13821479/03/26/la-paradoja-de-la-vivienda-nueva-precios-un-17-por-encima-de-la-burbuja-y-compraventas-en-minimos.html

https://www.europapress.es/economia/noticia-31-espanoles-tiene-dificultades-asumir-gastos-basicos-hogar-mutua-propietarios-20260312154605.html

https://www.infobae.com/america/agencias/2026/03/12/espana-dejo-a-finlandia-en-enero-como-unico-pais-de-ocde-con-un-paro-de-al-menos-el-10/

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13821032/03/26/la-oferta-de-alquileres-se-desploma-en-las-zonas-declaradas-tensionadas-segun-idealista.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/legal/noticias/13820145/03/26/hacienda-incrementara-las-inspecciones-a-la-vivienda-el-alquiler-turistico-los-influencers-y-la-ley-beckham.html

Saludos.

[el malo]

He estado pensando en las conversaciones de estos días en el foro, hablando de la guerra, de los costes infladísimos de occidente, de la burocracia, de las mordidas, etc.

He recordado la historia del Merkava, el tanque israelí. Tras la guerra con Siria, donde Israel perdió muchísimos tanques y tripulaciones, se le encargó a un general que desarrollara la nueva generación de tanques. Tenían que ofrecer mucha protección a la tripulación, ser rápidos y baratos de reparar y poder rodar por el terreno durísimo de la región. El resultado fue el Merkava, que ha ido evolucionando con los aprendizajes de cada batalla.

Hay muchas cosas que me gustan de Israel. Seguro que tienen sus corruptelas políticas. De su "política exterior" no digo nada porque no puedo estar más en desacuerdo, pero sí me gusta como optimizan sus recursos para todo. Un país de 10 millones de habitantes que puede desarrollar tecnología puntera, construir  tanques de última generación por la mitad de precio o menos que un equivalente europeo o americano (no entro en cuál es superior, hablo de todos los tanques de la misma generación), y esa percepción (que será real o no, pero yo lo percibo así) de que el bien común parece estar por encima del enriquecimiento individual.

En España a la gran mayoría de nuestros políticos durante el COVID literalmente se la sudaba bloquear mascarilas para la población porque no eran "las suyas", por las que se llevaban una comisión muy jugosa. Lo peor es que lo asumimos como normal y no llegó a pasar nada realmente gordo (en un momento de supuesta emergencia nacional).

A pesar de los ánimos de asustadísimos estoy muy desmotivado con nuestra Europa burocrática y regulatoria. Creo que todo funcionaría muchísimo mejor con una cuarta parte de la burocracia y sanciones muy severas para los que se la salten.

[Derby]

https://breakingthenews.net/Article/Hegseth:-Mojtaba-Khamenei-wounded-likely-disfigured/65869322

Hegseth: Mojtaba Khamenei wounded, likely disfigured

United States Defense Secretary Pete Hegseth said on Friday that Iran's new Supreme Leader Ayatollah Mojtaba Khamenei is wounded and "likely disfigured," adding that he is "on the run" and lacks legitimacy.

"We know the new, so-called not-so-supreme leader is wounded and likely disfigured. He put out a statement yesterday, a weak one, actually, but there was no voice, and there was no video," Hegseth said during a press briefing. "He is scared, he's injured, he's on the run, and he lacks legitimacy. It's a mess for them. Who's in charge? Iran may not even know," he added.

The secretary noted that the US will "keep pressing, keep pushing, and keep advancing," adding that Iran's military capabilities are "crumbling" with every passing hour.

[Benzino Napaloni]

He estado pensando en las conversaciones de estos días en el foro, hablando de la guerra, de los costes infladísimos de occidente, de la burocracia, de las mordidas, etc.

He recordado la historia del Merkava, el tanque israelí. Tras la guerra con Siria, donde Israel perdió muchísimos tanques y tripulaciones, se le encargó a un general que desarrollara la nueva generación de tanques. Tenían que ofrecer mucha protección a la tripulación, ser rápidos y baratos de reparar y poder rodar por el terreno durísimo de la región. El resultado fue el Merkava, que ha ido evolucionando con los aprendizajes de cada batalla.

Hay muchas cosas que me gustan de Israel. Seguro que tienen sus corruptelas políticas. De su "política exterior" no digo nada porque no puedo estar más en desacuerdo, pero sí me gusta como optimizan sus recursos para todo. Un país de 10 millones de habitantes que puede desarrollar tecnología puntera, construir  tanques de última generación por la mitad de precio o menos que un equivalente europeo o americano (no entro en cuál es superior, hablo de todos los tanques de la misma generación), y esa percepción (que será real o no, pero yo lo percibo así) de que el bien común parece estar por encima del enriquecimiento individual.

En España a la gran mayoría de nuestros políticos durante el COVID literalmente se la sudaba bloquear mascarilas para la población porque no eran "las suyas", por las que se llevaban una comisión muy jugosa. Lo peor es que lo asumimos como normal y no llegó a pasar nada realmente gordo (en un momento de supuesta emergencia nacional).

A pesar de los ánimos de asustadísimos estoy muy desmotivado con nuestra Europa burocrática y regulatoria. Creo que todo funcionaría muchísimo mejor con una cuarta parte de la burocracia y sanciones muy severas para los que se la salten.

Después de todo, la política del décimo hombre puede ser real después de todo. Spoiler para quien quiera ver Guerra Mundial Z.

(click to show/hide)

En un momento de la película se sabe que Israel es de los pocos países, por no decir el único, que se blindó a tiempo contra los zombies. El que recibe al prota le explica. Con los nazis no se esperaban que ocurriese el Holocausto. En la guerra del Yom Kippur los árabes casi les echan al mar. Decidieron hacer un cambio.

Cada vez que tenían que analizar una amenaza había un comité de diez sabios. Si nueve de ellos llegaban a la misma conclusión, el décimo estaba obligado a disentir por muy absurda o disparatada que pareciese la alternativa. Interceptaron un telegrama de la India diciendo que el ejército luchaba contra los Rakshasa. Una palabra que se podía traducir como caníbales o como zombies. El Décimo Hombre tuvo que decidir que cuando hablaban de zombies, hablaban literalmente de zombies.

Otras virtudes no tendrán, pero supervivientes, los israelíes como nadie. No hay mejor servicio secreto que el Mossad.

[sudden and sharp]

Es todo bastante evidente:

https://www.abc.es/internacional/trump-purgado-pentagono-criticos-golpear-iran-20260311040129-nt.html







-----

Israel, sinceramente, no sé qué pinta en todo esto.

Shal9m!

[asustadísimos]

[Aviso de edición importante de la ficha...
https://www.transicionestructural.net/index.php?topic=2638.msg256921#msg256921
(«El anglo, con tanto 'equity', acaba no sabiendo que es el Capital»)
... para añadir el concepto no contable de 'bienes de capital', que es un pilar de la estafa del Ladrillo.]


[Diecisieteporculización preapocalíptica:
https://www.transicionestructural.net/index.php?topic=2638.msg256932#msg256932
https://www.eleconomista.es/vivienda-inmobiliario/noticias/13821479/03/26/la-paradoja-de-la-vivienda-nueva-precios-un-17-por-encima-de-la-burbuja-y-compraventas-en-minimos.html
«La paradoja de la vivienda nueva: precios un 17% por encima de la 'burbuja' y compraventas en mínimos».

Esta paradoja es un indicador buenísimo del inminente cambio de tendencia: el volumen, divorciado de la tendencia de los precios. En la teoría de Dow, 'volume goes with the trend' o 'volume confirms the trend' o, mejor, 'price shows the direction, volume shows the conviction'.]

[CHOSEN]

[...]
Esta paradoja
[...]

Lo del 17 es una cosa que si la cuento, nadie (fuera de este foro) la creería.
Es completamente surrealista. 
Y vuelven. Y vuelven.
PALILAIA

[Derby]

https://www.yahoo.com/news/articles/trump-signs-executive-orders-aimed-191959956.html

Trump signs executive orders aimed at addressing home affordability concerns ahead of midterms


FILE - A housing development in Cranberry Township, Pa., is seen on March 29, 2024. (AP Photo/Gene J. Puskar, File) (ASSOCIATED PRESS)

WASHINGTON (AP) — President Donald Trump on Friday signed a pair of executive orders aimed at showing his commitment to improving home affordability — a key issue for many voters going into November’s election for control of the House and Senate.

Under the first order, the federal government would reduce its own housing regulatory burdens and create incentives for best practices by state and local governments, with the goal of making it easier for builders to construct more homes. The second order would reduce the regulatory burdens tied to mortgages and make it easier for smaller community banks to provide home loans.

“Layers of unnecessary regulatory barriers, slow permitting processes, and onerous mandates at all levels of government have delayed construction, restricted development, and driven up the costs of new housing,” said a draft of the order. "These constraints have made housing less affordable for many Americans."

The executive orders — obtained exclusively by The Associated Press — show how the Trump administration is seeking to put more of a policy emphasis on the importance of home ownership. Housing affordability has emerged as a fundamental political challenge for Republicans and Democrats alike, with lawmakers working on measures to show they’re responding to concerns that buying a first home has become difficult for middle-class families.

On Thursday, the Senate passed a broad bipartisan bill on housing, which seeks to adjust policies to increase construction and limit institutional ownership of home development. The measure's status path in the House is uncertain. The White House said in a March 2 statement that it supported passage of the measure.

It's unclear how quickly federal efforts can generate new construction or meaningfully reduce mortgage costs, as the key regulatory issues on home development involve state and local government policy choices and mortgage rates will reflect changes in financial markets.

The multiyear shortage of construction has kept prices high, while mortgage rates spiking in the aftermath of the pandemic have left many renters unable to buy and existing owners unwilling to part with their current properties.

The orders cut environmental regulations and simplify the mortgage process

Under the first order signed Friday by Trump, federal agencies would create incentives to speed up permitting times by state and local government, including the curtailing of “green” building codes, reductions to design and building mandates and making it easier to deploy innovative construction methods.

The order looks heavily at federal environmental regulations, directing the EPA and secretary of the Army to review and update stormwater, wetlands and other water-related permitting requirements to reduce costs and improve the ability to insure homes.

The departments of Commerce, Housing and Urban Development and Transportation, along with the Federal Housing Finance Agency, are instructed to eliminate regulations and update programs that are reducing residential development. Multiple federal agencies would also seek to eliminate environmental and energy efficiency regulations that could increase costs and restrict home construction.

White House officials said the Biden-era energy efficiency mandates in HUD and Agriculture departments' guidelines could add up to $9,000 to housing construction costs. The officials requested anonymity to outline the details of the orders before their signing, saying that other federal regulations would add even more for participants.

The Advisory Council on Historic Preservation would simplify its guidance for historic reviews, while the federal government would seek to have its New Markets Tax Credit program align with the Opportunity Zone tax breaks created during Trump's first term.

The order does not seek to change state and local zoning codes, as the administration has sought to preserve suburban housing rather than increase housing density.

The White House officials said federal agencies can incorporate best practices on housing regulations as a criteria for rewarding discretionary grants to state and local governments. One example of a best practice would be local governments having a 60-day deadline for approving building permits. The administration sees this order as having a longer term effect for homebuilders and buyers.

The second order would aim to streamline the mortgage process, directing the Consumer Financial Protection Bureau to change its mortgage guidelines so that smaller banks could engage in more lending. The CFPB would update the requirements under the Home Mortgage Disclosure Act to lessen the regulatory burdens for obtaining a mortgage, among other directives.

The administration's theory is that the changes to mortgage regulations would increase the number of financial institutions competing to provide home loans, thus reducing the cost of borrowing for buyers. The White House maintains that its changes would preserve the financial safety and stability of the mortgage market.

The White House officials expect that potential homebuyers could see the impact of the changes to mortgage regulations in a matter of months.

GOP election fortunes could be hurt by elevated home prices

High home prices have emerged as a key issue for voters under the age of 40 going into this fall's midterm elections.

The median price of an existing home sold in February was $398,000, according to the National Association of Realtors. That total is nearly five times the median household income. A historic rule of thumb was that homes generally cost three times the household income.

The average 30-year mortgage rate in February was 6.05%, down from 6.84% a year ago, the National Association of Realtors said as part of its sales data.

The reduction in borrowing costs has made monthly payments more manageable, but rates are still much higher than the sub-3% averages that occurred in 2020 and 2021 as the weakened economy dealt with the coronavirus pandemic and its aftermath.

Trump has primarily sought to address the challenge of home affordability by directing the two mortgage companies under government control, Fannie Mae and Freddie Mac, to purchase $200 billion in mortgage bonds.

He has also called for limiting the ability of financial institutions to buy homes and caps on the interest rates paid on credit cards, arguing that both moves would make it easier to buy homes.

But the president has previously pushed back against the idea of dramatically increasing construction, saying that doing so could bring down home prices and the net worth of existing owners. That has him trying to balance his desire to keep prices rising while also finding ways to boost ownership for people who are now renting.

“People that own their homes, we’re going to keep them wealthy,” Trump said at his January Cabinet meeting. “We’re going to keep those prices up. We’re not going to destroy the value of their homes so that somebody that didn’t work very hard can buy a home.”

[asustadísimos]

[Derby]

https://www.benzinga.com/markets/tech/26/03/51256652/meta-may-cut-20-of-workforce-as-mark-zuckerberg-doubles-down-on-costly-ai-push-and-data-center-spend

Meta May Cut 20% Of Workforce As Mark Zuckerberg Doubles Down On Costly AI Push And Data Center Spending: Report

Meta Platforms, Inc. (NASDAQ:META) is reportedly weighing layoffs that could affect as much as one-fifth of its workforce as CEO Mark Zuckerberg ramps up spending on artificial intelligence and data center infrastructure.

A timeline for the potential layoffs has not been finalized, and the final scale of the cuts remains undecided, Reuters reported on Friday, citing people familiar with the matter.

Meta did not immediately respond to Benzinga's request for comments.

Executives have reportedly begun informing senior leaders to start preparing plans for possible reductions.

In a statement to Reuters, a Meta spokesperson described the report as "speculative reporting about theoretical approaches."

If implemented, a reduction of that magnitude would mark Meta's largest workforce cut since its 2022–2023 restructuring, when the company eliminated more than 21,000 jobs during what Zuckerberg called the "year of efficiency."

Meta had about 79,000 employees as of Dec. 31, according to its latest filings.

AI Spending Driving Cost Cuts

The potential layoffs come as Meta sharply increases investment in AI.

The company plans to spend about $600 billion on data center infrastructure by 2028 and has been offering lucrative compensation packages to recruit leading AI researchers for a new superintelligence team.

Meta's move mirrors a wider trend among major U.S. companies.

In January, Amazon.com, Inc. (NASDAQ:AMZN) confirmed plans to cut about 16,000 jobs, roughly 10% of its workforce.

Last month, fintech firm Block Inc. (NYSE:XYZ) eliminated nearly half of its staff, with CEO Jack Dorsey pointing to AI tools and their growing ability to help companies operate with smaller teams.

Price Action: Shares of Meta closed Friday down 3.83% at $613.71. It slipped another 0.45% to $610.96 in after-hours trading, according to Benzinga Pro.

Benzinga Edge Stock Rankings indicate that Meta is showing weakness across the short, medium, and long-term trends, although the company's Quality score ranks in the 89th percentile.

[Derby]

https://www.ft.com/content/080d60c0-b1a0-4f45-8ade-05ccfc260ff6

Private credit has half the ingredients of a financial crisis

Worries arise that valuations shown on balance sheets don’t match reality


Tech lender Silicon Valley Bank in 2023 was confronted with online depositors trying to get their cash back over fears its bond holdings had fallen in value © Bloomberg

One after another, private credit funds are reporting that customers are trying to whip out their money. Is it the beginning of a financial crisis? One way to answer that is to look at the last time finance diced with disaster: the panic around US midsized banks in 2023. There are common features, and some reassuring differences.

Financial crises typically have two main features: runs, and contagion. The 2023 mini-crisis started with a run. Tech lender Silicon Valley Bank was confronted with an online mob of depositors trying to get their cash back over fears its bond holdings had fallen in value. Regulators were forced to take the bank over.

Private credit needn’t worry about a chaotic customer-led unwinding. Funds such as Blue Owl Capital Corp II, Cliffwater’s Corporate Lending Fund and Morgan Stanley’s North Haven Private Income Fund come with limits on how much clients can pull out in a given period. They are designed expressly to pre-empt an arterial haemorrhage.

Contagion, though, is a risk — and is already happening. Back in 2023, investors and depositors started to zoom in on other banks that vaguely resembled SVB, and then shifted focus to those with large amounts of commercial real estate lending. More lenders failed.

In private credit too, investors are nervously scanning for funds similar to those facing withdrawal requests. The “gates” that prevent runs may, perversely, speed contagion. As former Pimco chief Mohamed El-Erian said this week, “If you can’t sell what you want, you sell what you can”. Quotas on redemptions incentivise investors to ask for more than they want.

Since gated funds are built to buckle but not break, even this creeping fear poses little threat of systemic mayhem. But it may lead investors to shun private credit more broadly and starve some borrowers of their financial lifeblood. Software companies, for example, need to refinance $40bn of debt in 2028, economists at Apollo Global Management warn. Non-bank lending is a growth engine for midsized companies; if it slows, so do they.



The other potential danger is financial institutions ending up with losses if credit funds’ assets fall in value. Truist Securities analysts reckon 10 per cent of loans at banks they cover were to “non-depository financial institutions” at the end of 2025. Some insurers, who hold large amounts of private credit as long-term investments, may also find their balance sheets filled with holes.

Ultimately both private credit and 2023’s crisis start from the same place: the worry that valuations shown on balance sheets don’t match reality. Banks restored confidence by being more transparent about their exposure to the riskiest kinds of debt, such as loans to office buildings. Falling interest rates helped calm nerves too. The share of commercial property loans written off by US banks peaked at less than 0.3 per cent in mid-2024.

It’s harder to see private credit having such a happy ending. For those whose assets are solid, sunlight might help. Some vehicles give line-by-line detail, whereas others are more vague. Apollo says it wants to update the value of private credit holdings daily, though doesn’t yet do so. If some funds start selling loans at cut prices, transparency will come the hard way. JPMorgan has already marked down holdings of some private lenders it counts as clients.

That might be the biggest difference between then and now. Banks’ main challenge in 2023 was to convince investors their assets were fairly valued.  Private credit funds’ looming task is to admit that they’re not.