This chart shows how bank lending has quietly reshaped the credit world
Since 2015, loans to non depository financial institutions (NDFIs) basically private equity and private credit funds have skyrocketed nearly 300%, while everything else has barely moved. Consumer loans, commercial real estate, residential lending, all flat. The growth is almost entirely in one direction, banks lending to the lenders. Source: StockMarket.news
BREAKING: US national debt reaches new all-time high of $38 trillion.
Source: @CarlBMenger
Banks warning about private credit quality while funding its growth:
Wells Fargo: $60B lent to private credit BofA: $33B PNC: $30B JPM: $22B Total: Nearly $300B Weird to raise alarms about "cockroaches" when you’re the one feeding them... Source: Bloomberg, junkbondinvestor
Google Searches for Dollar "Debasement" soar to highest level in history 🚨🚨🚨
Source: Barchart
Senate Democrats on Monday rejected a GOP-led stopgap funding bill for the 11th time as the shutdown heads into its fourth week.
Senators voted 50-43 on the House-passed bill, which would fund the government through Nov. 21. Democratic Sen. Catherine Cortez Masto of Nevada and Independent Sen. Angus King of Maine were the only senators who broke rank to vote to advance the bill. Sen. John Fetterman (D-Penn.) did not vote. Senator Josh Hawley: "Since Democrats refuse to fund the government, I'm introducing legislation to reinstate SNAP benefits immediately. Source: Politico
🔴 The US government posted a $1.8 TRILLION (6% of GDP) budget deficit in Fiscal Year 2025, which ended in September.
This matches the 3rd-largest budget gap in HISTORY. Revenues hit $5.2 trillion while spending $7.0 trillion. Source: Global Markets Investor
Over the last 1 month, the US dollar has been more volatile than the S&P500.
As Goldman Sachs Brian Garrett notes, this has happened twice in the last 7 years (Dec 2023 and Jul 2025)... Source: zerohedge
Carlyle Group says the US job market is absolutely finished.
Source: Bloomberg, Spencer Hakimian
