What we’re reading (8/7)
“A Trucking Giant Is Bankrupt, And Finger-Pointing Begins” (New York Times). “Yellow, one the largest trucking companies in the United States, is now in bankruptcy, three years after it got a $700 million federal loan meant to help it weather the pandemic’s upheaval. So why are rivals of the 99-year-old freight hauler doing just fine?”
“The Average Doctor In The U.S. Makes $350,000 A Year. Why?” (Washington Post). “‘I’d like to see an in-depth analysis of the effect of the government capping the number of residency spots and how it’s created an artificial ‘physician shortage’ even though we have thousands of talented and graduated doctors that can’t practice due to not enough residency spots,’ Bisaccia wrote.”
“Another Wall Street Bank Throws In The Towel On Their 2023 Recession Call” (Insider). “According to JPMorgan, economic growth still looks ‘solid’ for the third quarter of the year, and while recession risks are elevated for next year, there could still be a period of ‘modest, sub-par’ economic growth.”
“A Real-Estate Haven Turns Perilous With Roughly $1 Trillion Coming Due” (Wall Street Journal). “Apartment buildings, long considered a real-estate haven, are emerging as the next major trouble spot in the beleaguered commercial-property world. Investors bid up the prices of multifamily buildings for years, attracted by steadily rising rents and the prospect of outsize returns. Many took on too much debt, expecting they could raise rents fast enough to pay it down.”
“Bank Lending Standards Are The Toughest Since Lehman Brothers’ Collapse” (creditkarma). “Inflation is falling, the economy is strong, and the stock market rallied 20% in the first half. The market is in such high spirits it even shrugged off Fitch’s surprise downgrade of U.S. debt. Not bankers. According to data from the Fed’s latest senior loan officers survey, banks are holding their borrowers to the most stringent rules since the collapse of Lehman Brothers.”
