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Washington, DC Has The Highest Share Of Renters In America, Nearly Double National Average

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Washington, DC Has The Highest Share Of Renters In America, Nearly Double National Average

About one in three U.S. households rents, a ratio that has stayed surprisingly steady over the past six decades.

But with mortgage rates soaring from 2.7% in 2020 to almost 7% today – and home prices continuing to climb – the share of renters has edged up.

Today, it takes $121,400 to afford a typical home, or 43% higher than the average salary.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows the share of Americans renting versus owning by state, based on data from the U.S. Census Bureau.

A Closer Look at Renting vs. Owning in America

As the table below shows, states with the highest share of renters are found in states with high costs of living, led by Washington, D.C. and New York.

Despite residents of Washington, D.C. having the highest average hourly wages nationally— reaching $51.30 in real terms—the number of renters far surpasses that of homeowners.

As a result of limited housing supply, it has one of the most competitive rental markets in the country. High home prices, and an influx of out-of-state residents, notably New York City and Boston, are further putting strain on renters.

Meanwhile, 45.7% of people in New York rent, ranking in second. In the Big Apple, the average monthly rent is $4,100 for a one-bedroom apartment in 2025, rising 22% in the past five years.

California (44.2%), Nevada (39.9%), and North Dakota (38.8%) round out the top five states by share of renters.

In contrast, West Virginia has the smallest share of renters across states, at just 24.5%. Supporting home ownership is its affordability, with the median home sale price standing at $225,506 in Q2 2025, significantly lower than the national median of $410,800.

To learn more about this topic, check out this graphic on rent prices in America by state.

Tyler Durden
Tue, 12/09/2025 – 19:40

Aussie Data Centers Could Swallow 40 Million Litres Of Water Per Day, That’s About 80,000 Households

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Aussie Data Centers Could Swallow 40 Million Litres Of Water Per Day, That’s About 80,000 Households

Authored by Jerry Zhu via The Epoch Times (emphasis ours),

Australia’s utility industry warns the country’s current water supply is not enough to accommodate the explosive growth of data centres and artificial intelligence (AI).

A photo of the Global Switch data centre in Ultimo of Sydney, Australia taken on May 9, 2025. Courtesy of Kevin Lee

The Water Services Association of Australia (WSAA), the nation’s peak water body, says data centre developers are seeking about 5 to 40 million litres of water per day to cool down their facilities.

That’s the equivalent of 70,000 to 80,000 households or 16 Olympic-sized swimming pools.

Data centres, which store information for governments to businesses, cycle water through their facilities to cool down servers and prevent overheating.

However, the development of AI, which has much higher computational power, storage, as well as electricity needs, is also driving up the base requirements of data centres.

In fact, the WSAA estimates that by 2030, data centres in Sydney alone are estimated to use 10.5 billion litres a year (1.9 percent of Sydney Water’s supply).

By 2035, this is expected to balloon to 90 billion litres a year, the equivalent of 15 to 20 percent of supply.

Sydney is arguably the tech capital of Australia with 90 data centres currently in the state of New South Wales (NSW), followed by 40 in Victoria. Future data centre developments could be much larger and energy-intensive, the report says.

Adam Lovell, executive director of WSAA, stressed the need for Australia to plan its water use carefully.

“Australia is well positioned to become a global data centre hub, and that needn’t be at the expense of our water resources,” Lovell said.

“The key is to help the sector become smart water users.

“We have a history in Australia of developing innovative solutions to make sure industrial users through to residential consumers have reliable access to water supplies.”

The report contained five recommendations, including implementing efficiency standards, recycling water, more transparency by publishing metric on water and energy use, early collaboration between data centres and water utilities, and creating new frameworks for developments.

Greens MP Airs Concerns About Data Centre Water Needs

Abigail Boyd, Greens MP of the NSW Legislative Council, raised concerns about data centre water use in late November.

“The latest Independent Pricing and Regulatory Tribunal [IPART] determination for Sydney water prices notes that Sydney Water estimates that the water needs of data centres may be up to 250 megalitres per day by 2035 to fuel the explosion of artificial intelligence products,” she said during Question Time in NSW Parliament.

“That would be almost 20 percent of Sydney Water’s total water usage being consumed by data centres …” she said (pdf).

“What is the minister doing to advocate for a more responsible approach to artificial intelligence and data centre development so that new infrastructure, like water connections, is appropriately prioritised towards housing and is not fuelling the latest tech bubble?”

In response, Rose Jackson, Labor minister of water and housing, said Sydney Water had not prioritised capital investment for data centres and that housing targets were the priority.

“The government is having collaborative conversations with Sydney Water and energy providers because some of the pressures that the member has identified in relation to water also relate to energy and ensuring that New South Wales is open for business and supporting the future economic needs of the tech sector,” Jackson said.

“We want New South Wales to be a place where investment occurs so that we are at the cutting edge of emergent technology, and we can take advantage of it,” she added.

“Sydney Water is exploring a number of innovative opportunities to ensure that data centre development can be supported without putting pressure on the prioritised capital delivery for housing,” the minister said, noting that the water needs of data centres could also change as technology improves.

Federal and state ministers are expected to discuss the country’s growing water demands in Brisbane on Dec. 12 amid the government’s newly released artificial intelligence plan.

Tyler Durden
Tue, 12/09/2025 – 19:15

“Godless Demons”: Teen Commits Suicide After “Sextortion” As International Crime Ring Targets American Children

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“Godless Demons”: Teen Commits Suicide After “Sextortion” As International Crime Ring Targets American Children

Federal authorities are investigating the death of a 15-year-old West Virginia boy as part of a broader examination into sextortion networks that have increasingly targeted American teenagers, resulting in what experts describe as a national crisis of online predation, the New York Post reported.

Bryce Tate, 15

Bryce Tate, a student at Nitro High School in Cross Lanes, was discovered dead in his home on November 6 from a self-inflicted gunshot wound. The tragedy unfolded roughly three hours after he began communicating with someone who contacted him via text message around 4:30 p.m.

His father, Adam Tate, has concluded that his son fell victim to a sophisticated extortion operation. Details shared with the Post indicate that the scheme began with photographs that were not artificially generated but rather appeared to show an actual girl who had previously been victimized herself.

Such schemes follow a well-established pattern, where criminals solicit explicit images from their targets, then threaten to share those images with the victim’s social circle unless a ransom is paid.

The extortionists demanded $500 from Bryce, according to his father.

“My son had 30 freaking dollars and he’s like, ‘Sir, I’ll give you my last $30.’ And these cowards wouldn’t take it,” Tate told The Post.

The scammers appear to have done their homework, compiling detailed information about the teenager’s daily life to create a convincing facade.

“They acted like a local 17-year-old girl. They knew which gym he worked out at, they knew a couple of his best friends and name-dropped them. They knew he played basketball for Nitro High School,” Tate explained. “They built his trust to where he believed that this was truly somebody in this area.”

Tate also rejects the characterization of his son’s death as simply a suicide.

“They say it’s suicide, but in my book it is 100% murder,” he said. “They’re godless demons, in my opinion. Just cowards, awful individuals, worse than criminals.”

During the last 20 minutes of his life, Bryce was bombarded with roughly 120 messages. Law enforcement officials explained to his father that this tactic creates “tunnel vision to where you can’t set your phone down,” trapping victims in a spiral of panic and fear.

Bradford Arick, a public affairs specialist with the FBI, told The Post that “The FBI has seen a huge increase in the number of sextortion cases involving children and teens being threatened and coerced into sending explicit images online.”

According to a representative from the National Center for Missing and Exploited Children who spoke with the Post, the organization logged more than 33,000 sextortion reports involving children in 2024 alone. The first half of 2025 has seen comparable numbers.

While the FBI would not discuss the particulars of Bryce’s case, citing an active investigation, the messages he received bear the hallmarks of a criminal enterprise known as 764—an international operation with tentacles reaching into Russia, Europe, Africa and the United States.

Earlier this month, the Department of Justice announced indictments against five individuals in the United States connected to Greggy’s Cult, a 764 affiliate. Among those charged was an active-duty member of the Navy.

The FBI previously characterized 764 as a “violent online network that seeks to destroy civilized society through the corruption and exploitation of vulnerable populations, which often include minors.”

In April, Attorney General Pam Bondi minced no words in describing the organization, calling it “one of the most heinous online child exploitation enterprises we have ever encountered — a network built on terror, abuse and the deliberate targeting of children.”

Tyler Durden
Tue, 12/09/2025 – 18:50

Trump Warns Of ‘Severe’ Tariffs On Canadian Fertilizer If Needed

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Trump Warns Of ‘Severe’ Tariffs On Canadian Fertilizer If Needed

Authored by Jennifer Cowan via The Epoch Times,

U.S. President Donald Trump says he is considering “very severe” tariffs on fertilizer imports from Canada as the United States readies a $12 billion aid package for farmers grappling with the repercussions of the ongoing trade war.

Trump mentioned the increased levy on Canada while responding to reporters’ questions at a Dec. 8 White House roundtable where he announced the tariff relief fund for U.S. farmers, who have been paying more for agricultural products like seed and fertilizer due to Trump’s global trade policies.

“A lot of it does come in from Canada,” Trump said, referring to fertilizer. “And so we’ll end up putting very severe tariffs on that, if we have to, because that’s the way you want to bolster here.”

Trump said high import prices on Canadian fertilizer would encourage the United States to produce its own.

U.S. Agriculture Secretary Brooke Rollins said her team is developing a strategy to bring fertilizer production back to the United States, while also instructing fertilizer manufacturers and other industrial entities to reduce their prices.

“The president has been very unequivocal in saying we have to figure out why all these input costs are skyrocketing and all of our farmers are struggling,” Rollins told reporters.

Trump said that it doesn’t make sense for the United States to rely on other countries for the products farmers need.

“All of a sudden, we don’t do it anymore [and] they start charging very high prices from other countries, whether it’s Canada or somebody else,” he told farmers at the roundtable event. “And we’re not going to let that happen.”

The Epoch Times contacted the Prime Minister’s Office for comment on Trump’s remarks but did not immediately hear back.

Many farmers in the United States depend on potash fertilizer from Saskatchewan to increase potassium levels in their soils. Saskatchewan is the only Canadian provider of potash, which is a group of minerals and chemicals that contains potassium. Potassium is an essential nutrient for plants and a key component in fertilizers.

Roughly 95 percent of the fertilizer produced in Canada is exported and the United States is the country’s largest market. It accounts for more than half of all total fertilizer exports each year, according to Fertilizer Canada.

The United States imported approximately 12.1 million tonnes of Saskatchewan potash in 2024, according to S&P Global. It also imported roughly 4.9 million tonnes in the first five months of 2025, representing more than 50 percent of Canada’s total potash exports during that timeframe.

The United States also imports Canadian nitrogen-based fertilizers, including ammonia, ammonium sulphate, urea, and urea ammonium nitrate.

More than 99 percent of Canadian urea and urea ammonium nitrate exports are directed toward its southern neighbour, while 69 percent of Canada’s ammonia and 49 percent of its ammonium sulphate are also sent there, according to 2023 figures from a World Bank platform.

Trump implemented a sweeping 25 percent tariff on Canadian goods this spring as well as sectoral tariffs, but reduced the tariff on fertilizer to 10 percent after receiving negative feedback from U.S. industry groups and Republican legislators in agricultural states. That tariff is applicable solely to fertilizer export quantities that surpass the thresholds established by the United States-Mexico-Canada Agreement (USMCA) on free trade.

Canadian and U.S. farmers have said they are facing higher fertilizer bills because of Trump’s tariffs.

Then-Foreign Affairs Minister Mélanie Joly said in March that Ottawa could use Canadian exports of fertilizer and other products such as energy or minerals as bargaining chips in negotiations with the United States, but said the country’s premiers would need to be on board.

Saskatchewan Premier Scott Moe had previously spoken out against such a move, saying tariffs applied on either side of the border are “harmful to North America.”

“[We] are not supportive in any way of export tariffs, whether that be electricity coming out of Manitoba, Quebec into the U.S. or whether that be energy or potash products that are coming out of our province or Alberta,” he said at a February news conference.

Saskatchewan potash producer Nutrien recently announced tentative plans to construct a new export facility for global markets in Washington state, instead of British Columbia. The news was criticized by B.C. Premier David Eby who said he believes such a decision would place the fate of Saskatchewan potash “in the hands of Donald Trump.”

Federal Transportation Minister Steve MacKinnon told reporters last month that he was “hoping to persuade the company” to choose a Canadian port over one in the United States.

Farm Aid

The recent emphasis by the Trump administration on agriculture indicates a potential for further trade disruptions. The president said proceeds from tariffs will be allocated to support farmers.

“This relief will provide much-needed certainty to farmers as they get this year’s harvest to market and look ahead to next year’s crops, and it’ll help them continue their efforts to lower food prices for American families,” Trump told reporters during the Dec. 8 event.

Trump also provided aid to farmers during his first presidency amid trade disputes. He disbursed more than $22 billion in 2019 and nearly $46 billion in 2020, although the latter figure also included support related to the COVID-19 pandemic.

Rollins said US$11 billion from the new aid package will be allocated to row crop farmers and is expected to be distributed by Feb. 28. She noted that the White House will hold on to the remaining US$1 billion to finalize the funding allocation details for farmers of fruits, vegetables, and other crops.

The money is meant to offer certainty to farmers as they market the current harvest and make plans for next year’s yield, she said.

Soybeans and sorghum were hardest hit by Washington’s trade dispute with Beijing because more than half of those crops are exported each year with the majority going to China.

Trump met Chinese leader Xi Jinping in South Korea in October, where the president said they made a deal that China would buy at least 12 million metric tons of U.S. soybeans by the end of 2025, as well as 25 million metric tons a year in each of the next three years.

China bought more than 2.8 million metric tons of soybeans since Trump announced the agreement at the end of October, but the amount represents only one-fourth of what U.S. officials said the country had committed to purchasing.

Trump signed an executive order on the weekend directing the Justice Department and Federal Trade Commission to look at “anti-competitive behaviour” in food supply chains —including seed, fertilizer and equipment—and consider taking enforcement actions or developing new regulations.

Tyler Durden
Tue, 12/09/2025 – 18:25

US Army Looks To Build Small Refineries For Critical Minerals

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US Army Looks To Build Small Refineries For Critical Minerals

By Tsvetana Paraskova of OilPrice.com

The U.S. Army will develop small-scale refineries to ensure domestic supply of critical minerals for defense and military purposes as the United States and the Western allies look to reduce their dependence on China. 

“We need to come up with a way to ‌make our own (critical minerals) domestically that we can actually monitor and control within our borders,” Mark Mezger, a munitions procurement adviser for the U.S. Army, told Reuters. 

The Army is currently developing a project with the Idaho National Laboratory and gold mining company Perpetua Resources to process antimony.  

In September, the U.S. Army’s Joint Program Executive Office Armaments and Ammunition (JPEO A&A) joined Perpetua Resources Inc. to launch the Stibnite Gold Project in central Idaho. The project seeks to redevelop an abandoned mine site in Stibnite for gold and antimony sulfide, a critical component used in ammunition production. The U.S. previously obtained antimony sulfide from foreign sources until 2021 when that supply ended.

“The Stibnite project currently holds the largest identified reserve of antimony in the U.S. At an estimated 148 million lbs., it is one of the largest antimony reserves outside of foreign control,” said Maj. Gen. John T. Reim, Joint Program Executive Officer Armaments & Ammunition and Picatinny Arsenal Commanding General.  

The project is “in keeping with the Army’s ongoing ‘Ground-to-Round’ assured munitions strategy to locate and engage with domestic sources for critical materials as we modernize and fortify the Arsenal of Democracy,” Reim added. 

The Trump Administration is ensuring funding through buying minority stakes in North American rare earth and lithium companies and projects, while companies in the U.S. and Europe are setting up alliances with miners and refiners to have magnet supply chains outside and independent of China.

The global rare earth supply chain is among the most highly concentrated across all stages of the value chain, analysts at the International Energy Agency (IEA) wrote in a commentary in October.  

Tyler Durden
Tue, 12/09/2025 – 17:40

Tony Blair ‘Dropped’ From Trump’s Gaza ‘Board Of Peace’

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Tony Blair ‘Dropped’ From Trump’s Gaza ‘Board Of Peace’

Via Middle East Eye

Former UK Prime Minister Tony Blair is no longer being considered for a seat on a “board of peace” for Gaza chaired by US President Donald Trump. According to the Financial Times, Blair’s name was dropped under pressure from several Arab and Muslim states.

The status of the “board of peace” remains unclear and while the idea has received wide coverage, few details have emerged about it. One person in Blair’s office who spoke with the FT said that only “serving world leaders” will be on the so-called board, and a smaller executive board will function under it, which will include Blair, along with Jared Kushner, the US president’s son-in-law and Trump adviser Steve Witkoff. 

via AFP

Neither Witkoff nor Kushner has visited Israel in recent weeks, with most of their overseas travel geared toward negotiations with Russia and Ukraine. Other elements of Trump’s Gaza peace plan, like an international stabilization force, appear to have stalled. 

Some regional Middle Eastern leaders had pushed for Blair’s involvement, including Egyptian President Abdel Fattah el-Sisi. A source in the Egyptian presidency previously told Middle East Eye that Sisi was “highly unlikely to object to Blair assuming leadership of the proposed administrative council for Gaza”.

However, many others raised concerns over Blair’s record in the Middle East. Apart from his involvement in the 2003 invasion and occupation of Iraq, his tenure as Middle East Peace Envoy failed to achieve a lasting peace solution for Israel-Palestine and was widely criticized by both sides.

A person briefed on the discussions told the Financial Times that Blair could still have a position in the future governance structures for Gaza in spite of opposition. “He could still have a role in a different capacity and that seems likely,” the person said. “The Americans like him and the Israelis like him.”

Blair’s involvement in the project was first suggested in September, with reports saying he was being considered to lead a transitional authority in the enclave. 

Trump is set to meet Israeli Prime Minister Benjamin Netanyahu on December 29 to discuss the next steps of the Gaza ceasefire, which despite being officially established in October has seen hundreds of Israeli violations.

On Sunday, Netanyahu said that he will be discussing with Trump the second phase of a US plan to end the war in Gaza later this month.

Wide gaps remain on key issues yet to be discussed under Trump’s plan to end the war, including Hamas disarmament, the governance of post-war Gaza and the composition and mandate of an international security force in the enclave.

“The Prime Minister will meet with President Trump on Monday December 29. They will discuss the future steps and phases, and the international stabilization force of the ceasefire plan,” Israeli government spokesperson Shosh Bedrosian said in an online briefing to reporters.

Netanyahu’s office said on December 1 that Trump had invited the prime minister to the White House. Israeli media have since reported that the two leaders may meet in Florida.

The Government Media Office in Gaza says Israel has carried out 738 violations in the 60 days since the ceasefire agreement was announced, accusing them of repeatedly breaching the ceasefire deal’s basic humanitarian provisions.

Officials said Israel has honored less than 40 percent of its humanitarian obligations, a failure they argue has deepened the crisis for Palestinians already living under a suffocating blockade and ongoing military pressure.

Tyler Durden
Tue, 12/09/2025 – 17:00

Rich People, Poor Morals: Wealthy Are The Most Likely To Rip Off Self-Checkout Machines

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Rich People, Poor Morals: Wealthy Are The Most Likely To Rip Off Self-Checkout Machines

Rich people, poorer morals? A new LendingTree report claims the shoppers most likely to rip off the self-checkout machine aren’t the desperate — they’re the well-off, according to the NY Post.

Americans making over $100,000 a year are twice as likely to steal at self-checkout compared to low-income shoppers. A hefty 40% of six-figure earners admitted they’ve deliberately skipped scanning an item, while just 17% of those making under $30,000 confessed to the same.

The Post writes that middle-income households didn’t look much better: 27% of people earning between $50K and $99K say they’ve helped themselves without paying. And men are the biggest culprits overall, with 38% admitting to theft versus only 16% of women.

Even with AI scanners and weight sensors trying to outsmart sticky fingers, self-checkout theft is still rising.

A chunk of shoppers don’t feel bad about it either. Nearly one-third say big retailers make plenty of money, so swiping something “doesn’t hurt.” Another 35% defend the habit by claiming they’re basically unpaid store workers and grabbing an item or two is “compensation.”

Still, most blame inflation rather than guilt-free shoplifting. Forty-seven percent say rising prices are forcing people to cheat at the register — meaning even wealthy shoppers might be feeling the squeeze, just not enough to pay for everything in their cart.

Tyler Durden
Tue, 12/09/2025 – 16:40

“This Is Bad”: First Brands Liquidation Looms As DIP Loan Collapses

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“This Is Bad”: First Brands Liquidation Looms As DIP Loan Collapses

In the annals of leveraged loan lunacy, few spectacles rival the ongoing implosion of First Brands Group – that debt-drenched auto parts Frankenstein stitched together by Malaysian-born serial acquirer Patrick James, who turned a sleepy Ohio outfit into a $50 billion liability leviathan before bailing amid whispers of billions siphoned into the ether.

We have followed the farce from the beginning:

Now, as this house of wiper blades and fuel pumps flails through Chapter 11 in a Houston courtroom – filed September 28 after a failed July refinancing exposed the “black box” of off-balance-sheet shadow finance that ballooned its debt from a mere $6.1 billion on-paper to a grotesque $10-50 billion total abyss – Bloomberg reports the real gut-punch is hitting the so-called “rescue” financiers: Their vaunted debtor-in-possession (DIP) loan, the supposed nuclear bunker of bankruptcy priority, is cratering below par like a bad meme stock in a margin call.

Forget the $150 million in customer payments frozen in limbo because blue-chip buyers (like a Walmart) can’t tell if they’re funding fraudulent invoices or legit Fram filters – that’s just the appetizer in this trade finance trainwreck.

The main course?

First Brands’ $1.1 billion DIP facility – pumped in by an ad hoc group of masochistic lenders who thought they were first in the repayment buffet line – is now hawked at a pathetic 70 cents on the dollar, down from par at inception and plunging further as the bankruptcy drags into December.

As one veteran credit trader stoically noted after glancing the following chart: “This is bad!!”

That’s not a dip; that’s a distress signal blaring from the bowels of a system where even the “safest” wartime financing is radioactive.

But according to Bloomberg’s reporting, it is clear that traders aren’t just pricing in default risk on this super-senior slush fund – they’re screaming that First Brands’ rot has metastasized so deep, nobody knows if there’s even a carcass left to carve up.

Investors clueless?

Hell, the entire Street looks like it wandered into a Ponzi parlor blindfolded, betting on opaque factoring deals that masked James’ alleged heists of “hundreds of millions (if not billions)” while the company burned $128 million in cash last October alone.

How we got here:

James launched Crowne Group in 2013, rebranded to First Brands in 2020, and went on a PE-fueled feeding frenzy gobbling Trico wipers, Anco blades, Fram filters, Cardone reman parts, Raybestos brakes – 24 brands strong, 26,000 employees, and a facade of stability propped by $900 million annual interest payments on $5.5 billion term loans plus $2.3 billion in hidden inventory/lease scams.

By summer ’25, a routine $6.2 billion refi imploded when lenders demanded a “Quality of Earnings” peek behind the curtain – cue the debt dump: First-lien term loans from near-par to 36 cents, second-liens to a laughable 10 cents, and the whole edifice teetering on an $800 million “liquidity buffer” that evaporated like fiat in a hyperinflation fever dream.

Enter bankruptcy: $1.1 billion DIP “rescue” (half new money, half roll-up of the old first-lien holders), founder James resigns in October amid fraud probes and prior lawsuits for hiding undercapitalized shells dating back to 2011, a November ceasefire unlocks another $600 million after creditor knife-fights, and now?

$106 million more trapped in segregated accounts as courts dissect the factoring fraud – $102 million of it non-factored, cash the zombie desperately needs but can’t touch.

This isn’t just sloppy bookkeeping; it’s a systemic indictment of Wall Street’s addiction to “supply chain finance” and invoice factoring – that greasy underbelly where suppliers hawk receivables to factors for quick bucks, offloading credit risk to chumps chasing big buyers’ AAA glow while pocketing fees on phantom liquidity.

But when the invoices turn out tainted – as First Brands’ did, sparking investor panic and redirecting payments into a confusion vortex managed by Alvarez & Marsal’s cleanup crew – the house of cards folds.

Customers ghost the debtor account, Bloomberg reports $150 million evaporates into “significant confusion,” and the DIP lenders who thought they were bulletproof wake up with a 30% haircut.

These are the same ‘smartest men in the room’ who boasted “perfect records” pre-crash, from Jefferies funds to Raistone rescuers, now staring down a “black box” where even the DIP’s “game over” warnings from court filings ring hollow.

Going forward…

It’s a bloodbath. Bloomberg’s reports that the company faces 31.5 million inflows from ops vs. $128 million outflows in October; has $20.9 million left by January’s end against a $50 million monthly burn rate; and its junior debt of $3.3 billion is trading at 16-21 cents, first-lien term loans scraping 5-7.5 cents – a distressed-debt buffet where vultures circle but even they smell liquidation.

Without unlocking that trapped customer cash, First Brands co-CRO Daniel Jerneycic warns in filings:

“I believe the (company) would be forced to seek additional funding or face a liquidity shortfall.”

Translation: More dilution, more priming fights, more proof that the shadow banking beast – Greensill 2.0, anyone? – has Wall Street by the throat.

The fallout?

Billions vaporized for everyone from bulge-bracket banks to blue-chips, a stark reminder that in the age of “risky” DIPs funded into fraud-riddled black holes, the only sure bet is the next meltdown.

First Brands isn’t surviving this; it’s a tombstone for unchecked leverage and investor amnesia.

Tyler Durden
Tue, 12/09/2025 – 15:40

Adam Schiff Laments Trump Wasn’t Jailed Sooner As DOJ Turns On Him

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Adam Schiff Laments Trump Wasn’t Jailed Sooner As DOJ Turns On Him

Authored by Luis Cornelio via Headline USA,

Sen. Adam Schiff, D-Calif., lamented that the Biden administration did not move more quickly to incarcerate President Donald Trump, suggesting that even more aggressive action could have thwarted his 2024 electoral prospects. 

Schiff, who himself is facing a federal investigation into allegations of mortgage fraud, claimed in an interview with the New Yorker Radio Hour that had former Attorney General Merrick Garland acted sooner, “we might be in a very different place today.” 

Schiff’s remarks came after podcast host David Remnick asked, “Do you feel that Merrick Garland moved too slowly, too cautiously?” 

The senator replied, “I absolutely do. Yeah.” 

Remnick then asked why Garland acted “so slowly,” adding, “What about his character or tactics or strategy led him to behave that way?” 

Schiff then misleadingly claimed that Garland had been brought in to correct what Schiff viewed as partisanship in the first Trump administration. 

These comments appear at odds with newly declassified documents that showed that the Biden-led DOJ and FBI undertook sweeping investigations targeting Trump and his allies after he left office in 2021. 

The New York Times even reported that former President Joe Biden actively supported Garland taking action against Trump. 

The Biden-led probe triggered 197 subpoenas against 430 Republican organizations and individuals. The subpoenas included phone records of at least 11 Republican lawmakers. 

These records were later transferred to Special Counsel Jack Smith, whom Garland appointed to pursue the Trump investigation under the guise of independence. 

Despite this, Schiff framed Garland’s actions as part of an attempt to restore credibility. 

“The Justice Department in the first Trump was abused and made partisan, and he wished to restore the Department’s reputation for independence,” Schiff claimed.

 “Now, what they did in the first Trump Justice Department is peanuts compared to today.” 

Schiff continued, “But nevertheless, Merrick Garland wanted to restore the reputation of the Department for strict non-partisanship. And that made him very reluctant to pursue an investigation of the president, too reluctant.” 

In conclusion, Schiff claimed that Garland’s reluctance allowed the Supreme Court time to issue a decision on presidential immunity. 

“Ultimately that gave the Supreme Court the time it needed to drag things out further and make the case against Trump go away completely when it could have been brought to fruition. And we might be in a very different place today,” he stated. 

Watch the remarks below:

Tyler Durden
Tue, 12/09/2025 – 15:20

Goldman Reminds Clients Where Travel & Leisure Cracked First Ahead Of 2008 Crisis

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Goldman Reminds Clients Where Travel & Leisure Cracked First Ahead Of 2008 Crisis

Goldman analysts led by Lizzie Dove examined how different segments within travel and leisure reacted to, and ultimately recovered from, the 2008-09 recession. Her analysis offers a valuable framework for identifying where consumer stress tends to appear first inside the travel space and whether today’s warning signs in a K-shaped, bifurcated consumer landscape warrant closer scrutiny.

Buried in the middle of Dove’s note on the cruise industry is an infographic showing that the downturn in the cruise industry tends to be late-cycle, whereas pullbacks in gambling, airlines, and hotels typically materialize much earlier – and right before the cycle begins to turn down.

Dove pointed back to the GFC crisis, where early in the downturn Vegas and airlines cracked first:

  • Vegas gambling revenue starts falling as early as Feb–Mar 2008

  • Airlines (enplanements) show declines by mid-2008

Then hotel demand dried up in mid-cycle:

  • US RevPAR drops mid- to late-2008

Followed by the late-cycle downturn in the cruise industry:

  • Cruise net yields don’t hit peak decline until mid-2009

  • They don’t return to growth until mid-2010

So there was a full 18 to 24 months lag versus the late-cycle cruise downturn and the early-cycle pullback in Vegas and airlines.

Why highlight this consumer behavior right now?

Because the current K-shaped recovery and bifurcated spending environment are flashing early warning signs. Las Vegas trends are already pointing lower, yet airlines are still holding up, and baby boomers continue booking Caribbean cruise-line trips.

Track these consumer trends through early 2026 to see whether weakness spreads more broadly across the travel industry. If airline demand begins to fall, it will provide a much clearer indication that economic softness is widening. And if that’s the case, Powell better be open to more rate cuts.

Treasury Secretary Scott Bessent has already communicated that tailwinds for working-class consumers will begin to materialize sometime in the first quarter.

Tyler Durden
Tue, 12/09/2025 – 15:00