Apr 3, 2017

America's subprime auto problem

Wall Street analysts have worriedly watched rising subprime auto delinquencies—with some even suggesting similarities to the subprime real estate market of 2006.

Such interpretations are very likely overblown, as the subprime auto market is far smaller than subprime real estate was in 2006. Meanwhile, that cars are so easily recoverable and resold makes these loans less of a threat to the solvency of lenders.

A massive burden: Nonetheless, these loans illustrate the burden working class Americans must bear just so that they can continue to be productive members of society. These loans typically bear an interest rate of 14% over 67 months. Given the median used car costs roughly $19,000, assuming a 10% down payment, that means $369 monthly payment—$112 of which is interest—a huge burden for a minimum wage laborer.

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Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities were on pace to open higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.

1 hour ago - Sports

The sports world speaks up about death of George Floyd

Celtics guard Jaylen Brown. Screenshot: Jaylen Brown/Instagram

There was a time when a months-long sports absence would have silenced athletes, leaving them without a platform to reach fans or make their voices heard.

Why it matters: But now that athletes boast massive social media followings and no longer need live game broadcasts or media outlets to reach millions, they're speaking out en masse amid protests over the death of George Floyd and other police-related killings of black people — delivering messages of frustration and unity, despite their leagues not currently operating.

The technology of witnessing brutality

Charging Alabama state troopers pass by fallen demonstrators in Selma on March 7, 1965. Photo: Bettmann/Getty Images

The ways Americans capture and share records of racist violence and police misconduct keep changing, but the pain of the underlying injustices they chronicle remains a stubborn constant.

Driving the news: After George Floyd's death at the hands of Minneapolis police sparked wide protests, Minnesota Gov. Tim Walz said, “Thank God a young person had a camera to video it."