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Today's Summary

The number of REOs decreased to 4,496 at the end of Q3 2025, down 4% from 4,666 at the. end of the previous quarter, and down 31% year-over-year from 6,481 in 2024. Uruguay is one of the few countries getting better, with one of highest democracy index. The J6 Bomber Story Begins To Fall Apart. The FBI managed to arrest 1000+ people, mainly on their cell phone pings. Then Steve Baker of Blaze Media broke the story that ‘gait matching and other evidence had led him to conclude that the bomber was actually a Capitol Hill police. Wolf Richter says there is no amount of money that is enough. Private equity companies have been acquiring long-time family-owned HVAC, plumbing and home remodeling companies in the Twin Cities. The financial world now is Japan at its peak and the USA in 29, its going to take time to heal from this fall. The share of USD-denominated assets held by other central banks dropped to 56.9% of total foreign exchange reserves in Q3, the lowest since 1994. Being the dominant reserve currency had the effect of helping the US borrow more cheaply. There is no way to stop this train. Spending cuts of 20% or higher across the board is needed. We are in what Jeremy Grantham calls our third and probably most epic asset bubble in only 25 years. We no longer know what is real even if we see it with our lying eyes because of AI. The probability of revenues outpacing share price or market cap sustainably is between 0% and 0.0%. Strauss and Howe predicted in 1996 that the next fourth turning would show up circa 2010 and probably be triggered (but not caused) by a financial crisis. The catalyst will unfold according to a basic Crisis dynamic that underlies all of these scenarios. SoftBank CEO Masayoshi Son is putting his money where his mouth is. KFF Health News has reported multiple cases of deaths and serious harm from liposuction at private-equity backed Elite Body Sculpture and other plastic surgery chains in the US. FDA Commissioner Marty Makary wrote that “deceptive advertising is sadly the current norm. Barry Ritholtz sits down with Jay Leno about cars, watches, watches and pretty much everything else. The new tariffs were partly passed through to consumers, starting March 2025. Existing home sales are depressed and tracking last year (sales in 2024 were the lowest since 1995) Existing sales are down, but there will not be a huge wave. Becton, Dickinson and Company (NYSE:BDX) generated lower-than-expected revenue in q2 - insider monkey. Shares of BDX have dropped 14.4% over the past 52 weeks, underperforming the S&P 500 Index. By 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000. 16 of 20 markets declined month-over-month in October, signaling broad stagnation. Chicago leads all major markets with a 5.8% annual price gain, followed by New York at 5.0% and Cleveland at 4.1%. Europe needs to look for friends and allies — and export markets — other than America. Japan is already benefitting from greenfield FDI in a few places. Taiwan Semiconductor Manufacturing Company pioneered the ‘pure-play foundry’ business model. Sakana sends a signal that Japan is a viable destination for international investment in the software industry in general, well beyond AI. Bitcoin traders are missing a critical warning signal, says Noah Smith. Banks are desperate, the Fed is “money printing,” and Bitcoin is about to surge. Small business is the lifeblood of Japanese cities — and, in many ways, of the Japanese middle class. There are signs that Japan is already beginning its industrial revival, says author. Government-directed big corporate sector and entrepreneurial sector may have contributed to its economic success. A wave of foreign entrepreneurs and foreign funding could help Japan shore up its weak spot.