SPICE98 USAF E-4B Nightwatch doin' go arounds at Ft. Worth Alliance Airport from Lackland AFB, San Antonio depart
99-6143 USAFSOC C-32B continues east from it's Pinal Airpark, AZ ground stop
JPMorgan’s punishment for currency rigging end
The Federal Reserve has lifted restrictions on JPMorgan Chase for its role in rigging foreign exchange rates between 2008 to 2013.
The Fed, which among its responsibilities helps to regulate banks, ended a 2015 enforcement order against JPMorgan for “unsafe and unsound banking practices,” such as coordinating trades with other banks via chat rooms and sharing confidential customer information, the Fed said in a statement Thursday. At the time of the order, authorities also fined JPMorgan $342 million and instructed it to improve oversight and controls. The end of JPMorgan’s regulatory punishment closes a chapter in the fixing scandal, even as potential class-action lawsuits loom for banks accused of colluding to rig benchmark exchange rates. Global banks, including Citigroup, JPMorgan, Barclays, The Royal Bank of Scotland and UBS, have paid more than $10 billion in fines and settlements in the wake of the scandal. The market for currencies, in which $6.6 trillion changes hands daily, is the largest in the world.
Last year, a former JPMorgan trader, Akshay Aiyer, was sentenced to eight months in prison for his role in bid rigging. Richard Usher, another former trader at JPMorgan, was acquitted in 2018, alongside former bankers at Citigroup and Barclays who were accused of belonging to a group known as “the Cartel.”
https://www.nytimes.com/2021/08/06/business/jpmorgan-currency-rigging.html
White House announces final extension of student loan repayment pause
U.S. President Joe Biden’s administration on Friday announced a final extension of a coronavirus relief pause on federal student loan repayments, interest and collections until Jan. 31, 2022.
A White House statement said the Department of Education “believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults after restart.”
https://www.reuters.com/article/health-coronavirus-education/white-house-announces-final-extension-of-student-loan-repayment-pause-idUSW1N2OC074
Consumer Credit Soars Most On Record As Credit Card Borrowings Hit An All Time High
The American consumer has made a triumphal return.
After several months of subdued increases in consumer credit, moments ago the Fed reported that in June, total consumer credit surged by the most on record, soaring by $37.69 billion, nearly double the consensus estimate of $23 billion. The monthly increase was a whopping 10.6% SAAR, pushing the total to a new record high of $4.319 trillion.
What was behind this stunning surge? Well, just as stimmies ran out, US household decided to shift from debit to credit cards, and splurged to a never before seen pace, pushing revolving credit, i.e., credit card debt, higher by a whopping 17.9$ billion, the biggest monthly increase on record, and pushing the total revolving debt back to just shy of $1 trillion or $992.2 billion. This was to be expected: earlier this week we showed that according to the latest Senior Loan Officer Opinion Survey, credit terms for various products - and especially credit cards - just hit the loosest on record. Yes, it has never been easier to take out a credit card and abuse it with impunity. Meanwhile, one month after non-revolving credit also jumped by a record, in June there was a modest slowdown in debt issuance on student and auto loans, and as a result nonrevolving credit rose by "only" $19.8 billion, which still was one of the highest monthly increases on record. Looking at the composition of this increase, it will come as no surprise that both student and auto loans hit a new all time high, the former rising by just $4.1 billion to $1.732 trillion, while the latter surged by $41 billion as Americans went hog wild buying cars whose prices as everyone knows by now have hit an all time high. This shift in spending patterns, means that things are now truly back to normal, and that with consumers shifting from spending using their debit cards (which is where the stimmy checks arrive) to instead going crazy with their credit cards, Americans are once again splurging wildly massively beyond their means, as they always tend to do just before there is a crash.
https://www.zerohedge.com/markets/consumer-credit-soars-most-record-credit-card-borrowings-hit-all-time-high
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