After the Bell: crypto crisis; mortgage rate opportunity; TV prices dropping
INDIANAPOLIS (WISH) — They’re calling it a “crypto catastrophe.”
Even if you don’t invest or trade in crypto, this story is important. FTX, the third-largest cryptocurrency exchange, just filed for bankruptcy.
Sam Bankman-Fried, the exchange’s 30-year-old chief executive officer, is apologizing. His net worth has gone from $25 billion to zero.
FTX had about $15 billion in customer assets but made some bad loans to other companies. When customers got wind of it last week and made a bank run to get their money, FTX couldn’t make the payments. Many call this implosion of FTX “unthinkable.”
Latest on Twitter moves
It’s hard not to keep talking about Twitter. Just two weeks after Elon Musk completed his $44 billion purchase, Twitter’s future seems uncertain. Half the workforce is gone, so are many advertisers, and the company has launched and then killed several new features.
Musk is now telling employees bankruptcy may be on the horizon.
Mortgage rate opportunity
Mortgage rates have dipped below 7% following Thursday’s better-than-expected inflation numbers from the government.
This dip is an opportunity for homebuyers. One economist says millennials should jump at a 6% mortgage.
Only 39% of people younger than 35 own homes.
What’s cheaper?
Inflation is high, but some things are less expensive these days.
Hard to believe, perhaps, but beef and veal prices have dropped 4% from 2021.
Tickets to sports games are 18% less, and prices for the latest televisions are lower as well after retailers overordered TVs during the COVID-19 pandemic.
Look for even better deals on TVs this holiday season.