Empty Space, The Final Frontier

“New York Community Bancorp’s decisions to slash its dividend and stockpile reserves sent its stock down a record 38% on Wednesday, with the fallout dragging the shares to a 23-year low on Thursday. The selling bled overnight into Europe and Asia.” Why is a bank cutting dividends a top story? Because the underlying reason is a bad debt problem that could crater parts of the global economy. In short: You don’t want to go back to the office and the office building owners can’t pay off their loans. Bloomberg (Gift Article): A $560 Billion Property Warning Hits Banks From NY to Tokyo.