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The Money // Issue 01 · Week of 13 Oct 2026 // checked Tue 13 Oct 2026

The Money.

Money is politics with the speeches taken out. This is where we follow it: what things cost, who's borrowing at what rate, who's ringing the opening bell, who's filing for Chapter 11 and who's being asked where the billions went. The big stories get a full comic; the rest come itemized, like a receipt. Every number links to where we found it, which is more than some of the companies below managed for their regulators.

Affordability · U.S.

United States · Oct 13

The war bill arrives: nearly $2,000 a household

Moody's chief economist has been keeping a running tab on what the Iran war costs a typical American family. Since July, it has doubled.

P1 // YOUR WALLET$4.34Gas, national average, 13 Oct$2.98Before the war[1]

Before the war began on 28 February, US gas averaged $2.98 a gallon. On 13 October AAA had it at $4.34, and diesel at $6.28. [1]

“Nearly $2,000. By my calculation, that is what the Iran war has cost the average American household”

Mark Zandi, chief economist, Moody's Analytics [1]

His itemized bill: about $1,100 in energy (gas, diesel, heating), about $540 in higher interest rates and $360 in military costs. Nationwide: $265 billion. [1]

The rates line is real. In September the Fed raised its key rate a quarter point to 3.75%–4%, its first hike since 2023, after a hot August inflation reading. [4]

Mortgages followed: the 30-year fixed averaged 7.40% in the week to 8 October, up from 6.30% a year earlier, per Freddie Mac. [1]

“a very small price to pay, and it's gonna be over with very soon.”

Donald Trump, on gas prices, at a rally in Nebraska [1]

Also on the bill

  • In July, Zandi put the cost at $1,000 a household and counting, and called that estimate conservative. [2]
  • Brown University's Watson School has its own tally: an extra $133.3 billion since 28 February, about $1,018 a household. [1]
  • Defense Secretary Pete Hegseth told the Senate the direct military cost is about $37.5 billion, with another $67 billion needed for Middle East operations. [1]

Sources: [1] Newsweek · [2] Fortune · [3] CNN · [4] MUFG Research (September FOMC recap)

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Affordability · Canada

Canada · Sept–Oct

Three per cent, and 385 insolvencies a day

Canadian inflation is stuck at 3%, gas is up by almost a quarter and the debt counsellors are busy. Groceries, oddly, are the good news.

P1 // YOUR WALLET3.0%Inflation, August+22.8%Gasoline, year over year[1]

August: prices up 3.0% from a year earlier, the same as July. Gasoline is up 22.8%, which Statistics Canada ties to the Middle East conflict. [1]

Groceries rose 2.8%: the first time since July 2024 that food from stores ran below the headline rate. Rent rose 2.8% too, led by Manitoba and Ontario. [1]

In May the national average hit 184.0 cents a litre. At that price, CTV worked out, a weekly fill-up costs about $1,600 a year more than at 2026's low. [3]

“…$2 a litre is no longer a possibility, it's a probability at this stage.”

Roger McKnight, EN-PRO, in May [3]

140,669 consumer insolvencies in the 12 months to January, about 385 a day and up 2.2%, per the Office of the Superintendent of Bankruptcy. [2]

“Financial difficulty does not usually begin with an insolvency filing.”

Joshua Harris, Harris & Partners [2]

2 September: the Bank of Canada holds its key rate at 2.25%. [4]

One bright spot: CMHC says asking rents are still falling in Toronto, one of the few markets where affordability improved for existing tenants early this year. [5]

Also on the bill

  • A separate Harris & Partners survey of 1,731 people: 36.9% had skipped essential purchases and 33.1% had used credit for basics. It's a survey, not official data. [2]
  • The Competition Bureau says its investigation into property controls used by the companies that own Loblaw and Sobeys is ongoing. [6]
  • CMHC flags the cheapest quarter of rentals as still persistently tight, even where rents are easing. [5]

Sources: [1] Statistics Canada (CPI, August 2026) · [2] Retail Insider · [3] CTV News (via CP24) · [4] Bank of Canada · [5] CMHC (2026 mid-year rental update) · [6] Competition Bureau Canada

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Investigation · U.S.

United States · Oct 8

Amex fined $350 million over $13 billion it didn't watch closely enough

A bank regulator says American Express spent nearly 11 years under-watching suspected money laundering, including through its own cards.

P1 // YOUR WALLET$350MOCC penalty$13BSuspected activity, about[1]

8 October: the Office of the Comptroller of the Currency fines American Express National Bank $350 million. [1]

The OCC says about $13 billion in suspected money laundering was inadequately monitored and reported over nearly 11 years, including through credit and charge cards. [1]

Its risk assessments, the OCC found, focused on the bank's small deposit business and underweighted its much bigger card business. [1]

Some suspicious transactions ran through accounts tied to bank insiders. The order doesn't say who. [1]

The Federal Reserve adds its own cease-and-desist order. Both orders demand an overhaul, including closer watch on insiders. [1]

Amex agreed to the orders without admitting or denying the findings, and says it found the weaknesses itself. Shares slipped about 2% after hours. [1]

Also on the bill

  • The OCC also cited thin staffing, weak training and gaps in internal audit. [1]
  • Amex says part of the penalty was already set aside and it won't change its 2026 guidance. [1]
  • The stock was already down more than 16% this year before the fine. [1]

Sources: [1] Yahoo Finance · [2] Bloomberg

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The receipts

9 more money stories
RECEIPT 01/9DESK: WALL STMarkets

AI jitters midweek, a winning week anyway

Friday close: Dow 51,655, S&P 500 7,811. [1]
Thursday: AI shares slide on an OpenAI revenue report. [1]
Donald Trump
Oil eases: no strike on Iran before the midterms, Trump says. [1]

Stocks rose for the week to 9 October: the Dow closed at 51,655.01 and the S&P 500 at 7,811.51. Tech sold off Thursday on reports that OpenAI's revenue run rate was about $20 billion below earlier estimates, then bounced; oil eased after Trump said the US wouldn't attack Iran before the 3 November midterms. [1]

The 808 take This fall's market in one week: dump AI on a revenue report, buy it back by Friday, and price the war off whatever the president said that morning.

Sources: [1] TheStreet

RECEIPT 02/9DESK: BAY STMarkets

The TSX climbs on energy while the loonie sits near 70 cents

TSX up 182 points to 35,846.80. [1]
Energy leads, with crude near US$94. [1]
The loonie: 70.40 US cents. [1]

By late morning on 13 October the S&P/TSX composite was up 182.18 points at 35,846.80, led by energy, telecom and financials. Crude was US$93.89 a barrel, gold US$4,188.80 an ounce and the Canadian dollar 70.40 US cents. [1]

The 808 take A rising TSX on expensive oil is great for portfolios and lousy at the pump. Same number, two very different Canadas.

Sources: [1] CP24 (Canadian Press)

RECEIPT 03/9DESK: CHARLOTTEAffordability

Americans keep spending, and lower earners are leading

September card spending: up 6.2% a household. [1]
Lower-income households: up 5.5%, the fastest group. [1]
Pay later: nearly 1 in 5 users owes a repayment over $500. [1]

Bank of America's card data shows spending per household up 6.2% year over year in September, or 5.1% without gas. Lower-income households grew fastest, at 5.5%. Buy now, pay later use is rising: nearly one in five households using it has a repayment over $500. [1]

The 808 take Strong spending can mean confidence or it can mean higher prices. When gas is part of the growth and pay-later balances creep up, it's at least a little of both.

Sources: [1] Bank of America Institute

RECEIPT 04/9DESK: WASHINGTONMarkets

The Fed hikes for the first time since 2023

A quarter-point hike, to 3.75%–4%. [1]
Kevin Warsh
Warsh: price stability comes first. [1]
30-year mortgage: 7.4% by 8 October. [2]

In September the Federal Reserve under Kevin Warsh raised rates a quarter point to a 3.75%–4% range after a hot August inflation print. Warsh said the Fed's "predominant focus is on the price stability side of our mandate." By 8 October the 30-year mortgage averaged 7.4%. [1]

The 808 take Raising rates into a war-driven oil shock is the textbook move and the politically awkward one. Borrowers feel it first; the bet is that inflation feels it next.

Sources: [1] MUFG Research (September FOMC recap) · [2] Trading Economics (Freddie Mac data)

RECEIPT 05/9DESK: MUMBAIIPOs & bankruptcies

India's biggest IPO is lining up for late October

Jio Platforms: about US$3.8 billion, PTI reports. [1]
Valuation talk: US$143–146 billion. [1]
Reported dates: opens 21 October, closes 23 October. [2]

Jio Platforms, about 66.4% owned by Reliance Industries, may raise about US$3.8 billion at a base enterprise valuation of US$143–146 billion, PTI reported, citing unnamed sources. The issue is expected to open before 23 October and list by month-end. [1]

The 808 take Selling a sliver of the company is how a conglomerate raises billions without giving up control. Watch the pricing, not the hype.

Sources: [1] Outlook Business (PTI) · [2] ETV Bharat

RECEIPT 06/9DESK: NASDAQIPOs & bankruptcies

The IPO every other IPO gets measured against

Priced at $135; raised $75 billion. [1]
Listed at $150 on Nasdaq. [1]
Bigger than Saudi Aramco's 2019 IPO. [1]

SpaceX started trading on Nasdaq as SPCX on 12 June after pricing at $135 a share and raising $75 billion, the largest IPO on record, ahead of Saudi Aramco's 2019 listing. It listed at $150, a premium of about 11%. [1]

The 808 take Every listing this year gets measured against one rocket. Good for SpaceX; a strange yardstick for everyone else.

Sources: [1] Business Today

RECEIPT 07/9DESK: DELAWAREIPOs & bankruptcies

Character.AI files for bankruptcy; Disney bids $20 million

Chapter 11, Delaware, 12 October. [1]
Disney's opening bid: $20 million. [1]
The app stays up during the sale. [1]

Chatbot company Character.AI filed for Chapter 11 in Delaware on 12 October, listing assets and liabilities of $50 million to $100 million. Disney is the lead bidder at $20 million for a non-exclusive licence to some of its IP. In January the company settled five lawsuits over harm to teens, and it has faced more claims since. [1]

The 808 take Disney is bidding for a licence, not the company, which tells you what's worth having: the IP, not the liabilities. The AI boom has winners. It also has firms finding out lawsuits scale faster than revenue.

Sources: [1] The Next Web (citing Reuters) · [2] Variety

RECEIPT 08/9DESK: NEW YORKIPOs & bankruptcies

Getty Images is on the brink

NYSE suspends trading at 12 cents a share. [1]
A 1 September interest payment, skipped. [2]
Lenders talk bankruptcy financing. [2]

The NYSE suspended Getty Images on 29 September and began delisting it after the shares fell to 12 cents. Getty skipped a 1 September interest payment it said it had the cash for, and Bloomberg reported it was talking to lenders about a loan that could fund a bankruptcy. Its planned merger with Shutterstock was abandoned in July. [1]

The 808 take Getty's problem isn't one bad quarter. It's a debt pile built for a world before anyone could type a sentence and get a picture back.

Sources: [1] PPC Land · [2] The Edge Malaysia (Bloomberg)

RECEIPT 09/9DESK: SAN JOSEInvestigations

SEC: a pre-IPO platform sold retail investors $430 million at inflated prices

The SEC sues Linqto's founder and an ex-executive. [1]
$430 million in private-company stakes sold. [1]
The pricing "algorithm" was allegedly set by hand. [1]

On 9 October the SEC sued Linqto founder William Sarris and former executive Joseph Endoso, alleging a Linqto subsidiary sold more than $430 million of private-company stakes from 2021 to 2024, nearly all priced above fair value, while claiming an algorithm set prices that staff set by hand. These are allegations, not findings. [1]

The 808 take Pre-IPO platforms sold regular people on getting in early. If the SEC's case holds, they got in at a markup.

Sources: [1] SEC litigation release 26672

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