Ripped From The Headlines, August 8, 2023
Moody's: More Banks On The Brink, Americans Raiding 401Ks, US Credit Card Debt Hits New Record - Read, Share, & Subscribe - SherlocExposes.com
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“US bank stocks declined after Moody’s Investors Service lowered its ratings for 10 small and midsize lenders and said it may downgrade major firms including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp.
Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate are among strains prompting the review, Moody’s said late Monday.
‘Collectively, these three developments have lowered the credit profile of a number of US banks, though not all banks equally,’ the rating company said.
‘Rising funding costs and declining income metrics will erode profitability, the first buffer against losses,’ Moody’s wrote in a separate note explaining the moves. ‘Asset risk is rising, in particular for small and midsize banks with large CRE exposures.’”
THINGS TO PONDER:
The road continues to get more and more bumpy…
We’ve covered the issues with banks quite a bit over the last few months, and Moody’s has (once again) confirmed our forecasts: Most banks are pretty much the Walking Dead… they are all infected, and now they are lining up to die.
This 30-minute segment with Carl Jackson lays out what’s happening and what’s coming:
Watch & listen to this NOW. Your future depends on it.
Brace For Impact.
“More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.
The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022, according to Bank of America’s analysis of clients’ employee benefits programs, which are comprised of more than 4 million plan participants.
It’s a ‘pretty troubling’ development if more people are resorting to making hardship withdrawals, Matt Schulz, chief credit analyst at LendingTree, told CNN.
‘You understand why people do that in the heat of the moment, but the opportunity costs on that are really, really high over time,’ he said.
Bank of America’s latest Participant Pulse report also found that a greater percentage of participants borrowed from their workplace plans from the first quarter, and average contributions trailed off as well.
However, overall employee contributions continued to hold steady for the first half of the year, and a greater share of participants upped their contribution rate than decreased it.
‘The data from our report tells two stories — one of balance growth, optimism from younger employees and maintaining contributions, contrasted with a trend of increased plan withdrawals,’ Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, said in a statement. ‘This year, more employees are understandably prioritizing short-term expenses over long-term saving.’”
THINGS TO PONDER:
People can’t afford to live in the US, so they are taping into their “retirement” savings to cover the bills…
What part of the “economy is good” narrative is that, CNN?
It may seem that way on the surface, but go out for a walk for a few minutes and take a look at normal, everyday people…
More stressed out…
More agitated…
2nd guessing purchases…
When the mask finally comes off the economic hokum of the US government, things are really going to get messy.
If you can, start preparing for that NOW.
Brace For Impact.
Click Here to read the full article.
“Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.
Total credit card indebtedness rose by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.
The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record.
‘Household budgets have benefitted from excess savings and pandemic-related debt forbearances over the past three years, but the remnants of those benefits are coming to an end,’ said Elizabeth Renter, data analyst at personal finance site NerdWallet. ‘Credit card delinquencies continue an upward trend, a growing sign that consumers are feeling the pinch of high prices and lower savings balances than they had just a few years ago.’
As card use grew, so did the delinquency rate.
THINGS TO PONDER:
Just like the story prior to this one, the train is running out of track for American consumers.
When credit card use and debt go to hyper-speed and people raid their retirements, you get a pretty good idea of where things are going…
What’s really scary is what happens when the money people do have won’t actually get them anything…
You end up looking like Venezuela.
Brace For Impact.
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What does this mean?
Things aren’t going to end well if you don’t take action.
But, here’s what’s different this time… multiple people are saying that exact same thing from a number of different angles, and in different places.
One of the things we often say is to watch what successful people do, & do what they do, AND then watch what unsuccessful people do, and don’t do what they do…
Most of them are already out of the line of fire for social unrest or economic collapse…
How do you think they see things ending up?
Why should I care?
There’s so much to unpack…
Your wealth…
Your legacy…
Anything you plan to leave for future generations…
Getting the basics to live…
All of these things are teetering on the edge.
You should REALLY care.
What Should I Do?
If there was ever a poster child for Ripped From The Headlines and being prepared, it’s today’s report.
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Just. Do. Something… so you’re prepared.
Your future depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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Very good RC and I liked your presentation at FAP last night.