Ripped From The Headlines, February 7, 2024
Wall Street Worried About Next Banking Crisis, Credit Card Debt Up Another $50B, UN: "World In Age Of Chaos" - Read, Share, & Subscribe - SherlocExposes.com
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“Wall Street is experiencing a case of déjà vu.
It’s been nearly a year since the collapse of three US regional lenders left financial institutions and regulators scrambling to prevent the spread of a banking crisis. Today, investors are worried they’re back on familiar territory.
But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market.
What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall.
Office and retail property valuations have been falling since the pandemic changed where people live and work and how they shop. The Fed’s efforts to fight inflation by raising interest rates have also hurt the credit-dependent industry.
That’s bad news for regional banks.
US banks hold about $2.7 trillion in commercial real estate loans. The majority of that, about 80%, according to Goldman Sachs economists, is held by smaller, regional banks — the ones that the US government hasn’t classified as ‘too big to fail.’
Much of that debt is about to mature, and, in a troubled market, regional banks might have problems collecting on those loans. More than $2.2 trillion will come due between now and the end of 2027, according to data firm Trepp.
Fears were exacerbated last week when New York Community Bancorp (NYCB) reported a surprise loss of $252 million last quarter compared to a $172 million profit in the fourth quarter of 2022. The company also reported $552 million in loan losses, a significant increase from $62 million the prior quarter. The increase was driven partly by expected losses on commercial real estate loans, it said.
THINGS TO PONDER:
Quite a bit to take in, isn’t it?
As we’ve shared numerous times with Ripped From The Headlines readers, it’s one thing when one sector is down… but when they ALL are interconnected or are having issues at the same time?
That’s A BIG issue.
During last year’s banking crisis, we shared that the most effective way to roll out a #CBDC to control you was the effectively limit the number of exits you have from the system…
And what are those exits? Small & Midsized (Regional) Banks and Credit Unions.
Guess who’s having trouble?
US banks hold about $2.7 trillion in commercial real estate loans. The majority of that, about 80%, according to Goldman Sachs economists, is held by smaller, regional banks — the ones that the US government hasn’t classified as ‘too big to fail.’
This is a great time to evaluate where your wealth is stored and support the banks where you still have a shot at actually being able to get to it - Small & Midsized (Regional) Banks and Credit Unions.
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“Credit card debt in the United States increased by $50 billion in the fourth quarter of 2023, according to recent findings from the New York Federal Reserve.
The latest report, released Tuesday, found the total credit card balances stood at $1.13 trillion by the end of December, which is about a 4.6 percent increase from the third quarter of 2023. This appears to be the highest credit card balance since at least 2003, according to the state’s Federal Reserve data.
The Quarterly Report on Household Debt and Credit also found the total household debt increased by $212 billion in the fourth quarter, bringing the total to $17.5 trillion.
Auto loan balances increased in the fourth quarter by $12 billion to $1.61 trillion, which the report said is in line with an upward trend in loan balances since the second quarter of 2020.
The agency’s press release noted that aggregate delinquency rates also rose in the fourth quarter, stating that 3.1 percent of outstanding debt was ‘in some stage of delinquency at the end of December.’
‘Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,’ said Wilbert van der Klaauw, economic research adviser at the New York Fed, in a statement. ‘This signals increased financial stress, especially among younger and lower-income households.’
THINGS TO PONDER:
That “booming economy” strikes again…
More and more people are now starting to figure out that’s all hokum…
“Welcome… to the desert of the REAL.” - The Matrix.
If you’re not stocking up on basic critical supplies, now’s a great time to be in a hurry…
Think about it like this: The way things are going, everything you buy now you’re picking up at a BIG discount…
For now.
You may see things teeter between “kind of bad” and “yikes” in the coming months, but make no mistake that it’s not going to be a fun ride if you’re living “just in time” on food or essentials.
You may also want to explore the ability to invest in those key essentials… Just sayin’.
Know Your Foe.
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“UN Secretary-General Antonio Guterres warned Wednesday that the world is entering ‘an age of chaos’ with a deeply divided Security Council unable to address critical issues such as the Israel-Hamas war.
With the war in Gaza entering its fifth month on Wednesday, Guterres warned that if the Israeli armed forces press on into the southern city of Rafah, it will ‘exponentially increase what is already a humanitarian nightmare with untold regional consequences.’
In the speech, he called for changes to the Security Council and international financial system, among other reforms, touting his “Summit of the Future” in September as a critical venue to address dysfunction “deeper and more dangerous” than ever.
’The United Nations Security Council — the primary platform for questions of global peace — is deadlocked by geopolitical fissures,’ said Guterres, a former Portuguese prime minister.
’This is not the first time the Council has been divided — but it is the worst. Today’s dysfunction is deeper and more dangerous.’”
THINGS TO PONDER:
This is the same organization that believes all nations in the world need to “unite under its banner…”
Meanwhile, here in real life, the UN is seeing the same thing that it’s always seen… nations looking out for their own best interests.
The United Nations can’t get out of its own way, so the solution is to throw gas on the fire of “world chaos” so that when it gets bad enough, they can show up with the “solution…”
BREAKING NEWS: That’s really good for them, but REALLY bad for you.
In the coming weeks, Ripped From The Headlines will have a special contributor series that uncovers the corruption at the UN.
Stay tuned.
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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