Ripped From The Headlines, July 11, 2023
Americans Can't Afford Basics, BofA Does More Grifting, Economists Ignore Common Sense - Read, Share, & Subscribe - SherlocExposes.com
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“Americans are cutting back on personal hygiene products in a troubling sign for the US economy and consumer-focused companies.
Despite surging inflation, shoppers kept spending thanks to income gains and government stimulus. But those benefits are waning, and now Americans are skimping, even on everyday items such as toilet paper and toothpaste. More insights on the economic environment come on Wednesday with the release June’s consumer price index. That measure is anticipated to show annual inflation slowed to 3.1%, its lowest level since March 2021.
‘The strains that the consumer is under have been exacerbated over the last couple of months,’ said Morningstar analyst Erin Lash. The reduction of food assistance programs, lower tax returns, and using up extra savings and stimulus funds have an impact, she said.”
“Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.
As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines.
The bank is the second largest in the United States, serving 68 million individuals and small businesses.
Some of the charges are reminiscent of the Wells Fargo scandal last decade that involved opening millions of bank accounts without customer authorization.
‘Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,’ CFPB Director Rohit Chopra said in a statement. ‘These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.’”
“It has been well reported that an economic downturn could be coming.
But the big question is when might a recession happen, and how bad could it be?
Many Americans fear an economic downturn could be as bad as the 2007 to 2009 Financial Crisis, a recent Nationwide survey of 2,000 adults found.
To that point, 68% are expecting a recession in the next six months, and 80% of those respondents expect it to be severe.
Yet, predictions from various experts are not as dire.
‘We’re not expecting that,’ Kathy Bostjancic, chief economist at Nationwide, said of the firm’s outlook for the U.S. economy.
A recession is typically defined as a period when gross domestic product declines for two consecutive quarters.
‘We’re still in the camp that we get a recession,’ she said. ‘We think it’s been delayed, but not canceled.’”
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“Tuesday Blues,” Ripped From The Headlines. Things To Ponder:
“…No, hand me the CHEAPER toilet paper!”
When an article starts like this:
Americans are cutting back on personal hygiene products in a troubling sign for the US economy and consumer-focused companies.
You know there’s a problem…
Ripped From the Headlines has been talking about where the economy really is for nearly a year, and Sherloc Market Research has been on the case for years…
You can put lipstick on the pig all you want…
It’s still a pig, period.
What you’re seeing when you read things like “people are skimping on hygene products and essentials,” you’re just about at the end of the economic road…
If you haven’t planned, or have been slacking on it, now is the time to get moving… you’re going to see more and more stories like this coming.
Quickly.
Brace For Impact.
“Welcome Grifter Inc… Err… We Meant Bank Of America!”
Still thinking that “the banks are OK?”
They’re not.
Here’s the simple explaination:
Banks interests aren’t aligned with yours
They don’t really care what happens to you or your money
Your money really isn’t yours once you put it “on deposit” with a bank
These grifters and others like them take crazy risks with your hard earned dollars in an effort to make a profit
And when they do, things like this happen:
It’s worth watching & listening to our analysis of the recent banking crisis to get a handle on what’s happening, and what’s coming:
FYI: Things are going to get worse.
Know Your Foe.
“It’s Just A Recession… What Could Go Wrong?”
Remember this term, it will be important in the future: Smart Dummy.
This is when someone is so smart that they dumb to the basic facts staring them right in the face.
For instance, take the survery that Nationwide did…
Americans are in freak out mode… when the are, things aren’t good…
Yet, there are economists (NOT ALL ECONOMISTS) who think “everything will be OK…”
They cannot suspend conventional wisdom and their messiah complex long enough to step of the tracks when the freight train is coming…
Then, there are those moments where they say the quiet part out loud:
“Unless the economy starts to grow again, there is no reason why employment is so strong,” said Rayomond James Chief Economist Eugenio Aleman.
A “very, very large slowdown in employment growth” is expected for the second half of the year, he said.
Oh my…
That doesn’t sound good… which Americans know (and why they are freaked out) but some economists can’t mess with their gravy train of cash…
They don’t realize when the bomb drops, they die too.
Smart Dummies.
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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?
When was the last time you checked on your “go-to’s”:
*Your go-to investment?
*Your go-to safety net?
*Your go-to emergency plan?
If it’s been a while, here’s some bad news: They probably might not work anymore.
That means you’re behind in planning for rough times.
You should care.
What should I do?
Take a moment… right now if you can… to take inventory of what you’re seeing in this newsletter each day.
Have you ever seen a time quite like this?
Ok good, you’re paying attention. That’s the point.
If you’re not paying attention and trapped in the hustle and bustle of a busy world (with a ton of useless stuff, by the way), this stuff will come up on you like a thief in the night.
You need to take the time to prepare as best you can for a time when good supplies, strong communities, and strong connections are the difference between surviving and thriving or being in bad shape.
GET MOVING ASAP.
Also, please share what you get from this newsletter.
It’s OK if you don’t understand it all.
Tell them to ask us.
Your future, and theirs, 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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