Ripped From The Headlines, October 19, 2023
Big Banks Cutting Thousands Of Jobs, It Takes $114k Per Year To Buy A House, Fed Gov: "#CBDCs Aren't Good" - Read, Share, & Subscribe - SherlocExposes.com
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“The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come.
Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase, the biggest and most profitable U.S. bank.
Pressured by the impact of higher interest rates on the mortgage business, Wall Street deal-making and funding costs, the next five largest U.S. banks have cut a combined 20,000 positions so far this year, according to company filings.
‘Banks are cutting costs where they can because things are really uncertain next year,’ Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview.
Job losses in the financial industry could pressure the broader U.S. labor market in 2024. Faced with rising defaults on corporate and consumer loans, lenders are poised to make deeper cuts next year, said Marinac.
‘They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad,’ he said. ‘By the time we roll into January, you’ll hear a lot of companies talking about this.’”
THINGS TO PONDER:
When the bomb diffuser guy is running, you should try to keep up…
In this “booming economy,” the people who handle your money are preparing “for things to be uncertain next year…”
What do you think they know that you don’t?
That’s right… they know things are going to go sideways economically…
And they plan to have a seat in the game of musical chairs…
As for you, they want to make sure you’re the last to know.
Brace For Impact.
Click Here to read the full article.
“Americans must earn more than ever to buy a home in the US.
Homebuyers needed a $114,000 salary to afford a typical home in September — assuming a 7.2% mortgage rate with 20% down on a median-priced home of $412,001 — according to real estate brokerage Redfin Corp.
To comfortably ‘afford’ a home payment, a buyer should spend no more than 30% of their income on housing costs. And Americans have never needed more than current levels in data going back through 2012, when the salary requirement was roughly $38,000.
Homeownership has long been a key way to build wealth in the US, but first-time buyers are increasingly being shut out of the unaffordable housing market. The median salary in America is $70,000, according to Federal Reserve data, making it difficult for many to buy properties.
Access to US homeownership first became a six-figure club in 2022, thanks to borrowing costs rising at the fastest clip in decades while home prices remained high. It’s only gotten more expensive with mortgage rates hurdling towards 8%. Existing homeowners are reluctant to move because they’re locked in at lower rates, and new buyers are struggling to find properties they can afford, pushing mortgage applications to a multi-decade low.
THINGS TO PONDER:
Americans are having a hard enough time living day-to-day…
And for many, the one thing that provides some level of ownership in modern society is pretty much out of reach… and will likely remain that way.
Is that why tons of cracker-jack apartment buildings are going up like wildfire in the UNITED STATES?
If we didn’t know any better, we’d think there’s something else afoot…
Know your Foe.
Click Here to read the full article.
“The creation of a central bank digital currency (CBDC) presents ‘significant risks’ for the financial system and consumer privacy, says Federal Reserve Governor Michelle Bowman.
Appearing at a Harvard Law School Program on International Financial Systems roundtable on Oct. 17, Ms. Bowman conceded that the benefits of a digital dollar are uncertain and that there could be ‘unintended consequences’ for the banking sector.
‘The potential benefits of a U.S. CBDC remain unclear, and the introduction of a U.S. CBDC could pose significant risks and tradeoffs for the financial system,’ she said in prepared remarks.
‘These risks and tradeoffs include potential unintended consequences for the U.S. banking system and considerable consumer privacy concerns.’
Ms. Bowman, who is one of seven Federal Reserve Board members overseeing domestic payments systems and banking, averred that she has not come across a ‘compelling argument’ that a CBDC could solve issues surrounding frictions within payment systems, advance financial inclusion, or offer the public access to safe central bank money.
She did agree that the Fed needs to continue researching the subject and obtain greater insights into a digital dollar's technical capabilities and risks associated with CBDCs.
‘As the money and payments landscape evolves, I continue to stress the importance of looking ahead and analyzing potential changes that may emerge well into the future,’ the Fed official noted. ‘Given the breadth of activity in this space, I believe that policymakers must specify the problems they are trying to solve, understand the range of alternatives that could address any problems, including policy and technology options, and thoroughly analyze the associated risks and tradeoffs.’"
THINGS TO PONDER:
Nothing like seeing it in black and white, right?
So now the Fed is saying the quiet part out loud… about the thing we warned you about last year is now coming to the forefront.
You have to clearly understand where something like a Central Bank Digital Currency takes you…
This video from Kevin Freeman walks you through it and shows you a solution.
Ripped From The Headlines was with Freeman in Tallahassee, FL this week and will share a special report soon on the future of transactional sound money:
Know Your Foe.
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Plus a recap of the 50 things you should have handy to barter.
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