We here at Less Government have LONG been sounding the alarm about the US’s looming doom.
And its likely first major implosion: The banking sector.
It’s deja screw – all over again….
2008 Big Bank Bailout? $16.8 Trillion. This Time? MUCH Worse
‘Too Big To Fail’ Banks – Are About to Fail Again
Bidenomics: Big Banks Writing Off Most Bad Loans Since China Virus Lockdowns
The original sin is, of course, government.
WAY too much of it – in every nook and cranny of private life.
Government poisons, crowds-out and destroys private life….
Government Is Good at Nothing. Stop Having It Do Everything
Today’s Government Is the Enemy of the People
Death Spiral: Gov’s Inflation-Interest Rate Hike Whipsaw
The CFPB Is Still Unconstitutional. SCOTUS Should Finally Do Something About It
DC and Bidenomics: ‘Our Fake Solution Didn’t Work – So We’ll Do It Harder’
Well, the evidence of the banking sector’s looming doom – keeps rolling in.
Late last week Bloomberg (Fake) News delivered us the following….
Commercial Real Estate’s ‘Warning Stage’:
“Get caught up.”
Which is unintentionally humorous. Because we pointed out this “warning stage” MONTHS ago.
Bloomberg pressed on – with their already-broken news…:
“Some two dozen banks in the US had portfolios of commercial real estate loans in late 2023 that federal regulators felt would merit greater scrutiny. It’s a sign that more lenders may face pressure from authorities to bolster reserves amid a brewing commercial real estate crisis….
“While New York Community Bancorp, which set off a cascade of stock drops in recent weeks, was the biggest US bank that came close to fitting that criteria, many smaller lenders went further.
“That’s because they amassed outsize concentrations even faster, according to a Bloomberg analysis. The three watchdogs – the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency – indicated that among those banks they would zero in on portfolios that had grown dramatically: at least 50% in the past three years.
“‘We’re at the warning stage,’ said Keith Noreika, who was acting comptroller of the currency in 2017. ‘There’s a light going off on the dashboard and now people are opening up the hood to see: Is it really wrong or do we just need to keep our eye on it?’”
One huge reason “we’re at the warning stage?” Because this problem ain’t just a US problem…:
“The sense of impending doom in commercial property is almost inescapable in the US and Europe….
“The UK…slipped into recession last year….Gross domestic product fell 0.3% in the fourth quarter, more than the 0.1% drop economists forecast, Office for National Statistics figures released Thursday show. That followed an unrevised 0.1% decline in the previous three months….
“Japan’s economy unexpectedly slipped into recession after shrinking for a second quarter due to anemic domestic demand. The news prompted some central bank watchers to push back bets on when the nation’s negative interest rate policy will end. Gross domestic product contracted at an annualized pace of 0.4% in the final three months of last year, following a revised 3.3% retreat in the previous quarter….”
I’m no Economics Expert™.
But I’m fairly sure countries around the world already being in recession?
Doesn’t help global real estate markets.
Or the banks too heavily leveraged therein.
In 2008: The banks dragged the planet into collapse.
in 2024: The banks and the planet are racing each other – to collapse upon us all.
And as our planet craters into oblivion?
Our global “leaders” – and their media mouthpieces – are rigidly adhering to #3 in Mike Damone’s Five Point Plan:
“Act like wherever you are – that’s the place to be. ‘Isn’t this great?’”
Here’s the ridiculous Biden White House….
Fact Sheet: The Biden Economic Plan Is Working
And here’s ridiculous Bloomberg….
Biden’s Revival Puts His Fiscal, Economic Agenda Back in Play
To know more – you’ll have to consume Big Media less.