Big Banks are again about to destroy the global economy.
And this time - they’ll probably help execute the US’s coup de grace in the process.
After Big Banks in 2008 destroyed the global economy?
DC pretended to care about banks being “too big to fail.” - while giving the Big Banks about 29 trillion of our dollars.
DC then pretended their 2010 Dodd-Frank bank “reform” legislation - would end “too big to fail” banks.
Having watched DC’s legislation murder many 1,000s of their competitors? Big Banks used DC’s bailout money to purchase the corpses - and their assets.
Flash forward to 2023. And the Big Banks - which DC pretended to end? Are about to end US.
This despite the Big Banks currently making even more money. Thanks to being able to charge higher and higher interest rates of more and more Americans - courtesy, again, of their cronies in Big Government.
The Joe Biden Administration ruining the lives of many tens of millions of Americans - is great business for the Big Banks.
Despite this huge boost in income? The Big Banks are increasingly struggling.
Because you can only profit on the people’s misery for so long - before it all comes crashing down.
Bidenomics: Big Banks Writing Off Most Bad Loans Since China Virus Lockdowns:
“All of the Big Banks’ mass accumulation of bad debt - will soon start downgrading even their credit quality.
“That’s not a death spiral or anything.”
The Big Bank death spiral continues - and tightens….
Banking Sector Beats Analysts’ Expectations But Signals Economic Concerns:
“Charlie Scharf expressed similar concerns as (JPMorgan CEO Jamie) Dimon, noting the economy is resilient, but said ‘we are seeing the impact of the slowing economy’ through declining loan balances and the stresses placed on consumers through charge-offs and delinquencies."
And since the Big Banks cashed in on Big Government’s China Virus super-spending? They are going to suffer the same sugar crash the rest of us are:
“During the pandemic, favorable interest rates and government intervention through stimulus checks and frozen loan repayments increased loan demand. However, those borrowers are experiencing difficulties in repaying those loans.
“‘Consumer finance companies used this opportunity to juice up their growth at a time when funding was ample and consumers’ finances had gotten an artificial boost,’ Mark Zandi, chief economist at Moody’s Analytics, told The Financial Times. ‘Certainly, a lot of lower-income households that got caught up in all of this will feel financial pain.’
“Jane Fraser, CEO of Citibank…:
“'The global macro backdrop remains the story of desynchronization. In the U.S., recent data implies a soft landing, but history would suggest otherwise, and we are seeing some cracks in the lower FICO consumers,’ Fraser said to an analyst.
“‘All of these macro dynamics have clearly impacted client sentiment. September is always a busy month being clients, and I’m struck how consistently CEOs are less optimistic about 2024 than a few months ago.’”
And what is DC doing about all of these “too big to fail” banks - about to fail? Absolutely nothing.
The Consumer Financial Protection Bureau (CFPB) is a creation of Dodd-Frank. The CFPB was supposed to be the action arm of the law - to help proactively end “too big to fail” banks.
Except the CFPB is doing - what the rest of the exceedingly awful Dodd-Frank does:
Destroy any remaining challengers to the Big Banks’ dominance.
Payday Lenders Aim to Evade Federal Probes:
“At the heart of the standoff are short-term lenders that offer a wide variety of loans to low-income Americans with poor credit, urgent financial needs and few other places to turn for help.”
Get that? The Big Banks won’t even lend to these people.
So the payday lenders are lending to these people - and rescuing them from total financial oblivion.
And the CFPB - is looking to ensure these people achieve total financial oblivion. By murdering the only people who will lend to them.
Meanwhile, the CFPB ignores the Big Banks getting ever bigger. And prepping to again destroy the global economy.
Ignore big - aim small.
So: It’s all right in line with DC Standard Operating Procedure (SOP).