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Wall Street is likely to be a bloodbath today. The first warning signs were on Friday, culminating on Sunday night when all * broke loose in Asia. The Nikkei had its worst day since 1987, sinking nearly 4,000 points. It suspended trading after sinking nearly eight percent. South Korea’s stock exchange halted all sell orders as a looming wave of brutality is expected to hit Wall Street this morning. We’ll update this post accordingly, but a drubbing on the New York Stock Exchange shouldn’t surprise anyone. Also, don’t look at your 401ks

Paladin wrote: ↑Thu Aug 01, 2024 1:54 pm Harvard Business Review: U.S. Commercial Real Estate Is Headed Toward a Crisis

U.S. banks face a reckoning: Over the next two years, more than $1 trillion in commercial real estate (CRE) loans will come due

The damage could metastasize into a full-blown financial crisis if scores or even hundreds of small- and midsize commercial banks fail simultaneously. A worst-case scenario might include contagion to other economies and banking deserts across the U.S.

Fed officials have indicated that a CRE crisis will probably lead to bank failures. Multiple, simultaneous bank failures could be catastrophic for the financial system.

It’s unlikely that the Fed, FDIC, and a consortium of the largest banks can rescue hundreds of compromised commercial banks at once.

Pandemic-accelerated troubles in the CRE market may take more than a decade to resolve.

Increasing office space vacancies linked to remote and hybrid work could extend price declines and deepen losses for lenders in this space. Most empty or underutilized office space is too costly to convert to residential or other uses and will require deeper price concessions. As leases can stretch to 10 years before they are due for renewal, it may take years for the office space market to clear.

Paladin wrote: ↑Thu Aug 01, 2024 9:13 am Biden/Harrisomics for all:

https://www.uscourts.gov/news/2024/07/2 ... .2 Percent

Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year.

Business filings rose 40.3 percent, from 15,724 to 22,060 in the year ending June 30, 2024.

This is not what a growing economy looks like. Its just gaslighting to say the economy is not in a recession

Paladin wrote: ↑Wed Dec 27, 2023 3:24 pm Banks Terminate 60,000 Workers In One Of The Bleakest Years For The Industry Since 2008

A new report from the Financial Times shows twenty of the world's largest banks slashed 61,905 jobs in 2023, a move to protect profit margins in a period of high interest rates amid a slump in dealmaking and equity and debt sales. This compared with the 140,000 lost during the GFC of 2007-08.

"There is no stability, no investment, no growth in most banks — and there are likely to be more job cuts," said Lee Thacker, owner of financial services headhunting firm Silvermine Partners.

FT noted that corporate disclosure data and its independent reporting did not include smaller regional bank cuts, indicating total job loss could be much higher.

Clear case of Bidenomics.