Posted on 12/04/2023 3:09:26 AM PST by davikkm
In a concerning economic landscape, bank liquidity and funding are rapidly declining, and the Business Term Funding Program (BTFP) is running out of time, with just three months left. The situation is exacerbated by subprime debt, comprising 21% ($332 billion) of outstanding auto loans, of which roughly $24.5 billion is severely delinquent.
Renowned investor Howard Marks warns, “Securing loans is becoming tougher, posing challenges for businesses needing refinancing.” This sentiment points to impending obstacles for businesses seeking financial support.
(Excerpt) Read more at citizenwatchreport.com ...
Bidenomics.....ugh.
I’ve seen at least three repo’s in progress in my neighborhood within a month. “I know nothing” is all I could say as I walked past one of them, and the guy operating the winch said “Good!”.
When you make loans to people who cannot pay them back, you always have a crisis waiting around the corner.
Denying a loan to an unqualified POC is racial profiling.
Approving a loan to an unqualified POC is predatory lending.
See how that works?
“Bidenomics.....ugh.”
America’s unhealthy relationship with debt predates Biden. The banks have financialized our economy, they’ve disincentivized the traditional values of saving money, avoiding debt slavery, and entrepreneurship. The consequence is a population that hands over much of their earnings to the bankers in interest payments.
And now the Feds are giving the bankers one trillion dollars a year in interest payments that are also borrowed from the banks.
When our total debt (Federal, state, municipal, district, pension) is totaled it is 740% of our GDP. It is impossible to repay this and we can only inflate our way out of it. Or take the extraordinary step of defaulting.
In the long term the latter choice would be healthier.
Evergrande bankruptcy today.
Not to worry! Biden will forgive all subprime debt.
Nevermind, postponed by judge until Jan 29.
NINJA car loans???
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