Posted on 02/01/2024 6:17:51 AM PST by Red Badger
Heads up folks…
I’ve been on my soapbox sounding the alarm about the banking system for the past several months.
We had 6 banks crash and collapse last year in 2023 and many thought the Banking Crash was over.
I kept telling you it wasn’t.
I kept telling you I feared that was just the prelude.
This is one of those times I wished I was wrong, but it’s not looking like I will be.
In fact, it’s looking like the Bank Crash 2.0 is right around the corner.
Here’s what’s happening right now as I type this:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\\\ Disclose.tv @disclosetv · Follow JUST IN - New York Community Bancorp stock crashes, trading halted. 8:45 AM · Jan 31, 2024
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
This is what the chart looks like:
This is the same bank that bought Signature Bank last year….gee, I guess the contagion spread?
Who would have thought?
James Lavish @jameslavish · Follow While everyone is focused on Mag7s, NYCB - New York Community Bancorp (yes, the bank that bought troubled Signature Bank last year) announced a $260M loss in Q4, and the stock opened down 40%.
What was in that loan portfolio?
Many are calling this the “death candle”:
I asked Grok if New York Community Bank is collapsing and here’s what it said:
Quote: “It is facing significant challenges….[but]…..it would be premature to conclude the bank is failing.
Anyone else get echoes of Jim Cramer in 2009 when you hear that?
“BEAR STERNS IS FINE!”
Remember this?
KRAMER VIDEO AT LINK...............
Look, I’m not a financial advisor….
I’m not an accountant….
I’m not a TV guru like Jim Cramer (thank God!).
I’m just a reporter and a dot-connector and I’m telling you I think a major crash is right around the corner.
I think it’s likely this bank fully goes under or gets bought out….
I think you see a much bigger name go down next, and if I had to pick one I’d say it’s Citibank….
And I'll leave you with this....
The time to get prepared is NOT after the crash starts.
The time to get prepared is now.
And while I'm not a financial advisor, I will tell you Gold and Silver have always been God's money and they historically are safe-havens in times of massive financial crashes.
That is, if you can find any.
As a dilettante here, I would guess that Chase and Capital One are unlikely to fail, the latter because it has very little brick and mortar, and the former because it has the support of all the wokies in the deep state. I wouldn’t be so sure of Wells Fargo, however.
It’s coming……those of us watching the big picture can see it all now unfolding, weakening military, depressing economy, inflation increasing, global shortages, , unpayable debt, loss of confidence in our government, lawlessness in government and society, endless wars continue.
This one will make the 08 meltdown look like a Girl Scout marshmallow roast. Exciting times ahead, Thank you Joe!
A friend sent me a list of bank closures yesterday. Lots of US Bank outlets, & PNC Bank among others. It doesn’t look good.
What did people think “Build Back Better” really meant?
Joe is just here for the destruction phase. He’s good at that.
It has been going on for years. This bank buying out that bank quicker than you can order a box of checks with the name of the first bank. But with the demonrats pushing the end of the USD, well, buckle up it’s going to be a bumpy ride.
Amen brother, his Covid vax hoax, shutdowns, illegal invasions and Afghanistan debacle was just a warning, for those that could see it….they are going to have to work a lot harder on us Purebloods, not all of us bought into his tripe.
You mean branch closures, not bank closures. Branch closures have been going on for decades.
Sorry. I was struggling for the right word. Oldtimer’s disease!
Is this WLT Co reputable?
Anyone have any suggestions for gold bullion purchases? I’d rather have physical possession of my gold, instead of it on paper.
Any advice/help would be much appreciated.
My economist brother-in-law taught banking to undergrads for six years while working on his thesis. He once remarked to me that the US is "vastly" overbanked. He said that consolidation wouldn't hurt anyone. European countries have a few dozen banks, and its enough for competition.
Also, I don't think that branch closures means much of anything economically, although it might be an inconvenience for customers who aren't comfortable depositing checks via their mobile app. Cash can be obtained via ATMs. Mortgage loans can be handled by specialty offices which are more sparsely located.
If I were to buy physical gold and silver, I’d buy it locally.
Transaction immediate.................
I recently went through my routine budget to see how many of these institutions accepted gold for payment of debts.
None.
Bitcoin?
None.
When I can pay my property tax, insurance bills and/or utility bills with gold or bitcoin then I will be interested in getting some of either or both.
A friend sent me a list of bank closures yesterday. Lots of US Bank outlets, & PNC Bank among others.
———
The current count is 220 ( and rising) by the majors, you cannot have bank runs with no buildings to visit. Time to “ cash up”, there is going to be a lot of deals and distressed sales coming our way.
Time to “ Prosper”, again….some of us saw the 08 meltdown coming, disregarding MSM’s “ all is well” garbage….”Go and buy that house, car, boat, gun, property.”….two years later it all sold for pennies on the dollar.
The problem is that too many people are affected and people have to go somewhere. There is currently an adjustment going on. It started in IT with salaries starting to adjust downwards which was long overdue.
They are called “Too big to fail” for a reason.
These smaller banks usually fail because they are not diversified enough and they get “caught” with their pants down.
I was reading these guys (NYCB) were deep into commercial real estate. That is not a good place to be in NYC.
Chase and Citi are big investment banks. Most of those guys are not as exposed to specific market fluctuations as the smaller guys.
This is when you start seeing the “Pac Man” situations that drove the banking boom in the 90’s. The bank I worked for would buy up “little” banks every three months. It was actually exhausting to “merge” with another culture all the time—especially when the rank and file thought it was a “merger”, but it was really a “takeover.”
This happens in one form or another every cycle.
Amen brother! …May the Spirit continue to guide you.
6 failures, counting this one that hasn’t failed yet. Only 4838 more to go.
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