JPMorgan Chase and Bank of America Suffer $4,500,000,000 in Losses As 'Unrecoverable Debt' Soars: Report - The Daily Hodl
JPMorgan Chase and Bank of America Suffer $4,500,000,000 in Losses As 'Unrecoverable Debt' Soars: Report - The Daily Hodl
The two largest banks in the US say they expect to lose a collective $4.5 billion from customers who are essentially unable to pay their bills.
I wish this was noteworthy, but it's a paltry sum. The thing that's noteworthy is that the banks are clear that people can't pay their bills. I wish we could get that data plotted on a chart over time and see what's happening to people in the USA at least monthly. With the commercial real estate sector being just a massive loss and most job creation being low wage, and more people in the gig economy with multiple jobs, and credit card debt rising, and medical debt rising, and boomerang sanctions, it's only a matter of time before the working class breaks.
Yeah, the direction of travel is not great.
It's okay, we can guard against this by bundling large amounts of high risk debts and use them to back securities
Is this the beginning of households breaking under the taking credit with increased interest rates? I wonder what that would mean over the next couple of years?
Given that most people are living paycheck to paycheck, that means they're simply not able to absorb continued increase in cost of living. Meanwhile, we see inflation keep climbing while salaries are stagnant. Something will definitely have to give here.
https://fortune.com/2024/02/01/emergency-1000-expense-most-americans-broke-debt-bankrate/
pg&e announced they'll be trying to curb their planned annual electricity and gas price increases to under 5% from the current nearly 20% over the past two years
The economy is overdue for a recession. I don’t mean that facetiously, we’ve been in a growth stage since 2009.
Of course that’s all in the capitalistic framework, if we didn’t have the need for unfettered growth, recessions wouldn’t be needed either.
STAGFLATION TIME BABY VOLCKER SHOCK INCOMING
Best time for the american people to fight an economic war with china
Time to fight the only people in the world producing goods that the American people can afford.
i guess commercial real estate debt hasnt started hitting the fan yet huh
Ha hahahahaha!
Good.
until the inevitable reaction occurs, which is bringing back debtors prisons (jk they'd just put debtors in regular prisons)
Americans would absolutely love that... Or as least be subdued into thinking it's a good and fair idea.
Ever seen the comment section of a video showing a car being repoed?
Ever seen how cruel they are to the homeless?
"Haha should've paid the car note" and "haha next time work harder so you aren't homeless" will escalate to "haha should've never gotten into debt"
Why's Benjamin Franklin on a 1 dollar bill
Jk it's because it's AI generated probably. There's a 100 next to the 1 lol
Yeah it's an "AI" image.
The other text is nonsense as well just with familiar shapes and textures.
OP’s “source” is a cryptocurrency news site what do you expect
You could buy almost 10 twitters with that kind of money
Another crack in the foundation forms
