Carl Icahn - U.S Economic System Breaking Down - Major Problems

[Bible Thumpin n Gun Totin]

• The middle class was hollowed out for the past 30 years while easy money was funneled up to the top 1% by endless money printing
• Homes are almost out of the price range of the middle class now, and are gobbled up by investors and corporations
• Farmland is insanely expensive
• Carl Icahn says household net worth is nonexistent
• Banks are starting to collapse

In my opinion it is unrestricted Capitalism unmoored from the Christian culture that created it that has caused these problems.

Carl Icahn: ‘Our System Is Breaking Down,’ ‘We Absolutely Have a Major Problem in Our Economy Today’

There's some interesting Comments in the article below:
'Net worth of median household is basically nothing,' says Carl Icahn. 'We have some major problems in our economy.'

**NOTE: This is purely my own personal opinion on economic matters. None of this is representative of my employer**

 

[Wingman68]

Look at who will pick up the spoils at the end of the day.

Context: The FTX collapse in November 2022 appears to be the start of this current banking crisis. FTX collapse apparently damaged Silvergate Capital. Silvergate Capital failure on 3-8-23 damaged SVB on 3-9-23, resulting in its failure on 3-10-23. Silvergate Capital ripple possibly cause of Signature Bank (NY) failure on 3-12-23. Ripples sent to 6 more banks on 3-13-23 resulting in the Moody's watch alert. Connection between SVB or Silvergate and Signature has not yet been explicitly identified. Signature Bank was being sued over FTX.

https://thehill.com/business/389953...rade-for-six-us-banks-following-svb-collapse/

Real Time Trade Halts to see publicly traded banks having liquidity issues per investor reactions and volatility: Trade Halts - Current

UPDATED 3-15-23

--Big Foreign Banks about to go BUST--

Credit Suisse - Credit Default Swaps approaching "DISTRESSED" Credit Suisse Credit Default Swap: What is it and how did it happen?
~~~~~~~~~~~~~~~
--Failed/Taken over by FDIC--

Silvergate Capital - failed 3-8-23

Silicon Valley Bank - failed 3-10-23; purchased by HSBC 3-13-23

Signature Bank - failed 3-12-23; buyer not revealed yet

~~~~~~~~~~~~~~~~~~~~~~

--Downgraded to JUNK--

First Republic Bank (FRC) - 3-15 Fitch & S&P downgrade First Republic Bank downgraded to 'junk' by S&P and Fitch on fears further deposit flight will hurt profitability

~~~~~~~~~~~~~~~~~~~~
--Moody's Five Remaining Potential Downgrades from 3-14-23--

Western Alliance Bancorporation (WAL)

Comerica Bank (CM)

UMB Financial (UMBF)

Zions Babncorporation (ZION) - parent of Nevada State Bank

Intrust Financial (Private)

~~~~~~~~~~~~~~~~~~~
--Others showing liquidity issues--

PacWest Bancorp (PACW)

Customers Bancorp, Inc (CUBI)

East West Bancorp (EWBC)

First Horizon Corporation, Tennessee (FHN)

Metropolitan Bank Holding Corp (MCB)

Regions Financial Corporation (RF)

~~~~~~~~~~~~~~~~~~~~~
--Banks seeing liquidity ripple--

Bank of Hawaii (BOH)

KeyCorp (KEY)

United Community Bank (UCBIO)

The Charles Schwab Corporation (SCHW)

Huntington Banc (HBANL)

Magyar Bancorp Inc (MGYR)

Macatawa Bank Corporation (MCBC)

~~~~~~~~~~~~~~~~~~~~~~~~~

--U.S. Big Six Banks (likely consolidators and possibly owners of Federal Reserve)--

Wells-Fargo Bank - Wachovia Securities is now WF Securities

JP Morgan Chase -

Bank of America - Merrill Lynch is division now

Citigroup

U.S. Bank

Goldman Sachs

~~~~~~~~~~~~~~~~~~~~~~
--Foreign Players--

HSBC - purchased SVB carcass on 3-13-23

Mitsubishi UFJ Financial Group (MUFG) - strategic partner of Morgan Stanley

 

[Wingman68]

Got gold? Who was it that took us off the gold standard? FDR, followed by Lyndon Johnson, & finally Nixon. If we were still on it, things would be a whole lot different than what you see today where they just fire up the printing presses.