Is the end nigh?

Zeedox said:
I wonder 🤔 Is this why Burry shorted back in Aug? Did he see the signs again?
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It's a large part of it.

All Wall Street does is the same thing over and over again under a different guise. The Banks and credit rating systems are in on it. You sell loans to people that can't afford them. It looks great on the books as money you'll eventually be paid. Then you put those loans in a "package" along with other bullshit loans as investments.

Then they sell those "investments" to people, largely in 401K options, under the premise that they are good, solid, AAA rated loans (thanks to their buddies at the credit ratings organizations that rubber stamp it all) that WILL be paid off over time. If those loans are at, say, 12% interest, you can jump on that bandwagon with your money and get 4% to 6% of that by investing in them.

But the problem is they're worthless. After enough people who could never afford the loans to begin with walk away from them, the investment banks, which are now the exact same as any bank thanks to D.C., can't come up with the money to pay the people that invested in them.

So the bank fails.

Then the investors want their money back but there is no money. It's gone. It has literally vanished back into the thin air whence it came.

The entire banking system in the United States is designed to be a giant Ponzi scheme. It is only a matter of time before the music stops and everybody wants their cash. By then, of course, it's too late. There is no cash.
 
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The funny part of it all is that the debt they're not paying is largely on outside investment (read as: Americans).

So it's largely American investors that are getting stiffed and not paid at all. I give it a couple of weeks before yet another bank here folds because they got caught heavily invested in the Chinese real estate boom that "would never end".
 
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Well, I imagine that's sort of the same as getting mugged or raped or something else traumatic: you assume the worst is going to happen every time. Example: the guy was just coming to ask the lady if she needed help putting air in the tires but she assumes he's coming to get her.
 
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Drugstore chains for decades saturated US cities, suburbs and small towns with new stores.​
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Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. Researchers find pharmacy closures lead to health risks such as older adults failing to take medication.​
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Rite Aid, the third largest standalone pharmacy chain, filed for bankruptcy Sunday and will reportedly close roughly 400 to 500 of its approximately 2,200 stores.​
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Such a wonderful, booming, Bidenomics economy.

🙄
 
Totally unsurprised by this.


WeWork, the beleaguered coworking space company, has filed for bankruptcy, marking a stunning downfall for what was once the world’s most valuable startup.​
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The Chapter 11 bankruptcy announcement was widely expected after the company said last month it was struggling to pay back its debt. The pandemic rocked WeWork as people started working from home instead of commuting into office spaces. The company’s stock lost more than 99% of its value, and the SoftBank-backed venture, which was privately valued at around $47 billion at its peak, was worth $45 million Monday before its bankruptcy filing.​
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How it didn't happen 2 years ago is beyond me.
 
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