The scale of unrealized losses at U.S. banks is staggering, currently standing at $515 billion.
To put this in perspective, that's 7x higher than during the 2008 financial crisis. And the chart below helps to understand the scope of the problem... Source: Porter Stansberry @porterstansb on X
FDIC warns that 66 US banks face the possibility of insolvency after being added to its problem list
Source: Barchart, FDIC
Why Buffett is dumping Bank of America $BAC stock:
Provision for credit losses highest since covid lockdown Source. zerohedge
US credit card interest rates hit 23.4% in August, a new record.
Over the last 2 years, rates have soared by 7 percentage points. US consumers now have a record $1.36 trillion in credit card debt and other revolving credit meaning they pay a massive $318 billion annual interest. To put this into perspective, Americans paid just half of that in 2019 at ~$160 billion. Meanwhile, credit card serious delinquency rates are at 7%, the highest level since 2011. Source: The Kobeissi Letter
🚨 BANK OF AMERICA OUTAGE LEAVES CUSTOMERS UNABLE TO ACCESS ACCOUNTS, SPARKS PANIC🚨
Bank of America customers experienced a major outage on Wednesday, with many unable to access their accounts or seeing $0 balances. The issue, reported on Downdetector, began around 12:45 pm ET. While the bank's app stated accounts were "temporarily unavailable," users flooded social media with concerns. Bank of America has yet to clarify the cause or confirm if funds were at risk. Source: Downdetector thru Mario Nawfal
US CREDIT CARD INTEREST RATES ARE AT ALL-TIME HIGHS
US credit card rates remain at record highs of ~22%. US credit card debt is now ~$1.14 trillion, also at an all-time high. This means Americans pay ~$250 billion in average interest payments on credit cards a year. Source: Global Markets Investor
UBS is ahead of schedule on cost savings according to CEO S. Ermotti
Source: Reuters
Visa, Mastercard, and American Express' FCF per share and share price over the last decade.
10Y Total Return CAGR: $V Visa: 19.1% $MA Mastercard: 21.4% $AXP American Express: 13.1% Source: @KoyfinCharts
