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U.S. banks are taking massive hits, with unrealized losses on their securities skyrocketing to $750 billion by the end Q3 of 2024 (September).
That’s seven times higher than the unrealized losses reported during the 2008 financial crisis, where banks faced $100 billion in losses.
These losses are tied directly to securities that banks had previously acquired, particularly their available-for-sale (AFS) and held-to-maturity (HTM) portfolios.
A combination of higher interest rates and shaky economic conditions is ripping through the market, eroding asset values across the board. U.S. banks are feeling the heat, and there’s no hiding the financial damage.
RUMORS . . .
There are now RUMORS about Bank of America. I emphasize these are only RUMORS; they are not (yet) corroborated, but you should be told:
An Executive from Bank of America allegedly posted on "X" (formerly Twitter) that there is a plan developing within that bank, for the bank to CLOSE FOR NINE DAYS. In less than two hours, his posting was "gone" from X. The RUMOR goes on to say that the Executive who leaked this on X, was greeted the next morning by SIX (6) black SUV's and guys in them in suits, who went to his house, grabbed him up, and he hasn't been seen or heard from since.
FACT:
Now that's a pretty wild rumor, but there are publicly available confirmed facts which also point to potential problems at that bank; namely it's largest Stockholder Warren Buffet / Berkshire Hathaway, having made repeated stock dumps over this year, at about $900 Million EACH! ! ! !
Why would the bank's largest stockholder be dumping the bank stocks in such large quantities?
Clearly, there is very real trouble brewing in the banking sector . . . . . . . again.
Get and keep SOME cash money at home. Stash it somewhere; just in case.
If things go wild-weasel in the banking system (again, like in 2008) and the feds are forced into some "Bank holiday," your plastic cards won't work, but cash will. Have cash.
