Bank of America CEO Brian Moynihan on Monday said the firm is preparing for the U.S. to default on its debt after surpassing its borrowing limit last month.
Lawmakers are locked in talks about whether to lift the debt ceiling, with Republicans insisting on spending cuts before a deal to raise the limit is struck, and economists are warning of financial crisis if a default does occur.
https://thehill.com/policy/finance/3845901-bank-of-america-ceo-preparing-for-us-debt-default/amp/
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Really these guys are just going to play the fear and make a killing in derivative assets. These people prey on the fear of the average day trading normie and take them to the cleaners.
There's a chart that shows the big banks being over leveraged in derivitives: JP Morgan Chase-61.17 TRILLION, Goldman Sachs-50.25 TRILLION, Citibank-46.23 TRILLION...on down for 30 other banks; "a trillion here and there adds up to QUADRILLIONS" no way to pay..
The only way to stay afloat is to keep the derivative train rolling!
If derivitives are anything like CDO's, there won't be floating to be seen..."dogshit wrapped in catshit" The Big Short...