Bob Michele (JP Morgan's CIO) on Bloomberg this morning talking about the Fed's emergency BTFP interventions & the liquidity crisis in banks.
He also specifically mentioned Truist Bank 😬
Truist Bank has over $500 billion in assets & could be on the verge of failure along with Charles Schwab
(twitter.com)
💥 BANK COLLAPSE 💥
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The mortgages go bust and your friend gets kicked out of the home, unless a solvent bank is able to acquire the mortgages of people like your friend.
Which is what this is all about, the major banks will control everything the smaller banks had and get them for cheap cheap.
Is that what happened in 2008? I honestly don't know.
Yeah, many people went homeless because the banks called on them to pay off the remainder of their loan immediately (and of course many couldn't).
Watch "The Big Short" whenever you get the chance.
Oh gosh, that's horrible. I did not know that. Alright, I will, thanks.