Record $1+ Trillion Credit Card Debt: Bidenomics Is Great for Big Banks
CNBC “Squaw Box” morning show host Andrew Ross Sorkin is always entertaining and informative – neither ever intentionally.
Sorkin has a long and storied history of being one of the nigh-innumerable Big Media cheerleaders for the Big Government-Big Business fascist cabal that is murdering our nation.
Sorkin in 2009 wrote about the 2008 global financial disaster….
“Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves.”
In which he serves as a suck-up quisling to the Big Government-Big Bank coterie that – with their monumental self-dealing housing crisis – for years destroyed our world:
“(A) non-fiction book …chronicling the events of the 2008 financial crisis and the collapse of Lehman Brothers from the point of view of Wall Street CEOs and US government regulators.”
That’s not unlike writing about the Garden of Eden and the Fall of Man – from the point of view of the Snake.
A decade-plus later – Sorkin is still sucking up to the Bigs. This past May he proffered….
“(Sorkin) said something along the lines of ‘We probably don’t need regional banks anymore. We could probably do well with just 3 or 4 Big Banks.’”
I’m sure the thousands of small banks – and their millions of poor and middle class customers – who will be SOL should this transpire (and it will)? Are particularly fond of fanboy Sorkin’s crony fascism.
Sorkin’s nauseating Bigs collaboration – is matched only by his complete lack of situational awareness.
On August 9th he anchored a segment on the record credit card debt Americans are now carrying.
What it means – to anyone with an IQ above 9 on a warm day? Is that Bidenomics is exceedingly awful.
About which I warned in August of 2016.
Not because I am Nostradamus. But because I have an IQ above 9 on a warm day.
Sorkin apparently does not.
Less than three minutes after his record credit card debt segment – Sorkin anchored a segment on Bidenomics.
During which he expressed stunned disbelief that so few people like it – and are just as unenthusiastic about ratifying it in the next election.
Behold the tiny, cozy bubble in which our Big Gov-Big Biz cheerleader richly exists.
Meanwhile, We the Impoverished continue to sink further and further into ridiculously-high-interest-rate credit card debt.
Which makes Sorkin’s beloved Big Banks richer, and richer, and….
“During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion….
“Credit card balances are up almost 20% from a year ago….
“Not only are balances higher, but more cardholders are also carrying debt from month to month….Of those carrying card balances, 60% have been in debt for at least a year….
“More Americans are failing to make payments on their credit cards and auto loans, another sign of rising financial pressure on consumers….
“The rate of new credit card delinquencies hit 7.2% in the second quarter, up from 6.5% in the first quarter.”
Bad news for America and Americans – is great news for the Big Banks….
And that was written in January – before this year’s monumental increase in additional credit card debt.
“Banking troubles?” That would be in part a reference to the Q1 Silicon Valley Bank fiasco.
Very few things better embody all of the aforementioned messes:
“Large U.S. banks reported massive earnings Friday, signaling that the biggest institutions largely shrugged off the banking crisis stemming from Silicon Valley Bank’s collapse.”
It’s exceedingly easy for the Big Banks to shrug off “the banking crisis stemming from Silicon Valley Bank’s collapse” – when Big Government has your back.
Whether or not Big Gov wants to admit they have your back. And the backs of your Big-Gov-bailed-out billionaire customers.
“After Silicon Valley Bank careened off a cliff last week, jittery venture capitalists and tech startup leaders pleaded with the Biden administration for help, but they made one point clear:
“‘We are not asking for a bank bailout,’ more than 5,000 tech CEOs and founders begged.
“On the same day the U.S. government announced extraordinary steps to prop up billions of dollars of the bank’s deposits, Treasury Secretary Janet Yellen and President Biden hammered the same talking point: Nobody is being bailed out.
“‘This was not a bailout,’ billionaire hedge-fund mogul Bill Ackman tweeted Sunday, after spending the weekend forecasting economic calamity if the government did not step in.
“Yet according to experts who specialize in government bank bailouts, the actions of the federal government this weekend to shore up Silicon Valley Bank’s depositors are nothing if not a bailout.”
It quacked like a bailout. And walked like a bailout. And…OF COURSE it was a bailout.
Big Gov bailed out an exceedingly stupid Big Bank – so as to bail out some of the richest bank customers on Planet Earth.
Meanwhile, their fellow Big Banks – are raking in ever-increasing record profits.
Meanwhile, We the Impoverished continue our collapse beneath the weight of our record Big Bank credit card debt.
With no bailout in sight.
And Big Gov-Big Biz-Billionaire Bidenomics – as far as the eye can see.
And Sorkin – yet again staring blankly into space.