Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since the Federal Reserve began to raise interest rates in the first quarter of 2022.
Anyways, I think the biggest thing that I am mind blown by is the people that run our banking system are the ones who should know best - and they don't/didn't.
I think we need more failures with no bank bailouts, but this will cause tremendous erosion and suffering in our system.
Many normies are waking up to the fact that FDIC funds and in 2008 taxpayer dollars are bailing out multi-billion dollar banks. Why - how ridiculous.
Cheap money and getting too drunk on the kool-aid for the past decade and a half is really putting us in a sour position to finish 2024 and go into 2025 with something eerily similar to past recessions.
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25 sats \ 0 replies \ @TomK 5 Jun
JP Morgan and the other vultures will be happy to consolidate their assets on their balance sheets for cents on the dollar.
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Nothing to see here folks
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I would love to see all of them fall one by one!!!
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Another 2008? Or will it be even worse?
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It's impossible to say for sure, but I think the situation isn't that dramatic. Only time will tell.
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I remember people were buying and selling because of FOMO during the covid pandemic.
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I don't understand. What were they buying and selling? FOMO or FUD?
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Buying and selling houses during covid.
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Maybe Credit Unions will be able to squeeze into mass adoption...
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I really don't know why more don't bank with Credit Unions.
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0 sats \ 1 reply \ @Hamstr 6 Jun
Is there a huge difference?
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For the average person, you wouldn't notice a huge difference. Especially now, where online banking has progressed and is the norm. Credit unions tend to have lower interest rate loans and lower fees, which is better for the account holders/members. The members are considered "owners" and the aim is to provide as much benefit to the account holders as possible, vs your BoA/Chase mega banks where profit above all else is the goal. Credit Unions have fewer physical branches and branded ATMs, but instead use a network approach to ATMs, even waiving/reimbursing ATM fees most of the time. For example, I typically use ATMs at any target or CVS location, so no less convenient. If you need in person services, then you likely have less options if you bank with a CU. Moving past the "Fiat bad" stigma, Credit Unions off the same deposit insurance guarantee up to $250k USD, only thought the Nation Credit Union Administration (NCUA) instead of the Federal Deposit Insurance Corporation (FDIC).
In short, for the typical user these days accustomed to online banking and not in need of physical branches/in person services will have just as much safety holding Fiat at a Credit Union and receive better savings rates/APY, and lower interest rates on loans. Plus the added benefit of avoiding our defacto nationalized mega banks.
Edit: I should note that not all CUs are equal, so if it's a small community chartered CU, then you may have less financial products available. But most typical/reasonable sized CUs will fell just the same as banking with Chase or Wells Fargo, etc.
Source: been at a CU for a long time and also know people who work for a decent sized/top 5 CU in my state of residence.
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I’m wondering at what point the housing market is gonna crash…
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Don't worry, everything will be fine. We have bitcoin!
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Should have crashed when COVID happened, its WAY overdue