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And Many Local Banks and Credit Unions Will Fail

Community banks and credit unions are facing a wave of defaults as a rising percentage of subprime borrowers are unable to make payments on their cars. With repossessions surging, local banks will face solvency issues as car prices fall.

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Written by Steven Van Metre

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  1. I realized this was a problem, Auto loans, in January-Feburary of this year and it has only gotten worse. I also noticed housing peak and problems with prices and debt to income ratios in July of 2020. Then, I made bets on the 7-10 and 20-30 Treasuries yield, and made bets against the REITs, S&P, Nasdaq, Russell, and the Dow. I was up 60% pluse in June, cashed out, placed some in gold and miners, shorted oil, the US dollar, and kept some in cash [50% of my profits] still up 24% YTD, but starting to slide in July and so far in August.

    I don't see how we are going to get out of this hole without war or selling off American assets, peice by peice. We are the brass rail on the Titanic, we are going down, baby.

  2. vehicle prices surged so much you would have thought they were video cards (gpu) – to see this sector get hammered is justice of some sort, semi tangential but semi topical is fact that tesla is going to start hitting speed going into q4 – they just added a second shift in germany and will add a third shift for 24 hr operation, giga texas will be ramping heavily also – this huge production of EV is going to have an impact on gas prices and supply – next year exxon massive profits start to get hit and refineries will probably shut down // millions of less gallons demand gone every day and increasing every week/month/year – we will see some impacts and they won't all be bad – we can export more energy while the rest of the world catches up

  3. If you want to become rich like me ignore idiots and noise. Invest always in things like VOO etc….dollar cost average constantly and triple up the buying when markets crash. Do NOT listen to people like Steven here. You will never become a millionaire like me. Shut off all the noise and buy buy buy….never ever sell. Live as cheaply as possible. Get out of debt. Good luck.

  4. Sure, buy stock in companies that are f-cking over the consumer. Sure, get your return, no one gives a damn how you get that dollar. You think prices are coming down when "supply chain" issues are fixed? LOL! It's all BS. Weak, pathetic, greed people.

  5. ,, Dr. DOOM,, has been beating this drum for over a year and guess what? nothing has happened. Home prices haven't really come down at all. the only thing that changed was housing inventory, it went up but prices even reduced are unaffordable. loosing a few Small banks won't even make a difference

  6. Many of us are not dependent on ANY govt stimulus EVER. So watching this ship sink while the passengers run from side to side and stern to bow of stimulus antics is almost comical.

    Opt out of govt anything and go it alone. Silver is money. Barter and cash . It’s a great free life!

  7. There’s a channel called Hoovies garage. He went to expose the repo auctions and showed how there’s thousands of cars ready for auction, but the banks are releasing them slowly to keep the market propped up.

  8. I love this 😀 keep up the Great work Biden completely destroy America and the American people because they were definitely stupid to allow you in office.

  9. The Federal Reserve WILL RAISE Interest Rates TWICE before the end of the year.
    I am thinking that interest rates are going to be raised seventy five basis points in September and and at least another seventy five basis points in November.
    MY ADVICE IS EXTREMELY EXTREMELY SIMPLE!!! PAY OFF YOUR DEBTS AS SOON AS POSSIBLE!!!!! Otherwise, you WILL RUE THE DAY that you are stuck paying Higher Interest Payments.

  10. Cars are a very bad investment in fact just buy a car that’s within your range. Never get a loan for a vehicle buy an older vehicle and keep it maintained. Only the poor are stupid enough to try and impress by purchasing a flash car.

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