Should we be shocked that we are witnessing a lot of failures all around us? After all, the mainstream media declares that the U.S. economy is doing simply great. Of course the reality is that the economy is not in good shape at all. Those in positions of power have actually been frantically attempting to prop up the system, but it continues to steadily break down. Earlier this year, we experienced the 2nd largest bank failure in U.S. history, the third largest bank failure in U.S. history, and the fourth biggest bank failure in U.S. history. The Federal Reserve executed extreme procedures in an attempt to keep more banks from failing, but now another one has failed. On Friday, Heartland Tri-State Bank collapsed and the FDIC took control and set up a sale…
Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control.
The FDIC agreed to assume all the deposits of Heartland Tri-State Bank to secure customers, getting in a purchase and assumption agreement with Dream First Bank of Syracuse, Kansas.
That indicates the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank on Monday.
This is the pattern that has actually emerged.
When a bank fails, the federal government is going to schedule it to be absorbed by a bigger bank if possible.
In time, this will result in an extraordinary wave of consolidation in the banking industry.
The trucking industry has likewise fallen on really difficult times.
Already this year we have seen a number of trucking company failures including Flagship Transportation in Florida and FreightWorks Transportation in North Carolina.
Now Yellow Corp. has actually gone belly up, and every one of their 30,000 employees will be searching for new jobs …
Yellow Corp., a 99-year-old trucking business that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers.
The unionized business has remained in a battle with the Teamsters union, which represents about 22,000 motorists and dock employees at the business. Simply a week ago the union canceled a threatened strike that had actually been prompted by the company failing to add to its pension and medical insurance plans. The union approved the business an additional month to make the required payments.
But by midweek recently, the business had stopped getting freight from its clients and was making deliveries just of freight currently in its system, according to both the union and Satish Jindel, a trucking market expert.
This is an unfortunate day for a great deal of Americans, because many of us fondly keep in mind seeing their trucks going down the highway.
And it turns out that this is also an unfortunate day for taxpayers, since Yellow owed the federal government an incredible amount of cash…
Since late March, Yellow had an outstanding debtof about $1.5 billion. Of that, $729.2 million was owed to the federal government.
In 2020, under the Trump administration,the Treasury Department gave the business a $700 million pandemic-era loan on nationwide security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made errors” in this decision– and kept in mind that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a substantial risk of loss.”
Bailouts can delay the inescapable, but ultimately whatever excellent they may do is just short-lived.
Production is another industry that is feeling an incredible quantity of stress today.
When Joe Biden initially got in the White House, the production market was still experiencing a stimulus-related “boom”, but the ISM Getting Managers Index has been falling precipitously over the previous number of years …
The fact is, United States manufacturing has actually remained in dramatic decrease since Biden took workplace. The PMI index(ISM Buying Managers Index) has been in free fall considering that March of 2021, dropping to levels not seen considering that the covid lockdowns of 2020. As a point of reference, a PMI above 50 suggests growth in manufacturing. A PMI listed below 50 indicates contraction. Under Biden, the PMI has actually dropped from a high of 64 down to a present low of 46. If we set aside the covid lockdowns, that’s the lowest level for the PMI because the 2008 credit crash.
All of these markets could have hope if U.S. customers were in good financial shape, but that is not the case at all.
In June, 61 percent of U.S. grownups were living income to paycheck, and those on the lower end of the earnings scale were especially struggling …
Roughly three-quarters of consumers earning less than $50,000 each year and 65% of those earning between $50,000 and $100,000 were living income to income in June, based on LendingClub’s numbers.
If you are making $50,000 or less per year in America today, it is hard to foot the bill.
This is something that I have actually covered in lots of previous short articles.
In a desperate effort to make ends satisfy, Americans are significantly relying on charge card, and in most cases that indicates paying more than 20 percent interest on balances from month to month …
Still, more than half of all U.S. customers struggle to afford their everyday lifestyle, which is forcing some to rely more on charge card or dip into cost savings, making them economically susceptible.
“Spending plans are still extremely stretched and, for a lot of households, charge card are filling the space,” said Greg McBride, Bankrate’s chief financial analyst.
“People aren’t funding purchases at 20% because they have other options,” he included. “They’re doing that because it’s their only alternative.”
If you can possibly prevent it, do not get captured in that trap.
Since when you get deep into credit card debt, you can be stuck there for years.
Which is exactly what the charge card companies want.
Sadly, things will quickly get back at rougher for U.S. consumers, because much harder economic times are dead ahead.
Our leaders have flooded the system with trillions upon trillions of dollars over the last few years, and they were able to postpone the inevitable for a while.
And now the cracks in our economic foundation have ended up being indisputable, and it is just a matter of time up until the whole erection comes crashing down all around us.
Michael’s new book entitled “End Times” is now offered in paperbackand for the Kindleon Amazon.com, and you can have a look at his new Substack newsletter right here.
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