We were warned that more banks would soon be getting into deep trouble. In fact, just yesterday I told my readers to circle March 11th because that is when a very important Federal Reserve program that has been propping up our banks will be allowed to expire. Unfortunately, we didn’t even have to wait for March 11th for the action to begin. On Wednesday morning, shares of New York Community Bank were absolutely crashing. Zero Hedge reported on the drama as it was unfolding…
Once the darling of the small banking crisis comeback, New York Community Bancorp has crashed 45% to fresh 30 year lows after The Wall Street Journal reports the bank is seeking to raise equity capital in a bid to shore up confidence in the troubled regional lender.
According to people familiar with the matter, NYCB has dispatched bankers to gauge investors’ interest in buying stock in the company.
There’s no guarantee there will be a deal, or that one would succeed in addressing the bank’s challenges, which as of Wednesday morning had led to a roughly 80% decline in its stock price since January.
As January began, shares of New York Community Bank were selling for more than 10 dollars.
At one point on Wednesday, they were trading for less than 2 dollars.
So why is New York Community Bank in so much trouble?
Well, we are being told it is because “the quality of its commercial real estate loans soured”…
The bank has faced a crisis in recent months after the quality of its commercial real estate loans soured and ratings agencies downgraded its credit status to junk.
Companies are giving up on offices and downtown retail spaces – after Covid normalized working from home and catalyzed the decline of downtown shopping.
That left the owners of commercial buildings unable to pay lenders like NYCB. Some 16 percent of its loans are for commercial real estate acquisition, development and construction.
In other words, New York Community Bank is sitting on a mountain of bad commercial real estate loans.
For a long time, I have been telling my readers that we are going to experience the greatest commercial real estate crisis in U.S. history.
Now, we have reached a stage where nobody can deny what is happening. In fact, billionaire real estate investor Barry Sternlicht says that there will be a trillion dollars in losses on U.S. office properties…
There are growing signs that commercial real estate is in serious trouble.
Barry Sternlicht, a billionaire real estate investor and Starwood Capital’s CEO, recently predicted $1 trillion of losses on office properties alone.
More than $900 billion, or 20%-plus of the total debt owed on US commercial and multi-family real estate, will mature this year, Bloomberg reported this week. Borrowers may have no choice but to refinance at much higher interest rates, or sell their properties at a big discount.
We have never seen anything like this before.
And it is going to have enormous implications for the financial markets.
According to Bloomberg, in recent weeks bond investors “have punished banks with heavy exposure to commercial real estate”…
Bond investors have punished banks with heavy exposure to commercial real estate, potentially adding even more pressure to the lenders’ profits as Wall Street scrambles to assess how widely pain in property debt will spread through the financial system.
Sadly, what we have witnessed so far is just the beginning.
Hundreds of banks all over the nation are drowning in bad commercial real estate loans, and the carnage is going to be immense.
But for the moment, there is some good news.
Somehow, New York Community Bank has been able to locate rubes that are willing to inject a billion dollars into the troubled financial institution…
Shares in New York Community Bank soared this afternoon after the struggling lender announced a $1 billion capital raise and new leadership.
NYCB agreed to a deal with several investment firms in exchange for equity in the regional bank, it announced on Wednesday afternoon.
Those firms include Hudson Bay Capital, Reverence Capital Partners and Liberty Strategic Capital, headed by former US Treasury secretary Steven Mnuchin.
Will this be enough to save New York Community Bank?
From a short-term perspective, I think that it will help.
But in the long run I do not think that New York Community Bank will survive.
Of course the same thing could be said about hundreds of other U.S. banks.
In fact, as I discussed yesterday, Kevin O’Leary of “Shark Tank” fame is convinced that thousands of U.S. banks will fail during the years ahead.
Meanwhile, trouble signs continue to erupt for the economy as a whole.
According to a survey that was recently conducted by ResumeBuilder, 38 percent of U.S. business leaders expect their companies to conduct layoffs in 2024…
2024 is already looking grim. And it’s only February.
Thirty-eight percent of business leaders surveyed by ResumeBuilder think layoffs are likely at their companies this year, and around half say their companies will implement a hiring freeze. ResumeBuilder talked to around 900 leaders at organizations with more than 10 employees. Half of those surveyed cited concerns about a recession as a reason.
Another major factor: artificial intelligence. Around four in 10 respondents said they’ll conduct layoffs as they replace workers with AI, with Dropbox, Google, and IBM have already announced job cuts for that very reason.
By pumping trillions upon trillions of dollars into the system, those running things were able to keep the economy propped up for a while.
But in the process they created a tremendous amount of inflation, and now the inevitable implosion is coming anyway.
The U.S. economy is in far more trouble than most people realize.
We are going to be entering a period of great economic turmoil just as the most chaotic election season in U.S. history rattles the very foundations of our society.
So I hope that you have been enjoying the “lull” that we have been experiencing during the early portion of this year, because things will certainly get very “interesting” in the months ahead.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of Michael’s books you help to support the work that he is doing. You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter. Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites. You can connect with Michael on YouTube, Facebook and Twitter, and sharing his articles on your own social media accounts is definitely a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.
Most of these banks will not be rescued, maybe propped up but it's all about the timing, they are in total control, literally a deliberate crash landing where most of the passengers die.
We are creating a system that requires new human or very few human at all. They are creating the excuse to get rid and change people. They do not like what God has done, another phase of Lucifer's rebellion. Thus we need most of the passengers to die.
An update to the April 8th Solar Eclipse, from the Center of the 2023/24 North American Cross, the Alamo. Where the upright beam of this Cross descends from St Anthony/the Alamo to Corpus Christi. In about the position of Our Lord’s Sacred Heart as he is hanging on the Cross. And it is pierced, flooding us with the Mercy of Blood and Water. The day after Divine Mercy Son-Day on April 7th.
Apologies for the lengthy words, but this once in generations and our life times HyperLink Advent Easter Egg deserves a bit of context.
Why the Alamo is the ‘Cradle of Liberty’.
Base line definitions;
Rights vs Privileges, Freedom vs Liberties
A Right once bestowed can’t be revoked. All else are privileges. “Inalienable Rights” are Relative Rights privileges societies live by to have a more Divinely inspired Just and Compassionate society. The only Right we are born with is Free Will. Even your next breath is a privilege. Other Rights cab be Bestowed by God’s Mercy as Graces.
Liberties come from Freedom, like Graces come from Mercy. Liberties with Common Sense Guidelines allow the relative Freedom to pursue the Path to Absolute Freedom, aka Salvation/Liberation, each on our own individual pathways to The Destination. Via Free Will, to reunite with Our Creator.
As a converse, all addictions are Slavery. The freedom of a basket of Liberties allows each one of us the ability to defeat all our personal addictions on a personal path while;
* Loving the Lord with all our heart, body, strength, mind and soul
&
* Loving the God in each of our neighbors as our Self
As we deny our Self Egos, putting God’s Will First, pick up our Crosses and follow Him.
So connecting the dots from Freedom into the Alamo, the Cradle of Liberty;
The Infant Jesus appeared to San Antonio from his Menger-Cradle. No Greater Love has they who sacrifice their lives for the protection of the Liberties of others to seek Absolute Freedom/Salvation. There were no defenders of the Alamo survivors. Even though some could have escaped. For instance when Crockett rode out to bring in more Tennessee Volunteers. So there was a free will decision to Stand with Liberty side of the “Line in the Sand” between Liberty and the Dictator who tore up the Mexican Constitution of Liberty guarantees. There were defenders from more than 120 countries globally as well as Tejano Mexicans standing for Liberty and Freedom against Tyranny.
True Freedom comes From the Divine Mercy of the infant Son in the Lap of Our Lady petitioning Our Father as a Shield against His Cosmic Justice for our Sins. The infant Jesus held in the arms of St Anthony, San Antonio. With the name of Our Lady repeated on his uncorrupted tongue. And so the Alamo became the Cradle of Liberty March 6, 1836.
Current 2024 events;
Of the 3 total solar eclipses since 2017 ending April 8, 2024, the first US Cross made (2027+2024), one stripe went through 7 cities in America named Salem. Short for Jerusalem. The center of the First Cross is a city named ‘Little Egypt’. The second Cross made of 2023 & 2024 passes through 8 cities named Nineveh. 7 in the US and 1 in Canada. Jonah was sent by God not to warn Israelites to repent, but to Nenevite Assyrians. Extending God’s Mercy/Graces beyond The Chosen. Jonah’s seversl warnings were finally heeded Luke Warmly. Nineveh, the largest city in the world then. was eventually destroyed. Inspire of warnings to repent again about 140 years after Jonah by the Prophet Nahum. The Connection between Jonah and St Anthony of course is Fish. Jonah reluctantly gave warnings to Non Chosens after being swallowed by a Fish. St Anthony would preach to the Fish when sinners would not listen. And when they would listen, He would only repeat the Holy Name of Our Lady. With his uncorrupt tongue.
Now, the Center of the 2023-24 Solar Eclipse is The Alamo. If We ‘pick up that Cross’ and push it upright west to east, just below the Alamo, in the place where Our Lord’s Sacred Heart was pierced, flooding the World with Mercy of Blood and Water, is the City of Corpus Christi. The Body of Christ.
The Divine Mercy Sunday in 2024 is April 7. The full solar eclipse that goes from over the Alamo to over Corpus Christi is April 8. The image of Divine Mercy with Rays of Blood and Water colored Mercy given to St Faustina by Jesus is celebrated on Divine Mercy Sunday the Sunday after Easter Son-Day.
Historical Context;
The Alamo was once known as Mission San Antonio de Valero. It was named for its patron saint, Saint Anthony of Padua, and for the Marquis de Valero.
St. Anthony (in Spanish, San Antonio) was born Fernando Bulhom in Lisbon, Portugal in the year 1195, although most of his work was in Italy. He originally joined the Augustinian order, but he became a Franciscan at the age of 26.
He is called the "Hammer of Heretics" because of his simple, and sometimes, miraculous manner of teaching the Catholic faith. The secret to his success was simply to repeat the "Holy Name of Mary" when speaking to heretics.
St. Anthony often attracted huge crowds, and was sensationally successful. One day when he found he was preaching to heretics who would not Listen, he went to preach to the fish, who Listened attentively, not for their necessity, but for the glory of God. To another heretic, St. Anthony had a mule (who had been starved for three days) bow before the Blessed Sacrament, although food was also placed near him. St. Anthony was miraculously visited by the Infant Jesus, and is commonly referred to today as the "finder of lost articles." His tongue is incorrupt, and is displayed at the Vatican. St. Anthony died at the age of 36 in the year 1231.
Saint Anthony is the Patron Saint of the Poor.
In 1716 the Spanish viceroy gave permission to the governor of “Coahuila y Tejas,” a Spanish colony that encompassed parts of modern-day Texas, to build two missions and a bridge across the San Antonio River.
The first mission was called Misión de San Antonio de Valero and is today referred to as “The Alamo.” Built according to both Spanish Catholic and local Coahuila design, the complex was designed to host a church as well as an educational space to teach the Christian faith to locals. In 1792, the Misión was secularized and eventually abandoned.
Eye 4 an Eye Cancel Culture Censorship A I will eventually make the whole world Blind.