All banks are sitting on major securities losses. S&P 500 Futures Benchmark has most Net Shorts in 12 Year. To date, the emergency response to this financial crisis has been the exact opposite of 2008.

This wouldn't matter if the bonds are held to maturity, but most of them won't be.

Banks are switching classifications from "Available for Sale" to "Held to Maturity" so they don't have to report losses and seem stronger.

Deliberately hiding losses with the old switcheroo 🔀 pic.twitter.com/JpvDYlSRyl

— Joe Consorti ⚡ (@JoeConsorti) May 2, 2023

S&P 500 Futures Benchmark has most Net Shorts in 12 Years 👇 pic.twitter.com/BuMCp8Sdt2

— Cheddar Flow (@CheddarFlow) May 3, 2023

The market: Banks failing, credit markets tightening, delinquencies increasing

Jerome Powell: Best I can do is raise rates

— Genevieve Roch-Decter, CFA (@GRDecter) May 3, 2023

nothing to see here, move along pic.twitter.com/G4KWNdK1VH

— Axel Merk (@AxelMerk) May 3, 2023

Looks like the Recession is starting in the South.

Southern states lost jobs for the 3rd straight month in April according to ADP.

Meanwhile: Pacific/Northeast had huge job gains (+)

Big implications for real estate in 2023 if these trends hold. pic.twitter.com/e7dPMUbIG4

— Nick Gerli (@nickgerli1) May 3, 2023

White House: The US will not default on its debt!

Bond Market: Yes. Yes, you will. pic.twitter.com/whApyY8Vkp

— James Lavish (@jameslavish) May 2, 2023

ECONOMIC IMPLOSION: At least 70 major bankruptcies of U.S. companies occurred during first quarter of 2023

(Natural News) The economy under Joe Biden and the Democratic majority during his first two years has all but cratered, with dozens upon dozens of companies and brands liquidating, going out of business altogether, or declaring bankruptcy.

As noted by Mish Talk, “For 2009 there were 118 bankruptcies through April. In Covid-impacted 2020, there were 71 bankruptcies. In 2023 there have been 70. This is the third worst start to the year since 2000.

We’ll keep him, thank you very much. t.co/O657wRLLYa

— Danielle DiMartino Booth (@DiMartinoBooth) April 27, 2023

The site noted some of the larger bankruptcies and collapses:

• Bed Bath & Beyond: April 2023: Home goods, baby goods

• David’s Bridal: Date: April 2023: Bridal apparel

• Boxed: April 2023: An e-commerce platform selling wholesale consumer goods

• Independent Pet Partners: February 2023: Pet supplies

• Tuesday Morning: February 2023: Discount home goods

• Serta Simmons Bedding: January 2023: Bedding and accessories

• Party City: January 2023: Party supplies

• Forma Brands: January 2023: Beauty products 

 

Why Is This Commodity Crashing!?! – OIL CRASH INDICATE SEVERE RECESSION COMING?

To date, the emergency response to this financial crisis has been the exact opposite of 2008. It’s clear that 15 years of continuous monetary bailout has fried the brains of investors and policy-makers alike… We have achieved Terminal Idiocracy