"Banksters" - The correct term for those who run banks, but whose policies hurt us.
https://genius.com/Todd-snider-new-york-banker-lyrics
The above link is to the song lyrics of a song sung by Todd Snider, entitled "New York Banker".
It details an all-too-familiar story about how big time bankers screw the working person.
Reading the lyrics will give you an idea of the content, but listening to it on Youtube, or somesuch, will make a better impression on you.
SIA
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Return to “Next banking crisis is already well underway”
- Tue Jan 02, 2024 1:51 pm
- Forum: Off-Topic
- Topic: Next banking crisis is already well underway
- Replies: 25
- Views: 49362
- Wed Dec 27, 2023 5:48 pm
- Forum: Off-Topic
- Topic: Next banking crisis is already well underway
- Replies: 25
- Views: 49362
Re: Next banking crisis is already well underway
Another angle to consider, with regard to banking issues, is the high and rising number of vehicle loan defaults.
People who thought nothing of taking out 6,7,8 year loans on their largest depreciating item (vehicle) are now getting their vehicles repo'd.
Repo men have the philosophy "No metal, no money", so they have to take risks to snatch vehicles for the lenders. The average lender will pay $400 to get a vehicle back. There are more vehicles that need to be repo'd, than there are repo men available. Banks are having to pay premiums to get to the top of the repo company "to snatch" list.
Many repo'd vehicles are damaged, and don't bring much at the auction. So the banks are losing on multiple fronts.
Have you ever thought about motorcycle repos? Bikes can't be snatched as easily as cars, plus they are smaller, and easier to hide. If the bike's semi-owner doesn't agree to give it to the repo man, the bike remains in the deadbeats possession. Harley Davidson has little option to repo the bike.
LTV = Loan to value. When the covid19 relief checks were flowing, banks were allowing loans where LTV was >100% of the vehicles value. Now both the borrower and the lender are upside down in this current world.
SIA
People who thought nothing of taking out 6,7,8 year loans on their largest depreciating item (vehicle) are now getting their vehicles repo'd.
Repo men have the philosophy "No metal, no money", so they have to take risks to snatch vehicles for the lenders. The average lender will pay $400 to get a vehicle back. There are more vehicles that need to be repo'd, than there are repo men available. Banks are having to pay premiums to get to the top of the repo company "to snatch" list.
Many repo'd vehicles are damaged, and don't bring much at the auction. So the banks are losing on multiple fronts.
Have you ever thought about motorcycle repos? Bikes can't be snatched as easily as cars, plus they are smaller, and easier to hide. If the bike's semi-owner doesn't agree to give it to the repo man, the bike remains in the deadbeats possession. Harley Davidson has little option to repo the bike.
LTV = Loan to value. When the covid19 relief checks were flowing, banks were allowing loans where LTV was >100% of the vehicles value. Now both the borrower and the lender are upside down in this current world.
SIA