The Biden economy is crushing Americans and banks.
The Biden economy is crushing the financial industry with billion-dollar losses.
We already know that Americans are setting records with the most credit card debt in history in order to get by. Now the banks are dealing with defaults in the billions.
The Biden economy is so bad that a major credit agency downgraded the US credit rating.
It was reported on Friday that big banks are realizing billions in losses.
America’s biggest banks are taking hits to their bottom line as soaring interest rates cause billions of dollars in loans to fall apart.
JPMorgan Chase, Capital One and others lost a combined $18.9 billion in the second quarter of this year due to soured loans, reports the Financial Times.
The banks are facing “charge-offs,” or losses on loans that have now been designated as unrecoverable at a 17% higher rate than the previous three months, and a 75% higher rate than 2022.
The Biden economy is a nightmare.