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FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!

 
MrsTomatoHead

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10/10/2017 08:08 PM

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FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Has anyone even stopped to think about the financial impact on the US and its Banking Mortgage Industries, in addition the Insurance Industries? Well let's talk about it, it could be the thing that financially causes the whole house of cards to come tumbling down.

First, let's talk about Harvey, whoa, quoting from an article from Zero Hedge, "Black Knight Financial Services estimated 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent." That's just for Harvey.

[link to www.zerohedge.com]

Let's take a look at Irma, Florida. Again, quoting the Zero Hedge article, "Florida FEMA - designated disaster areas related to Hurricane Irma include a whopping 3.1 Million mortgaged properties." No designation regarding any commercial properties for either Harvey or Irma.

Now we have Puerta RICO which was what appears to be an almost total loss on all residential and commercial properties to a majority of the properties. So bad in fact, President Trump vowed to nullify Puerto Rico's debt. Hmmmnn.

On the radar at this exact moment are the fires in Anneheim and Santa Rosa, CA. Acres after acres, miles after miles of residential and commercial properties completely burned to the ground, total losses. My heart goes out to all these people who have lost anything and everything in any one of these disasters. Seriously the way it's looking we'll probably have a couple more before the end of the year, still to early to say.

The "Big "Question", when do the insurance companies fail because there is just not enough revenue to cover the totality of all the claims. In addition to the fact that the biggest banks in the world will be facing the largest delinquencies on mortgages in the history of the banking industry. What happens???? Can somebody smarter than myself open their mind and think this through and give me a rational explanation as to how we/they will weather or recover from this.

COULD THIS BE THE BRICK THAT BREAKS THE BACKS OF THE BANKING AND INSURANCE INDUSTRIES????????

The above information doesn't even touch on the credit card debt that will go delinquent as people become dispossessed, loss of homes, loss of jobs, loss of revenue.

Hold on everyone, I think it's going to be a white knuckle ride.

Last Edited by MrsTomatoHead on 10/10/2017 08:47 PM
MrsTomatoHead
MrsTomatoHead  (OP)

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10/10/2017 08:37 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
This is an important enough topic that needs further investigation. It deserves a pin for discussion!

CB-sjgr

TB-waitn
MrsTomatoHead
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10/10/2017 08:48 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
I see total economic collapse within 3 years.

That's my 2 cent opinion.
Anonymous Coward
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10/10/2017 08:52 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Do not know.

Crazy stuff happening too quickly to determine outcomes.

Kinda Biblical End of Days stuff to me.
MrsTomatoHead  (OP)

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10/10/2017 08:52 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Pin it!

catfilenails
MrsTomatoHead
MrsTomatoHead  (OP)

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10/10/2017 08:56 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
The country is broke. A large percentage of the US population is living paycheck to paycheck or worse. Then you throw in a natural disaster, they lose their home or apartment. Most don't even hav savings anymore!

This will not end well!!!
MrsTomatoHead
Anonymous Coward
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10/10/2017 09:04 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
To me this thread is the most interesting topic being attempted on glp or anywhere. Totally relevant to us as individuals, communities, states and nations.

Throw in the pension timebomb also, as well as the number of cities and states on the brink of insolvency, and many other major aspects of this story, and its no wonder the gov would prefer to distract us with NFl stuff and inexplicable hotel and concert shootings.
Anything to keep the focus off reality and whats about to happen to the dollar, among other things.

This should be pinned for a week, just to counter the plethora of senseless inconsequential national enquirer tabloid stuff thats rampant here.
Anonymous Coward
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10/10/2017 09:16 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Nah..... Will keep printing "paper" money to cover all up
until the end of time...... most likely not in my life time!
MrsTomatoHead  (OP)

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10/10/2017 09:17 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Holy Carp!!! You're right, I forgot about the pension issue.

I don't know how the Banking Industry will handle these disasters. Insurance companies running out of money, homeowners not getting claims paid, banks not getting credit card, loan and mortgage payments!

Let's PIN this thread so others can see. People need to prep, not for some crazy planet coming, but for real doom, like no money, no food. The writing is on the wall, and remember all those bullets the government bought! They know a collapse is coming.
MrsTomatoHead
bigD111

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10/10/2017 09:30 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
The house of cards is near collapse. Watch for a 50% devaluation of the dollar. My prediction!
deplorably republican
Anonymous Coward
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10/10/2017 09:33 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
If banks and finance companies would stop charging 35%+ interest on loans, it would help out a bit. No one should be charged greater than 10% on ANY loan!
Anonymous Coward
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10/10/2017 09:38 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
what you are seeing is the free scale


I mean fire sale.
MrsTomatoHead  (OP)

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10/10/2017 09:41 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Check this out:

Early estimates show that $3.1 trillion are at some level of risk from wildfires in California.

[link to www.builderonline.com]
MrsTomatoHead
MrsTomatoHead  (OP)

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10/10/2017 09:41 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
This needs pinned, MODS!!!!! Please people need to get prepared.
MrsTomatoHead
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10/10/2017 09:43 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
US companies spent $4T buying back their own stock
By John Aidan Byrne August 19, 2017 | 5:39pm


--Snip--

It’s the “shock” market rally —  cash-rich US companies have plunged nearly $4 trillion of their cash into buying back their stock since 2008, which is why all the stock indexes are hovering near record territory.

[link to nypost.com]
MrsTomatoHead  (OP)

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10/10/2017 09:49 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Harvey losses as high as $190 Billion

Irma up to $100 Billion

To appreciate how staggering these figures are, consider that they could be enough to make the $18.57 trillion US economy lose a step, knocking between 0.6 percent and 0.8 percent off of US GDP growth this quarter, according to projections from investment banks.


[link to www.vox.com (secure)]
MrsTomatoHead
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
OP, you forgot to mention that Americans now have the highest level of credit card debt in American history (even higher the before the crash of 2008/2009):

[link to www.marketwatch.com]

"American consumers just hit a scary milestone.

They now collectively have the most outstanding revolving debt — often summarized as credit card debt — in U.S. history, according to a report Monday released by the Federal Reserve. Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit."
MrsTomatoHead  (OP)

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10/10/2017 09:52 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!

Puerto Rico’s roadways alone are a disaster, and it will cost at least $240 million to fix them!


[link to www.washingtonpost.com (secure)]

This is just the road systems!
MrsTomatoHead
silvervega

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10/10/2017 09:53 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
"Unlimited means Unlimited" The "World Bank" are the keepers of the concept of money. If we say we have the money, we have the money. That's what money is - a belief that there is value. 'Do you know the meaning of the word "credit"? "Credit" is a Latin" word, It means "he believes!" ~ These are not my thoughts just something I read in a book that stuck with me. I had to go back a ways to quote it here.
On the other hand, I have different fingers.
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
This Economic Bubble Is Going to Wreak Havoc When It Bursts

It’ll have the force of all previous catastrophes combined.


By Jim Rogers, Robert Craig Baum Jul 10th, 2017 1:51 PM ET

--Cut--

An imminent economic crisis the likes of which this generation has never experienced is coming. However, the conditions under which the next bubble will burst will surprise even the most astute observers of economy, culture, and politics. The higher education bubble (one-sixth of the U.S. economy) will likely burst with the force of all previous catastrophes combined—a shock wave so sudden, so large, that it gathers the full force of the savings and loan, insurance, energy, tech, and mortgage crashes, creating a blockbuster-level perfect storm.

[link to fortune.com]
MrsTomatoHead  (OP)

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10/10/2017 09:55 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
OP, you forgot to mention that Americans now have the highest level of credit card debt in American history (even higher the before the crash of 2008/2009):

[link to www.marketwatch.com]

"American consumers just hit a scary milestone.

They now collectively have the most outstanding revolving debt — often summarized as credit card debt — in U.S. history, according to a report Monday released by the Federal Reserve. Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit."
 Quoting: Anonymous Coward 54951514


Oh no, I didn't forget, I was too scared to look at the number! That is staggering!

vodka5
MrsTomatoHead
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10/10/2017 10:00 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
I think you are on to something OP.

The cost of all these disasters natural and man-made could be the straw the broke the camels back.

We are 20 trillion dollars in debt!!!
Anonymous Coward
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10/10/2017 10:01 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
20 TRILLION dollars and counting in debt:

[link to www.usdebtclock.org]

We are already dead broke and in the red!
MrsTomatoHead  (OP)

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10/10/2017 10:02 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
"Unlimited means Unlimited" The "World Bank" are the keepers of the concept of money. If we say we have the money, we have the money. That's what money is - a belief that there is value. 'Do you know the meaning of the word "credit"? "Credit" is a Latin" word, It means "he believes!" ~ These are not my thoughts just something I read in a book that stuck with me. I had to go back a ways to quote it here.
 Quoting: silvervega


Thanks for this info Silvervega. Yes the World Bank is the keeper of the money, but what about the population that is about to drown under disasters, losses, low wages, health insurance and more.

BTW really appreciate your info, had never heard this before, so thank you for your input.
MrsTomatoHead
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10/10/2017 10:04 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Relax everyone I Kankls have the solution!


It's only money I, After a brief coronation ceremony, will print all we need.

Free college and Universal basic income of 50,000 for all.

All I ask is for YOU to kneel

Queen For Life HILLary-Laws3

Anonymous Coward
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10/10/2017 10:05 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
The economic system was designed to collapse anyway. There will ALWAYS be more and more and more DEBT!

Educate yourself about how the entire system works:

MrsTomatoHead  (OP)

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10/10/2017 10:07 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Come on everyone, 5 star this post. It needs to be seen. This is so much more important than Freaking Harvey Weinstein, just lock him up!

This GLP folks, let's talk about the real issues that made GLP great. Everyone needs to be informed.

Plus I'm a looonnnnng time GLPer and this is only my 2nd thread. First one being, " Where the hell is Dr Nancy Snyderman", lol.

So let's pin this thing.
MrsTomatoHead
bigD111

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10/10/2017 10:10 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Come on everyone, 5 star this post. It needs to be seen. This is so much more important than Freaking Harvey Weinstein, just lock him up!

This GLP folks, let's talk about the real issues that made GLP great. Everyone needs to be informed.

Plus I'm a looonnnnng time GLPer and this is only my 2nd thread. First one being, " Where the hell is Dr Nancy Snyderman", lol.

So let's pin this thing.
 Quoting: MrsTomatoHead


You'll get 5 stars! It is important. Since 9/11, our insurance rates have tripled! This does not bode well!
deplorably republican
MrsTomatoHead  (OP)

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10/10/2017 10:11 PM

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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
The economic system was designed to collapse anyway. There will ALWAYS be more and more and more DEBT!

Educate yourself about how the entire system works:


 Quoting: Anonymous Coward 13127957


Thank you AC for posting. I am aware of this fact, been riding this wave for a long time. I'm just trying to bring to light that we are on the edge of the abyss and the natural disasters that continue to happen could be the thing that hurls us off the edge. People need to be aware and prepared.
MrsTomatoHead
darth
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10/10/2017 10:12 PM
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
Trump needs to push changes in the BK law back to what it used to be.

Let the underwater consumers, student loan defaulters, et al, declare Chap 7 and lose the banker burden. Sure, they would have lousy credit scores and would have to learn to live without future credit. That is a required learning experience.

This time let the too-big-to-jail banks FAIL and get their assets distributed. Use this crisis as an opportunity to break up the banking market and get consumers back on a healthy savings-and-cash basis.

BK allows the natural removal of financial dead wood.

The economy would quickly recover.
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Re: FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!





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