Goldman Sachs Takes BIG Hit Because Of Consumer Business

(9/16/2024)

1. 💰 Goldman Sachs suffered a $6 billion pre-tax loss since 2020 on consumer lending, with charge-off rates nearly double those of other cards due to weakened consumer spending.

2. 🏦 Banks are desperately selling credit card debt to other lenders at 10 cents on the dollar to mitigate losses, indicating severe financial strain in the consumer lending sector.

3. 🍎 Goldman Sachs, with zero prior experience in consumer lending, is seeking to exit its partnership with Apple, which includes the Apple Card and Savings Account, totaling $17 billion in credit balances.

4. 📉 Ali Bank faces significant challenges with the second worst subprime credit card portfolio among banks, according to the latest Fed stress test.

5. 🚗 Goldman Sachs plans to sell its GM credit card business with $2 billion in card balances to Barclays, as part of a broader trend of banks exiting the credit card business due to massive losses.

BREAKING NEWS: A shots fired near Trump / Secret Service opens fire

(9/15/2024)

1. 🚨 The Secret Service returned fire on an armed suspect at Trump's Palm Beach golf club, marking the second attempt on his life in just over two months.

2. 🔫 The suspect was equipped with an AK-47 rifle, a backpack, and a GoPro camera, potentially intending to record the shooting in first-person.

3. 🏌️ Trump was safe and on the links during the incident, according to a campaign statement.

4. 🚔 Local police arrested the suspect on I-95 following the shooting.

5. 🎯 This incident, coupled with the July bullet grazing at a Pennsylvania rally, underscores the persistent threats to Trump's safety.

Home Depot's Dirty Little Secret Revealed

(9/15/2024)

1. 🏠 Home Depot agreed to pay $2 million to settle a California lawsuit alleging false advertising and overcharging customers through "scanner violations" where checkout prices exceeded advertised or shelf tag prices.

2. 💼 The lawsuit, filed by multiple California District Attorneys, accused Home Depot of serious offenses that undermine consumer trust and distort the marketplace.

3. 🛠️ As part of the settlement, Home Depot is required to implement a price accuracy program including audits and training, and eliminate price increases on weekend days.

4. 📊 The allegations of false advertising and overcharging come at a critical time for consumers, with inflation and retailers going out of business, potentially leading to long-term impacts on Home Depot's stock price.

5. ⚖️ The settlement sends a clear message that deceptive practices will not be tolerated, emphasizing the importance of safeguarding consumer trust and fair competition in the retail marketplace.

Saudi Arabia's GOLD RUSH Is Changing Everything

(9/15/2024)

1. 🏦 Saudi Central Bank's secret purchase of 160 tons of gold in Switzerland since early 2022 has contributed to the current gold bull market, aligning with a broader trend of covert gold acquisitions by countries like China and Russia.

2. 🌍 The discrepancy between the International Monetary Fund's estimate of central banks being net buyers of gold and the World Gold Council's report of them being net sellers suggests widespread secret gold purchases by central banks.

3. 🇸🇦 Saudi Arabia's shift from being a price-sensitive gold buyer to a net importer during the recent gold rally marks a significant change in its gold acquisition strategy, potentially boosting global gold prices.

4. 🌐 Saudi Arabia's decision to join the BRICS Nations and not renew its agreement with the US government is identified as a key factor in the country's shift away from the dollar.

5. 📊 The Zero Hedge report highlighting Saudi Arabia's covert gold purchases underscores the growing trend of nations diversifying their reserves away from traditional currencies, potentially reshaping the global financial landscape.

Chase Bank CEO Gives Serious Warning To America

(9/14/2024)

1. 🚨 Stagflation, characterized by slowing economic growth, rising inflation, and increasing unemployment, is considered the worst economic outcome for the US, potentially leading to retirement savings depletion and stock market crashes.

2. 💰 The US national debt exceeding $35 trillion as of September 2022, with interest payments surpassing costs of Medicare and National Defense, may contribute to further inflation.

3. 🌍 Jamie Diamond warns that the US is on the verge of serious social, economic, and political problems, including potential war, due to the current administration's vulnerability to provocation by other countries.

4. 🚀 Reports suggest the Biden administration may authorize long-range attacks by Ukrainian forces on Russian territory using US-supplied arms, potentially leading to a volatile situation in the coming months.

5. 📉 The economic consequences of stagflation could significantly impact retirement savings and cause stock market crashes, according to Jamie Diamond's assessment of the current economic climate.