from Peak Prosperity
Five Banks Have a Combined Half Trillion Dollars in Commercial Real Estate Loans; Number 1 is JPMorgan Chase
by Pam Martens and Russ Martens
Wall Street on Parade
Yesterday, American Banker released a report showing that five banks in the U.S. hold a combined half trillion dollars in commercial real estate (CRE) loans. It came as a big surprise to a lot of folks that the bank holding the largest amount of CRE loans is JPMorgan Chase – whose bank holding company is also exposed to $49 trillion in derivatives as of December 31, 2023 according to the Office of the Comptroller of the Currency. (See Table 14 at this link.)
JPMorgan Chase is already considered the riskiest bank in the U.S. according to its regulators.
American Banker reported the following CRE totals for the five banks: JPMorgan Chase, $173 billion; Wells Fargo, $139.65 billion; Bank of America, $82.8 billion; U.S. Bank, $55.66 billion; and PNC Bank, $48.89 billion.
The Latest Updates From Martin Armstrong for 2023.03.28
I Have Trust Issues (For Good Reasons)
Spiking Cancer rates that are finally being questioned, and excess deaths finally being looked into…and actual hard evidence that the 2020 elections were fraudulent and *not* looked into by the US federal government’s own “law enforcement” and “justice” agencies. Why not, do you suppose?
by Dr. Chris Martenson
Chris Martenson’s Peak Prosperity
Welcome to this scouting report for Wednesday, March 27th, 2024.
Today we investigate spiking cancer and excess death rates, as well as the fact that the so-called public health agencies spend more time blanking out FOIA requests than they do protecting public health.
Also, a recent FOIA request reveals that the DOJ and the FBI failed (refused?) to look into election integrity issues in Michigan in 2020 that they described in internal emails as ‘alarming.’
Doug Casey on What’s Really Going On in Haiti
by Doug Casey
International Man
International Man: After Haiti’s president was assassinated in 2021, Ariel Henry—a US ally—began serving as the acting head of the country even though there was no election.
Recently, Henry flew to Africa to ask the Kenyan government to send soldiers to help fight the armed groups increasingly taking control in Haiti.
Before he could return, the armed groups took control of most of the country, and Henry recently resigned.
What’s your take on the situation?
Doug Casey: Chaos is par for the course in Haiti. I’ve been there a half-dozen times since 1970 and have come to realize that you have to put the current chaos in the context of Haiti’s history, which is basically one disaster and tragedy after another. Let me give you a brief rundown, starting with its independence after the French Revolution.
GOP Wins Big in ‘Crucial’ Pennsylvania Mail Voting Lawsuit
by Hank Berrien
Daily Wire
In a decision that may affect the swing state of Pennsylvania and possibly other swing states, the U.S. 3rd Circuit Court of Appeals reversed on Wednesday the order of a federal district court and handed the Republican National Committee (RNC) a victory regarding signature verification for mail voting in Pennsylvania.
The case centered around whether mail-in ballots that were mailed in time but either possessed an incorrect date or no date at all under the voter’s signature should be counted, NPR noted.
Democrats argued that the Materiality Provision established in Section 10101(a)(2)(B) of the Civil Rights Act of 1964, applies in this case and that the ballots could therefore be counted.
Half Say They Are Actively ‘Struggling’ in Biden’s Economy
by Hannah Knudsen
Breitbart.com
A majority of likely general election voters disapprove of President Joe Biden’s job performance, and half are actively “struggling” in Biden’s economy, the March survey from McLaughlin & Associates found.
Respondents gave Biden a negative job rating, as 56 percent disapprove of his job performance, compared to 42 percent who approve. Of the 56 percent who disapprove, 40 percent do so “strongly.” Biden is also completely underwater among independents, as 58 percent disapprove of his job performance compared to 37 percent who approve.
Most, 55 percent, also have an unfavorable view of Biden, coopered to 42 percent who have a favorable view. Once again, most independents, 57 percent, have an unfavorable view of Biden as well.
Most Americans Aren’t Buying Biden’s Misleading Narrative That the Economy is Getting Better
The question of how best to measure inflation has no single and straightforward answer, but most people know that the president’s economic claims aren’t true.
by Veronique de Rugy
Reason.com
The economy is growing, unemployment is low, wages are up, and inflation is down. However, the American people remain grumpy about the state of the economy. This puzzle was just investigated by four economists. They found that people often know that something is wrong even if statistics don’t reflect the problem. In this case, people are perceiving that inflation is still, in fact, high.
For months now, Americans have been told that inflation’s downward trend, from almost 9 percent annually to around 3 percent, should make them feel good about the economy. But it isn’t working. A recent Gallup poll found that 63 percent say the state of the economy is getting worse and 45 percent think it’s already “poor.” One reason, many have speculated, is that while the rate at which prices are rising might have slowed considerably, prices remain very high. Food and rent in particular are still expensive. These prices are felt everyday by Americans when they pay for their housing and go to the supermarket.
Democrat Mayor of Baltimore Accidentally Concedes That ‘DEI’ is Already Completely Discredited
by Thomas Buckley
American Thinker
The left has lost a major battle for the hearts and minds of Americans. Even as some corporations (and especially federal agencies) continue to proclaim their DEI policies as if they were a good thing, the public has returned a negative verdict. We know this because a major Democrat elected official unintentionally conceded as much.
DEI, the three initials that either stand for “Diversity, Equity, and Inclusion” or “Didn’t Earn It,” depending on the listener, is now a slur according to the mayor of Baltimore. Pam Key reports for Breitbart: (video here)
Baltimore Mayor Brandon Scott said Wednesday on MSNBC’s “The ReidOut” that critics calling him a “DEI mayor” do not “have the courage to say the N-word.” (snip)
The Collapse of CRE Debt is Accelerating
by Dave Kranzler
Investment Research Dynamics
The graphic above was sourced from @BankerWeimar. Powell once again earlier this month said that “bad commercial real estate loans will likely cause some bank failures but don’t pose a risk to the overall system.” Either he’s blind to reality or lying. Probably the latter. All we need now is for Powell to assure us that CRE loan defaults are “contained” a couple more times to confirm that a collapse is around the corner.
The CEO of a big investment fund (Fortress Investment Group) that has been buying CRE loans at prices ranging from 50 cents to 69 cents on the dollar said that about half of the maturing loans in CMBS securities (commercial mortgage back bond trust) are troubled. But it is going to get much worse. The CEO of Cantor Fitzgerald warned recently that there could be as much ast $1 trillion in commercial real estate defaults coming over the next two years. Moody’s estimates that 80% of CMBS office loans are at risk of default or restructuring this year.
Federal Reserve Policies and Silver Industrial Demand
by Craig Hemke
Sprott Money
Watch Craig Hemke from Sprott Money and Chris Marcus from Arcadia Economics on the “Monthly Wrap-Up” podcast for a quick dive into the latest in precious metals. Get insights on soaring gold and silver prices, Federal Reserve policies, and global tensions, plus expert tips for navigating the market. Tune in now for your monthly dose of valuable analysis!
Plus, there’s much more to discover! Don’t miss out – watch our podcast today.
More On the Bridge
[Ed. Note: I’ve seen zero credible evidence that this collapse was anything other than an accident, but Mr. Denninger wants you to believe that you’re an idiot just for questioning official narratives in the year 2024. To that I say, go ahead and believe everything the government says, and good luck to you.]
by Karl Denninger
Market-Ticker.org
This deserves a bit more because frankly, I’m getting tired of the nuts.
Indeed this might get added to my FAQ here (go see the section on “Troofers” for what happens if you run that garbage on my forum, whether in the comment section or otherwise) because it is getting about that stupid.
Let’s talk a bit about boat handling, especially single-screw vessels. Most props (unless you have twins) are what are called “right hand” screws. When going ahead the torque effect and the rotation of the water column coming off the screw tend to move the stern of the ship to starboard, and since the vessel only has applied moment (force) at the stern this means if the stern goes starboard the bow goes to port. Each vessel has an “effective” pivot center; exactly where it is varies, but it is not in the center of the vessel length-wise. With an outboard it is often at or right near the transom, which can make close-quarter handling quite a mess in snotty conditions at low speed. Gigabite, which was a Hatteras 45′ Sportfish, pivoted at around her engine locations, which was roughly 10-15′ or so from the transom (she had twin Detroit diesels.)
Boatload of Illegal Immigrants Washes Up in San Diego
by Steve Watson
Modernity News
Video was captured Wednesday of a boat full of illegal immigrants landing on Solana Beach in California shortly before 7am.
Fox 5 News reports that U.S. Customs Border and Protection’s San Diego Air and Marine Branch tracked the boat, and 10 migrants who jumped off and attempted to flee were arrested.
Several others are thought to be still on the loose.
[…] Can this even be called a ‘border crisis’ anymore? There is no border.
A lifelong Border Patrol officer recently told The Daily Signal that the countless “sacrifices” he made working to keep the border secure have been “all for nothing,” because of what is now happening in Biden’s America.
Gold Price Surges to All-Time High Above $2,230, but Look at This…
from King World News
The price of gold soared to a new all-time high above $2,230, but take a look at this…
March 28 (King World News) – James Turk: Eric, the mainstream media has been bombarding us with the term “higher for longer.” It is being broadcast relentlessly by Federal Reserve officials and their acolytes.
It’s meant to imply that the Fed is not lowering interest rates anytime soon, or at least not as quickly as stock market investors expect or want. But I do agree with one wag who has said that when you hear “higher for longer,” think inflation and not interest rates. The term could become as infamous as “transitory.”
Nevertheless, the prospect of higher interest rates has some gold buyers worried. They shouldn’t be. They mistakenly believe that the higher interest rates are bad for gold, despite actual evidence and logic to the contrary.
A Very Convenient Warming: How Modest Warming and More CO2 Are Benefitting Humanity with Gregory Wrightstone
from Kerry Lutz's Financial Survival Network
Kerry Lutz interviewed Gregory Wrightstone, who discussed his new book, “A Very Convenient Warming,” and the work of the CO2 coalition. Wrightstone challenged the prevailing narrative on climate change, emphasizing the positive impact of modest warming and increased CO2 levels on Earth’s ecosystems and human well-being. He also addressed misconceptions about CO2 levels and highlighted the importance of CO2 for plant growth. The conversation then shifted to discussions about the impact of rising CO2 levels and warming temperatures on the environment, electric vehicles, and energy sources, reflecting differing perspectives on these topics. The meeting ended with Lutz expressing appreciation for Wrightstone’s work and encouraging listeners to visit the CO2 coalition’s website for more information.
Click Here to Listen to the Audio
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Rule by Criminals: When Dissidents Become Enemies of the State
by John W. Whitehead and Nisha Whitehead
The Rutherford Institute
“In these days of worldwide confusion, there is a dire need for men and women who will courageously do battle for truth.” – Martin Luther King Jr.
When exposing a crime is treated as committing a crime, you are being ruled by criminals.
In the current governmental climate, obeying one’s conscience and speaking truth to the power of the police state can easily render you an “enemy of the state.”
The government’s list of so-called “enemies of the state” is growing by the day.
Wikileaks founder Julian Assange is merely one of the most visible victims of the police state’s war on dissidents and whistleblowers.