Topic: Economic Troubles Ahead

[Flat Tire 2]

Berkshire's Charlie Munger issues warning for US commercial property market. On top of another large bank failure, we might be headed toward a bad recession?

Berkshire Hathaway Vice-Chair Charlie Munger said Monday that a storm is brewing in the U.S. commercial property market.
As property prices fall, Munger said American banks are "full of bad loans."
"It?s not nearly as bad as it was in 2008," he told the Financial Times. "But trouble happens to banking just like trouble happens everywhere else."
https://www.foxbusiness.com/markets/berkshires-charlie-munger-warns-potential-storm-us-commercial-property-market

[jdonaccbus]

What do you expect?

Have you looked at leadership in this country for the past 20 years? Under Democrats and Republicans, we have run up a debt over $30+ trillion. The dollar is lacking value. People are using up their savings due to the cost of goods and services increasing.

I feel no sympathy for the banks. They make their own bed with their banking lobby which convinces government leaders that selling homes to people that can't afford it is a good thing. They will get bailed out when the time of reckoning comes. That cost will fall on Mr. and Mrs. John Q Taxpayer.

[Flat Tire 2]

I have always been a proponent of using credit unions. I currently belong to three large multi state credit unions (size range from $2.5 to $25 billion in assets) and I don't use banks. When I lived in Virginia the bank I used eventually ended up as part of Bank of America operation due to mergers. No thank you to the large banks. The credit union member receives much better yields on CD and lower interest rates on loans.

[2xBison]

Well at least banks pay taxes...credit unions??  Not so much


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